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other assets
Other current assets, which include the market value of financial derivatives, have
decreased compared to the previous year by 70.7% to € 8.4 million. Other non-current
assets, consisting mainly of intangible assets and property, plant and equipment, fell slightly
by 3.0% to € 735.7 million. Other current liabilities dropped compared to the previous year
by 16.5% to € 227.2 million, which was mainly caused by the decrease in tax liabilities. Other
current liabilities mainly include the short-term portion of the restructuring provision,
which also includes the liability to the former Spanish license holder Estudio 2000 S.A.
These special items are the reason for the increase in current liabilities compared to the
previous year by 55.3% to € 156.1 million.
pUMa BUsiness and sUstainaBility RepoRt 2012
ManageMent RepoRt
cash Flow
t.3
t.1
cash Flow statement
2012 2011
€ million € million + / – %
Earnings before tax (EBT) 112.3 320.4 -65.0%
Financial result and expenses and income not in the
income statement 215.3 61.2 252.1%
gross cashflow 327.6 381.5 -14.1%
Change in current assets, net -91.5 -105.9 -13.6%
Taxes and interest payments -79.4 -148.8 -46.7%
net cash from operating activities 156.7 126.8 23.6%
Payment for acquisitions -91.7 -44.2 107.5%
Payment for investing in fixed assets -81.2 -71.1 14.1%
Other investing activities 8.0 5.3 50.7%
net cash used in investing activities -164.9 -110.0 49.9%
Free cashflow -8.2 16.8 -148.8%
Free cashflow (before acquisitions) 83.5 61.0 37.1%
- in % of consolidated sales 2.6% 2.0% -
net cash used in financing activities -21.2 -58.8 -64.1%
Effect on exchange rates on cash -11.7 10.7 -208.9%
Change in cash and cash equivalents -41.0 -31.4 30.5%
Cash and cash equivalents at beginning of the financial
year 448.2 479.6 -6.5%
cash and cash equivalents at year-end 407.3 448.2 -9.1%