Consolidated statement of cash Hows Annua l Report 2014 69 million Note 2014 2013 Operating income 1,250 1,239 Adjustments for: Depreciation, amortization, write-downs and impairments 910 916 Gains on the sale of assets disposal groups held for sale (20) (28) Share-based compensation expenses 43 43 Operating cash flows before changes in operating assets and liabilities 2,183 2,170 Changes in working capital: Changes in inventories 1 (13) Changes in receivables and other current assets (33) 73 Changes in payables and other current liabilities 146 (21) Changes in other non-current assets, other non-current liabilities and provisions (135) (42) Cash generated from operations 2,162 2,167 Income taxes paid - net (269) (116) Operating cash flows from continuing operations 1,893 2,051 Operating cash flows from discontinued operations (17) (16) Net cash from operating activities 1,876 2,035 Purchase of non-current assets (732) Divestments of assets disposal groups held for sale 77 52 Acquisition of businesses, net of cash acquired 28 (190) (9) Divestment of businesses, net of cash divested 28 (291) 2,352 Changes in short-term deposits and similar instruments 1,222 (1,472) Dividends received from joint ventures 14 18 27 Interest received 6 6 Other (1) (1) Investing cash flows from continuing operations 109 144 Investing cash flows from discontinued operations - 135 Net cash from investing activities 109 279 Interest paid (207) (216) Repayments of loans (24) (21) Repayments of finance lease liabilities (80) (73) Dividends paid on common shares 20 (414) (457) Share buyback 20 (1,232) (768) Capital repayment 20 (1,008) Other cash flows from derivatives (20) Other (3) (75) Financing cash flows from continuing operations (2,988) (1,629) Financing cash flows from discontinued operations (2) (4) Net cash from financing activities (2,990) (1,633) Net cash from operating, investing and financing activities 28 (1,005) 681 The accompanying notes are an integral part of these consolidated financial statements.

Jaarverslagen | 2014 | | pagina 139