Cash flows and net debt

Operating activities in Q1 resulted in a cash outflow of €622 million (2014: €552 million). The higher cash outflow in Q1 versus last year was mostly due to currency effects on working capital and pension top-ups, as well as changes in provisions mostly due to restructuring payments and the payment of a legacy settlement.

As a consequence, net debt increased from €1,606 million at year-end 2014 to €2,278 million.