Statement of cash flows*

In millions of euros Dec. 31, 2009 Dec. 31, 2008
Profit for the year 790.0 335.3
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses)    
on property, plant and equipment and non-current intangible assets** 272.9 245.4
Accruals to provisions (including employee-related provisions) and impairment losses 114.0 54.5
(Gains)/Losses on disposal of property, plant and equipment -1.9 -2.9
Financial (income)/expenses 123.9 85.1
Income taxes 184.7 175.0
Cash flows generated by operating activities, before changes in net working capital 1,483.6 892.4
Decrease in provisions (including employee-related and tax provisions) -72.7 -44.9
Deferred tax liabilities and provisions for contingencies and charges – merger contribution 0.0 30.0
(Increase)/Decrease in inventories 4.9 -4.0
(Increase)/Decrease in trade receivables and other current assets 537.3 -156.4
Increase/(Decrease) in other non-current liabilities 9.6 2.1
Increase/(Decrease) in other non-current assets -143.4 -191.5
Deferred tax assets – merger contribution 0.0 -1.0
Increase/(Decrease) in trade payables and other liabilities -309.0 252.9
Interest income and other financial income received 139.4 191.7
Interest expense and other financial expenses paid -227.1 -255.1
Taxes paid -174.0 -217.4
Cash flows generated by operating activities [a] 1,248.6 498.8
Investments in property, plant and equipment, net of recognised grants -816,8 -720.2
Property, plant and equipment – merger contribution 0.0 -411.0
Revenue from sale of property, plant and equipment and intangible assets 7.4 9.2
Investments in intangible assets -40.6 -28.9
Goodwill – merger contribution 0.0 -88.6
(Increase)/Decrease in investments -359.6 -0.6
Elimination of investment in respect of merger 0.0 449.3
Equity investments in assets held for sale -0.1 0.0
Cash flows generated by investing activities [b] -1,209.7 -790.8
Increase in reserves 0.3 1.3
Retained earnings – merger contribution 0.0 20.0
Dividends paid -337.8 -308.6
Increase of share capital 0.0 0.1
Changes in short- and medium/long-term financial payables    
and loans (including short-term portions)*** 109.5 1,137.3
Change in short-term financial investments -500.0 0.5
Cash flows generated by financing activities [c] -728.0 850.6
Increase/(Decrease) in cash and cash equivalents [a+b+c] -689.1 558.6
Opening cash and cash equivalents 689.2 130.6
Closing cash and cash equivalents 0.1 689.2

(*) See the section in the notes “Notes to the statement of cash flows” for comments.
(**) Net of grants related to plant taken to income statement for the year.
(***) Net of fair value hedges (FVH).