Statement of cash flows

(€m) 2012 2011
Opening net cash and cash equivalents 179.6 156.9
Pre-tax profit and net financial expense for the year 251.6 302.2
Amortisation, depreciation and impairment los ses on non-current as sets, net of reversals 338.0 314.0
Adjustment and (gains )/los ses on disposal of financial assets 0.4 0.7
(Gain)/losses on disposal of non-current assets (2.3) (2.5)
Change in working capital(1) 0.8 (60.0)
Net change in non-current non-financial assets and liabilities (32.0) (40.1)
Cash flows from operating activities 556.4 514.4
Taxes paid (77.3) (87.4)
Interest paid (60.3) (112.8)
Net cash flows from operating activities 418.8 314.1
Acquisition of property, plant and equipment and intangible assets (282.9) (216.1)
Proceeds from sale of non-current assets 3.9 7.9
Acquisition of consolidated investments  (0.6) (3.2)
Net change in non-current financial assets (1.7) 1.3
Net cash flows used in investing activities (281.4) (210.1)
Repayments of bonds  0.0 (46.4)
Repayments of non-current loans, net of new loans 0.9 71.9
Repayments of current loans, net of new loans (144.0) (22.6)
Dividends paid (70.9) (61.0)
Other cash flows(2) (4.8) (24.9)
Net cash flows u ed in financing activities  (218.8) (83.0)
Cash flow for the year (81.4) 21.1
Effect of exchange rate fluctuation on net cash and cash equivalents (1.4) 1.6
Closing net cash and cash equivalents 96.8 179.6

(1)Includes the exchange rate gains (losses ) on income components

(2)Includes dividends paid to non-controlling interes ts in subs idiaries

Reconciliat ion of net cash and cash equivalents

(€m) 2012
2011
Opening-net cash and cash equivalents-balance as of 31 December 2011 and as of 31 December 2010 179.6 156.9
Cash and cash equivalents 212.4 176.1
Current account overdrafts (32.8) (19.3)
Closing-net cash and cash equivalents-balance as of 31 December 2012 and as of 31 December 2011 96.8 179.6
Cash and cash equivalents 154.6 212.4
Current account overdrafts (57.8) (32.8)