DHL 2011 Annual Report Download - page 63

Net cash used in investing activities amounted to  , million. Investments in
property, plant and equipment ( , million) were the most signi cant item in this
area.  ese were used mainly to expand our European and Asian infrastructures and
modernise our , and for investments in the aircra  eet. Disposals of non-current
assets resulted in a net cash in ow of   million, compared with a net cash out ow
of   million in the previous year, which was due in part to the sale of the day- de nite
domestic express business in France and the .  e proceeds from the sale of subsidiar-
ies and other business units amounting to   million in the reporting year were mainly
attributable to the sale of Exel Transportation Service and of  Express Canada’s
domestic express business.   million was used to acquire subsidiaries and other busi-
ness units, mainly for the purchase of Tag, Eurodifarm and Standard Forwarding. In the
previous year, net cash from investing activities amounted to   million, mainly due to
the sale of money market funds in the amount of  , million. During the year under
review, we sold money market funds in the amount of   million.
In the past, free cash  ow was characterised by substantial changes in  nancial
assets. In order to improve the informative value of free cash  ow from an operat-
ing perspective, we have changed the way we report this indicator, as shown in the
following table.
. Calculation of free cash fl ow
m
2010 2011 Q4 2010 Q4 2011
Net cash from operating activities 1,927 2,371 1,025 1,262
Sale of property, plant and equipment and intangible assets 198 211 72 17
Acquisition of property, plant and equipment and intangible
assets –1,174 –1,716 – 425 – 646
Cash outfl ow arising from change in property, plant
and equipment and intangible assets – 976 –1,505 – 353 – 629
Disposal of subsidiaries and other business units –265 58 3 –1
Acquisition of subsidiaries and other business units –74 –84 0–14
Cash outfl ow arising from acquisitions / divestments –339 –26 3–15
Interest received 55 72 19 17
Interest paid –183 –163 –47 –27
Net interest paid –128 –91 –28 –10
Free cash fl ow 484 749 647 608
Free cash  ow increased from   million in the previous year to   million. In
the fourth quarter of , free cash  ow changed from   million in the previous
year to   million.
Net cash used in  nancing activities declined by   million year-on-year to
 , million.  e largest item in this area was the dividend payment to our share-
holders, which increased by   million to   million. In addition, the change in
 nancial liabilities resulted in a   million decline in the cash out ow year-on-year, to
  million due in part to the early repayment of a municipal bond in the previous year.
Cash and cash equivalents fell from  , million as at  December  to
 , million due to the changes in the cash  ows from the individual activities.
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Financial position
57