Consolidated statement of cash flows
For the year ended 31 December 2006
| In millions of EUR | Note | 2006 | 2005* |
| Operating activities | |||
| Profit | 1,345 | 869 | |
| Adjustments for: | |||
| Depreciation, amortisation and impairments | 10 | 786 | 768 |
| Net interest expenses | 133 | 139 | |
| Gain on sale of property, plant & equipment, intangible assets and subsidiaries, joint ventures and associates |
7 | (379) | (63) |
| Investment income and share of profit of associates | (40) | (42) | |
| Income tax expense | 12 | 365 | 300 |
| Other non-cash items | 285 | 368 | |
| Cash flow from operations before changes in working capital and provisions |
2,495 | 2,339 | |
| Change in inventories | (50) | (18) | |
| Change in trade and other receivables | 46 | (76) | |
| Change in trade and other payables | 102 | 208 | |
| Total change in working capital | 98 | 114 | |
| Change in provisions and employee benefits | (211) | (240) | |
| Cash flow from operations | 2,382 | 2,213 | |
| Interest paid & received | (138) | (141) | |
| Dividend received | 13 | 20 | |
| Income taxes paid | (408) | (220) | |
| Cash flow used for interest, dividend and income tax | (533) | (341) | |
| Cash flow from operating activities | 1,849 | 1,872 | |
| Investing activities | |||
| Proceeds from sale of property, plant & equipment and intangible assets |
182 | 161 | |
| Purchase of property, plant & equipment | 13 | (844) | (853) |
| Purchase of intangible assets | 14 | (33) | (21) |
| Loans and advances issued to customers and other investments |
(166) | (152) | |
| Repayment on loans and advances to customers | 134 | 131 | |
| Cash flow used in operational investing activities | (727) | (734) | |
| Acquisition of subsidiaries, joint ventures, minority interests and associates, net of cash acquired |
(113) | (730) | |
| Disposal of subsidiaries, joint ventures, minority interests and associates, net of cash disposed |
41 | 270 | |
| Cash flow used for acquisitions and disposals | (72) | (460) | |
| Cash flow used in investing activities | (799) | (1,194) | |
| In millions of EUR | Note | 2006 | 2005* |
| Financing activities | |||
| Proceeds from long-term borrowings | 262 | 363 | |
| Repayment of long-term borrowings | (578) | (700) | |
| Dividends paid | (294) | (271) | |
| Purchase own shares | 22 | (14) | – |
| Other | (25) | 16 | |
| Cash flows used in financing activities | (649) | (592) | |
| Net Cash Flow | 401 | 86 | |
| Cash and cash equivalents at 1 January | 234 | 161 | |
| Effect of movements in exchange rates | (8) | (13) | |
| Cash and cash equivalents at 31 December | 20 | 627 | 234 |
* Restated for comparison purposes, see note 3 significant accounting policies.
