Henkel Annual Report 2011

Consolidated statement of cash flows


See Note  36 for further explanatory information

in million euros20102011
Operating profit (EBIT)17231857
Income taxes paid– 365– 426
Amortization/depreciation/write-ups of non-current assets (excluding financial assets)478403
Net gains/losses on disposal of non-current assets including divestments (excluding financial assets)– 5– 68
Change in inventories– 182– 105
Change in trade accounts receivable– 72– 111
Change in other assets– 14– 71
Change in trade accounts payable341111
Change in other liabilities and provisions– 53– 28
Cash flow from operating activities18511562
Purchase of intangible assets– 16– 9
Purchase of property, plant and equipment– 240– 384
Payments for acquisitions– 46– 4
Proceeds on disposal of subsidiaries and business units1953
Proceeds on disposal of other non-current assets4347
Cash flow from investing activities/acquisitions– 240– 297
Dividends paid to shareholders of Henkel AG & Co. KGaA– 225– 307
Dividends (of subsidiaries) paid to non-controlling interests– 19– 16
Interest received2137
Interest paid-181– 200
Dividends and interest paid and received– 404– 486
Change in borrowings– 174– 181
Allocation to pension funds– 312– 46
Other changes in pension obligations30– 102
Purchase of non-controlling interests with no change of control– 23– 3
Other financing transactions– 34016
Cash flow from financing activities– 1,223– 802
Net change in cash and cash equivalents388463
Effect of exchange rates on cash and cash equivalents172
Change in cash and cash equivalents405465

Cash and cash equivalents at January 1

11101515

Cash and cash equivalents at December 31

15151980