Consolidated statement of cash flows

See Note 36 for further explanatory information

in million euros

2011

restated1

2012
Operating profit (EBIT) 1,7652,199
Income taxes paid –426–588
Amortization/depreciation/impairment/write-ups of intangible assets and property, plant and equipment2 403409
Net gains/losses on disposal of intangible assets and property, plant and equipment, and from divestments –68–12
Change in inventories –10564
Change in trade accounts receivable –111–37
Change in other assets 21–18
Change in trade accounts payable 111256
Change in other liabilities and provisions –28361
Cash flow from operating activities 1,5622,634
Purchase of intangible assets and property, plant and equipment –393–422
Acquisition of subsidiaries and other business units –4–113
Purchase of associated companies and joint ventures held at equity – –5
Proceeds on disposal of subsidiaries and business units 533
Proceeds on disposal of intangible assets and property, plant and equipment 4758
Cash flow from investing activities –297–479
Dividends paid to shareholders of Henkel AG & Co. KGaA –307–342
Dividends paid to non-controlling shareholders –16–27
Interest received 3746
Interest paid –200–191
Dividends and interest paid and received –486–514
Change in borrowings –181–131
Allocation to pension funds –46–247
Other changes in pension obligations –102–102
Purchase of non-controlling interests with no change of control –3–10
Other financing transactions 16–1,854
Cash flow from financing activities –802–2,858
Net change in cash and cash equivalents 463–703
Effect of exchange rates on cash and cash equivalents 2–39
Change in cash and cash equivalents 465–742

Cash and cash equivalents at January 1

1,5151,980

Cash and cash equivalents at December 31

1,9801,238
1
Application of IAS 8 "Accounting policies, changes in accounting estimates and errors"; see also the explanatory notes here.
2
Of which: impairment losses amounting to 12 million euros (previous year: 21 million euros).

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Additional voluntary information
Reconciliation to free cash flow
in million euros20112012
Cash flow from operating activities1,5622,634
Purchase of intangible assets and property, plant and equipment–393–422
Proceeds on disposal of intangible assets and property, plant and equipment4758
Net interest paid–163–145
Other changes in pension obligations–102–102
Free cash flow9512,023

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