DHL 2010 Annual Report Download - page 61

Rise in cross-divisional investments
Cross-divisional capital expenditure rose from   million in  to   million
in . Most of these expenses related to the purchase of vehicles. Capital expenditure
had been considerably reduced in this area in the previous year when vehicle operating
life was extended and new vehicle orders suspended. Investments in  equipment went
down, primarily as a result of the previous year’s restructuring.
Cash fl ow statement for continuing operations
Net cash from operating activities rose by   million year-on-year in  nancial
year  to  , million.  is increase is mainly due to the  , million increase
in . In addition, losses on the disposal of assets, which reduced  by   mil-
lion, have been adjusted in the net income from disposal of non-current assets line item
and are instead shown under net cash used in investing activities.  e depreciation,
amortisation and impairment losses contained in  are non-cash expenses and are
therefore adjusted.  ey are down   million year-on-year.  e rise in working capital
led to a net cash out ow of   million, mainly due to the increase in receivables and
other current assets.  e change in working capital in the previous year led to a net cash
in ow of   million.
Investing activities generated net cash of   million in , whereas the previous
year saw an out ow of  , million.  is was mainly due to the sale of money mar-
ket funds, which led to an in ow of cash from current  nancial assets.  e sale of the
day-de nite domestic express businesses in the  and France led to a cash out ow.
 , million was also invested in property, plant and equipment and in intangible
assets, on a level with the previous year. Cash out ows for subsidiaries and other busi-
ness units related, amongst other things, to the nugg.ad  acquisition as well as to
sub sequent payments for Flying Cargo, which was acquired in .
Taken together, the changes in the cash  ows from operating activities and investing
activities resulted in free cash  ow of  , million.  is corresponds to a  , mil-
lion improvement as against the negative prior-year  gure of – million.
. Operating cash fl ow
by division, 
 m

1,044

904
 , 
244
 
272
. Selected cash fl ow indicators (continuing operations)
 m
2009 2010
Cash and cash equivalents as at  December 3,064 3,415
Change in cash and cash equivalents 1,456 284
Net cash from operating activities 1,244 1,927
Net cash used in / from investing activities –1,457 8
Net cash from / used in fi nancing activities 1,669 –1,651
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Financial position
47