Cash flow statement
The cash flow statement provides an explanation of the changes in cash and cash equivalents. It is prepared on the basis of a comparison of the balance sheets as at 1 January and 31 December. Changes that do not involve cash flows, such as changes in exchange rates, amortization, depreciation, impairment losses and transfers to other balance sheet items, are eliminated.
Cash flow statement
| In € million | 2011 | 2010 |
|---|---|---|
Cash, cash equivalents and current investments at 1 January |
2,290 |
1,347 |
| Current investments at 1 January | 837 | 7 |
Cash and cash equivalents at 1 January |
1,453 |
1,340 |
| operating activities: | ||
| earnings before interest, tax, depreciation and amortization | 1,430 | 1,226 |
| change in operating working capital | -260 | -19 |
| other changes | -288 | -104 |
cash flow provided by operating activities |
882 |
1,103 |
| investing activities: | ||
| capital expenditure | -477 | -416 |
| acquisitions | -929 | -61 |
| salel of subsidiaries | 513 | 363 |
| disposals | 229 | 14 |
| change in current investments | 748 | -832 |
| other | -77 | -32 |
cash from / used in investing activities |
7 |
-964 |
| dividend | -155 | -206 |
| repurchase of shares | -357 | - |
| Proceeds from re-issued shares | 111 | 95 |
| other cash used from/ used in financing activities | 59 | -50 |
| cash used in financing activities | -342 | -161 |
| effect of exchange differences | 58 | 135 |
Cash and cash equivalents at 31 December |
2.058 |
1,453 |
| current investments at 31 December | 89 | 837 |
cash, cash equivalents and current investments at 31 December |
2,142 |
2,290 |
