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.