| (In €m) | 12/31/2010 | 12/31/2009 |
|---|---|---|
 |
||
| Net earnings | 32,764 | 9,137 |
| Elimination of net charges not affecting cash flows: | ||
| - Depreciation and non-recurrent financial provisions | 43,823 | 55,447 |
| - Changes in deferred taxes | (694) | 2,882 |
| - Income on disposals, provisions for liabilities and others | 5,249 | 1,604 |
| Gross cash flow margin | 81,142 | 69,070 |
| Net changes in provisions provided by or used for current operations | (1,669) | 7,642 |
| Operating cash flow | 79,474 | 76,712 |
| Elimination of the income tax expense (revenue) | 15,279 | 4,918 |
| Elimination of net borrowing costs | 2,525 | 4,111 |
| Effect of changes in inventory on cash | (9,870) | 41,600 |
| Effect of changes in accounts receivable and accounts payable | 23,959 | (15,773) |
| Net cash provided by or used for operations before tax | 111,367 | 111,568 |
| Taxes paid | (3,453) | (7,175) |
| Cash provided by or used for operations (A) | 107,914 | 104,390 |
 |
||
| Acquisition of consolidated companies | (42,022) | (1,451) |
| Cash acquired | 1,502 | 21 |
| Acquisition of tangible and intangible assets | (51,974) | (49,465) |
| Acquisition of financial assets | (474) | |
| Change in granted loans and advances | 476 | (946) |
| Investment subsidies received | ||
| Dividends received | 2 | 4 |
| Total cash used for investment activities | (92,016) | (52,312) |
| Disposed cash | 2,800 | |
| Disposal of consolidated companies | 1,500 | |
| Disposal of tangible and intangible assets | 1,359 | 456 |
| Disposal of financial assets | 5 | 2 |
| Total cash from disposals | 1,364 | 4,758 |
| Cash provided by or used for investment activities (B) | (90,653) | (47,554) |
 |
||
| Capital increase | 1,404 | |
| Net disposal (acquisition) of treasury shares | ||
| Dividends paid to shareholders of the Group | (7,216) | (12,313) |
| Dividends paid to minority interests of consolidated companies | ||
| Total cash from equity operations | (5,812) | (12,313) |
| Issue of long-term loans | 10,912 | 16,401 |
| Issue of short-term loans | 79 | 1,161 |
| Repayment of long-term loans | (3,436) | (4,315) |
| Repayment of short-term loans | (20,576) | (23,206) |
| Net interest expense paid | (2,593) | (4,664) |
| Total cash from operations on loans and other financial liabilities | (15,614) | (14,622) |
| Cash provided by or used for financing activities (C) | (21,426) | (26,935) |
| Effect of change in foreign exchange rates (D) | 4,686 | (1,628) |
| Effect of adjustments in treasury shares (D) | 1,434 | 826 |
| Changes in net cash (A+B+C+D) | 1,954 | 29,099 |
| Cash at January 1st (E) | 71,003 | 41,904 |
| Cash at year end (A+B+C+D+E) | 72,957 | 71,003 |
| Short-term investments | 58,619 | 63,916 |
| Cash and cash equivalents | 22,261 | 20,582 |
| Short-term banking facilities | (7,923) | (13,495) |
| Closing cash position | 72,957 | 71,003 |
Back to top