Statement of Cash Flows

Euro	Notes
		2009		2008 restated
			of which with related parties		of which with related parties
Income for the year		3,460,457,373		2,743,831,433
Adjustments for:
Depreciation and amortization of property, plant and equipment and intangible assets	6.d	8,667,684		9,182,344
Exchange rate gains and losses		85,737,977	2,049	(351,676,492)	(397,094)
Provisions		11,574,826		35,917,459
Dividends from subsidiaries, associates and other companies	7	(4,481,781,473)	(4,481,781,473)	(3,187,211,852)	(3,187,211,852)
Financial (income)/expense		1,179,621,657	(1,184,146,768)	802,425,507	(180,537,397)
Income taxes	9	(296,624,220)		(100,924,018)
(Gains)/Losses and other non-monetary items		2,435,144		6,377,208
Cash flow from operating activities before changes in net current assets		(29,911,032)		(42,078,411)
Increase/(Decrease) in provisions		(47,264,083)		(43,116,131)
(Increase)/Decrease in trade receivables	16	(32,066,140)	(28,396,613)	(1,012,774)	1,804,368
(Increase)/Decrease in financial and non-financial assets/liabilities		2,290,272,721	2,764,412,995	2,699,659,534	1,788,939,447
Increase/(Decrease) in trade payables	29	(7,199,820)	1,802,192	(97,953,073)	1,842,962
Interest income and other financial income collected		924,026,285	343,625,371	1,061,086,696	394,607,909
Interest expense and other financial expense paid		(2,658,048,379)	(1,413,802,340)	(2,943,885,314)	(1,055,352,806)
Dividends from subsidiaries, associates and other companies	7	4,481,781,473	4,481,781,473	3,187,211,852	3,187,211,852
Income taxes paid (consolidated taxation mechanism)		(1,183,726,209)		(1,222,546,503)
Cash flows from operating activities (a)		3,737,864,816		2,597,365,876
Investments in property, plant and equipment and intangible assets	10-11	(8,510,233)	(7,297,654)	(12,181,239)
Disposals of property, plant and equipment and intangible assets	10-11	2,528,585	2,528,585	4,456,865	4,405,762
Equity investments	13	(3,050,000)	(3,050,000)	(826,496,032)	(826,496,032)
Disposals of equity investments	13	19,737,650	19,737,650	3,000,000
Cash flows from investing/disinvesting activities (b)		10,706,002		(831,220,406)
Long-term debt (new borrowing)	23	5,114,265,390		13,679,729,728	10,509,553,131
Long-term debt (repayments)	23	(13,816,421,643)		(1,468,920,978)
Net change in long-term financial payables/(receivables)		(438,928,327)	(190,774,851)	699,699,983	247,078,566
Net change in short-term financial payables/(receivables)		516,758,591	1,328,827,864	(11,053,815,671)	(12,460,659,358)
Dividends paid	22	(2,734,397,464)		(3,031,054,881)
Increase in share capital and reserves due to the exercise of stock options	22	7,991,127,065		12,013,890
Cash flows from financing activities (c)		(3,367,596,388)		(1,162,347,929)
Increase/(Decrease) in cash and cash equivalents (a+b+c)		380,974,430		603,797,541
Cash and cash equivalents at beginning of the year	19	614,178,579		10,381,038
Cash and cash equivalents at the end of the year	19	995,153,009		614,178,579