English
ItalianoCash 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.
