NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
34 RECONCILIATION OF CASH FLOW CHANGES WITH BALANCE SHEET CHANGES
The statement of cash flows is drawn up using the indirect method, based on the result for the financial year. Operating cash flow is then adjusted for non-cash components in the result, and for components relating to capital expenditure. For most of the components of the statement of cash flows, direct references are included to the notes to the consolidated income statement or the notes to the consolidated balance sheet.
Additional information is set out below for other material components for which further details can improve the required disclosure.
CASH FLOW FROM OPERATING ACTIVITIES
The change of the provisions included in the statement of cash flows relates to retirement and other employee benefit obligations and other provisions. The change relates on the one hand to the application of the provision and the payment of pension contributions (cash flows) and on the other to an adjustment of the operating result for additions or releases taken through profit or loss (non-cash changes).
The changes relating to working capital can be reconciled as follows with the balance sheet items relating to them:
|
X € 1,000
|
|
|
|
|
|
INVENTORIES
|
TRADE RECEIVABLES AND OTHER RECEIVABLES
|
TRADE PAYABLES AND OTHER CURRENT LIABILITIES
|
|
Balance at 1 January 2011
|
231,809
|
329,799
|
– 360,267
|
|
Acquisitions
|
15,325
|
21,792
|
– 21,219
|
|
Foreign currency translation differences
|
– 7,318
|
– 7,429
|
9,734
|
|
Other non-cash movements
|
– 1
|
– 4,874
|
– 335
|
|
Cash flow movements
|
1,886
|
42,557
|
– 24,555
|
|
Balance at 31 December 2011
|
241,701
|
381,845
|
– 396,642
|
CASH FLOW FROM INVESTING ACTIVITIES
The item acquisitions is determined on the basis of enterprise value, which provides information on the capital requirement resulting from acquisitions. Except for cash and short-term deposits and interest-bearing debt, all balance sheet changes arising from an acquisition are included under this item. The above likewise applies to the item sale of group companies and interests. See note 4 Changes in the composition of Mediq NV for a reconciliation with the statement of cash flows.
Disposals of non-current assets relate to the sale of assets carried under property, plant and equipment, investment property, intangible assets, investments and assets held for sale.
