Calculate the appropriate free cash flow number

Question

In its 2012 report, Volkswagen included the following cash-flow statement (in millions)

	2012	2011
Profit before taxes	25492	18926
Income taxes paid	(5056)	(3269)
Cash Flow from operating activities:
Net depreciation on intangibles, PP&E, investment property	7617	5969
Net depreciation on capitalized development cost	1903	1697
Net depreciation on leased assets	3594	2667
Gains from At Equity Investments	(11512)	(715)
Other changes in accruals	(2043)	(6446)
Changes in inventories	465	(4234)
Changes of operating receivables/liabilities	(292)	836
Changes of provisions	465	3960
Changes of leased assets	(5606)	(4090)
Changes of financial receivables	(7814)	(6811)
Cash Flow from operating activities	7209	8500
Cash flow from investing activities:
Investmnets in intangibles, PP&E and investment property	(10493)	(8087)
Changes in capitalized development costs	(2615)	(1666)
Acquisition of businesses (net)	(4106)	(6389)
Gains from disposal of intangibles PP&E, investment property	373	140
Changes of investments in financial securities	(1133)	(699)
Changes of other financial assets	(1510)	(1931)
Cash flow from investing activities	(19482)	(18631)
Cash flow from financing activities:
Capital contributions	2046	3
Dividend payments	(1673)	(1266)
Capital transactions with non-controlling interests	(2101)	(355)
Issue of bonds	26055	16715
Retirements of bonds	(16952)	(11603)
Other changes of net debt and capital	6468	4782
Lease payments	(132)	19
Cash flow from financing activities	1298	(1733)
Closing Cash	13712	16495

An analyst made a calculation of free cash flow from these numbers as follows:

	2012	2011
Cash Flow from operating activities	7209	8500
Cash flow from investing activities	(19482)	(18631)
Free Cash Flow	(12273)	(10131)

Calculate the appropriate free cash flow number (as of IFRS) for the years 2011, 2012. What mistakes is the analyst making?