Reported Cash Flow

Funds from operations 117 127 238

Change in Working Capital (19) (35) (99)

Cash Flow from Operations 98 92 139

Capex (net) (147) (88) (244)

Acquisitions (net) (84) 1 (205)

Others (11) (3) (20)

Cash Flow from Investments (242) (90) (469)

Dividends and others (32) (40) (35)

Share Capital Increase 696 0 163

Change in Net Debt (521) 38 202

After Tax Cash Flow(a) 125 114 218

(€ million)

(a) ATCF = Net Income + Depreciation + Goodwill Amortization

2001

First half

Full year

First half

2000

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