|
Condensed cash flow statement | |||||||||||||
|
€ million |
Q3 |
Q3 |
Change |
Q1-Q3 |
Q1-Q3 |
Change | |||||||
| |||||||||||||
|
|
|
|
|
|
|
| |||||||
|
EBIT |
80 |
63 |
25.9% |
276 |
222 |
24.2% | |||||||
|
Cash flow from operating activities |
66 |
56 |
19.5% |
135 |
146 |
-7.6% | |||||||
|
Cash flow from investing activities |
-36 |
-25 |
-40.1% |
-96 |
-96 |
-0.1% | |||||||
|
Free cash flow |
31 |
30 |
2.1% |
39 |
50 |
-22.5% | |||||||
|
Cash flow from financing activities |
-55 |
-37 |
-48.4% |
-257 |
-150 |
-71.1% | |||||||
|
Currency effects on cash |
1 |
0 |
>100% |
3 |
-1 |
>100% | |||||||
|
Change in cash and cash equivalents |
-23 |
-7 |
<-100% |
-215 |
-101 |
<-100% | |||||||
|
|
|
|
|
|
|
| |||||||
|
Net financial debt1 |
2,744 |
2,749 |
-0.2% |
2,744 |
2,749 |
-0.2% | |||||||
Q3/2012
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. Due to the improved EBIT, the cash inflow from operations amounted to €66 million in Q3/2012 compared to €56 million in Q3/2011. Income tax payments in Q3/2012 amounted to €10 million compared to €13 million in Q3/2011.
Cash Flow from Investing Activities
Our net cash outflow from investing activities amounted to €36 million in Q3/2012 compared to an outflow of €25 million in Q3/2011. Capital expenditures on non-current assets increased by €10 million to €38 million in Q3/2012.
Free Cash Flow
In Q3/2012, our free cash flow, defined as cash flow from operating activities minus cash flow from investing activities, amounted to a cash inflow of €31 million compared to a cash inflow of €30 million in Q3/2011.
Cash Flow from Financing Activities
Cash flow from financing activities amounted to a total net cash outflow of €55 million in Q3/2012 compared to a net cash outflow of €37 million in Q3/2011. The amendment and the maturity extension of our credit facilities in Q2/2012 led to a cash outflow of €13 million in Q3/2012 for the loan financing costs. Interest payments amounted to €30 million in Q3/2012 compared to €36 million in the prior year period.
Q1-3/2012
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1-3/2012, cash inflow from operating activities amounted to €135 million compared to €146 million in Q1-3/2011 due to a higher trade working capital.
Cash Flow from Investing Activities
In Q1-3/2012 our cash outflow from investing activities remained stable at €96 million compared to Q1-3/2011. Capital expenditures on non-current assets increased to €97 million in Q1-3/2012 compared to €79 million in the prior year period. In Q1-3/2012, major cash outflows were related to the acquisition of the remaining shares of Linde Creighton for €10 million in Q1/2012. In the same period inflows of €9 million were generated from disposals of non-current assets, mainly from the sale of property in the UK. In Q1-3/2011, €27 million of cash had been used for the acquisition of Voltas Material Handling and the full acquisition of Linde Sterling Ltd.
Free Cash Flow
In Q1-3/2012, free cash flow, defined as cash flow from operating activities less cash flow from investing activities, resulted in a cash inflow of €39 million compared to a cash inflow of €50 million in Q1-3/2011.
Cash Flow from Financing Activities
Cash flow from financing activities amounted to a total net cash outflow of €257 million in Q1-3/2012 compared to a net cash outflow of €150 million in Q1-3/2011. The repayment of borrowings of a total of €166 million in Q2/2012 was the main cause for the higher cash outflow in Q1-3/2012. The amendment and the maturity extension of our credit facilities effected in Q2/2012 resulted in a cash outflow of €13 million for the corresponding loan financing costs in Q1-3/2012. Interest payments amounted to €88 million in Q1-3/2012 compared to €99 million in the prior year period.