Cash flow statement

Jan. 1- Dec. 31, 2011 Jan. 1- Dec. 31, 2010
(€ thousand)
Income before taxes 26,906 84,341
Financial result 84,241 67,650
Depreciation and amortization 105,373 85,783
Other non-cash expenses/income 4,510 -836
Gain on disposal of non-current assets -8,747 -1,781
Operating cash flow 212,283 235,157
Changes in provisions 11,234 -35,613
Changes in net working capital
– Inventories -124,396 -168,180
– Trade receivables -43,326 -136,724
– Trade payables 40,377 108,157
Changes in other operating assets and liabilities -53,327 32,598
Income taxes paid -36,648 -207
Cash flow from operating activities 6,197 35,188
Proceeds from the sale of non-current assets and assets held for sale 12,833 3,708
Proceeds from the sale of consolidated subsidiaries 4,820 -
Payments for intangible assets, property, plant and equipment -55,953 -26,976
Acquisition of subsidiaries -444,417 -164,480
Cash flow from investing activities -482,717 -187,748
Issue proceeds of convertible bond (incl. equity component) - 183,257
Capital repayment (non-controlling interest) - -1,157
Capital increase
– issuance of new shares of Klöckner & Co SE 516,103 -
– non-controlling interests 51 -
Dividends paid to
– shareholders of Klöckner & Co SE -19,950 -
– non-controlling interests -2,102 -1,509
Borrowings 646,258 336,934
Repayment of financial liabilities -355,396 -164,325
Repayment of financial liabilities in connection with business combinations -195,672 -57,878
Interest paid -61,589 -48,375
Interest received 14,423 5,027
Cash flow from financing activities 542,126 251,974
Changes in cash and cash equivalents 65,606 99,414
Effect of foreign exchange rates on cash and cash equivalents -13,929 9,024
Cash and cash equivalents at the beginning of the period 934,955 826,517
Cash and cash equivalents at the end of the period 986,632 934,955