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2.4 Management report on the Group Financial position Analysis of the statement of cash flows The overall amounts taken into account in the statement of cash flows correspond to the item “Cash and cash equivalents” as reported in the statement of financial position, taking into account the cash and cash equivalents relating to the disposal groups including the discontinued operations. For the reporting period and the prior year, the discontinued operations comprise the activities of the Stainless Global business area. In fiscal year 2010/2011 there was an overall cash inflow from operating activities of €776 million, compared with €868 million in the prior year. The cash inflow of the continuing operations was level with the prior year at €1,012 million. A €413 million improvement in other assets/liabilities not related to investing or financing activities was partly offset by a net €346 million increase in funds tied up in inventories and trade receivables and payables. In the discontinued operations, the overall higher funds tied up in operating assets/liabilities in particular resulted in a €73 million reduction in operating cash flows to €(236) million. The overall cash outflow from investing activities was €612 million lower than a year earlier at €2,347 million. The €539 million reduction in the continuing operations was the result in particular of two offsetting effects: Capital expenditure for property, plant and equipment and intangible assets decreased by €670 million; this was partly offset by the €205 million reduction in proceeds from the disposal of consolidated companies. The discontinued operations reported a €73 million decrease in cash outflow from investing activities, mainly due to lower investment in property, plant and equipment. As in the prior year, the free cash flow of the continuing operations, i.e. the sum of operating cash flows and cash flows from investing activities, was negative. Compared with a year earlier, however, the negative free cash flow was €520 million lower at €(1,070) million. The free cash flow attributable to the discontinued operations was unchanged from the prior year. Overall, the negative free cash flow was €520 million lower than a year earlier at €(1,571) million. The cash inflow from financing activities attributable to the continuing operations improved year-on-year by €1,234 million to €989 million. The increase was mainly due to the sale of treasury shares in July 2011 (€1,624 million) and a reduced cash outflow in connection with the financing of discontinued operations (€514 million). This was partly offset firstly by the €465 million decrease in proceeds to equity from noncontrolling interest; in the prior year, proceeds of €500 million were reported in connection with the increase in Vale S.A.’s shareholding in ThyssenKrupp CSA. Secondly there was a €301 million increase in repayments of financial debt; this included the €750 million repayment of a bond in fiscal year 2010/2011. Including the €37 million increase in cash inflow from financing activities to €538 million that was attributable to the discontinued operations and related in particular to the inclusion of the Stainless Global business area in the Group financing system, overall cash inflow from financing activities increased by €1,271 million to €1,527 million. 88
Management report on the Group 2.4 Management report on the Group Financial position Pages 171-173 171–173 At the end of September 2011 ThyssenKrupp had total a available cash and liquidity cash equivalents of €8.3 billion. of €8.3 billion. Change in cash and cash equivalents in million € Cash and cash equivalents Sept. 30, 2010 – total – 3,673 Operating cash flows – total – Cash flows from investing activities – total – + 776 (2,347) Cash flows from financing activities – total – Exchange rate changes + 1,527 (61) 3,568 Central financing and maintenance of liquidity Cash and cash equivalents Sept. 30, 2011 – total – 88 | 89 For technical reasons in part not to scale The financing of the Group is managed centrally by ThyssenKrupp AG. It is based on a multi-year financial planning system and a monthly rolling liquidity planning system covering a planning period of up to one year. The cash inflows from our operating activities are our main source of liquidity. Our cash management systems allow Group companies to use surplus funds from other company units to cover their own financial requirements. This reduces the volume of external financing requirements and thus our interest expense. External financing requirements are covered by committed credit facilities in various currencies and with various terms. In addition we use money and equity market instruments as well as selected off-balance financing instruments such as factoring programs and operating leases. Information on the available credit facilities is provided in Note 17. Our centralized financing system enables us to project a uniform image to the capital markets. This strengthens our negotiating position vis-à-vis banks and other market participants and makes it easier for us to procure and invest capital on optimum terms. At September 30, 2011 ThyssenKrupp had €3.6 billion in cash and cash equivalents and €4.7 billion in available credit facilities. Together this provided available liquidity of €8.3 billion. Additional financing of up to €1.5 billion was available under a commercial paper program, which was unused at September 30, 2011. The financing and liquidity of our Group were secured at all times during the reporting year.
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Annual Report 2010/2011 At the cent
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Engineering

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