Ita
EngStatement of cash flow (indirect method)
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Earnings before taxes | 2,953 | 2,413 |
| Changes in non-cash items | 15,035 | 11,79 |
| Change in the provisions for unearned premiums and for unexpired risks for non-life segment | -26 | -66 |
| Change in the provisions for outstanding claims and other insurance provisions for non-life segment | 450 | 620 |
| Change in the mathematical provisions and other insurance provisions for life segment | 19,935 | 16,249 |
| Change in deferred acquisition costs | -3 | -31 |
| Change in other provisions | 121 | 354 |
| Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures | -1,697 | -2,631 |
| Other changes | -3,745 | -2,706 |
| Change in receivables and payables from operating activities | 395 | 496 |
| Change in receivables and payables arising out of direct insurance and reinsurance operations | 541 | 83 |
| Change in other receivables and payables | -146 | 412 |
| Income taxes paid | -1,214 | -1,468 |
| Net cash flows from cash items related to investing or financing activities | 2,581 | -4 |
| Financial liabilities related to investment contracts | 2,38 | 113 |
| Payables to banks and customers | 332 | -177 |
| Loans and receivables from banks and customers | -131 | 59 |
| Other financial instruments at fair value through profit or loss | 0 | 0 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | 19,75 | 13,227 |
| Net cash flows from investment properties | 336 | 48 |
| Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) | -39 | 181 |
| Net cash flows from loans and receivables | 2,931 | 4,104 |
| Net cash flows from held to maturity investments | 1,304 | 637 |
| Net cash flows from available for sale financial assets | -18,983 | -18,862 |
| Net cash flows from tangible and intangible assets | 116 | -325 |
| Net cash flows from other investing activities | -6,851 | -818 |
| CASH FLOW FROM INVESTING ACTIVITIES | -21,187 | -15,035 |
| Net cash flows from shareholders' equity attributable to the Group | 0 | 0 |
| Net cash flows from own shares | 4 | 217 |
| Dividends payment | -702 | -311 |
| Net cash flows from shareholders' equity attributable to minority interests(****) | -119 | -216 |
| Net cash flows from subordinated liabilities and other similar liabilities | 487 | -200 |
| Net cash flows from other financial liabilities | -2,098 | -906 |
| CASH FLOW FROM FINANCING ACTIVITIES | -2,427 | -1,415 |
| Effect of exchange rate changes on cash and cash equivalents | 86 | -122 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*) | 12,262 | 15,607 |
| CHANGES IN CASH AND CASH EQUIVALENTS | -3,779 | -3,345 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**) | 8,484 | 12,262 |
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 12,287 million), liabilities to banks payables on demand (€ 2 million) and bank overdrafts (€ 22 million) without cash and cash equivalents of non current assets or disposal groups classified as held for sale (€ 7,145 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 8,508 million), liabilities to banks payables on demand (€ 7million), bank overdrafts (€ 17 million).
(***) Includes mainly proceeds arising from the disposal of Fata Danni S.p.A. (€ 195 million) and the minority squeez-out of Generali Deutschland Holding (€ -234 mln).
(****)It refers entirely to dividends attributable to minority interests.