Statement of cash flows

(m) 2011 2010
Opening net cash and cash equivalents 156.9 179.7
Cash flow from/used in continuing operations    
Pre-tax profit and net financial expense for the year 302.2 254.7
Amortization, depreciation and impairment losses on non-current assets, net of reversals 314.0 350.2
Adjustment and (gains)/losses on disposal of financial assets 0.7 0.5
(Gain)/losses on disposal of non-current assets (2.5) (0.2)
Change in working capital in the year* (58.8) 64.8
Net change in non-current non-financial assets and liabilities (40.1) (24.1)
Cash flow from  operating activities 515.6 645.9
Taxes paid (87.4) (79.6)
Interest paid (112.8) (74.6)
Net cash flow from operating activities 315.4 491.7
Acquisition of property, plant and equipment and intangible assets (217.3) (224.9)
Proceeds from sale of non-current assets 7.9 5.8
Acquisition of consolidated equity investments (3.2)
Disposal of consolidated equity investments 165.4
Net change in non-current financial assets 1.3 (5.1)
Net cash flow used in investing activities (211.3) (58.9)
(Repayments)/issues of bond (46.4) (32.5)
New medium/long-term loans 966.3 298.6
Repayments of medium/long-term loans (894.4) (674.9)
Repayments of short-term loans, net of new loans (22.6) (56.1)
Dividend payments (61.0)
Other cash flows ** (24.9) (1.3)
Net cash flow used in financing activities *** (83.0) (466.3)
Cash flow for the year from/used in continuing activities 21.1 (33.5)
Cash flow from/(used in) discontinued operations    
Net cash flow from operating activities from discontinued operations 28.4
Cash flow used in investing activities from discontinued operations (13.6)
Cash flow used in financing activities from discontinued operations (9.5)
Cash flow for the year from/used in discontinued operations 5.3
Effect of exchange on net cash and cash equivalents 1.6 5.4
Closing net cash and cash equivalents 179.6 156.9
* Includes the exchange rate gains (losses) on income components ** Includes dividends paid to non-controlling interests in subsidiaries *** New loans and repayments 2010 have been reclassified in order to be consistent with 2011
Reconciliation of net cash and cash equivalents
(m) 2011 2010

Opening — net cash and cash equivalents — balance
as of 31 December 2010 and as of 31 December 2009

156.9 179.7
Cash and cash equivalents 176.1 194.1
Current account overdrafts (19.3) (14.4)

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)