Statement of cash flows*

€ milion20112010
Profit for the year 453.6 432.1
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets** 340.2 310.2
Provisions (including employee-related provisions) and impairment losses 49.2 58.0
(Gains)/Losses on disposals of property, plant and equipment (3.9) (3.1)
Financial (income)/expense 10.0 81.4
Income taxes 345.3 235.5
Cash flows generated by operating activities, before changes in net working capital 1,194.4 1,114.1
Increase/(Decrease) in provisions (including employee-related and tax provisions) (79.4) (45.4)
(Increase)/Decrease in inventories (1.0) 0.3
(Increase)/Decrease in trade receivables and other current assets (36.4) (288.5)
lncrease/(Decrease) in other non-current liabilities 1.1 (6.4)
lncrease/(Decrease) in other non-current assets (533.8) (205.2)
lncrease/(Decrease) in trade payables and other current liabilities 572.2 199.7
Interest income and other financial income received 111.9 127.4
Dividend received 100.0 0
Interest expense and other financial expense paid (219.6) (215.9)
Income taxes paid (347.1) (209.1)
Cash flows generated by operating activities [a] 762.3 471.0
Investments in property, plant and equipment, net of recognised grants (1,110.9) (1,051.3)
Revenue from sale of property, plant and equipment and intangible assets 7.4 4.4
Investments in intangible assets, net of grants received (49.7) (56.8)
Intra-group transactions (18.0) (21.2)
Increase in investments (39.0) (8.0)
Cash flows used in investing activities [b] (1,210.2) (1,132.9)
Changes in share capital 1.2 0.8
Changes in reserves 10.4 6.4
Dividends paid (422.1) (400.8)
Changes in short- and medium/long-term financial payables and loans (including short-term portions)*** 1,518.1 978.7
Change in short-term financial investments (150.0) 500.0
Assets held for sale 254.6 (254.6)
Cash flows generated by financing activities [c] 1,212.2 830.5
Increase/(Decrease) in cash and cash equivalents [a+b+c] 764.3 168.6
Opening cash and cash equivalents 168.7 0.1
Closing cash and cash equivalents 933.0 168.7

 

* 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 set-up grants taken to income statement for the year. *** Net of FVH derivatives.