Business free cash flow is an important performance indicator used to agree internal targets for steering liquidity. It comprises the major payment-relevant items that the individual businesses can influence.
The composition of business free cash flow was as follows:
| XLS |
|
|
|
|
|
€ million |
2013 |
2012 |
|
EBITDA pre one-time items |
3,253.3 |
2,964.9 |
|
less investments in property, plant and equipment, software as well as advance payments for intangible assets |
–446.2 |
–366.5 |
|
Changes in inventories as reported in the balance sheet |
59.7 |
157.2 |
|
Changes in trade accounts receivable as reported in the balance sheet |
93.2 |
213.7 |
|
Business free cash flow |
2,960.0 |
2,969.3 |
This indicator is presented in the Segment reporting (see Note [51]).