4. Consolidated statement of cash flows

Excel Download No. 020
in € millions 2011 2010 Change in %
Operating activities
EBIT 1,689 1,509 11.9
Interest paid -686 -644 -6.5
Interest received 13 10 30.0
Income taxes paid -238 -298 20.1
Depreciation, amortization and impairments 554 588 -5.8
Gains (losses) on disposal of assets 0 -2 100.0
Other non-cash items 2 -3 > 100
Changes in:

Inventories

-80 -257 68.9

Trade receivables

-153 -241 36.5

Trade payables

83 271 -69.4

Provisions for pensions and similar obligations

-61 -55 -10.9

Other assets, liabilities and provisions

-39 12 < -100
Cash flows from operating activities 1) 1,084 890 21.8
Investing activities
Proceeds from disposals of intangible assets and property, plant and equipment 11 25 -56.0
Capital expenditures on intangible assets -15 -21 28.6
Capital expenditures on property, plant and equipment -758 -340 < -100
Investments in other financial investments -10 -4 < -100
Other investing activities 7 16 -56.3
Cash used in investing activities -765 -324 < -100
Financing activities
Dividends paid to non-controlling interests -1 -1 0,0
Receipts from loans 13 3 > 100
Repayments of loans -42 -83 49.4
Dividends paid to Schaeffler Verwaltungs GmbH -400 -134 < -100
Receipts (payments) from other financing activities 2) -216 15 < -100
Cash used in financing activities -646 -200 < -100
Net increase (decrease) in cash and cash equivalents -327 366 < -100
Effects of foreign exchange rate changes on cash and cash equivalents -9 17 < -100
Cash and cash equivalents as of beginning of period 733 350 > 100
Cash and cash equivalents as of end of period 397 733 -45.8
1) Excluding interest payments, cash flows from operating activities for the period from 1/1 to 12/31/2011 amount to EUR 1,770 m (prior year: EUR 1,534 m).
2) Including payments to the shareholder, Schaeffler Verwaltungs GmbH, of EUR 186 m (prior year: nil)

See note 5.3 Additional disclosures on the consolidated statement of cash flows to the consolidated financial statements.