Consolidated cash flow statement

x € 1 million

2012

2011

Profit after income tax

234

204

Adjusted for:

Interest income and expense recognised in profit or loss

88

81

Income tax

50

74

Share of profit of associates and other capital interests

– 63

– 3

Proceeds from discontinued operations

26

32

Depreciation, amortisation and impairment

441

323

Proceeds from sale of tangible and intangible assets

8

4

Impairment of assets held for sale

1

4

Movements in working capital

– 71

323

Movements in provisions, deferred taxes, derivatives and other

76

149

Cash flow from business operations

790

1,191

Dividend received from associates and other capital interests

19

3

Interest paid

– 91

– 78

Interest received

4

4

Income tax paid/received

5

– 3

Cash flow from operating activities

727

1,117

Issued loans granted

– 5

Repayments of loans granted

3

1

Acquisition of subsidiaries

– 23

– 108

Proceeds from disposal of subsidiaries

– 2

Acquisition of associates

– 1

Proceeds from disposal of associates

79

Acquisition of other capital interests

– 4

Investments in property, plant and equipment

– 710

– 734

Proceeds from disposal of property, plant and equipment

10

6

Investments in intangible assets

– 2

– 3

Proceeds from disposal of intangible assets

1

Cash flow from investing activities

– 652

– 840

Dividend payments

– 102

– 71

Non-controlling interests

– 24

Repayment of non-current interest-bearing debt

– 50

– 189

Repayment of current interest-bearing debt

– 718

– 318

Non-current interest-bearing debt issued

11

38

Current interest-bearing debt issued

725

295

Cash flow from financing activities

– 134

– 269

Movements in cash and cash equivalents

– 59

8

Balance of cash and cash equivalents at 1 January

279

241

Balance of cash and cash equivalents acquisition of subsidiaries

30

Balance of cash and cash equivalents at 31 December

220

279