25
Ahold
Annual Report 2011
Groupata glance
Performance
Governance
Financials
Investors
Group performance continued
Free cash flow million)
1 Includes the settlement of the securities class
action of €284 million in 2007.
Cash flow
2011
million
2010
million
Operating cash flows from continuing operations
1,786
2,111
Purchase of non-current assets
(755)
(870)
Divestment of assets and disposal groups held for sale
23
32
Dividends from joint ventures
130
111
Interest received
27
15
Interest paid
(246)
(287)
Free cash flow
965
1,112
Repayments of loans
(17)
(419)
Dividends paid on common shares
(328)
(272)
Share buyback
(837)
(386)
Acquisition of businesses, net of cash acquired
(30)
(159)
Changes in short-term deposits
71
85
Other
(50)
(118)
Net cash from operating, investing, and financing activities
(226)
(157)
Free cash flow, at €965 million, decreased by €147 million compared to 2010. Cash generated
from operations was down €325 million, primarily as a result of higher working capital
requirements, higher taxes paid, and the negative impact of a weaker U.S. dollar against the euro
in 2011This was partially offset by lower levels of capital expenditures and net interest, as well
as a higher dividend received from ICA. Free cash flow was mainly used for returns to
shareholders (through our annual dividend and the share buyback programs) in the amount of
€1,165 million, which was €507 million more than in 2010.
