Cash flow

In millions of euros 2010
Cashflow
Reconciled
financial statements
2009
Cashflow
Reconciled
financial statements
Opening cash and cash equivalents & intercompany current accounts 0.1   689.2  
Profit for the year 433.7   790.0  
Depreciation, amortisation 318.8   279.4  
Net change in provisions -13.0   3.0  
Employee benefits   -2.8   -28.8
Provisions for risks and charges   17.2   66.3
Deferred tax liabilities   -27.4   -34.5
Net losses (gains) on asset disposals (1) -3.1   -1.9  
Self-financing 736.4   1,070.5  
Change in net working capital: -178.0   180.2  
Inventories   0.3   4.9
Trade receivables   -318.5   528.9
Current financial assets   0.4   3.4
Tax assets   1.6   7.5
Other current assets   7.9   -5.4
Trade payables   65.2   386.8
Tax liabilities   48.3   20.8
Current financial liabilities   -1.3   -7.0
Other liabilities   22.7   13.9
Discontinued operations and assets held for sale   -4.6   0.0
Cash flows from operating activities 558.4   1,250.7  
Investment        
Property, plant and equipment (2) -1,063.4   -821.1  
Intangible assets (3) -57.0   -51.0  
Other changes in non-current assets -13.2   -335.7  
Property plant and equipment   -4.7   24.3
Intangible assets (3)   0.2   0.6
Goodwill   0.0   0.0
Non-current financial assets   -8.1   359.6
Other non-current assets   -0.7   -0.9
Discontinued operations and assets held for sale   0.1   -0.1
Total cash flows used in investing activities -1,133.6   -1,207.8  
Change in loans 1,111.5   -382.3  
Current financial assets   500.0   -500.0
Non-current financial assets   -77.1   -507.7
Non-current financial liabilities   -35.5   15.9
Long-term loans   948.3   552.2
Current portion of long-term loans   0.0   15.1
Short-term loans   30.4   42.2
Discontinued operations and assets held for sale   -500.0    
Liabilities of discontinued operations held for sale   245.4    
Other changes in equity 33.1   -11.9  
Equity - Share capital and other reserves (4)   33.1   -11.9
Equity - Retained earnings (4)   0.0   0.0
Dividends (4) -400.8   -337.8  
Total cash flows from financing activities 743.8   -732.0  
Total cash flows for the year 168.6   -689.1  
Closing cash and cash equivalents & intercompany current accounts 168.7   0.1  
(1) Included in the balances of “Other revenue and income“ and “Other operating expenses“ of the income statement;
(2) see note 11 to the financial statements;
(3) see note 13 to the financial statements;
(4) see statement of changes in equity.