Consolidated statement of cash flows (*)

In millions of euros	31 Dec. 2010	31 Dec. 2009
Profit for the year	613.6	771.0
Adjustments for:
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets (**)	351.4	303.2
Provisions (including employee-related provisions) and impairment losses	63,5	114,0
(Gains)/Losses on disposals of property, plant and equipment	-3,1	-1,3
Net financial income	99,5	126,0
Income taxes	249,2	197,3
Cash flows generated by operating activities, before changes in net working capital	1.374,1	1.510,2
Decrease in provisions (including employee-related and tax provisions)	-42.6	14.4
(Increase)/decrease in inventories	0.3	6.0
(Increase)/decrease in trade receivables and other current assets	-346.1	576.6
lncrease/(decrease) in other non-current liabilities	-0.3	-247.6
lncrease/(decrease) in other non-current assets	-187.0	89.4
lncrease/(decrease) in trade payables and other liabilities	333.7	-328.5
Interest income and other financial income received	109.1	59.9
Interest expense and other financial expense paid	-212.1	-227.1
Income taxes paid	-255.7	-174.0
Cash flows generated by operating activities [a]	773.4	1,279.3
Investments in property, plant and equipment, net of grants received	-1,092.2	-834.5
Recognition of acquired companies’ property, plant and equipment	-43.4	-1,101.4
Revenue from sale of property, plant and equipment and intangible assets	4.7	7.5
Property, plant and equipment of discontinued operations	0.0	620.2
Contract work in progress in intangible assets, net of grants received	-58.1	-51.0
Recognition of intangible assets - new acquisitions	0.0	-6.3
Goodwill from acquisitions	0.0	-101.6
Contract works in progress relative to assets held for sale	-503.5	0.0
Profit Intangible assets and goodwill from discontinued operations held for sale	-1.4	227.4
Increase/decrease in investments in associates and joint ventures	-8.1	-2.7
Acquisition of investments	-0.5	0.0
Investment in discontinued operations and assets held for sale	0.1	-0.1
Cash flows used in investing activities [b]	-1,702.4	-1,242.5
Increase/(decrease) in share capital	0.8	0.0
Increase/(decrease) in reserves	6.4	3.7
Increase/(decrease) in net income and accumulated losses	-2.8	0.0
Dividends paid	-400.8	-337.8
Non-controlling interests in discontinued operations held for sale	0.2	-86.9
Change in short- and medium/long-term financial payables (including short-term portions) (***)	981.4	607.3
Change in short-term financial investments	500.0	-500.0
Financial debt of discontinued operations	0.0	-502.7
Cash flows generated by (used in) financing activities [c]	1,085.2	-816.4
lncrease/(decrease) in cash and cash equivalents [a+b+c]	156.2	-779.6
Opening cash and cash equivalents	0.1	779.7
Closing cash and cash equivalents	156.3	0.1
of which: Cash and cash equivalents of discontinued operations and assets held for sale	6.2	0.0

(*) For comments on the consolidated statement of cash flows, please see the section “Notes to the consolidated statement of cash flows” in the notes to the financial statements;
(**) net of grants related to assets recognised in the consolidated income statement;
(***) net of FVH derivatives.