Net debt increased from €936 million at year-end 2010 to €1,895 million at year-end 2011, mainly due to:
- Operating cash inflow of €325 million
- Capital expenditures of €708 million
- Net cash outflow for acquisitions and divestments of €138 million
- Payments of dividends of €362 million.
Mid-December, we bought back high interest bonds for a total nominal amount of €528 million and a total consideration of €633 million. This transaction resulted in a loss of €67 million. However, going forward this loss will be off-set by the significantly reduced coupon on a new €800 million seven year bond launched in the same month. As a result, our maturity profile has improved.