APC 2001 Annual Report Download - page 11

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Annual Report 2001 ●Financial Highlights 8•9
We demonstrated our very strong ability
to generate cash flow once again in 2001.
This is a critical advantage in light
of our growth ambitions.
Thanks to our commitment to keeping
capital intensity low, capital expenditures
represented only 4.1% of sales in 2001.
This, combined with good control
over working capital, allowed us to generate
free cash flow of 538 million compared
with 243 million in 2000.
2001
Strong ability
to generate free cash flow
(€million)
●Net cash provided by operating activities
●Net capital expenditure
●Change in working capital
●Free cash flow
18
538
405
961
280
243
468
991
200
334
395
929
2000
1999 (€ million) 2001 2000
Sales 9,828 9,695
Research & Development (513) (474)
Operating income 1,116 1,298
Net income excluding provision for Legrand 414 --
Net income (loss) (986) 625
Shareholders’ equity 8,381 4,545
Net debt 2,293 2,119
Total non-current assets 10,413 6,049
Total assets 15,250 11,534
Net cash provided by operating activities 961 991
Net capital expenditure (405) (468)
Change in working capital (18) (280)
Free cash flow 538 243
Consolidated data