In 2013, business free cash flow of the Consumer Health division declined by € –5 million or –5.5% to € 84 million (2012: € 89 million). This decrease was primarily due to changes in trade accounts receivable. The reduction in this balance sheet item by € –13 million in 2013 compares with an even higher reduction of € –23 million in 2012. The increase in EBITDA pre one-time items mitigated this impact on business free cash flow.
| XLS |
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Consumer Health | Business free cash flow |
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€ million |
2013 |
2012 |
Change in % |
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EBITDA pre one-time items |
72.5 |
66.8 |
8.5 |
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Investments in property, plant and equipment, software as well as advance payments for intangible assets |
–4.1 |
–4.4 |
–7.7 |
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Changes in inventories |
2.1 |
3.2 |
–33.7 |
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Changes in trade accounts receivable |
13.4 |
23.2 |
–42.2 |
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Business free cash flow |
83.9 |
88.8 |
–5.5 |
The development of business free cash flow in the individual quarters in comparison with 2012 is presented in the following table:
Consumer Health | Business free cash flow and change by quarter1
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