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06
Consolidated Cash Flow statement
of Heraeus Holding GmbH, Hanau, for the period from January 1 to December 31, 2012
in € million notes 2012 2011
Net income 237.0 314.5
Depreciation and impairment/write-ups of non-current assets 135.9 106.6
Changes in inventories – 7.7 – 12.8
Changes in trade receivables 62.3 – 45.2
Changes in trade payables – 47.4 – 57.5
Changes in provisions – 12.4 5.4
Change in other net assets/other non-cash transactions – 30.8 – 0.3
Result from the disposal of non-current and other financial assets – 0.4 0.7
Cash flow from operating activities (23) 336.5 311.4
Cash inflows from the disposal of non-current assets 6.3 10.8
Cash outflows for investments in non-current assets – 136.0 – 128.5
Cash outflows for acquisitions less acquired cash and cash equivalents – 69.5 – 2.1
Changes in other financial assets 98.8 – 357.2
Cash outflow from investing activities (24) – 100.4 – 477.0
Dividends paid, including dividends to non-controlling interests – 77.7 – 70.0
Cash inflows from the issuing of interest-bearing liabilities 96.5 79.5
Cash outflows from the redemption of interest-bearing liabilities – 145.3 – 8.7
Cash flow from financing activities (25) – 126.5 0.8
Net change in cash and cash equivalents 109.6 – 164.8
Effect of exchange rate differences on cash and cash equivalents – 0.3 6.1
Cash and cash equivalents at the beginning of the period 188.9 347.6
Cash and cash equivalents at the end of the period (26) 298.2 188.9
FRee CasH Flow
in € million notes 2012 2011
Cash flow from operating activities 336.5 311.4
Cash inflows from the disposal of non-current assets 6.3 10.8
Cash outflows for investments in non-current assets – 136.0 – 128.5
Free cash flow (27) 206.8 193.7
(Additional information to the notes)