Cash Flow Statement

For the Period January 1 to December 31

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Cash Flow Statement

 

 

 

 

€ million

Notes

2008

2007

 

 

 

 

Net income

 

438.3

422.2

Write-downs and impairments/write-ups of noncurrent assets

 

407.3

351.9

Change in provisions

 

59.6

69.1

Change in deferred taxes

 

3.2

17.1

Other non-cash expenses and income

 

8.8

15.3

Result from disposal of noncurrent assets

 

–13.0

–0.3

Result from equity accounting and joint venture dividends

 

36.2

9.7

Change in inventories

 

–71.5

–3.7

Change in trade receivables

 

25.7

–4.0

Change in other assets

 

–108.1

–23.1

Change in other liabilities

 

21.8

55.1

Change in advance payments made and received

 

197.7

413.2

Cash flow from operating activity (gross cash flow)

21

1,005.4

1,322.5

Investment in intangible assets, property, plant, and equipment as well as investment property

 

–747.1
 

–562.5
 

Investment in financial assets

 

–30.8

–120.4

Payments for loans at joint ventures

 

–60.3

Proceeds from the disposal of intangible assets, property, plant, and equipment

 

22.3
 

3.7
 

Proceeds from the disposal of associates/financial assets

 

3.4

0.4

Cash outflows for acquisitions

 

–171.2

Cash flow from noncurrent investment activity

 

–983.7

–678.8

Acquisition of current securities

 

–101.1

Cash flow from investment activity

21

–1,084.8

–678.8

Dividends paid

 

–149.1

–124.2

Capital contributions from minority interests

 

2.4

Dividends paid to minority interests

 

–0.3

–0.3

Withdrawal of limited partnership capital

 

–13.9

Bank loans raised

 

73.6

19.6

Bank loans repaid

 

–20.0

–189.1

Other financial liabilities incurred

 

21.9

6.0

Other financial liabilities repaid

 

–16.2

–17.0

Cash flow from financing activity

21

–87.7

–318.9

Change due to exchange rate fluctuations

 

4.8

–1.2

Change in cash and cash equivalents

11

–162.3

323.6

At beginning of year

 

366.5

42.9

At year-end

 

204.2

366.5

 

 

 

 

 

 

 

 

Additional Information

 

 

 

 

Cash flow from operating activity (gross cash flow)

 

1,005.4

1,322.5

Cash flow from noncurrent investment activity

 

–983.7

–678.8

Net cash flow

 

21.7

643.7