Statement of cash flow (indirect method)

Statement of cash flow (indirect method)

31.12.201431.12.2013
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.