Statement of cash flows*

€ million 2012 2011
Profit for the year 463.2 453.6
Adjustments for:    
Amortisation, depreciation, impairment losses/(reversals of impairment losses) on property, plant and equipment and intangible assets** 355.7 340.2
Provisions (including employee-related provisions) and impairment losses 49.2 49.2
(Gains)/Losses on disposals of property, plant and equipment (5.9) (3.9)
Financial (income)/expenses 20.7 10.0
Income taxes 345.2 345.3
Cash flows generated by operating activities, before changes in net working capital 1,228.1 1,194.4
Increase/(Decrease) in provisions (including employee-related and tax provisions) (156.8) (79.4)
(Increase)/decrease in inventories 12.4 (1.0)
(Increase)/decrease in trade receivables and other current assets (229.0) (36.4)
Increase/(decrease) in other non-current liabilities 291.0 1.1
(Increase)/decrease in other non-current assets (448.0) (533.8)
Increase/(Decrease) in trade payables and other current liabilities 261.0 572.2
Interest income and other financial income received 305.3 111.9
Dividend received 60.7 100.0
Interest expense and other financial expense paid (400.1) (219.6)
Income taxes paid (431.4) (347.1)
Cash flows generated by operating activities [a] 493.2 762.3
Investments in property, plant and equipment, net of recognised grants (1,088.6) (1,110.9)
Revenue from sale of property, plant and equipment and other changes 71.7 7.4
Investments in intangible assets, net of grants received (53.8) (49.7)
Intra-group transactions 16.1 (18.0)
(Increase)/decrease in equity interests (56.1) (39.0)
Cash flows used in investing activities [b] (1,110.7) (1,210.2)
Changes in share capital - 1.2
Changes in reserves 0.8 10.4
Dividends paid (402.0) (422.1)
Change in medium/long-term financial payables (including short-term portions)*** 2,180.4 1,518.1
Changes in short-term financial investments and the net financial position of the intercompany current a/c 218.4 31.3
Assets held for sale - 254.6
Cash flows generated by financing activities [c] 1,997.6 1,393.5
Increase/(Decrease) in cash and cash equivalents [a b c] 1,380.1 945.6
Opening cash and cash equivalents 1,114.3 168.7
Closing cash and cash equivalents 2,494.4 1,114.3
* For comments on the 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