DHL 2011 Annual Report Download - page 206

markedly by   million to  , million. In particular, sig-
ni cant investments were made in expanding the infrastructure in
Europe and Asia, the  systems and the aircra  eet.  e change
in current  nancial assets contributed a cash in ow of   million
largely due to the sale of money market funds.  is is   million
lower than in the previous year, in which the sale of money market
funds led to a cash in ow of  , million.
 e following assets were acquired and liabilities assumed as
a result of company acquisitions; see also Note :
 m
2010 2011
Non-current assets 0 92
Current assets (excluding cash and cash equivalents) 1 79
Provisions 0 22
Other liabilities 0 142
Free cash  ow is a combination of net cash provided by oper-
ating activities and net cash used in investing activities. In the past,
free cash  ow was a ected by signi cant  uctuations in  nancial
assets.  e calculation was adjusted to increase the informative
value of this indicator for operating purposes, as outlined in the
following table:
Calculation of free cash fl ow
 m
2010 2011
Net cash from operating activities 1,927 2,371
Sale of property, plant and equipment,
and intangible assets 198 211
Acquisition of property, plant and equipment,
and intangible assets –1,174 –1,716
Cash outfl ow arising from change in property,
plant and equipment, and intangible assets – 976 –1,505
Disposals of subsidiaries and other business units –265 58
Acquisition of subsidiaries and other business units –74 –84
Cash outfl ow arising from acquisitions / divestitures –339 –26
Interest received 55 72
Interest paid –183 –163
Net interest paid –128 –91
Free cash fl ow 484 749
Net cash from operating activities before changes in work-
ing capital increased by   million year-on-year to  , mil-
lion.  is is largely due to the markedly improved , which rose
by   million to  , million.  e depreciation, amortisation
and impairment losses contained in  are non-cash e ects and
are therefore adjusted.  ey decreased from  , million to
 , million.  e gains on the disposal of non-current assets of
  million are not attributable to operating activities.  ey have
therefore been adjusted in the net loss from the disposal of non-
current assets and are presented instead in the cash  ows from in-
vesting activities. In the previous year, losses from the disposal of
non-current assets of   million were incurred, primarily as a
result of the sale of business units in the , France and Austria.
 e reduction in working capital led to a cash in ow of   mil-
lion, in particular because receivables and other assets rose by less
than in the previous year. In the comparative period, the rise in
working capital resulted in cash out ows of   million. In the
reporting period, net cash from operating activities increased by
  million from  , million to  , million.
Non-cash income and expense
 m
2010 2011
Expense from remeasurement of assets 103 91
Income from remeasurement of liabilities –145 –108
Income (previous year: expense) from disposal of
assets 51 –8
Staff costs relating to Share Matching Scheme 16 20
Miscellaneous 2–2
Non-cash income and expense 27 –7
. Net cash used in investing activities
Cash  ows from investing activities mainly result from cash
received from disposals of non-current assets (divestitures) and
cash paid for investments in non-current assets. Interest and divi-
dends received from investing activities as well as cash  ows from
changes in current  nancial assets are also included.
Investing activities resulted in a cash out ow of  , million
in the year under review, compared to a cash in ow of   million
in the previous year. Divestitures of non-current assets, especially
property, plant and equipment, and intangible assets, led to a cash
in ow of   million. In the previous year, the sale of business
units outlined previously was the main contributing factor to
cash out ows in this area. Investments in non-current assets rose
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