Cash flow (indirect method)

(€ million)  12/31/11 12/31/10
Earnings before taxes 1,804.6 2,836.8
Changes in non-cash items 11,418.1 17,500.9
Change in the provisions for unearned premiums and for unexpired risks for non-life segment 247.4 31.2
Change in the provisions for outstanding claims and other insurance provisions for non-life segment 829.7 236.7
Change in the mathematical provisions and other insurance provisions for life segment 2,331.6 20,639.8
Change in deferred acquisition costs -134.3 -107.1
Change in other provisions 70.1 -348.9
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures 7,896.5 -2,348.3
Other changes 177.0 -602.4
Change in receivables and payables from operating activities -601.3 -65.8
Change in receivables and payables arising out of direct insurance and reinsurance operations -745.8 175.8
Change in other receivables and payables 144.5 -241.6
Income taxes paid -1,702.3 -743.8
Net cash flows from cash items related to investing or financing activities 1,937.8 5,256.2
Financial liabilities related to investment contracts 945.4 2,897.1
Payables to banks and customers 3,515.6 1,487.0
Loans and receivables from banks and customers -1,161.8 -404.6
Other financial instruments at fair value through profit or loss -1,361.4 1,276.6
CASH FLOW FROM OPERATING ACTIVITIES 12,856.9 24,784.3
Net cash flows from investment properties -443.9 -379.3
Net cash flows from investments in subsidiaries, associated companies and joint ventures 26.5 -429.5
Net cash flows from loans and receivables 3,648.0 2,381.0
Net cash flows from held to maturity investments -772.0 -1,130.6
Net cash flows from available for sale financial assets 1,984.2 -17,463.9
Net cash flows from tangible and intangible assets -457.9 -456.1
Net cash flows from other investing activities -797.1 -5,137.5
CASH FLOW FROM INVESTING ACTIVITIES 3,187.7 -22,615.8
Net cash flows from shareholders' equity attributable to the Group 0.0 0.0
Net cash flows from own shares 0.0 0.0
Dividends payment -698.8 -543.1
Net cash flows from shareholders' equity attributable to minority interests -235.8 -116.7
Net cash flows from subordinated liabilities and other similar liabilities 77.1 -346.7
Net cash flows from other financial liabilities -700.9 -1,234.0
CASH FLOW FROM FINANCING ACTIVITIES -1,558.4 -2,240.5
Effect of exchange rate changes on cash and cash equivalents 67.3 602.9
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) 10,295.7 9,764.8
CHANGES IN CASH AND CASH EQUIVALENTS 14,553.5 530.9
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) 24,849.2 10,295.7

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 10,990.3 million), liabilities to banks payables on demand   (€ 308.7 million) and bank overdrafts (€ 385.9 million).

(**) Cash  and  cash equivalents  at  the  end  of the period include cash and cash equivalents  ( € 25,559.9 million), liabilities to banks payables on demand   (€ 413.7 million), bank overdrafts (€ 297.0 million).