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The item “Change in other net assets/other non-cash transactions” is made up as follows:
in € million 2012 2011
Changes in miscellaneous assets and liabilities – 29.4
Change in fair values of the derivative financial instruments – 1.8 – 15.6
At equity valuation of associates – 6.8 – 11.7
Deferred taxes – 22.7 – 3.3
Other non-cash expenses/income 0.5 0.9
Change in other net assets/other non-cash transactions – 30.8 – 0.3
(24) Cash flow from investing activities
A total of € 69.5 million was used for corporate acquisitions (previous year: € 2.1 million).
The amount of liquid resources of the acquired subsidiaries or business units totaled
€ 0.8 million (previous year: € 0.0 million).
The net cash inflow due to the change in other financial assets of € 98.8 million (previous
year: cash outflow of € 357.2 million) results mainly from the conversion of securities held
on a short-term basis into cash.
(25) Cash flow from financing activities
The cash flow from financing activities was significantly impacted by the utilization of the
commercial paper program in the amount of € 54.4 million (previous year: cash inflow of
€ 54.0 million, as well as the repayment of short-term promissory notes totaling € 50.0 million
(previous year: € 0.0 million), which is included in the cash inflow resulting from the
issuing of interest-bearing liabilities.
The distribution totaled € 77.7 million (previous year: € 65.1 million) to the shareholders
of Heraeus Holding GmbH.
(26)
Cash and cash equivalents
Cash and cash equivalents at the end of the period exclusively include cash on hand, bank
balances, and other cash in the amount of € 298.2 million (previous year: €188.9 million).