Consolidated statement of cash flows
For the year ended 31 December 2008
| In millions of EUR | Note | 2008 | 2007 Restated* |
|---|---|---|---|
| Operating activities | |||
| Profit | 347 | 929 | |
| Adjustments for: | |||
| Amortisation, depreciation and impairments | 11 | 1,206 | 638 |
| Net interest (income)/expenses | 12 | 378 | 91 |
| Gain on sale of property, plant & equipment, intangible assets and subsidiaries, joint ventures and associates |
8 | (32) | (28) |
| Investment income and share of profit and impairments of associates and joint ventures |
16 | 108 | (70) |
| Income tax expenses | 13 | 248 | 394 |
| Other non-cash items | 74 | 106 | |
| Cash flow from operations before changes in working capital and provisions |
2,329 | 2,060 | |
| Change in inventories | (157) | (130) | |
| Change in trade and other receivables | (184) | (159) | |
| Change in trade and other payables | 294 | 244 | |
| Total change in working capital | (47) | (45) | |
| Change in provisions and employee benefits | (114) | (71) | |
| Cash flow from operations | 2,168 | 1,944 | |
| Interest paid and received | (309) | (87) | |
| Dividend received | 52 | 47 | |
| Income taxes paid | (251) | (375) | |
| Cash flow related to interest, dividend and income tax | (508) | (415) | |
| Cash flow from operating activities | 1,660 | 1,529 | |
Investing activities |
|||
| Proceeds from sale of property, plant & equipment and intangible assets |
93 | 70 | |
| Purchase of property, plant & equipment | 14 | (1,102) | (1,004) |
| Purchase of intangible assets | 15 | (158) | (17) |
| Loans issued to customers and other investments | (163) | (133) | |
| Repayment on loans to customers | 220 | 218 | |
| Cash flow used in operational investing activities | (1,110) | (866) | |
| Free operating cash flow | 550 | 663 | |
| Acquisition of subsidiaries and minority interests, net of cash acquired |
6 | (3,580) | (241) |
| Acquisition of associates, joint ventures and other investments | (202) | (58) | |
| Disposal of subsidiaries and minority interests, net of cash disposed of |
6 | 68 | 12 |
| Disposal of associates, joint ventures and other investments | 80 | 28 | |
| Cash flow used for acquisitions and disposals | (3,634) | (259) | |
| Cash flow from/(used in) investing activities | (4,744) | (1,125) | |
Financing activities |
|||
| Proceeds from loans and borrowings | 24 | 6,361 | 67 |
| Repayment of loans and borrowings | (2,532) | (252) | |
| Dividends paid | (485) | (417) | |
| Purchase own shares | 22 | (11) | (15) |
| Other | (24) | (14) | |
| Cash flow from/(used in) financing activities | 3,309 | (631) | |
| Net Cash Flow | 225 | (227) | |
| Cash and cash equivalents as at 1 January | 309 | 541 | |
| Effect of movements in exchange rates | 70 | (5) | |
| Cash and cash equivalents as at 31 December | 21 | 604 | 309 |
- *
- = Refer to change in accounting policies as described in note 3(b).
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