Consolidated cash flow statement

for the financial year 2011


 

in €m

Notes

2011

20104)

1)

Working capital consists of inventories, receivables, liabilities and provisions.

2)

Including Transfer to LH Pension Trust of EUR 528m.

3)

Capital increase from minority interests.

4)

Previous year adjusted to current year’s presentation.

The cash flow statement shows how cash and cash equivalents have changed over the reporting period at the Lufthansa Group. In accordance with IAS 7 cash flows are divided into cash flows from operating activities, from investing activities and from financing activities. The cash and cash equivalents shown in the cash flow statement correspond to the balance sheet item cash and cash equivalents. The amount of liquidity in the broader sense is reached by adding short-term securities.

Cash and cash equivalents 1.1.

 

1,097

1,136

Net profit/loss before income taxes

 

446

1,134

Depreciation, amortisation and impairment losses
on non-current assets (net of reversals)

9 13

1,755

1,637

Depreciation, amortisation and impairment losses
on current assets (net of reversals)

 

25

22

Net proceeds on disposal of non-current assets

6

–25

–214

Result of equity investments

11

–71

–103

Net interest

12

288

346

Income tax payments/reimbursements

 

–265

–110

Measurement of financial derivatives through profit
or loss

 

73

–7

Change in working capital1)

 

291

440

Cash flow from continuing operations

 

2,517

3,145

Cash flow from discontinued operations

 

–161

–153

Cash flow from operating activities

 

2,356

2,992

 

 

 

 

Capital expenditure for property, plant and equipment and intangible assets

17–21

–2,445

–2,222

Capital expenditure for financial investments

25 26

–87

–38

Additions/Loss to repairable spare parts for aircraft

 

4

–76

Proceeds from disposal of non-consolidated
equity investments

 

7

113

Proceeds from disposal of consolidated
equity investments

 

Cash outflows for acquisitions of non-consolidated
equity investments

23–25

–28

–11

Cash outflows for acquisitions of consolidated
equity investments

1

–6

–2

Proceeds from disposal of intangible assets, property, plant and equipment and other financial investments

 

458

398

Interest income

 

336

314

Dividends received

 

118

74

Net cash from/used in investing activities

 

–1,643

–1,450

of which from discontinued operations

 

65

–52

Purchase of securities/fund investments2)

 

–1,367

–2,251

Disposal of securities/fund investments

 

1,902

906

Net cash from/used in investing and
cash management activities

 

–1,108

–2,795

of which from discontinued operations

 

80

–33

 

 

 

 

Capital increase3)

34–36

5

Non-current borrowing

 

740

925

Repayment of non-current borrowing

 

–1,413

–720

Other financial debt

 

–8

–36

Dividends paid

 

–296

–18

Interest paid

 

–449

–451

Net cash from/used in financing activities

 

–1,421

–300

of which from discontinued operations

 

–43

20

 

 

 

 

Net increase/decrease in cash and
cash equivalents

 

–173

–103

Changes due to currency translation differences

 

9

64

Cash included in assets held for sale

 

–46

Cash and cash equivalents 31.12.

32

887

1,097

Securities

31

3,111

4,283

Total liquidity

 

3,998

5,380

Net increase/decrease in total liquidity

 

–1,382

941

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