Cash flow

In millions of euros Cash flow
Dec. 31, 2009
Reconciliation
 Cash flow
Dec. 31, 2008

Reconciliation
Opening cash and cash equivalents
& intercompany current accounts
 689.2    130.6
 
Profit for the year  790.0     335.3   
Amortisation and depreciation
 279.4     253.5   
Net change in provisions  3.0     -0.5   
Employee benefits    -28.8     0.5 
Provisions for contingencies and charges    66.3     16.6 
Deferred tax liabilities    -34.5     -17.6 
Net losses/(profit) on asset disposals (1)  -1.9     -2.9   
Self-financing  1,070.5   585.4     
Change in net working capital  180.2     -105.3   
Inventories    4.9     -4.0 
Trade receivables    528.9     -192.4 
Current financial assets    3.4     -5.8 
Tax assets    7.5     -23.3 
Other current assets    -5.4     9.7 
Trade payables    -386.8     95.2 
Tax liabilities    20.8     0.0 
Current financial liabilities    -7.0     13.4 
Other liabilities    13.9     1.9 
Cash flows from operating activities  1,250.7     480.1   
Capital expenditure        
Property. plant and equipment (2)  -831.5     -736.0   
Intangible assets (3)  -40.6     -28.9   
Other changes in non-current assets  -335.7     -25.7   
Property. plant and equipment    24.3     -383.8 
Intangible assets (3)    0.6     -2.2 
Goodwill    0.0     -88.6 
Non-current financial assets    -359.6     448.7 
Non-current financial assets    -0.9     0.2 
Discontinued operations and assets held for sale    -0.1     0.0 
Total cash flows generated by/(used in) investing activities  -1,207.8     -790.6   
Change in loans
 -382.3     1,204.0   
Current financial assets    -500.0     0.0 
Non-current financial assets    -507.7     -115.5 
Non-current financial liabilities    15.9     8.7 
Long-term loans    552.2     1,295.2 
Current portion of long-term loans    15.1     15.1 
Short-term loans    42.2     0.5 
Other changes in equity  -11.9     -26.3   
Equity - Other reserves (4)    -11.9     -46.3 
Equity - Retained earnings (4)    0.0     20.0 
Dividends (4)  -337.8     -308.6   
Total cash flows generated by/(used in) financing activities  -732.0     869.1   
Total cash flows for the year  -689.1   
558.6
 
Closing cash and cash equivalents
& intercompany current accounts
 0.1    689.2
 

(1) Included in the balances of “Other revenue and income” and “Other expenses”, respectively, from the income statement.
(2) See note 11.
(3) See note 13.
(4) See statement of changes in equity.