Cash flow statement

(€ millions) Note 2008 2009
Profit for the year 530 732
Amortisation and depreciation (25) 489 613
Net impairment losses 1 (22)
Change in provisions for risks and charges (8) 26
Change in provision for employee benefits (1)
Losses (gains) on disinvestments, eliminations and derecognitions 6 6
Interest income (32) (9)
Interest expense 255 212
Income taxes (28) 266 347
Other adjustments 1 2
Cash flows from operating activities before changes in working capital 1,508 1,906
Changes:
- Inventories (33) 54
- Trade and other receivables 61 (202)
- Other assets (43) (35)
- Trade and other payables 31 (10)
- Other liabilities 74 53
Cash flows from operating activities 1,598 1,766
Interest collected 43 10
Interest paid (252) (204)
Income taxes paid (336) (408)
Net cash flows from operating activities 1,053 1,164
- including with related parties (31) 889 1,134
Investments:
- Property, plant and equipment (6) (1,071) (1,189)
- Intangible assets (8) (26) (36)
- Consolidated companies (4,474)
- Change in receivables and payables for investments 74 16
Cash flows used for investments (1,023) (5,683)
Disinvestments
- Property, plant and equipment 2 18
- Equity investments 12
Cash flows from disinvestments 2 30
Net cash flows used in investing activities (1,021) (5,653)
- including with related parties (31) (61) (4,596)
Taking on of long-term financial liabilities 3,564 12,407
Repayments of long-term financial liabilities (2,865) (10,564)
Increase (decrease) in short-term financial liabilities (345) (313)
Capital injections 1 3,445
Dividends paid (387) (450)
Net cash flows used in financing activities (32) 4,525
- including with related parties (31) 139 3,209
Net cash flows for the year 0 36
Cash and cash equivalents at start of year (1) 0 0
Cash and cash equivalents at end of year (1) 0 36
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