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Cash flows and net debt

Operating activities in Q1 2013 resulted in a cash outflow of €406 million (2012: €704 million). The change is mainly due to lower payments related to pension provisions.

As a consequence of this cash outflow from operating activities, capital expenditures of €131 million and a cash outflow from discontinued operations of €87 million, net debt increased from €2,298 million at year-end 2012 to €2,882 million at the end of Q1 2013.

Copyright © 2013 Akzo Nobel N.V.