|
Condensed cash flow statement | |||
|
€ million |
Q1 |
Q1 |
Change |
|
|
|
|
|
|
EBIT |
86.4 |
90.7 |
-4.7% |
|
Cash flow from operating activities |
19.3 |
-45.8 |
>100.0% |
|
Cash flow from investing activities |
-23.9 |
-27.9 |
14.1% |
|
Free cash flow |
-4.7 |
-73.7 |
93.7% |
|
Cash flow from financing activities |
-26.9 |
1.0 |
<-100.0% |
|
Currency effects on cash |
3.4 |
0.9 |
>100.0% |
|
Change in cash and cash equivalents |
-28.2 |
-71.8 |
60.8% |
|
|
|
|
|
|
Net financial debt |
1,824.4 |
2,714.8 |
-32.8% |
Cash Flow from Operating Activities
Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1/2013, the cash flow from operating activities amounted to a net inflow of €19.3 million, compared to a net outflow of €45.8 million in Q1/2012. This was driven by the temporary increase in trade working capital as a result of operational business. The payment for income taxes in the amount of €11.4 million was stable in the reporting period compared to Q1/2012.
Cash Flow from Investing Activities
Our cash flow from investing activities amounted to a net outflow of €23.9 million in Q1/2013, compared to a net outflow of €27.9 million in Q1/2012. The main driver were cash payments for capital expenditures in the amount of €25.2 million, which remained stable compared to Q1/2012. Cash receipts from disposal of non-current assets amounted to €0.8 million in Q1/2013 compared to €6.9 million in Q1/2012. In the reporting period no acquisitions of subsidiaries were made compared to €9.7 million Q1/2012 mainly due to the acquisition of the 51 per cent of remaining shares of Linde Creighton Ltd. in the UK.
Free Cash Flow
In Q1/2013, free cash flow, defined as cash flow from operating activities less cash flow from investing activities, increased by €69.0 million to a cash outflow of €4.7 million, compared to a cash outflow of €73.7 million in Q1/2012.
Cash Flow from Financing Activities
Cash flow from financing activities amounted to a total net cash outflow of €26.9 million in Q1/2013, compared to a net cash inflow of €1.0 million in Q1/2012. The main reason for this decrease were repayments of other capital borrowings in the amount of €8.3 million in Q1/2013 compared to €17.7 million proceeds from other capital borrowings in Q1/2012. Proceeds from corporate bond in Q1/2013 amounted to €649.0 million and were mainly used to refinance outstanding indebtedness under the Existing Bank Facilities in an amount of €636.0 million. Due to the issuance of the 2020 Senior Notes, the payment of loan financing costs for the three-month period ended March 31, 2013 amounted to €11.1 million compared to €0.2 million in the prior year period. In addition, interest paid decreased by 11.4% from €22.7 million for the three-month period ended March 31, 2012, to €20.1 million for the three-month period ended March 31, 2013, as a result of the refinancing in 2012.