Cash flows and net debt

Operating activities in Q1 2014 resulted in a cash outflow of €552 million (2013: €406 million). The change is mainly due to higher seasonal cash outflows for working capital.

As a consequence of this cash outflow from operating activities and capital expenditures of €115 million, net debt increased from €1,529 million at year-end 2013 to €2,186 million at the end of Q1 2014.

During the quarter, a €825 million euro bond was repaid from existing resources, which further reduced borrowing costs.