AkzoNobel Report 2018

Consolidated statement of cash flows

In € millions Note 2017* 2018

Profit for the period from continuing operations 511 455

Adjustments to reconcile earnings to cash generated

from operating activities
Amortization and depreciation 10, 11 276 239
Impairment losses 10, 11 (4) 1
Financing income and expenses 7 78 52
Results from associates and joint ventures 12 (17) (20)
Pre-tax result on acquisitions and divestments 2 (27) (42)
Income tax 8 253 118
Changes in working capital 21 (105) (177)
Changes in provisions 21 (338) (203)
Interest paid (81) (89)
Income tax paid (266) (164)
Other changes (2) (8)
Net cash from operating activities 278 162
Capital expenditures 11 (250) (160)
Interest received 12 47
Dividends from associates and joint ventures 7 7
Acquisition of consolidated companies 2 (80) (128)
Investments in short-term investments 19 – (5,541)
Repayments of short-term investments 19 – 80
Proceeds from divestments 41 54
Other changes (14) (27)
Net cash used for investing activities (284) (5,668)
Proceeds from borrowings 19 922 607
Borrowings repaid 19 (337) (1,529)
Repurchase of shares (160) –
Dividends paid (1,184) (636)
Buy-out of non-controlling interests – (437)
Other changes – 5
Net cash used for financing activities (759) (1,990)

Net cash used for Continuing operations (765) (7,496)

Net cash from discontinued operations 2 660 8,958
Net change in cash and cash equivalents of continued
and Discontinued operations (105) 1,462

Net Cash and cash equivalents at January 1 19 1,441 1,278

Effect of exchange rate changes on cash and cash
equivalents (58) (8)
Net cash and cash equivalents at December 31 1,278 2,732
* Represented to present the Specialty Chemicals business as discontinued operations.