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Acino ? Delivering Health

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2011 cash flow<br />

EUR<br />

million<br />

12<br />

7<br />

2<br />

‐3<br />

‐8<br />

‐13<br />

‐18<br />

‐23<br />

Change in<br />

working capital<br />

Cash<br />

flow<br />

(11.5)<br />

20.4<br />

CF from<br />

operating<br />

activities<br />

8.9<br />

Payment<br />

PPE<br />

(20.5)<br />

(11.2)<br />

(EUR million) 2011 2010 Change<br />

Cash flow (11.5) 46.0 (125%)<br />

Changes in working capital 20.4 (25.6)<br />

Cash flow from operations 8.9 20.4 (56%)<br />

Cash flow from investing (31.7) (25.7) 23%<br />

Cash flow from financing 6.6 (7.1)<br />

Net change in cash (16.1) (12.1)<br />

Free cash flow (22.8) (5.2)<br />

Payment<br />

intangibles &<br />

Financial assets<br />

Proposal to the AGM: Distribution of CHF 1.00 / share<br />

(out of legal reserve exempt from withholding tax)<br />

Financing<br />

activities<br />

6.6<br />

(0.0)<br />

Forex<br />

effects<br />

(16.1)<br />

Net change<br />

in cash<br />

(22.8)<br />

Free cash<br />

flow<br />

4

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