Financial Situation and Capital Expenditure
Fiscal year 2010/11
The good business performance had a positive effect on the IFRS gross cash flow, which at € 792 million was € 280 million up on the prior-year value (€ 512 million in the prior year). Cash outflow from the change in working capital amounted to € 374 million, about € 53 million below the comparable prior-year value. Overall, net cash flow in the reporting period amounted to € 418 million, which was € 333 million above the prior-year value.
Investments (including financial fixed assets and prior to the acquisition of Luvata RPD) amounted to € 116 million (€ 151 million in the prior year) in the reporting period and primarily consisted of investments in property, plant and equipment. The largest investments were allotted to the expansion of complex secondary material processing (KRS-Plus) at the Lünen site, which went into operation in the past fiscal year, the expansion of concentrate processing at the Hamburg site (Future RWO) and the expansion of anode slime processing at the Hamburg site.
A free cash flow of € 302 million results after deducting investments in fixed assets from the net cash flow, which is € 368 million above the prior year. Net payments amounting to € 159 million were made in the current fiscal year for the acquisition of interests in affiliated companies of Luvata’s Rolled Products Division. Taking interest payments and received dividends into account, there is a cash outflow of € 257 million from investing activities.
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