DHL 2013 Annual Report Download - page 194
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e following table shows the calculation of free cash ow:
Calculation of free cash flow
m
2012 2013
Net cash used in / from operating activities –203 2,994
Sale of property, plant and equipment
and intangible assets 225 177
Acquisition of property, plant and equipment
and intangible assets –1,639 –1,389
Cash outflow arising from change in property,
plant and equipment and intangible assets –1,414 –1,212
Disposals of subsidiaries and other business units 39 32
Acquisition of subsidiaries and other business units – 57 – 37
Cash outflow arising from acquisitions /
divestitures –18 –5
Interest received 46 42
Interest paid –296 –166
Net interest paid –250 –124
Free cash flow –1,885 1,653
Free cash ow is considered to be an indicator of how much
cash is available to the company for dividend payments or the
repay ment of debt.
Free cash ow improved from –, million in the previous
year to , million in the year under review. is is primarily
attributable to the improvement in operating cash ow, which
had been exceptionally and signicantly reduced in the previous
year by the funding of pension obligations and the additional
payment.
. Net cash used in financing activities
Financing activities led to a cash outow of million in
the year under review, compared with a cash inow of , mil-
lion in the previous year.
Two bonds with maturities of ve and ten years contributed
million each to the , million in proceeds from the issu-
ance of non-current nancial liabilities. In the previous year, the
issue of conventional corporate bonds and a convertible bond in
particular had contributed to proceeds of , million. In addi-
tion, million was used to repay non-current nancial liabilites
in the previous year.
At million, the dividend payment to the share holders of
Deutsche Post remained at the prior-year level and was again
the largest payment in nancing activities. However, interest pay-
ments were down million year-on-year, at million, due
to the interest payment related to the additional payment in
the previous year.
Proceeds from issuing shares or other equity instruments
declined by million to million. e prior-year gure in-
cluded the equity component of the convertible bond.
. Cash and cash equivalents
e cash inows and outows described above produced
cash and cash equivalents of , million; Note . is repre-
sents a year-on-year increase of , million.
190 Deutsche Post DHL 2013 Annual Report
Consolidated Financial StatementsNotes
Cash flow disclosures