Consolidated Statement of Cash Flows 2012 2011 €m €m Notes Cash flows from operating activities Profit before tax  674   711  9 Finance costs (net)  289   257  10 Share of associates' result  112  (42) 5 Profit on disposals (230) (55) Group operating profit  845   871  3 Depreciation charge  748   742  3 Amortisation of intangible assets   47   43  8 Share-based payment expense  14   21  Other (primarily pension payments) (152) (109) 20 Net movement on working capital and provisions (75) (211) Cash generated from operations  1,427   1,357  Interest paid (including finance leases) (264) (239) 21 (Increase)/decrease in liquid investments (4)  4  Corporation tax paid (134) (96) Net cash inflow from operating activities  1,025   1,026  Cash flows from investing activities 5 Proceeds from disposals (net of cash disposed)  751   442  Interest received  19   32  Dividends received from associates  18   20  14 Purchase of property, plant and equipment (575) (576) 31 Acquisition of subsidiaries and joint ventures (net of cash acquired) (420) (507) 16 Other investments and advances (32) (24) 20 Deferred and contingent acquisition consideration paid (30) (21) Net cash outflow from investing activities (269) (634) Cash flows from financing activities Proceeds from exercise of share options  16   6  Acquisition of non-controlling interests (2) (11) Increase in interest-bearing loans, borrowings and finance leases  502   101  Net cash flow arising from derivative financial instruments  13  (63) Repayment of interest-bearing loans, borrowings and finance leases (419) (552) 12 Dividends paid to equity holders of the Company (362) (310) 12 Dividends paid to non-controlling interests (5) (9) Net cash outflow from financing activities (257) (838) Increase/(decrease) in cash and cash equivalents  499  (446) Reconciliation of opening to closing cash and cash equivalents 21 Cash and cash equivalents at 1 January  1,295   1,730  Translation adjustment (26)  11  Increase/(decrease) in cash and cash equivalents  499  (446) 21 Cash and cash equivalents at 31 December  1,768   1,295  Reconciliation of opening to closing net debt 21 Net debt at 1 January (3,483) (3,473) Increase/(decrease) in liquid investments  4  (4) 31 Debt in acquired companies (42) (47) 5 Debt in disposed companies  108   50  Increase in interest-bearing loans, borrowings and finance leases (502) (101) Net cash flow arising from derivative financial instruments (13)  63  Repayment of interest-bearing loans, borrowings and finance leases  419   552  Increase/(decrease) in cash and cash equivalents  499  (446) Mark-to-market adjustment  9  (18) Translation adjustment  37  (59) 21 Net debt at 31 December (2,964) (3,483) for the financial year ended 31 December 2012 N. Hartery, M. Lee, Directors CRH 75