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Financial information on assets,the financial statements and results of the CompanyConsolidated cash flow statementsConsolidated cash flow statements(in millions of Euros) Notes 20122011 (1)Operating activities:Income before taxes of consolidated companies 4,8834,672Impairment (reversals) 752640Accumulated depreciation and amortisation, provisions and changes in fair value 9,1977,210Financial income and expenses 9441,117Dividends received from associates 201334Capital gains/losses (443)(737)Change in working capital 43.1 (2,390)(1,785)Net cash flow from operations 13,14411,451Net financial expenses disbursed (1,634)(1,623)Income taxes paid (1,586)(1,331)Net cash flow from operating activities 9,9248,497Investing activities:Investments, net of cash acquired/transferred (2) 203,624Investments in intangible assets and property, plant and equipment 43.2 (13,386)(11,134)Net proceeds from sale of intangible assets and property, plant and equipment 748497Changes in financial assets (1,792)222Net cash flow used in investing activities (14,410)(6,791)Financing activities:Transactions with non-controlling interests (3) (1,038)(1,324)Dividends paid by parent company 27.3 (2,125)(2,122)Dividends paid to non-controlling interests (230)(261)Purchases/sales of treasury shares 27.2 (15)(14)Cash flows with shareholders (3,408)(3,721)Issuance of borrowings 12,4315,846Repayment of borrowings (4,869)(4,071)Funding contributions received for assets operated under concessions 190194Investment subsidies 313161Other cash flows from financing activities 8,0652,130Net cash flow from financing activities 4,657(1,591)Net increase/(decrease) in cash and cash equivalents 171115CASH AND CASH EQUIVALENTS - OPENING BALANCE 5,7435,567Net increase/(decrease) in cash and cash equivalents 171115Effect of currency fluctuations (44)54Financial income on cash and cash equivalents 3844Effect of reclassifications (34)(37)CASH AND CASH EQUIVALENTS - CLOSING BALANCE 37 5,8745,743(1) Figures for 2011 have been restated for the impact of the change in accounting method for actuarial gains and losses on post-employment benefits (see note 2).(2) The impact of disposal of the investment in EnBW during 2011 amounts to €3.8 billion (payment received of €4.5 billion net of €738 million cash transferred).(3) Contributions via capital increases or reductions and acquisitions of additional interests in controlled companies.In 2012, payments made for transactions with non-controlling interests include the acquisition of additional interests in the Edison group following the mandatory publicoffer finalised on 6 September 2012 for €(869) million, and in ERSA following the acquisition of EnBW’s investment in that subsidiary on 16 February 2012 for €(252) million(see notes 3.1 and 5.1.1 respectively).In 2011, €(1,462) million was paid for the acquisition of additional interests in EDF Énergies Nouvelles.10 l EDF l Financial report 2012