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Cash flow statement

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Statement of cash flows (million €)

 

2012

2011

Net income

4,879

6,188

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

3,561

3,419

Changes in working capital

(955)

(906)

Miscellaneous items

(752)

(1,596)

Cash provided by operating activities

6,733

7,105

 

 

 

Payments related to property, plant and equipment and intangible assets

(4,149)

(3,410)

Acquisitions/divestitures

(319)

517

Financial investments and other items

380

1,155

Cash used in investing activities

(4,088)

(1,738)

 

 

 

Capital increases/repayments, share repurchases

(1)

32

Changes in financial liabilities

(286)

(2,372)

Dividends

(2,641)

(2,478)

Cash used in financing activities

(2,928)

(4,818)

 

 

 

Net changes in cash and cash equivalents

(283)

549

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

2,060

1,499

Cash and cash equivalents as of end of year

1,777

2,048

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 €6,733 million, we once again attained a high level of cash provided by operating activities in 2012. The decline of €372 million compared with 2011 was primarily attributable to the lower net income. Additional capital tied down in net working capital matched the level of the previous year. Other items in 2012 predominantly comprised the reclassification of disposal gains from our fertilizer business, while in 2011, gains from the sale of our shares in K+S Aktiengesellschaft and on the disposal of our styrenic plastics business were reclassified to cash flow from investing activities.

Cash used in investing activities amounted to €4,088 million. At €4,149 million, payments for property, plant and equipment and intangible assets were higher than both the level of depreciation and the level of 2011. In 2012, we received proceeds of €724 million from divestitures, compared with €665 million in the previous year. Expenses for acquisitions increased by €895 million compared with the previous year to €1,043 million. The higher cash inflow in financial investments and other items in 2011 was mainly attributable to cash received of €972 million from the sale of our shares in K+S Aktiengesellschaft.

Cash used in financing activities amounted to €2,928 million, compared with €4,818 million in the previous year. This cash outflow resulted in particular from the payment of dividends in the amount of €2,296 million to shareholders of BASF SE and €345 million to minority shareholders in Group companies. The repayment of two bonds totaling €2,934 million and other financial liabilities was offset by the issue of three new bonds with a total volume of €1,750 million. We used an additional €1,288 million from BASF SE’s commercial paper program.

Overall, cash and cash equivalents declined by €271 million compared with the previous year and amounted to €1,777 million as of December 31, 2012.