Cash flow

  31.12.2013 31.12.2012R
Earnings before taxes
2,323
1,468
Changes in non-cash items
11,809
6,561
Change in the provisions for unearned premiums and for unexpired risks for non-life segment -66
-29
Change in the provisions for outstanding claims and other insurance provisions for non-life
segment
755
557
Change in the mathematical provisions and other insurance provisions for life segment 16,289
8,144
Change in deferred acquisition costs -31
-15
Change in other provisions 339
308
Other non-cash expenses and revenues arising out of financial instruments, investment
properties and investments in subsidiaries, associated companies and joint ventures
-2,924
-1,494
Other changes -2,554
-911
Change in receivables and payables from operating activities
396
178
Change in receivables and payables arising out of direct insurance and reinsurance operations -32
-265
Change in other receivables and payables 428
443
Income taxes paid
-1,751
-942
Net cash flows from cash items related to investing or financing activities
539
2,777
Financial liabilities related to investment contracts -5
480
Payables to banks and customers -291
2,160
Loans and receivables from banks and customers 686
-387
Other financial instruments at fair value through profit or loss 149
525
CASH FLOW FROM OPERATING ACTIVITIES
13,317
10,042
Net cash flows from investment properties 37
514
Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) 181
-562
Net cash flows from loans and receivables 2,780
2,795
Net cash flows from held to maturity investments 637
-1,645
Net cash flows from available for sale financial assets -15,933
-16,515
Net cash flows from tangible and intangible assets -320
-265
Net cash flows from other investing activities -468
694
CASH FLOW FROM INVESTING ACTIVITIES
-13,086
-14,984
Net cash flows from shareholders' equity attributable to the Group
0
Net cash flows from own shares 217
0
Dividends payment -311
-311
Net cash flows from shareholders' equity attributable to minority interests (****) -216
-158
Net cash flows from subordinated liabilities and other similar liabilities -200
1,242
Net cash flows from other financial liabilities -1,199
168
CASH FLOW FROM FINANCING ACTIVITIES
-1,709
941
Effect of exchange rate changes on cash and cash equivalents
-168
1
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) 20,710
24,710
CHANGES IN CASH AND CASH EQUIVALENTS
-1,647
-4,000
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) 19,063
20,709

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 21,647 million), liabilities to banks payables on demand (€ 802 million) and bank overdrafts (€ 12 million) without cash and cash equivalents of non current assets or disposal groups classified as held for sale (€ 124 million). (**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 19,431 million), liabilities to banks payables on demand (€ 346 million), bank overdrafts (€ 22 million). (***) Includes mainly proceeds arising from the operations with PPF Group (€ -1,089 million) and Generali Deutschland Holding (€ -171 mln) and from the sale of Banca Generali stakes (€ +185 milioni) and of subsidiaries in Mexico (€ +631 mln) and USA (€ +575 mln). (****) It refers entirely to dividends attributable to minority interests.

Assicurazioni Generali S.p.A. - C.F. e P.IVA 00079760328