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Cash flows and net debt

Operating activities in Q1 2012 resulted in a cash outflow of €761 million (2011: €519 million). The change is due to a net effect of:

  • Lower profit from continuing operations
  • Higher cash outflows from working capital mainly due to a higher autonomous increase in operating working capital
  • Higher payments related to pension provisions primarily due to the additional one-time payment of €239 million into the UK ICI Pension Fund.

As a consequence, net debt increased from €1,895 million at, year-end 2011 to €2,860 million at the end of Q1 2012.

Copyright © 2012 Akzo Nobel N.V.