Statement of cash flows*

In millions of euros Dec. 31, 2009 Dec. 31, 2008
Profit for the year 771 341,4
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets** 303.2 272.3
Exchange rate gains/losses on assets and liabilities (including cash and cash equivalents) 0.0 5.8
Accruals to provisions (including employee-related provisions) and impairment losses 114.0 54.5
(Gains)/Losses on disposals of property, plant and equipment -1.3 -2.9
Financial (income)/expense 126.0 169.3
Income taxes 197.3 193.4
Cash flows generated by operating activities, before changes in net working capital 1,510.2 1,033.8
Decrease in provisions (including employee-related and tax provisions) 14.4 -46.2
(Increase)/Decrease in inventories 6.0 -5.1
(Increase)/Decrease in trade receivables and other current assets 576.6 -193.7
Increase/(Decrease) in other non-current liabilities -247.6 58.1
Increase/(Decrease) in other non-current assets 89.4 -137.8
Increase/(Decrease) in trade payables and other liabilities -328.5 268.7
Interest income and other financial income received 59.9 165.8
Interest expense and other financial expense paid -227.1 -333.1
Income taxes paid -174.0 -242.7
Cash flows generated by operating activities [a] 1,279.3 567.8
Investments in property, plant and equipment, net of grants received -844.9 -731.2
Recognition of acquired companies’ property, plant and equipment -1,101.4 -98.1
Revenue from sale of property, plant and equipment and intangible assets 7.5 9.2
Property, plant and equipment of discontinued operations 620.2 0.0
Investments in non-current intangible assets -40.6 -28.9
Recognition of intangible assets of new acquisitions -6.3 -127.3
Goodwill from acquisitions -101.6 -32.5
Intangible assets and goodwill of discontinued operations 227.4 0.0
Acquisition of equity investments in associates and joint ventures -2.7 -9.4
Equity investments in assets held for sale -0.1 0.0
Cash flows generated by investing activities [b] -1,242.5 -1,018.2
Change in capital 0.0 0.1
Change in reserves 3.7 1.8
Dividends paid -337.8 -327.5
Minority interests in discontinued operations -86.9 0.0
Change in short- and medium/long-term financial payables (including short-term portions)*** 607.3 1,107.5
Change in short-term financial investments -500.0 226.7
Financial debt of discontinued operations -502.7 0.0
Cash flows generated by financing activities [c] -816.4 1,008.6
Exchange rate effect on cash and cash equivalents [d] 0.0 -22.5
Increase/(Decrease) in cash and cash equivalents [a+b+c+d] -779.6 535.7
Opening cash and cash equivalents 779.7 244.0
Closing cash and cash equivalents 0.1 779.7
of which: Cash and cash equivalents of discontinued operations 0.0 90.5

(*) For comments on consolidated statement of cash flows, please see the section "Notes to the consolidated statement of cash flows" in the notes.
(**) Net of plant grants recognised in the income statement.
(***) Net of FVH derivatives.