General
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Last Update:
March 1, 2012
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Consolidated statements of cash flows

  • High cash flow from operating activities
  • Net working capital increases by €906 million, mostly as a result of high prices
  • Free cash flow of €3,695 million
  • Payments related to property, plant and equipment and intangible assets of €3,410 million
  • Net debt reduced by €2,590 million compared with the previous year
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Consolidated statements of cash flows (million €)

 

 

2011

2010

Net income

6,188

4,557

Depreciation and amortization of intangible assets, property, plant and equipment and financial assets

3,419

3,393

Changes in working capital

(906)

(1,680)

Miscellaneous items

(1,596)

190

Cash provided by operating activities

7,105

6,460

 

 

 

Payments related to property, plant and equipment and intangible assets

(3,410)

(2,548)

Acquisitions/divestitures

517

(562)

Financial investments and other items

1,155

394

Cash used in investing activities

(1,738)

(2,716)

 

 

 

Capital increases/repayments, share repurchases

32

(18)

Changes in financial liabilities

(2,372)

(2,295)

Dividends

(2,478)

(1,931)

Cash used in financing activities

(4,818)

(4,244)

 

 

 

Net changes in cash and cash equivalents

549

(500)

Cash and cash equivalents as of beginning of year and other changes

1,499

1,993

Cash and cash equivalents as of end of year

2,048

1,493

Cash provided by operating activities

Cash flow (billion €)

Cash flow (bar chart) Enlarge image

¹ Cash provided by operating activities less payments related to property, plant and equipment and intangible assets

At €7,105 million, cash flow from operating activities in 2011 once again exceeded the high level of the previous year, due largely to higher net income. In addition to higher price levels, the expansion of our business volume led to increased receivables and inventories, tying down additional funds in net working capital. The negative value for miscellaneous items resulted primarily because the gain of €887 million from the disposal of around 19.7 million shares in K+S Aktiengesellschaft was reclassified into cash flow from investing activities, as was the €593 million gain on the disposal of our styrenics business.

Cash used in investing activities

At €1,738 million, cash used in investing activities was significantly lower in 2011 than in the previous year. Payments for property, plant and equipment and intangible assets amounted to €3,410 million, exceeding the previous year’s level by €862 million. Acquisitions and divestitures, however, resulted in an inflow of €517 million in 2011 – compared with an outflow of €562 million in the previous year – mostly from the cash consideration of €600 million received in connection with the founding of the Styrolution joint venture. The divestiture of various smaller activities led to a further cash inflow of €65 million. Expenditures for acquisitions totaled €148 million in 2011, around half of which was spent on the acquisition of inge watertechnologies AG and inge GmbH, a specialist in ultrafiltration technology. Acquisition expenditures in 2010 were primarily related to the acquisition of Cognis. Compared with the previous year, the cash inflow from financial investments and other items was higher; this is largely attributable to cash received of €972 million from the sale of our shares in K+S Aktiengesellschaft.

Cash used in financing activities

Financing activities led to a cash outflow of €4,818 million, compared with €4,244 million in the previous year. Dividends of €2,021 million were paid to shareholders of BASF SE and €457 million were paid to minority shareholders in Group companies. The 4% euro-denominated bond from 2006 and the 3.25% CHF-denominated bond from 2008 were repaid. In addition, we scaled back the use of BASF SE’s commercial paper program. No new long-term capital market liabilities were taken up in 2011. Net debt decreased by €2,590 million compared with the previous year and amounted to €10,956 million as of December 31, 2011.

Overall, cash and cash equivalents rose by €555 million compared with the previous year and amounted to €2,048 million as of December 31, 2011.

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