The reclassified statement of cash flows set out below summarises the legally required format. It shows the connection between the opening and closing cash and cash equivalents and the change in net financial debt during the period. 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 for the period, after adding/deducting all cash flows related to financial liabilities/assets (taking out/repaying financial receivables/payables) 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).
RECLASSIFIED STATEMENT OF CASH FLOWS (*)
| Download XLS (18 kB) |
|
(€ million) |
2010 |
2011 |
2012 | ||
| |||||
|
1,106 |
790 |
779 | |||
|
Adjusted by: |
|
|
| ||
|
- Amortisation, depreciation and other non-monetary components |
630 |
611 |
652 | ||
|
- Net capital losses (gain) on asset sales and eliminations |
8 |
6 |
(13) | ||
|
- Dividends, interest and income taxes |
788 |
1,205 |
959 | ||
|
Change in working capital due to operating activities |
34 |
(122) |
(218) | ||
|
Dividends, interest and income taxes collected (paid) |
(791) |
(953) |
(1,198) | ||
|
Net cash flow from operating activities |
1,775 |
1,537 |
961 | ||
|
(1,422) |
(1,576) |
(1,215) | |||
|
Equity investments |
|
(1) |
(135) | ||
|
Change in consolidation scope and business units |
(137) |
10 |
(905) | ||
|
Divestments |
14 |
52 |
963 | ||
|
Other changes relating to investment activities |
152 |
(74) |
(59) | ||
|
Free cash flow |
382 |
(52) |
(390) | ||
|
Change in short- and long-term financial debt |
364 |
849 |
1,214 | ||
|
Equity cash flow |
(774) |
(804) |
(811) | ||
|
Other changes relating to divestment activities |
|
1 |
| ||
|
Net cash flow for the period |
(28) |
(6) |
13 | ||
CHANGE IN NET FINANCIAL DEBT
| Download XLS (16 kB) |
|
(€ million) |
2010 |
2011 |
2012 |
|
Free cash flow |
382 |
(52) |
(390) |
|
Equity cash flow |
(774) |
(804) |
(811) |
|
Change in net financial debt |
(392) |
(856) |
(1,201) |
