 |
(in € million) |
|
2002 |
|
|
2003 |
|
|
|
Cash and cash equivalents at beginning of year |
|
714 |
|
|
722 |
|
|
|
Operating result (EBIT) |
|
472 |
|
|
484 |
|
|
|
Income taxes paid |
|
-189 |
|
|
-237 |
|
|
|
Depreciation and amortization |
|
161 |
|
|
164 |
|
|
|
Change in long-term provisions (excluding interest) |
|
-4 |
|
|
-11 |
|
|
|
Gain/loss on disposal of property, plant,
and equipment and intangible assets |
|
1 |
|
|
1 |
|
|
|
Gross cash flow |
|
441 |
|
|
401 |
|
|
|
Change in inventories |
|
27 |
|
|
5 |
|
|
|
Change in trade receivables and other assets |
|
-46 |
|
|
-9 |
|
|
|
Change in liabilities and short-term provisions |
|
-30 |
|
|
19 |
|
|
|
Net cash flow from operating activities |
|
392 |
|
|
416 |
|
|
|
Investment in fixed assets |
|
-242 |
|
|
-169 |
|
|
|
Proceeds from the sale of fixed assets |
|
15 |
|
|
11 |
|
|
|
Proceeds from interest, dividends, and other financing activities |
|
40 |
|
|
50 |
|
|
|
Net cash flow from investing activities |
|
-187 |
|
|
-108 |
|
|
|
Free cash flow |
|
205 |
|
|
308 |
|
|
|
Change in financial liabilities |
|
-33 |
|
|
- |
|
|
|
Interest and other financing expenses paid |
|
-42 |
|
|
-47 |
|
|
|
Cash dividends paid (Beiersdorf AG) |
|
-109 |
|
|
-118 |
|
|
|
Net cash flow from financing activities |
|
-184 |
|
|
-165 |
|
|
|
Effect of exchange rate fluctuations on cash held |
|
-14 |
|
|
-23 |
|
|
|
Effect of changes in Group structure and other changes on cash held |
|
1 |
|
|
- |
|
|
|
Net change in cash and cash equivalents |
|
8 |
|
|
120 |
|
|
|
Cash and cash equivalents on Dec. 31 |
|
722 |
|
|
842 |
|
|
|
|
|
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