IV. Consolidated statement of cash flows
| (Amounts in thousands of euros) | 2012 | 2011 |
|---|---|---|
| Profit before taxes and non-controlling interests | 3,130,969 | 2,559,012 |
| Adjustments to profit |
|
|
| Amortization and depreciation | 810,802 | 692,621 |
| Foreign exchange translation differences | (14,291) | (29,218) |
| Provisions for impairment | 48,714 | 41,181 |
| Other | 97,584 | 42,437 |
| Income tax | (818,160) | (693,201) |
|
|
|
|
| Funds from operations | 3,255,619 | 2,612,832 |
| Variation in assets and liabilities |
|
|
| Inventories | (376,272) | (56,663) |
| Receivables and other current assets | (289,198) | (80,100) |
| Current payables | 528,803 | (67,408) |
| Changes in working capital | (136,666) | (204,171) |
|
|
|
|
| Cash flows from operating activities | 3,118,952 | 2,408,661 |
|
|
|
|
| Investments in intangible assets | (122,362) | (121,807) |
| Investments in property, plant and equipment | (1,192,590) | (1,081,867) |
| Acquisition of investments in companies | - | (105,718) |
| Acquisition of other financial investments | - | (12,597) |
| Investments in other assets | (23,908) | (26,747) |
| Changes in current financial investments | (260,632) | - |
| Cash flows from investing activities | (1,599,492) | (1,348,736) |
|
|
|
|
| Collections/(Payments) relating to non-current financial debt | 3,913 | (23,223) |
| Collections/(Payments) relating to non-current non-financial debt | - | (107) |
| Collections/(Payments) relating to current financial debt | 750 | (14,212) |
| Dividends | (1,129,769) | (1,003,877) |
| Other financing activities | - | 617 |
| Cash flows used in financing activities | (1,125,105) | (1,040,803) |
| Net increase in cash and cash equivalents | 394,355 | 19,122 |
| Cash and cash equivalents at the beginning of the year | 3,466,752 | 3,433,452 |
| Effect of exchange rate fluctuations on cash and cash equivalents | (18,190) | 14,178 |
| Cash and cash equivalents at the end of the year | 3,842,918 | 3,466,752 |
