Consolidated Statements of Cash Flows

(XLS:)

Year ended December 31 ($ in millions)

2011

2010

2009

Operating activities:

 

 

 

Net income

3,315

2,732

3,136

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

995

702

655

Pension and other employee benefits

(49)

(51)

(28)

Deferred taxes

(34)

151

(56)

Net gain from sale of property, plant and equipment

(47)

(39)

(15)

Loss (income) from equity-accounted companies

(4)

(3)

2

Other

111

106

(6)

Changes in operating assets and liabilities:

 

 

 

Trade receivables, net

(731)

(407)

256

Inventories, net

(600)

(264)

1,130

Trade payables

213

678

(718)

Billings in excess of sales

150

89

295

Provisions, net

(391)

(69)

(241)

Advances from customers

47

(25)

(316)

Other assets and liabilities, net

637

597

(67)

Net cash provided by operating activities

3,612

4,197

4,027

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities (available-for-sale)

(2,809)

(3,391)

(243)

Purchases of marketable securities (held-to-maturity)

(65)

(918)

Purchases of short-term investments

(142)

(2,165)

(3,824)

Purchases of property, plant and equipment and intangible assets

(1,021)

(840)

(967)

Acquisition of businesses (net of cash acquired) and changes in cost and equity investments

(4,020)

(1,313)

(161)

Proceeds from sales of marketable securities (available-for-sale)

3,717

807

79

Proceeds from maturity of marketable securities (available-for-sale)

483

531

855

Proceeds from maturity of marketable securities (held-to-maturity)

290

730

Proceeds from short-term investments

529

3,276

2,253

Proceeds from sales of property, plant and equipment

57

47

36

Proceeds from sales of businesses and equity-accounted companies (net of cash disposed)

8

83

16

Changes in financing and other non-current receivables, net

(55)

(7)

(28)

Net cash used in investing activities

(3,253)

(2,747)

(2,172)

 

 

 

 

Financing activities:

 

 

 

Net changes in debt with maturities of 90 days or less

450

52

(59)

Increase in debt

2,580

277

586

Repayment of debt

(2,576)

(497)

(705)

Issuance of shares

105

16

89

Transactions in treasury shares

5

(166)

Dividends paid

(1,569)

Dividends paid in the form of nominal value reduction

(1,112)

(1,027)

Acquisition of noncontrolling interests

(13)

(956)

(48)

Dividends paid to noncontrolling shareholders

(157)

(193)

(193)

Other

(33)

49

8

Net cash used in financing activities

(1,208)

(2,530)

(1,349)

 

 

 

 

Effects of exchange rate changes on cash and equivalents

(229)

(142)

214

Net change in cash and equivalents – continuing operations

(1,078)

(1,222)

720

Cash and equivalents, beginning of period

5,897

7,119

6,399

Cash and equivalents, end of period

4,819

5,897

7,119

 

 

 

 

Supplementary disclosure of cash flow information:

 

 

 

Interest paid

165

94

156

Taxes paid

1,305

884

1,090

See accompanying Notes to the Consolidated Financial Statements

Financial review

© Copyright 2012 ABB.