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).