Statement of Cash Flows of the WACKER Group

For the Period January 1 to December 31

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Statement of Cash Flows

€ million

 

Notes

 

2011

 

2010

 

 

 

 

 

 

 

Net income for the year

 

 

 

356.1

 

497.0

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

 

 

 

501.0

 

429.9

Changes in provisions

 

 

 

39.2

 

58.8

Changes in deferred taxes

 

 

 

8.1

 

15.0

Other non-cash expenses and income

 

 

 

-45.5

 

-58.7

Result from disposal of noncurrent assets

 

 

 

0.4

 

-13.5

Result from equity accounting and joint venture dividends

 

 

 

9.8

 

38.8

Changes in inventories

 

 

 

-192.1

 

-46.7

Changes in trade receivables

 

 

 

43.0

 

-78.6

Changes in other assets

 

 

 

-29.2

 

-36.2

Changes in other liabilities

 

 

 

22.2

 

132.1

Changes in advance payments made and received

 

 

 

154.0

 

165.2

Cash flow from operating activities (gross cash flow)

 

21

 

867.0

 

1,103.1

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

 

 

 

-781.1

 

-617.3

Investment in financial assets

 

 

 

-18.4

 

-1.4

Payments for loans to joint ventures and associates accounted for using the equity method

 

 

 

-34.9

 

-11.7

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

 

 

 

1.3

 

4.7

Proceeds from the disposal of investments

 

 

 

1.6

 

Proceeds from the disposal of joint ventures and associates accounted for using the equity method

 

 

 

 

25.4

Investments in acquisitions

 

 

 

 

-81.2

Cash flow from noncurrent investment activities before securities

 

 

 

-831.5

 

-681.5

Acquisition of securities

 

 

 

-187.5

 

-252.2

Disposal of securities

 

 

 

40.0

 

Cash flow from investment activities

 

21

 

-979.0

 

-933.7

Dividends paid

 

 

 

-159.0

 

-59.6

Dividends paid to non-controlling interests

 

 

 

-1.1

 

-0.7

Bank loans raised

 

 

 

262.6

 

303.7

Bank loans repaid

 

 

 

-54.7

 

-230.5

Other financial liabilities incurred

 

 

 

-0.8

 

0.9

Other financial liabilities repaid

 

 

 

-9.6

 

-10.1

Cash flow from financing activities

 

21

 

37.4

 

3.7

Changes due to exchange-rate fluctuations

 

 

 

3.3

 

8.5

Changes in cash and cash equivalents

 

11

 

-71.3

 

181.6

At the beginning of the year

 

 

 

545.2

 

363.6

At the end of the year

 

 

 

473.9

 

545.2

 

 

 

 

 

 

 

Additional information on payment transactions included
in the cash flow from operating activities

 

 

 

 

 

 

Taxes paid

 

 

 

-262.0

 

-286.1

Interest paid

 

 

 

-24.4

 

-22.9

Interest received

 

 

 

13.2

 

7.1

Dividends received

 

 

 

2.1

 

0.8