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Cash flows and net debt

Operating activities in Q2 2012 resulted in a cash inflow of €401 million (2011: €165 million). The change is mainly due to a net effect of:

  • Lower cash outflow from working capital and
  • Lower payments related to provisions.

Net debt remained flat compared with Q1 2012 as the cash inflow from operating activities in Q2 2012 was balanced with the cash outflows, of which capital expenditures and dividend payments are the main items.

As disclosed in note 21 to the 2011 financial statements, two antitrust cases were pending with the EU General Court regarding Metacrylates and Heat Stabilizers. In Metacrylates the General Court has rendered a judgment in June 2012 and this will result in cash outflows of approximately €100 million in Q3. This case has been fully provided for.

Copyright © 2012 Akzo Nobel N.V.