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- Economic Environment
- Results of Operations - Group
- Results of Operations - Business Segments
- Balance Sheet Structure - Group
- Financial Position - Group
- Research and Development
- Sustainability
- Employees
- Risk Report
- Report by the Executive Board Regarding Dealings among Group Companies
- Report on Post-Balance Sheet Date Events
- Disclosure Requirements in Accordance with §315 (4) HGB
- Report on Expected Developments
Financial Position – Group
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cash flow statement – group (in € million) |
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| 2007 | 2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross cash flow | 477 | 520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in working capital | –75 | –52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash flow from operating activities | 402 | 468 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash flow from investing activities | –319 | –795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Free cash flow | 83 | –327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash flow from financing activities | –186 | –175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other changes | –10 | –2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change in cash and cash equivalents | –113 | –504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents as of Jan. 1 | 1,230 | 1,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents as of Dec. 31 | 1,117 | 613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross cash flow amounted to €520 million in the year under review, €43 million above the prior-year value. The strong increase in the operating result had a positive influence.
The change in working capital led to an outflow of €52 million (previous year: €75 million). The development shows the balance of increased trade receivables due to the strong sales development and of the rise in current liabilities and provisions. The net cash flow from operating activities reached €468 million, €66 million higher than the prior-year value.
The net cash outflow from investing activities amounted to €795 million. Included are payments of €897 million for the purchase of securities, payments of €19 million for the acquisition of shares in Labtec GmbH, as well as cash inflows from divestments and the sale of non-current assets amounting to €224 million. In the previous year, expenses amounting to €302 million for the acquisition of a majority shareholding in C-BONS Hair Care, and the increase in the interest held in Beiersdorf AG (Switzerland) from 50% to 100% were included.
Free cash flow totaled –€327 million. The net cash outflow from financing activities amounted to €175 million, €9 million below the prior-year value.
Financing and Liquidity Provision
The primary goal of financial management at Beiersdorf is to safeguard liquidity. The type and volume of transactions are in line with the Group’s basic operating and financial business. Scenarios and rolling 12-month cash flow planning are used to establish liquidity requirements.