Statement of cash flows (*)

In millions of euros 31 Dec. 2010 31 Dec. 2009
Profit for the year 433.7 790.0
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets (**) 310.2 272.9
Provisions (including employee-related provisions) and impairment losses 58.0 114.0
(Gains)/Losses on disposals of property, plant and equipment -3.1 -1.9
Net financial income 81.4 123.9
Income taxes 235.5 184.7
Cash flows generated by operating activities, before changes in net working capital 1,115.7 1,483.6
Decrease in provisions (including employee-related and tax provisions) -48.6 -72.7
(Increase)/decrease in inventories 0.3 4.9
(Increase)/decrease in trade receivables and other current assets -286.9 537.3
lncrease/(decrease) in other non-current liabilities -6.4 9.6
lncrease/(decrease) in other non-current assets -205.2 -143.4
(lncrease)/decrease in trade payables and other liabilities 199.7 -309.0
Interest income and other financial income received 127.4 139.4
Interest expense and other financial expense paid -215.9 -227.1
Income taxes paid -209.1 -174.0
Cash flows generated by operating activities [a] 471.0 1,248.6
Investments in property, plant and equipment, net of recognised grants -1,051.3 -806.4
Revenue from sale of property, plant and equipment and intangible assets 4.4 7.4
Investments in intangible assets, net of recognised grants -56.8 -51.0
Intra-group purchases -21.2 0.0
(Increase)/decrease in investments -8.0 -359.7
Cash flows used in investing activities [b] -1,132.9 -1,209.7
Increase/(decrease) in share capital 0.8 0.0
Increase/(decrease) in reserves 6.4 0.3
Dividends paid -400.8 -337.8
Changes in short- and medium/long-term financial payables and loans (including short-term portions) (***) 978.7 109.5
Change in short-term financial investments 500.0 -500.0
Assets held for sale -254.6 0.0
Cash flows generated by (used in) financing activities [c] 830.5 -728.0
Increase/(decrease) in cash and cash equivalents [a+b+c] 168.6 -689.1
Opening cash and cash equivalents 0.1 689.2
Closing cash and cash equivalents 168.7 0.1
(*) For comments on the statement of cash flows, please see the section “Notes to the statement of cash flows” in the notes to the financial statements;
(**) net of grants related to assets taken to income statement for the year;
(***) net of FVH derivatives.