Cash flow

  31.12.2012 31.12.2011
Earnings before taxes 1,638 1,805
Changes in non-cash items 7,124 11,418
Change in the provisions for unearned premiums and for unexpired risks for non-life segment 258 247
Change in the provisions for outstanding claims and other insurance provisions for non-life segment 580 830
Change in the mathematical provisions and other insurance provisions for life segment 8,664 2,332
Change in deferred acquisition costs -275 -134
Change in other provisions 306 70
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures -1,494 7,896
Other changes -915 177
Change in receivables and payables from operating activities 182 -601
Change in receivables and payables arising out of direct insurance and reinsurance operations -273 -746
Change in other receivables and payables 455 145
Income taxes paid -1,028 -1,702
Net cash flows from cash items related to investing or financing activities 2,778 1,938
Financial liabilities related to investment contracts 480 945
Payables to banks and customers 2,160 3,516
Loans and receivables from banks and customers -387 -1,162
Other financial instruments at fair value through profit or loss 526 -1,361
CASH FLOW FROM OPERATING ACTIVITIES 10,694 12,857
Net cash flows from investment properties 514 -444
Net cash flows from investments in subsidiaries, associated companies and joint ventures (***) -562 26
Net cash flows from loans and receivables 2,805 3,648
Net cash flows from held to maturity investments -2,159 -772
Net cash flows from available for sale financial assets -16,674 1,984
Net cash flows from tangible and intangible assets -271 -458
Net cash flows from other investing activities 696 -797
CASH FLOW FROM INVESTING ACTIVITIES -15,652 3,188
Net cash flows from shareholders' equity attributable to the Group 0 0
Net cash flows from own shares 0 0
Dividends payment -311 -699
Net cash flows from shareholders' equity attributable to minority interests (****) -158 -236
Net cash flows from subordinated liabilities and other similar liabilities 1,242 77
Net cash flows from other financial liabilities 168 -701
CASH FLOW FROM FINANCING ACTIVITIES 941 -1,558
Effect of exchange rate changes on cash and cash equivalents 2 67
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) 24,849 10,296
CHANGES IN CASH AND CASH EQUIVALENTS -4,015 14,554
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) 20,834 24,849

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 25,560 million), liabilities to banks payables on demand (€ 414 million) and bank overdrafts (€ 297 million).

(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 21,647 million), liabilities to banks payables on demand (€ 802 million), bank overdrafts (€ 12 million).

(****) Includes proceeds arising from the sale of Migdal Group net of cash disposed (€ -447 million).

(***) It refers entirely to dividends attributable to minority interests.