Reclassified statement of cash flows

The reclassified consolidated statement of cash flows set out below summarises the legally required format. It shows the opening and closing cash and cash equivalents and the change in net financial debt during the year. The two statements are reconciled through the free cash flow, i.e. the cash surplus or deficit left over after servicing capital expenditure. The free cash flow closes either: (i) with the change in cash and cash equivalents for the period, after adding/deducting all cash flows related to financial liabilities/ assets (taking out/repayment of loans) and equity (payment of dividends/capital injections); or (ii) with the change in net financial debt for the period, after adding/deducting the debt flows related to equity (payment of dividends/capital injections).


(€ millions) 2007 2008 2009
Net profit 594 530 732
Adjusted by:
- Amortisation, depreciation and other non-monetary components 488 488 622
- Interest, income taxes and other changes 426 490 552
Cash flow from operating activities before changes in working capital 1,508 1,508 1,906
Change to working capital due to operating activities 2 90 (140)
Interest and income taxes received (paid) (576) (545) (602)
Net cash flow from operating activities 934 1,053 1,164
Investments in property, plant and equipment and intangible assets (727) (1,097) (1,225)
Change in consolidation scope (4,474)
Divestments 1 2 30
Net payables for investments (24) 74 16
Free cash flow 184 32 (4,489)
Change in financial liabilities 627 354 1,530
Equity cash flow (811) (386) 2,995
Net cash flow for the year 0 0 36

(*) Reference should be made to the paragraph on the reconciliation of the reclassified consolidated balance sheet with the legally required consolidated balance sheet.


(€ millions) 2007 2008 2009
Free cash flow 184 32 (4,489)
Financial payables and receivables of acquired companies (2,219)
Equity cash flow (811) (386) 2,995
Change in net financial debt (627) (354) (3,713)