DHL 2011 Annual Report Download - page 62

  invests in growth
In the   division, capex rose by   compared with the prior year to
  million (previous year:   million). Of that amount,   million related to the
Supply Chain business unit,   million to the Williams Lea business and   million
to central entities. Approximately   of the funds were used to support new business.
 e Americas region focused on new business investments, primarily in the Consumer,
Retail, Life Sciences & Healthcare sectors and in Latin America in the Automotive sec-
tor. In the , there has been continued investment within the Retail and Consumer
sectors to expand the warehousing and transport solutions for new and existing cus-
tomers, along with major investments in the Life Sciences & Healthcare sector to assist
with start-ups and ongoing transport operations. Capital expenditure was signi cantly
lower in other parts of Europe, where most funds were expended for replacement and
renewal investments. In our Williams Lea business unit we concentrated primarily on
marketing solutions and  development.
Cross-divisional investments increase
Cross-divisional capital expenditure rose from   million in  to   million
in . Capital expenditure for the purchase of vehicles had been considerably reduced
in previous years, resulting in a signi cantly higher demand for new vehicles in the
reporting year.  investments increased as well, essentially due to licence purchases.
Increase in net cash from operating activities
Net cash from operating activities rose   million in  to  , million.  is
was largely attributable to the improved  and the cash in ow from changes in work-
ing capital. Gains from disposals of non-current assets in the amount of   million
(previous year: losses of   million) have been adjusted in the net loss from disposal
of non-current assets line item.  e resulting cash  ow is presented in net cash used in
investing activities.  e cash in ow before changes in working capital also increased, up
from  , million to  , million.  e cash in ow of   million from changes
in working capital is mainly due to the smaller increase in receivables and other assets
than in the previous year. In , changes in working capital resulted in a cash out ow
of   million.
. Selected cash fl ow indicators
m
2010 2011
Cash and cash equivalents as at  December 3,415 3,123
Change in cash and cash equivalents 284 –305
Net cash from operating activities 1,927 2,371
Net cash from / used in investing activities 8 –1,129
Net cash used in fi nancing activities –1,651 –1,547
. Operating cash fl ow by division,

m

924

1,146
 , 
657
 
394
Deutsche Post DHL Annual Report 
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