Consolidated statement of cash flows*

€ million 2012 2011
Profit for the year 463.6 440.0
of which from discontinued operations and assets held for sale - Rete Rinnovabile - 50.6
of which from discontinued operations and assets held for sale – NRTS - 28.3
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets** 403.2 385.5
Provisions (including employee-related provisions) and impairment losses 68.1 94.1
(Gains)/Losses on disposals of property, plant and equipment (5.9) (3.6)
Financial (income)/expenses 101.8 129.6
Income taxes 408.0 388.3
Cash flows generated by operating activities, before changes in net working capital 1,438.8 1,433.9
Increase/(Decrease) in provisions (including employee-related and tax provisions) (92.8) (91.1)
(Increase)/decrease in inventories 9.7 (4.9)
(Increase)/decrease in trade receivables and other current assets (266.1) (168.2)
Increase/(decrease) in other non-current liabilities 210.4 6.0
(Increase)/decrease in other non-current assets (452.9) (413.2)
Increase/(Decrease) in trade payables and other current liabilities 347.5 568.5
Interest income and other financial income received 305.1 91.3
Interest expense and other financial expense paid (398.5) (218.5)
Income taxes paid (489.3) (354.7)
Cash flows generated by operating activities [a] 611.9 849.1
Investments in property, plant and equipment, net of grants received (1,156.3) (1,166.0)
Revenue from sale of property, plant and equipment and intangible assets and other changes 72.3 8.6
Investment in intangible assets, net of grants received (54.1) (51.1)
Net deconsolidation of discontinued operations and assets held for sale - Rete Rinnovabile - 404.9
Increase in equity interests in associates (6.7) (43.2)
Acquisition of equity investments (0.2) (0.1)
Cash flows used in investing activities [b] (1,145.0) (846.9)
Capital increase - 1.2
Increase of reserves - 10.4
Increase/(decrease) in net income and accumulated losses (0.1) (1.0)
Dividends paid (402.0) (422.1)
Equity attributable to non-controlling interests in discontinued operations and assets held for sale - Rete Rinnovabile - (0.2)
Change in short- and medium/long-term financial payables (including short-term portions)*** 2,180.4 1,772.7
Change in short-term financial investments 150.0 (150.0)
Deconsolidation of financial debt of discontinued operations and assets held for sale - Rete Rinnovabile - (254.6)
Cash flows generated by financing activities [c] 1,928.3 956.4
Increase/(Decrease) in cash and cash equivalents [a+b+c] 1,395.2 958.6
of which change in cash and cash equivalents for discontinued operations and assets held for sale - Rete Rinnovabile - (6.2)
Opening cash and cash equivalents 1,114.9 156.3
Closing cash and cash equivalents 2,510.1 1,114.9
* For comments on the Consolidated Statement of Cash Flows, please see the section "Notes to the Statement of Cash Flows" in the "NOTES TO THE FINANCIAL STATEMENTS". ** Net of set-up grants taken to income statement for the year. *** Net of FVH derivatives.