Statement of cash flows

(€k)20132012***
Opening net cash and cash equivalents 96,770 179,627
Pre-tax profit and net financial expense for the year 85,869 100,043
Amortisation, depreciation and impairment losses on non-current assets, net of reversals 225,752 225,357,3
Adjustment and (gains)/losses on disposal of financial assets 2,399 2,206
(Gain)/losses on disposal of non-current assets (2,346) (3,293)
Other non-cash items 406 470
Change in working capital * (79,512) 8,988
Net change in non-current non-financial assets and liabilities (8,402) (26,323)
Cash flows from operating activities 224,166 307,449
Taxes paid (33,925) (34,847)
Interest paid (42,095) (41,951)
Net cash flows from operating activities 148,145 230,650
Acquisition of property, plant and equipment and intangible assets (187,364) (254,538)
Proceeds from sale of non-current assets 2,503 3,735
Acquisition of consolidated equity investments (16,160) (576)
Dividends from discontinued operations (demerger) 220,000 70,000
Disposal of US Retail division 74,120 -
Net change in non-current financial assets 184 (160)
Net cash flows used in investing activities 93,283 (181,539)
Issues of bond 251,953 -
Repayments  of bond (192,879) -
Issue of new non-current loans  24,676 -
Repayments of non-current loans (402,235) 6,573
Repayments of non-current loans from discontinued operations (demerger) 70,000 116,552
Repayments of current loans, net of new loans 63,513,2 (148,009)
Dividends paid - (70,951)
Other cash flows ** (6,209,4) (5,808)
Net cash flows from financing activities (191,181) (101,642)
Cash flow for the year 50,247 (52,531)
Net cash flow from operating activities - discontinued operations (demerger) (116,583) 188,622
Net cash flow used in investing activities - discontinued operations (demerger) (119,397) (29,879)
Net cash flow used in financing activities - discontinued operations (demerger) 232,298 (187,695)
Cash flow for the year from/(used in) discontinued operations (demerger) (3,682) (28,951)
Effect of Demerger (11,683) -
Effect of exchange rate fluctuation on net cash and cash equivalents (2,072) (1,374)
Closing net cash and cash equivalents 129,579 96,770
* Includes the exchange rate gains (losses) on income components
** Includes dividends paid to non-controlling interests in subsidiaries
*** Figures have been adjusted since their original publication due to the application of the accounting standard IFRS 5

Reconciliation of net cash and cash equivalents

(€m)2013 2012*** 
Opening - net cash and cash equivalents - balance as of 31 December 2012 and as of 31 December 2011 96,770 179,627
Cash and cash equivalents 154,562 212,380
Current account overdrafts (57,791) (32,752)
Closing - net cash and cash equivalents - balance as of 31 December 2013 and as of 31 December 2012 129,579 96,770
Cash and cash equivalents 171,516 154,562
Current account overdrafts (41,936) (57,791)

*** Figures have been adjusted since their original publication due to the application of the accounting standard IFRS 5