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€ million |
2012 |
2011 | ||||
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Cash and cash equivalents at beginning of period |
16,495 |
18,228 | ||||
Profit before tax |
25,492 |
18,926 | ||||
Income taxes paid |
–5,056 |
–3,269 | ||||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property* |
7,617 |
5,969 | ||||
Amortization and write-downs of capitalized development costs* |
1,903 |
1,697 | ||||
Impairment losses on equity investments* |
20 |
13 | ||||
Depreciation of, and impairment losses on, leasing and rental assets* |
3,594 |
2,667 | ||||
Gain/loss on disposal of noncurrent assets |
–32 |
13 | ||||
Share of profit or loss of equity-accounted investments |
–11,512 |
–715 | ||||
Other noncash expense/income |
–2,031 |
–6,462 | ||||
Change in inventories |
460 |
–4,234 | ||||
Change in receivables (excluding financial services) |
–56 |
–2,241 | ||||
Change in liabilities (excluding financial liabilities) |
–236 |
3,077 | ||||
Change in provisions |
465 |
3,960 | ||||
Change in leasing and rental assets |
–5,606 |
–4,090 | ||||
Change in financial services receivables |
–7,814 |
–6,811 | ||||
Cash flows from operating activities |
7,209 |
8,500 | ||||
Investments in intangible assets, property, plant and equipment, and investment property |
–10,493 |
–8,087 | ||||
Additions to capitalized development costs |
–2,615 |
–1,666 | ||||
Acquisition of subsidiaries |
–3,550 |
–5,833 | ||||
Acquisition of other equity investments |
–570 |
–577 | ||||
Disposal of subsidiaries |
0 |
– | ||||
Disposal of other equity investments |
14 |
21 | ||||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
373 |
140 | ||||
Change in investments in securities |
–1,133 |
–699 | ||||
Change in loans and time deposits |
–1,510 |
–1,931 | ||||
Cash flows from investing activities |
–19,482 |
–18,631 | ||||
Capital contributions |
2,046 |
3 | ||||
Dividends paid |
–1,673 |
–1,266 | ||||
Capital transactions with noncontrolling interests |
–2,101 |
–335 | ||||
Other changes |
36 |
–23 | ||||
Proceeds from issuance of bonds |
26,055 |
16,715 | ||||
Repayment of bonds |
–16,952 |
–11,603 | ||||
Change in other financial liabilities |
6,432 |
4,805 | ||||
Finance lease payments |
–132 |
19 | ||||
Cash flows from financing activities |
13,712 |
8,316 | ||||
Effect of exchange rate changes on cash and cash equivalents |
–141 |
82 | ||||
Net change in cash and cash equivalents |
1,298 |
–1,733 | ||||
Cash and cash equivalents at end of period |
17,794 |
16,495 | ||||
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|
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Cash and cash equivalents at end of period |
17,794 |
16,495 | ||||
Securities, loans and time deposits |
14,352 |
12,163 | ||||
Gross liquidity |
32,146 |
28,658 | ||||
Total third-party borrowings |
–117,663 |
–93,533 | ||||
Net liquidity |
–85,517 |
–64,875 |
Explanatory notes on the cash flow statement are presented in note 32.