Pirelli & C.

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Consolidated statement of cash flows

Consolidated statement of cash flows (in thousands of euro)

2009 2008
of which related parties of which related parties
Net income from continuing operations before taxes 75,311 (403,327)
Net income from assets sold - 63,421
Amortization, depreciation, impairment losses and reversals of PPE and intangible assets 231,455 221,535
Capital gain realized on assets sold - (72,543)
Reversal of Financial expenses 458,304 604,698
Reversal of Financial income (372,950) (524,609)
Reversal of Dividends (7,701) (35,325)
Gains/(losses) on equity investments 3,276 226,141
Share of net income from associates and joint ventures (net of dividends received) 70,016 204,745
Income taxes (97,897) (72,620)
Change in inventories 242,133 (144,636)
Change in Trade receivables/payables (68,541) 95,961
Change in Other receivables/payables (11,890) (79,065)
Change in Provisions for employee benefits and Other provisions 64,047 (28,650)
Other changes (46,890) 19,954
A Net cash flows provided by/(used in) operating activities 538,673 75,680
Investments in Property, plant and equipment (225,231) (310,724)
Disposals of Property, plant and equipment including capital gains/losses 41,531 33,800
Investments in Intangible assets (19,715) (25,783)
Disposals of Intangible assets including capital gains/losses 10,125 94,533
Acquisition of Equity investments in associates and joint ventures (40,247) (171,220)
Disposal of Equity investments in associates and joint ventures 166 30,841
Net cash flow provided by discontinued operations - 69,600
Acquisition of Other financial assets (3,031) (96,052)
Disposal of Other financial assets 241,984 32,285
Acquisition of minority interests (4,166) (434,361)
Disposal of minority interests 26,600 -
Dividends received 7,701 31,268
Net investment in business combinations (7,273) (1,338)
B Net cash flows provided by/(used in) investing activities 28,444 (747,151)
Increase/(reduction) in equity 167,411 13,400
Change in Financial payables (288,997) (408,747) (218,922)
Change in Financial receivables 53,706 (65,625)
Change in Financial payables/receivables for acquisitions (30,065) (401,100)
Financial income/(expenses) (85,354) (53,606)
Dividends paid (2,313) (167,889) (22,746)
C Net cash flows provided by/(used in) financing activities (185,612) (1,083,567)
D Total cash flows provided/(used) during the year (A+B+C) 381,505 (1,755,038)
E Cash and cash equivalents at beginning of year 227,077 2,010,475
F Exchange differences on translation of cash and cash equivalents 2,197 (28,360)
G Cash and cash equivalents at end of year ( D+E+F) (°) 610,779 227,077
(°) of which:
cash and cash equivalents 632.113 253.905
bank overdrafts (21.334) (26.828)
The Statement of Cash Flows shows transactions with related parties only if they cannot be directly deduced from the other statements. Related party transactions in respect of the individual line items in the financial statements are presented in Note 42 of the Explanatory Notes to which the reader is referred
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