Results

Consolidated Statement of Cash Flows

(in € million)As of December 31
20112010(2)2009(1)(2)
Net income (loss) for the year (316.6) 849.0 816.8
Operating depreciation, amortization, provisions and impairment losses 2,842.5 1 884.2 1,869.1
Financial amortization and impairment losses 5.6 18.6 7.2
Gains/losses on disposal (592.4) (277.2) (306.1)
Share of net income of associates (13.4) (18.4) 0.9
Dividends received (4.9) (6.9) (8.7)
Finance costs and finance income 796.1 811.2 792.0
Income tax expense 558.3 362.4 319.1
Other items 77.7 95.8 69.1
Operating cash flow before changes in working capital 3,352.9 3,718.7 3,559.4
Changes in working capital (40.7) 105.8 450.4
Income taxes paid (368.2) (367.9) (408.5)
Net cash from operating activities 2,944.0 3,456.6 3,601.3
Including Net cash from operating activities of discontinued operations 187.8 365.3 416.3
Industrial investments (2,258.3) (2,083.7) (2,104.8)
Proceeds on disposal of intangible assets and property, plant & equipment 168.9 205.2 258.7
Purchases of investments (372.1) (426.3) (177.9)
Proceeds on disposal of financial assets 1,286.9 498.6 522.3
Operating financial assets      
   - New operating financial assets (363.5) (489.1) (483.1)
   - Repayments on operating financial assets 441.0 424.1 455.2
Dividends received 12.4 12.9 14.8
New non-current loans granted (160.3) (59.8) (43.8)
Principal payments on non-current loans 110.5 31.8 65.8
Net decrease/increase in current loans (3.1) 69.1 140.9
Net cash used in investing activities (1,137.6) (1,817.2) (1,351.9)
Including Net cash used in investing activities of discontinued operations 878.1 (170.2) 17.7
Net increase/decrease in current borrowings (534.5) (938.2) (1,323.9)
New non-current borrowings and other debts 745.1 537.6 3,301.2
Principal payments on non-current borrowings and other debts (315.0) (148.8) (1,514.8)
Proceeds on issue of shares 2.5 128.8 157.1
Share capital reduction      
Transactions between non-controlling interests: partial purchases and sales 24.4 91.8 50.9
Purchases of/proceeds from treasury shares 2.2 7.9 4.9
Dividends paid (547.0) (735.6) (434.0)
Interest paid (753.6) (821.9) (729.8)
Net cash used in financing activities (1,375.9) (1,878.4) (488.4)
Including Net cash used (provided) in financing activities of discontinued operations 239.3 (4.2) (138.6)
NET CASH AT THE BEGINNING OF THE YEAR 5,019.8 5,159.5 3,383.9
Effect of foreign exchange rate changes and other (166.6) 99.3 14.6
NET CASH AT THE END OF THE YEAR 5,283.7 5,019.8 5,159.5
Cash and cash equivalents 5,723.9 5,406.8 5,614.4
Bank overdrafts and other cash position items 440.2 387.0 454.9
NET CASH AT THE END OF THE YEAR 5,283.7 5,019.8 5,159.5

(1)Figures for the year ended December 31, 2009 have been adjusted for the application of the amendments to IAS 7 as follows: - replacement costs are now included in Net cash from operating activities: the impact of this reclassification between “Operating depreciation, amortization, provisions and impairment losses” in cash flows from operating activities and “Industrial investments” in investing activities is -€360.9 million in the year ended December 31, 2009; - transactions with non-controlling interests without a change in control are now recorded in cash flows from financing activities: the impact of this reclassification between “Proceeds on disposals of financial assets” in investing flows and “Transactions with non–controlling interests: partial purchases and sales” in financing flows is €50.9 million in the year ended December 31, 2009.
(2)2010 and 2009 amounts re-presented pursuant to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors - See Note 1 to the Consolidated Financial Statements.

Net cash flows attributable to discontinued operations as defined in IFRS 5 primarily concern the Veolia Transdev combination (see Note 4).
Discontinued operations are presented in Note 25.
The accompanying notes are an integral part of these consolidated financial statements.