Consolidated Statement of Cash Flows
FINANCIAL STATEMENTS
(in millions of
Note
2014
2013
2012
Operating activities
Net profit attributable to equity holders of the Group (Group share in net profit)
89
179
105
Net profit attributable to non-controlling interests
1
3
(2)
Adjustments for:
Share of results of joint venture equity accounted
(4)
(4)
(4)
Depreciation and amortization
593
599
648
Impairment losses
28
306
231
288
Allowance for losses on accounts receivable
14
8
15
3
Share-based compensation
21.3
12
16
13
Income taxes
22
18
60
21
Finance costs
198
211
259
Income from investments
(25)
(10)
(16)
Other non-cash items
(3)
(8)
(15)
Changes in operating assets and liabilities:
Inventories
77
(75)
293
Receivables
(3)
(1)
74
Prepaid expenses and other assets
(1)
(12)
(30)
Accounts payable
65
163
50
Accrued expenses and other liabilities
9
115
Provisions
116
(3)
40
Interest paid
(188)
(198)
(229)
Interest received
13
12
9
Income taxes paid
(134)
(108)
(105)
Net cash provided by operating activities
1 147
1 185
1 402
Investing activities
Business acquisitions, net of cash and cash equivalents acquired
4.1
(20)
13
(12)
Business disposals, net of cash and cash equivalents disposed
5.1
167
15
3
Purchase of tangible assets (capital expenditures)
8, 9
(528)
(486)
(589)
Purchase of intangible assets (capital expenditures)
7
(78)
(79)
(92)
Sale of tangible and intangible assets
68
33
39
Sale and maturity of (investment in) debt securities, net
(2)
(43)
(1)
Sale and maturity of (investment in) term deposits, net
9
(13)
Sale and maturity (purchase) of other financial assets
1
(12)
22
Net cash used in investing activities
(383)
(572)
(630)
Financing activities
Proceeds from the exercise of share warrants and stock options
16
24
12
(1)
Purchase of treasury shares
16
(10)
(15)
Purchase of non-controlling interests
4.2
(23)
Dividends paid
17
(158)
(142)
(180)
Borrowing under long-term loans, net of financing costs
11
7
620
Repayment of long-term loans
18.1
(225)
(168)
(564)
Repayment of lease obligations
18.3
(54)
(52)
(54)
Borrowings (repayments) of short-term loans, net
(60)
Settlement of derivative instruments
19
29
(1)
(1)
Net cash used in financing activities
(383)
(359)
(263)
Effect of foreign currency translation
72
(28)
(7)
Net increase in cash and cash equivalents
453
226
502
Cash and cash equivalents at beginning of period
15
1 147(1)
921(2)
419
Cash and cash equivalents at end of period
15
1 600
1 147(1)
921(2)
(1) Includes €2 million in assets classified as held for sale, net of €4 million of bank overdrafts.
(2) Includes €1 million in assets classified as held for sale.
