Cash flow

In millions of euros
Cash flow Dec. 31, 2009
Reconciliation
Cash flow Dec. 31, 2008Reconciliation
Opening cash and cash equivalents 779.7
244.0 
-of which cash and cash equivalents attributable to discontinued operations 90.5   120.8  
Profit for the year 771.0   341.4  
Amortisation and depreciation 308.8   280.4  
Net change in provisions 213.3   -35.6  
Deferred tax assets   127.0   -9.4
Employee benefits   -28.8   0.5
Provisions for contingencies and charges   67.8   12.3
Deferred tax liabilities   47.3   -39.0
Net losses/(profit) on the disposal of assets (1) -1.3   -2.9  
Self-financing 1,291.8   583.3  
Change in net working capital -37.6   -43.8  
Inventories   6.0   -5.1
Trade receivables   561.3   -189.3
Current financial assets   5.7   -5.8
Tax assets   7.5   -22.7
Other current assets   1.3   4.2
Trade payables   -398.6   108.6
Tax liabilities   42.2   -0.5
Current financial liabilities   -8.5   13.2
Other liabilities   -254.5   53.6
Cash flows from operating activities 1,254.2   539.5  
Capital expenditure
Property, plant and equipment (2) -859.8   -747.0  
Intangible assets(3) -40.6   -28.9  
Other changes in non-current assets -309.6   -106.4  
Goodwill   13.7   -3.7
Intangible assets   106.4   -98.8
Property, plant and equipment   -455.7   82.4
Non-current financial assets   0.0   0.1
Other non-current assets   0.0   0.5
Equity-accounted investees   22.7   -7.4
Translation of financial statements of foreign companies (equity)(4)   3.4   -79.5
Discontinued operations and assets held for sale   -0.1   0.0
Total cash flows generated by/(used in) investing activities -1,210.0   -882.3  
Change in loans Non-current financial assets -387.2 -7.7 1,251.8 -115.5
Current financial assets   -499.8   1.4
Non-current financial liabilities   15.9   8.7
Long-term loans
  243.9
  1,189.8
Current portion of long-term loans -19.3 7.2
Short-term loans -120.2 160.2
Other changes in equity attributable to the shareholders of the Parent
-11.9

-46.0

Equity attributable to the shareholders of the Parent-Other reserves (4) -11.9
 -46.0
Dividends (4)-337.8 -327.5 
Other changes in equity attributable to minority interests (4) -86.9   0.2  
Total cash flows generated by/(used in) financing activities -823.8
878.5  
Total cash flows for the year -779.6

535.7  
Closing cash and cash equivalents 0.1

779.7  
-of which cash and cash equivalents attributable to discontinued operations 0.0
90.5  

(1) Included in the balances of “Other revenue and income” and “Other operating expenses”, respectively, from the consolidated income statement.
(2) See note 13.
(3) See note 15.
(4) See statement of changes in consolidated equity.