Consolidated cash flow statement

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x € 1 million

2013

2012

Profit after income tax

242

234

Adjusted for:

- Financial income and expense recognised in profit or loss

94

88

- Income tax recognised in profit or loss

68

50

- Share of profit of associates

– 13

– 63

- Profit (loss) after income tax from discontinued operations

4

26

- Depreciation, amortisation and impairment

482

441

- Result from sale of tangible and intangible assets

– 24

8

- Impairment of assets held for sale

1

- Movements in working capital

– 45

– 71

- Movements in provisions, deferred taxes, derivatives and other

59

76

Cash flow from business operations

867

790

Dividend received from associates

19

Interest paid

– 85

– 91

Interest received

9

4

Other financial income received

2

Income tax paid / received

– 1

5

Cash flow from operating activities

792

727

Issued loans granted

– 32

– 5

Repayments of loans granted

40

3

Acquisition of subsidiaries

– 23

– 23

Disposal of subsidiaries

1

Acquisition of associates

– 1

Disposal of associates

3

79

Acquisition of other capital interests

– 4

Investments in property, plant and equipment

– 841

– 710

Disposal of property, plant and equipment

42

10

Investments in intangible assets

– 3

– 2

Disposal of intangible assets

1

Cash flow from investing activities

– 813

– 652

Dividend payments

– 117

– 102

Repayment of non-current interest-bearing debt

– 85

– 50

Repayment of current interest-bearing debt

– 1,986

– 718

Non-current interest-bearing debt issued

271

11

Current interest-bearing debt issued

1,956

725

Cash flow from financing activities

39

– 134

Movements in cash and cash equivalents

18

– 59

Balance of cash and cash equivalents at 1 January

220

279

Balance of cash and cash equivalents at 31 December

238

220