DHL 2012 Annual Report Download - page 51

. Selected cash flow indicators
 m
2011 2012
Cash and cash equivalents as at  December 3,123 2,400
Change in cash and cash equivalents –305 –701
Net cash from / used in operating activities 2,371 –203
Net cash used in investing activities –1,129 –1,697
Net cash used in / from financing activities –1,547 1,199
At , million, net cash used in investing activities was up  million year-
on-year. Investments in property, plant and equipment and intangible assets were the
most signicant item in this area, amounting to , million; these investments are
described above. In addition, the recognition of the demand for repayment of state aid
as a non-current nancial asset in the balance sheet reduced cash ow from investing
activities by  million. Disposals of non-current assets resulted in a net cash inow of
 million, higher than the previous year’s gure ( million). In the previous year,
a cash inow of  million from the change in current nancial assets was recorded,
primarily as a result of the sale of money market funds. In contrast, a cash outow of
 million was recorded in the year under review.
. Calculation of free cash flow
 m
2011 2012 Q4 2011 Q4 2012
Net cash from / used in operating activities 2,371 –203 1,262 – 629
Sale of property, plant and equipment and intangible assets 211 225 17 76
Acquisition of property, plant and equipment and intangible assets –1,716 –1,639 – 646 – 542
Cash outflow arising from change in property, plant
and equipment and intangible assets –1,505 –1,414 – 629 – 466
Disposal of subsidiaries and other business units 58 39 –1 –1
Acquisition of subsidiaries and other business units –84 –57 –14 –1
Cash outflow arising from acquisitions / divestments –26 –18 –15 –2
Interest received 72 46 17 10
Interest paid –163 –296 –27 –26
Net interest paid –91 –250 –10 –16
Free cash flow 749 –1,885 608 –1,113
Free cash ow decreased signicantly year-on-year from  million to –, mil-
lion. In the fourth quarter, it fell from  million in the comparable prior-year period
to –, million.
Net cash from nancing activities amounted to , million in the year under
review, compared with a net cash outow of , million in the previous year. e
cash inow of , million from the issuance of non-current nancial liabilities is
primarily attributable to the new bonds and a convertible bond that were placed on the
market. Conversely, the redemption of a bond that matured in October led to a cash
outow of  million. e dividend payment to our shareholders increased again,
from  million to  million. e proceeds from issuing shares or other equity
instruments amounted to  million. e equity component of the convertible bond
is recognised in this item.
Deutsche Post DHL Annual Report 
Group Management Report
Economic Position
Financial position
47