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107GROUP MANAGEMENT REPORT → REPORT ON ECONOMIC POSITION → Consumer Health
1 Quarterly breakdown unaudited.
2 Previous year’s figures have been adjusted, see “The Group" in the Group management report.
2014
2013
5.0
41
39
Q1 →
Q2 →
Q3 →
Q4 →
41
35
16.7
49
58
– 16.5
38
39
– 3.1
%
Q1 →
Q2 →
Q3 →
Q4 →
CONSUMER HEALTH →
EBITDA PRE ONE-TIME ITEMS AND CHANGE BY QUARTER1, 2
€ million / change in %
The development of EBITDA pre one-time items in the individual
quarters in comparison with 2013 is presented in the following
overview:
Development of business free cash flow
In 2014, business free cash flow of the Consumer Health division
declined by €– 48 million or – 28.1 % to € 124 million. This de-
crease was primarily the outcome of changes in inventories and
trade accounts receivable in comparison with the previous year.
The increase in these two balance sheet items lowered business
free cash flow in 2014, whereas their development in 2013 had a
positive impact on this financial indicator. Higher capital spend-
ing in 2014 also lowered business free cash flow.
CONSUMER HEALTH →
BUSINESS FREE CASH FLOW
€ million 2014 20131
Change
in %
EBITDA pre one-time items 169.4 172.4 –1.7
Investments in property, plant and equipment, software as well as
advance payments for intangible assets
–10.5
– 4.1
160.0
Changes in inventories – 20.6 2.0 –
Changes in trade accounts receivable –14.3 2.2 –
Business free cash flow 124.0 172.5 -28.1
1 Previous year’s figures have been adjusted, see “The Group" in the Group management report.