Consolidated Statement of Cash Flows

($ million)Note20142013(*)
A) CASH AND CASH EQUIVALENTS AT BEGINNING OFYEAR (22) 6,489 6,084
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:      
Profit/(loss)   916 1,218
Amortization and depreciation (net of vehicles sold under buy-back commitments and operating lease)   1,151 997
(Gains)/losses on disposal of:      
Property plant and equipment and intangible assets (net of vehicles sold under buy-back commitments)   (1) 3
Investments   - 25
Other non-cash items (37) 157 38
Dividends received   88 81
Change in provisions   (70) 132
Change in deferred income taxes   108 (49)
Change in items due to buy-back commitments (37) 111 105
Change in operating lease items (37) (582) (210)
Change in working capital (37) (705) 97
TOTAL   1,173 2,437
C) CASH FLOWS FROM/(USED IN) INVESTMENT ACTIVITIES:      
Investments in:      
Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments and operating lease)   (1,698) (1,985)
Consolidated subsidiaries, net of cash acquired   - -
Other investments   (104) (113)
Proceeds from the sale of:      
Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments)   25 7
Other investments   - -
Net change in receivables from financing activities (37) (923) (2,399)
Change in current securities   - 5
Other changes   320 (70)
TOTAL   (2,380) (4,555)
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:      
Bonds issued   2,759 1,100
Repayment of bonds   - (1,000)
Issuance of other medium-term borrowings   2,306 2,520
Repayment of other medium-term borrowings   (2,520) (2,297)
Net change in other financial payables and other financial assets/liabilities (37) (808) 2,583
Capital increase   18 4
Dividends paid   (382) (368)
(Purchase)/sale of treasury shares   - 8
(Purchase)/sale of ownership interests in subsidiaries   - (18)
TOTAL   1,373 2,532
Translation exchange differences   (514) (9)
E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS   (348) 405
F) CASH AND CASH EQUIVALENTS AT END OFYEAR (22) 6,141 6,489

(*) Amounts recast in order to refl ect the change in presentation currency from euro to U.S. dollar. Reference should be made to the section "Significant accounting policies", paragraph “Change in presentation currency”, for further details.