Annual Report 2010 - About Heraeus

Consolidated Cash Flow Statement
of Heraeus Holding GmbH, Hanau, Germany, for the period from January 1 to December 31, 2010
IN € MIllION 2010 2009
Net income 260.4 118.2
Depreciation and impairment/write-ups of non-current assets 101.0 77.2
Changes in inventories – 291.8 17.9
Changes in trade receivables – 134.1 – 80.5
Changes in trade payables 106.5 20.3
Changes in provisions 49.0 3.1
Changes in other assets and liabilities – 24.2 – 52.8
Result from the disposal of non-current and other financial assets – 5.4 4.3
Other non-cash expenses/income 15.9 23.4
Cash flow from operating activities 77.3 131.1
Cash inflows from the disposal of non-current assets 3.8 13.2
Cash inflows from the disposal of businesses 6.1 –
Cash outflows for investments in non-current assets – 79.0 – 104.1
Cash outflows for acquisitions – 129.1 – 12.0
Changes in other financial assets – 14.8 – 109.4
Cash flow from investing activities – 213.0 – 212.3
Cash inflows from non-controlling interests 0.4 0.8
Dividends paid, including dividends to non-controlling interests – 31.4 – 37.3
Cash inflows from the issuing of interest-bearing liabilities 248.7 50.6
Cash outflows from the redemption of interest-bearing liabilities – 126.5 – 60.8
Cash flow from financing activities 91.2 – 46.7
Net change in cash and cash equivalents – 44.5 – 127.9
Effect of exchange rate differences on cash and cash equivalents 11.8 1.0
Cash and cash equivalents at the beginning of the period 380.3 507.2
Cash and cash equivalents at the end of the period 347.6 380.3
FREE CaSh FlOw
IN € MIllION 2010 2009
Cash flow from operating activities 77.3 131.1
Cash inflows from the disposal of non-current assets 3.8 13.2
Cash inflows from the disposal of businesses 6.1 –
Cash outflows for investments in non-current assets – 79.0 – 104.1
Cash outflows for acquisitions – 129.1 – 12.0
Free cash flow – 120.9 28.2
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