Consolidated Statement of Cash Flows

(in thousands of euro)
 
   
2011  2010 
  of which related parties   of which related parties
  Net income (loss) from continuing operations before taxes 475,108   365,427  
  Amortisation, depreciation, impairment losses and reversals of property, plant and equipment and intangible assets 230,917   228,598  
  Reversal of financial expenses 146,113   99,557  
  Reversal of financial income (56,673)   (33,764)  
  Reversal of dividends (4,230)   (5,835)  
  Gains (losses) on equity investments 24,451   (17,366)  
  Share of net income from associates (2,903)   (256)  
  Income taxes (162,549)   (137,358)  
  Change in inventories (350,834)   (109,919)  
  Change in trade receivables (82,995)   49,471  
  Change in trade payables 326,824   78,488  
  Change in other receivables/payables 125,945   51,046  
  Change in provisions for employee benefits and other provisions (85,798)   41,947  
  Other changes 4,597   18,052  
A Net cash flows provided by (used in) operating activities 587,974   628,088  
  Purchase of property, plant and equipment (617,786)   (433,069) (17,901)
  Disposal of property, plant and equipment 6,035   17,954  
  Purchase of intangible assets (8,424)   (4,828)  
  Disposals of intangible assets 102   2,832  
  Disposals (Acquisition) of equity investments in subsidiaries (90,007) (6,983) -  
  Disposals (Acquisition) of equity investments in associates and joint ventures (3,983)   (16,904)  
  Disposals/(Acquisition) of other financial assets 7,444 (638) (23,516) (1,117)
  Dividends received 4,230   5,835  
B Net cash flows provided by (used in) investing activities (702,389)   (451,696)  
  Increase (reduction) in Equity 9,880   4,794  
  Change in financial payables 631,051 (1,100) (186,448)  
  Change in financial receivables (37,327)   (235,416)  
  Financial income (expenses) (89,440)   (65,793)  
  Dividends paid (83,544)   (85,082)  
C Net cash flows provided by (used in) financing activities 430,620   (567,945)  
  Net cash flows provided by (used in) operating activities -   (8,025)  
  Net cash flows provided by (used in) investing activities -   (1,020)  
  Net cash flows provided by (used in) financing activities -   11,275  
D Net cash flows provided by (used in) discontinued operations -   2,230  
E Total cash flows provided (used) during the year (A+B+C+D) 316,204   (389,323)  
F Cash and cash equivalents at beginning of year 226,770   610,779  
G Exchange differences on translation of cash and cash equivalents (531)   5,314  
H Cash and cash equivalents at end of year (E+F+G) (°) 542,443   226,770  
(°) of which:    
  cash and cash equivalents 556,983   244,725  
  bank overdrafts (14,540)   (17,955)  

The Statement of Cash Flows shows transactions with related parties only if they cannot be directly inferred from the other financial statements.

For a description of the items reflecting related party transactions, please refer to note 43 of the Explanatory Notes.