| | |
(in € million) |
2003 |
2004 |
Cash and cash equivalents at beginning of year |
701 |
828 |
Operating result (EBIT) |
455 |
483 |
Income taxes paid |
-228 |
-155 |
Depreciation and amortization |
159 |
173 |
Change in long-term provisions (excluding interest) |
-11 |
-9 |
Gain/loss on disposal of property, plant, and equipment and intangible assets |
2 |
1 |
Gross Cash Flow |
377 |
493 |
Change in inventories |
4 |
71 |
Change in trade receivables and other assets |
-12 |
-29 |
Change in liabilities and short-term provisions |
27 |
16 |
Net cash flow from operating activities |
396 |
551 |
Investment in fixed assets |
-162 |
-165 |
Proceeds from the sale of fixed assets |
10 |
18 |
Proceeds from interest, dividends, and other financing activities |
57 |
43 |
Net cash flow from investing activities |
-95 |
-104 |
Free cash flow |
301 |
447 |
Change in financial liabilities |
10 |
138 |
Interest and other financing expenses paid |
-42 |
-41 |
Share buyback |
- |
-955 |
Cash dividends paid (Beiersdorf AG) |
-118 |
-121 |
Net cash flow from financing activities |
-150 |
-979 |
Effect of exchange rate fluctuations on cash held |
-24 |
-6 |
Net change in cash and cash equivalents |
127 |
-538 |
Cash and cash equivalents as of Dec. 31 |
828 |
290 |
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