DHL 2001 Annual Report Download - page 26

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26
Cash flow I improved as against the previous year by 8.8% to €3,028 million.
This rise is largely due to the increase in net profit before taxes (up €44 million
on the previous year to €2,018 million).
In the case of working capital, a cash inflow was recorded in the year under
review for receivables and other current assets (previous year: cash outflow). This
meant that Cash flow II (Cash flow I adjusted for changes to working capital)
was up €411 million on the figure for the previous year, at €2,797 million.
Lower interest and tax payments led to a rise in net cash from operating
activities (Cash flow III) of €678 million to €2,593 million.
Net cash used in investing activities in the year under review amounted to
€2,020 million, as against €2,134 million the previous year.
The Group generated proceeds from the disposal of noncurrent assets in the
amount of €1,031 million, as opposed to €818 million the previous year.
€3,051 million (previous year: €2,952 million) was spent on investments in
noncurrent assets. Of this figure, €919 million resulted from the acquisition of
companies, and in particular from the acquisition of additional shares in DHLI
amounting to €797 million, which are treated within the Group as investments
in associates. The acquisitions were financed from cash flow. €2,132 million
(previous year: €1,705 million) was spent on investments in other noncurrent
assets.
The cash flow from financing activities consists of borrowings and loan
repayments as well as the dividends distributed. The net cash outflow in the year
under review amounted to €492 million,following a cash inflow of €236 million
the previous year. The main reason for the difference as against 2000 is the
increased level of debt repayment which, at €527 million, was up €360 million
on the previous year’s figure.
All in all, the cash inflows and outflows described produced cash and cash
equivalents at the end of the year in the amount of €594 million. This figure is
€81 million up on that for the previous year. At the same time, the Group was
also able to increase its internal financing resources.