Consolidated Statement of Cash Flows(*)

 (€ million)    Note   2010   2009 (**) 
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR    (22)
 12,226
 3,683
B) CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES DURING THE YEAR:        
Profit/(loss) from Continuing Operations      222
 (345)
Amortisation and depreciation      2,186
 2,036
(Gains) losses on disposal of:        
Property plant and equipment and intangible assets      (3)
 (17)
Investments     (12)
 (8)
Other non-cash items    (36)
 89
 114
Dividends received      62
 35
Change in provisions      283
 50
Change in deferred taxes      (199)
 (56)
Change in items due to buy-back commitments    (36)
 4
 (23)
Change in working capital      941
 1,530
Cash flows from (used in) the operating activities of Discontinued Operations    (A)
 2,537
 1,285
TOTAL     6,110
 4,601
C) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:        
Investments in:        
Property plant and equipment and intangible assets      (2,864)
 (2,684)
Investments in consolidated subsidiaries      (162)
 (3)
Other investments      (121)
 (97)
Proceeds from the sale of:        
Property plant and equipment and intangible assets      46
 77
nvestments in consolidated subsidiaries      -   16
Other investments      11
 3
Net change in receivables from financing activities      (594)
 (238)
Change in current securities      24
 (44)
Other changes      150
 1
Cash flows from (used in) the investing activities of Discontinued Operations    (A)
 (443)
 410
TOTAL     (3,953)
 (2,559)
D) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:        
New issuance of bonds      -   4,200
Repayment of bonds      (1,195)
 (168)
Issuance of other medium-term borrowings      1,210
 2,656
Repayment of other medium-term borrowings      (1,016)
 (608)
Net change in other financial payables and other financial assets/liabilities     66
 (493)
Increase in share capital      1
 13
Dividends paid      (239)
 (27)
Cash flows from (used in) the financing activities of Discontinued Operations    (A)
 2,084
 708
TOTAL     911
 6,281
Translation exchange differences      359
 220
E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS      3,427
 8,543
F) CASH AND CASH EQUIVALENTS AT END OF THE YEAR 
 (22) 
 15,653
 12,226
of which: Cash and cash equivalents included as Assets held for sale and Discontinued Operations      3,686
 -
G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR AS REPORTED    (22)
 11,967
 12,226
(*) Pursuant to Consob Resolution No. 15519 of 27 July 2006, the effects of related party transactions on the consolidated statement of cash flows are presented in the specific Statement of Cash Flows schedule provided in the following pages. (**) In accordance with IFRS 5 the figures for 2009 have been reclassified. (A) Cash flows from (used in) the operating activities, the investing activities and the financing activities of Discontinued Operations are presented in the section Assets and Liabilities held for sale and Discontinued Operations.

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