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(36) Notes to the Statement of Cash Flows

Explanation of the method used to calculate and present cash flows

For a general explanation, please see the comments on the statement of cash flows in the section headed “Accounting policies and valuation principles.”

Net cash flow provided by operating activities

The net cash inflow from operating activities in 2012 amounted to €838 million (2011: €672 million). Income before income taxes, which is the starting point for the statement of cash flows, amounted to €669 million (2011: €655 million) after depreciation, amortization and impairments of €378 million (2011: €325 million). Income taxes paid in 2012 amounted to €109 million (2011: €95 million). The balance of other assets and liabilities showed a year-on-year decrease of €94 million (2011: €16 million). Cash outflows for the external financing of pension obligations (CTA) in 2011 comprised payments of €30 million to LANXESS Pension Trust e.V., Leverkusen, Germany. Further information on external financing of the pension obligations is given in Note [13].

Net cash used in investing activities

Purchases of intangible assets, property, plant and equipment led to a cash outflow of €696 million in 2012 (2011: €679 million). Of this amount, two-thirds went for expansions and the remainder to maintain existing operating capacities. Cash inflows from financial assets mainly comprised proceeds from the sale of units in money market funds and reimbursements of capital reserves totaling €20 million by Currenta GmbH & Co. OHG, Leverkusen, Germany, which is accounted for at equity. The acquisition of subsidiaries resulted in a cash outflow of €44 million (2011: €285 million) net of acquired cash and cash equivalents totaling €1 million (2011: €41 million) and subsequent purchase price adjustments. Cash inflows comprised €5 million (2011: €9 million) in interest received and €15 million (2011: €1 million) from other affiliates. This consisted mainly of inflows from retained earnings and from the transfer to LANXESS of the pro-rata share of the income of Currenta GmbH & Co. OHG, Leverkusen, Germany, for 2011. The net cash outflow for investing activities was €674 million (2011: €923 million).

Net cash provided by financing activities

A net cash inflow of €46 million (2011: €276 million) was recorded for financing activities. This included a €241 million (2011: €434 million) net inflow from borrowings, a €123 million (2011: €100 million) outflow for interest paid and other financial disbursements, and a €72 million (2011: €58 million) outflow for the dividend paid by LANXESS AG, including €71 million (2011: €58 million) to shareholders of LANXESS AG. Details of unused credit facilities are given in Note [35].

Cash and cash equivalents

Cash and cash equivalents (cash, checks, bank balances) amounted to €386 million (2011: €178 million). In accordance with IAS 7, this item also includes securities with maturities of up to three months from the date of acquisition.


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