PDF (10.9MB) - ThyssenKrupp AG
PDF (10.9MB) - ThyssenKrupp AG
PDF (10.9MB) - ThyssenKrupp AG
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2.4 Management report on the Group Financial position<br />
Analysis of the statement of cash flows<br />
The overall amounts taken into account in the statement of cash flows correspond to the item “Cash and<br />
cash equivalents” as reported in the statement of financial position, taking into account the cash and cash<br />
equivalents relating to the disposal groups including the discontinued operations. For the reporting period<br />
and the prior year, the discontinued operations comprise the activities of the Stainless Global business area.<br />
In fiscal year 2010/2011 there was an overall cash inflow from operating activities of €776 million,<br />
compared with €868 million in the prior year. The cash inflow of the continuing operations was level with the<br />
prior year at €1,012 million. A €413 million improvement in other assets/liabilities not related to investing or<br />
financing activities was partly offset by a net €346 million increase in funds tied up in inventories and trade<br />
receivables and payables. In the discontinued operations, the overall higher funds tied up in operating<br />
assets/liabilities in particular resulted in a €73 million reduction in operating cash flows to €(236) million.<br />
The overall cash outflow from investing activities was €612 million lower than a year earlier at<br />
€2,347 million. The €539 million reduction in the continuing operations was the result in particular of two<br />
offsetting effects: Capital expenditure for property, plant and equipment and intangible assets decreased by<br />
€670 million; this was partly offset by the €205 million reduction in proceeds from the disposal of<br />
consolidated companies. The discontinued operations reported a €73 million decrease in cash outflow from<br />
investing activities, mainly due to lower investment in property, plant and equipment.<br />
As in the prior year, the free cash flow of the continuing operations, i.e. the sum of operating cash flows and<br />
cash flows from investing activities, was negative. Compared with a year earlier, however, the negative free<br />
cash flow was €520 million lower at €(1,070) million. The free cash flow attributable to the discontinued<br />
operations was unchanged from the prior year. Overall, the negative free cash flow was €520 million lower<br />
than a year earlier at €(1,571) million.<br />
The cash inflow from financing activities attributable to the continuing operations improved year-on-year by<br />
€1,234 million to €989 million. The increase was mainly due to the sale of treasury shares in July 2011<br />
(€1,624 million) and a reduced cash outflow in connection with the financing of discontinued operations<br />
(€514 million). This was partly offset firstly by the €465 million decrease in proceeds to equity from noncontrolling<br />
interest; in the prior year, proceeds of €500 million were reported in connection with the increase<br />
in Vale S.A.’s shareholding in <strong>ThyssenKrupp</strong> CSA. Secondly there was a €301 million increase in<br />
repayments of financial debt; this included the €750 million repayment of a bond in fiscal year 2010/2011.<br />
Including the €37 million increase in cash inflow from financing activities to €538 million that was<br />
attributable to the discontinued operations and related in particular to the inclusion of the Stainless Global<br />
business area in the Group financing system, overall cash inflow from financing activities increased by<br />
€1,271 million to €1,527 million.<br />
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