Consolidated Statement of Cash Flows

 Millions of euroNotes
2013  2012 restated (1) 
   of which with related parties of which with related parties 
Income before taxes for the year  7,217    3,882   
Adjustments for:         
Amortization and impairment losses of intangible assets  1,622    3,516   
Depreciation and impairment losses of property, plant and equipment  4,790    4,899   
Exchange rate adjustments of foreign currency assets and liabilities (including cash and cash equivalents)  (264)    (66)   
Accruals to provisions  1,023    2,469   
Financial (income)/expense  2,319    2,413   
(Gains)/Losses from disposals and other non-monetary items  48    514   
Cash flows from operating activities before changes in net current assets  16,755    17,627   
Increase/(Decrease) in provisions  (1,884)    (1,517)   
(Increase)/Decrease in inventories  (249)    (190)   
(Increase)/Decrease in trade receivables  (596)  (375)  (825)  580 
(Increase)/Decrease in financial and non-financial assets/liabilities  (681)  27  (117) 
Increase/(Decrease) in trade payables  (893)  151  978  192 
Interest income and other financial income collected  1,110  35  1,168  13 
Interest expense and other financial expense paid  (3,715)  (3,898)   
Income taxes paid  (2,606)    (2,929)   
Cash flows from operating activities (a)  7,241    10,415   
Investments in property, plant and equipment  (5,350)    (6,522)   
Investments in intangible assets  (610)    (627)   
Investments in entities (or business units) less cash and cash equivalents acquired  (210)    (182)   
Disposals of entities (or business units) less cash and cash equivalents sold  1,409    388   
(Increase)/Decrease in other investing activities  614    355   
Cash flows from investing/disinvesting activities (b)  (4,147)    (6,588)   
Financial debt (new long-term borrowing)  27  5,336    13,739   
Financial debt (repayments and other net changes)  (9,565)    (12,505)   
Collection of proceeds from disposal of equity interests without loss of control  1,814    -  
Incidental expenses in disposal of equity interests without loss of control  (85)    -  
Dividends and interim dividends paid  (2,044)    (2,229)   
Cash flows from financing activities (c)  (4,544)    (995)   
Impact of exchange rate fluctuations on cash and cash equivalents (d)  (426)    29   
Increase/(Decrease) in cash and cash equivalents (a+b+c+d)  (1,876)    2,861   
Cash and cash equivalents at the start of the year (2)  9,933    7,072   
Cash and cash equivalents at the end of the year (3)  8,057    9,933   

(1) The consolidated statement of cash flows for 2012 has been restated to reflect the application of the new IAS 19 Revised. For more information, please see note 4 below.
(2) Of which cash and cash equivalents equal to €9,891 million at January 1, 2013 (€7,015 million at January 1, 2012), short-term securities equal to €42 million at January 1, 2013 (€52 million at January 1, 2012) and cash equivalents pertaining to “assets held for sale” equal to zero at January 1, 2013 (€5 million at January 1, 2012).
(3) Of which cash and cash equivalents equal to €8,030 million at December 31, 2013 (€9,891 million at December 31, 2012), short-term securities equal to €17 million at December 31, 2013 (€42 million at December 31, 2012) and cash and cash equivalents pertaining to “assets held for sale” in the amount of €10 million at December 31, 2013 (none at December 31, 2012).