Consolidated statements of cash flows
2005 l
Euros in millions
Note
2004
Cash flows from operating activities
Cash generated from operations
32
1,985
2,124
Income taxes paid
(64)
(104)
Operating cash flows from continuing operations
1,921
2,020
Operating cash flows from discontinued operations
(24)
173
Net cash from operating activities
1,897
2,193
Cash flows from investing activities
Purchase of property, plant and equipment and other intangible assets
(1,231)
(1,265)
Divestments of property, plant and equipment and other intangible assets
232
217
Acquisition of subsidiaries, net of cash acquired
32
(32)
(7)
Acquisition of interests in joint ventures and associates
(13)
(500)
Dividends from joint ventures and associates
63
425
Divestment of subsidiaries, net of cash divested
32
989
931
Divestment of interests in joint ventures and associates
25
11
Interest received
85
63
Issuance of loans receivable
(17)
(19)
Repayment of loans receivable
54
58
Investing cash flows from continuing operations
155
(86)
Investing cash flows from discontinued operations
4
(78)
Net cash from investing activities
159
(164)
Cash flows from financing activities
Interest paid
(730)
(765)
Net proceeds from issuance of common shares
7
1
Change in minority interests
(26)
(17)
Proceeds from loans
193
227
Repayments of loans
(2,919)
(1,012)
Changes in derivatives
473
(37)
Payments of finance lease liabilities
(93)
(92)
Change in short-term borrowings
(92)
(189)
Financing cash flows from continuing operations
(3,187)
(1,884)
Financing cash flows from discontinued operations
(6)
(120)
Net cash from financing activities
(3,193)
(2,004)
1 Net cash from operating, investing and financing activities
32
(1,137)
25
The accompanying notes are an integral part ot these consolidated tinancial statements.
90
