Cash flow (Glossary) from operating activities in fiscal 2004 fell slightly by 2.5 percent to €1.249 billion (2003: €1.281 billion). Expressed as a percentage of sales, this gives a ratio of 13.3 percent (2003: 14.2 percent), once again a very good figure, due to the fact that net income in 2004 significantly exceeded that of the previous year. After adjusting for the amounts which relate to the former Refrigeration business segment, operating cash flow has risen slightly, continuing to remain therefore at a very high level.
Cash flow from investing activities (excluding leased assets) increased by €89 million to €744 million. Expenditure on tangible and intangible fixed assets was €734 million. In addition, fund assets of €84 million were transferred during the year to a trustee for the external funding of pension obligations. On the other hand, net proceeds of €134 million were received from the sale of the Refrigeration business segment.
Taking into account dividend payments and other changes of €137 million, this left €368 million, of which €364 million was used to repay financial liabilities.
| Cash flow statement (summary) in € million |
2004 | 2003 | ||
| Cash flow from operating activities | 1,249 | 1,281 | ||
| Cash flow from investing activities | –744 | –655 | ||
| Dividend payments to shareholders and minority interests | –137 | –135 | ||
| Net cash flow | –6 | –201 | ||
| Repayment of long-term loans and liabilities from financial services* |
–362 | –290 |
| * | Includes issue of employee shares in 2004. |
Stable business model (data in € million, from 2001 onwards IFRS (Glossary))
