Consolidated statement of cash flows
For the year ended 31 December 2007
| In millions of EUR | Note | 2007 | 2006 |
|---|---|---|---|
| Operating activities | |||
| Profit | 972 | 1,345 | |
| Adjustments for: | |||
| Amortisation, depreciation and impairments | 11 | 764 | 786 |
| Net interest (income)/expenses | 12 | 101 | 133 |
| Gain on sale of property, plant & equipment, intangible assets and subsidiaries, joint ventures and associates |
8 | (30) | (379) |
| Investment income and share of profit of associates | (41) | (40) | |
| Income tax expenses | 13 | 429 | 365 |
| Other non-cash items | 103 | 31 | |
| Cash flow from operations before changes in working capital and provisions |
2,298 | 2,241 | |
| Change in inventories | (140) | (43) | |
| Change in trade and other receivables | (175) | 85 | |
| Change in trade and other payables | 282 | 102 | |
| Total change in working capital | (33) | 144 | |
| Change in provisions and employee benefits | (53) | (3) | |
| Cash flow from operations | 2,212 | 2,382 | |
| Interest paid and received | (96) | (138) | |
| Dividend received | 27 | 13 | |
| Income taxes paid | (413) | (408) | |
| Cash flow used for interest, dividend and income tax | (482) | (533) | |
| Cash flow from operating activities | 1,730 | 1,849 | |
| Investing activities | |||
| Proceeds from sale of property, plant & equipment and intangible assets |
81 | 182 | |
| Purchase of property, plant & equipment | 14 | (1,123) | (844) |
| Purchase of intangible assets | 15 | (22) | (33) |
| Loans issued to customers and other investments | (146) | (166) | |
| Repayment on loans to customers | 225 | 134 | |
| Cash flow used in operational investing activities | (985) | (727) | |
| Acquisition of subsidiaries, joint ventures and minority interests, net of cash acquired |
6 | (245) | (84) |
| Acquisition of associates and other investments | (89) | (29) | |
| Disposal of subsidiaries, joint ventures and minority interests, net of cash disposed of |
6 | 12 | 17 |
| Disposal of associates and other investments | 44 | 24 | |
| Cash flow used for acquisitions and disposals | (278) | (72) | |
| Cash flow used in investing activities | (1,263) | (799) |
| In millions of EUR | Note | 2007 | 2006 |
|---|---|---|---|
| Financing activities | |||
| Proceeds from loans and borrowings | 77 | 262 | |
| Repayment of loans and borrowings | (265) | (582) | |
| Dividends paid | (450) | (297) | |
| Purchase own shares | 22 | (15) | (14) |
| Other | (3) | (18) | |
| Cash flow used in financing activities | (656) | (649) | |
| Net Cash Flow | (189) | 401 | |
| Cash and cash equivalents as at 1 January | 627 | 234 | |
| Effect of movements in exchange rates | (5) | (8) | |
| Cash and cash equivalents as at 31 December | 21 | 433 | 627 |