Annual report 2010 - Dexia.com

Consolidated cash flow statement(in millions of EUR) 31/12/09 31/12/10Cash flow from operating activitiesNet income after income taxes 1,089 797Adjustment for:- Depreciation, amortization and other impairment 391 347- Impairment on bonds, equities, loans and other assets (112) 347- Net (gains) or losses on investments 659 (235)- Charges for provisions (mainly insurance provision) 1,441 2,000- Unrealised (gains) or losses 36 (8)- Income from associates (39) (5)- Dividends from associates 33 3- Deferred taxes 74 41- Other adjustments 9 3Changes in operating assets and liabilities (13,277) (3,530)NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (9,696) (240)CASH FLOW FROM INVESTING ACTIVITIESPurchase of fixed assets (636) (535)Sales of fixed assets 170 284Acquisitions of unconsolidated equity shares (1,534) (1,069)Sales of unconsolidated equity shares 2,412 1,937Acquisitions of subsidiaries and of business units (54) (49)Sales of subsidiaries and of business units 371 (47)NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 729 521CASH FLOW FROM FINANCING ACTIVITIESIssuance of new shares 1 0Issuance of subordinated debts 20 1Reimbursement of subordinated debts (217) (335)Dividends paid (10) (32)NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (206) (366)Net cash provided (9,173) (85)Cash and cash equivalents at the beginning of the period 22,911 14,167Cash flow from operating activities (9,696) (240)Cash flow from investing activities 729 521Cash flow from financing activities (206) (366)Effect of exchange rate changes and change in scope of consolidation on cash andcash equivalents 429 642Cash and cash equivalents at the end of the period 14,167 14,724ADDITIONAL INFORMATIONIncome tax paid (384) (159)Dividends received 147 85Interest received 65,824 48,346Interest paid (59,221) (45,411)Definition of cash and cash equivalents has been reviewed (see note 7.1.). As a consequence, some amounts have been restated in2009.The notes on pages 126 to 234 are an integral part of these consolidated financial statements.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia125