In € million

 

 

 

FY 2018

 

FY 2017

Cash flow from operating activities

 

a

 

1,720

 

1,590

of which cash flow related to acquisition of subsidiaries

 

b

 

 

(36)

Cash flow from investing activities

 

c

 

(784)

 

84

of which capital expenditures required by share sale agreement

 

d

 

(38)

 

(12)

Acquisition (–) of subsidiaries

 

e

 

(12)

 

(44)

Acquisition (–) of investments – Other

 

f

 

(4)

 

(11)

Loans to associates and non-consolidated companies

 

g

 

(3)

 

(7)

Sale (+) of subsidiaries and investments

 

h

 

26

 

891

Recognition of factored receivables

 

j

 

(21)

 

21

Free cash flow

 

k = a-b+c-d-e-f-g-h-i-j

 

989

 

871

Free cash flow from discontinued operations

 

l

 

160

 

89

Free cash flow from continuing operations

 

m = k-l

 

830

 

782

Net interests paid

 

n

 

(114)

 

(255)

Coupons paid on pertetual hybrid bonds

 

o

 

(111)

 

(111)

Dividends paid to non-controlling interests

 

p

 

(39)

 

(39)

Free cash flow to Solvay shareholders

 

q = k+n+o+p

 

725

 

466

Free cash flow to Solvay shareholders from discontinued operations

 

r

 

160

 

89

Free cash flow to Solvay shareholders from continued operations

 

s = q-r

 

566

 

377

Free cash flow from continuing operations reached €830 million versus €782 million in 2017. The increase is largely attributable to working capital phasing, with working capital needs €58 million lower than in 2017. Net working capital over sales rose slightly to 13.7% versus 13.0% at the end of 2017. Total free cash flow was €989 million and included a strong contribution from discontinued operations.

Free cash flow to Solvay shareholders was €725 million, of which €566 million from continuing operations. The increase of +56% follows lower financing payments as a result of continued deleveraging.