Spreadsheet: 044aa192-1a62-484e-96c0-6ec346c93213
Sheet: PAG 24

CONSOLIDATED STATEMENT OF CASH FLOWS |  |  |  | 3Q11 | 3Q10 | YTD 11 | YTD 10
3
R$ million
Cash Flows from Operating Activities
 | Profit |  |  | 1703.838000000001 | 1827.672 | 5655.574000000001 | 5006.456999999999
 |  | Depreciation, amortization and impairment |  | 363.854 | 357.381 | 1057.991 | 1070.63
 |  | Impairment losses on receivables and inventories |  | 17.616 | 16.069 | 52.729 | 68.94800000000001
 |  | Additions/(reversals) in provisions and employee benefits |  | 27.924 | 26.729 | 58.441 | 147.102
 |  | Net finance cost |  | 306.34 | -48.111 | 377.183 | 244.013
 |  | Other non-cash items included in the profit |  | -35.939 | 2.979 | -78.616 | 61.023
 |  | Loss/(gain) on sale of property, plant and equipment and intangible assets |  | -2.323 | 0.102 | -6.523 | -3.441
 |  | Loss/(gain) on assets held for sale |  | -43.073 | -1.25 | -44.064 | -1.25
 |  | Equity-settled share-based payment expense |  | 28.699 | 27.795 | 85.428 | 81.19
 |  | Income tax expense |  | 620.7969999999999 | 515.876 | 1581.003 | 1513.984
 |  | Share of result of associates |  | -0.119 | -0.074 | -0.228 | -0.027
 | Cash flow from operating activities before changes in working capital and use of provisions |  |  | 2987.612999999999 | 2725.168 | 8738.916 | 8188.628999999999
 |  | Decrease/(increase) in trade and other receivables |  | -145.256 | 45.41 | -57.329 | -46.33199999999997
 |  | Decrease/(increase) in inventories |  | 186.783 | -36.822 | -44.325 | -284.841
 |  | Increase/(decrease) in trade and other payables |  | 391.6510000000001 | -159.55 | -643.28 | -314.737
 | Cash generated from operations |  |  | 3420.791 | 2574.206 | 7993.982 | 7542.718999999999
 |  | Interest paid |  | 34.226 | -187.796 | -248.966 | -417.226
 |  | Interest received |  | 31.28900000000002 | 46.227 | 156.717 | 163.045
 |  | Income tax paid |  | -519.72 | -332.454 | -1275.7 | -937.818
 | Cash flow from operating activities |  |  | 2966.586 | 2100.183 | 6626.033 | 6350.719999999999
 |  | Proceeds from sale of property, plant and equipment |  | 11.325 | 9.295 | 23.008 | 30.466
 |  | Repayments of loans granted |  | 0 | 0.376 | 0 | 1.145
 |  | Acquisition of property, plant and equipment |  | -876.9299999999998 | -723.665 | -2446.37 | -1436.659
 |  | Acquisition of intangible assets |  | -14.688 | -45.837 | -27.733 | -79.784
 |  | Net proceeds/(acquisition) of debt securities |  | -100.461 | 20.175 | 442.044 | 61.76300000000001
 |  | Net proceeds/(acquisition) of other assets |  | 33.129 | 1.689 | 36.221 | 1.689
 | Cash flow used in investing activities |  |  | -947.6250000000001 | -737.967 | -1972.83 | -1421.38
 |  | Capital increase |  | 210.77 | 246.376 | 215.778 | 246.376
 |  | Advancement for future capital increase |  | -198.695 | 0 | 0 | 0
 |  | Capital increase/(decrease) of non-controlling interests |  | -12.465 | 0 | -12.465 | 41.755
 |  | Share Premiun |  | 0 | 8.335 | 0 | 8.335
 |  | Proceeds from borrowings |  | 543.0909999999999 | 665.219 | 718.132 | 822.768
 |  | Proceeds/repurchase of treasury shares |  | -25.73 | -0.617 | -29.955 | 14.401
 |  | Repayment of borrowings |  | -492.4660000000001 | -214.771 | -2093.217 | -1048.625
 |  | Cash net finance costs other than interests |  | -428 | 51.358 | -519.884 | -8.853000000000002
 |  | Payment of finance lease liabilities |  | -0.355 | -0.653 | -4.093 | -4
 |  | Dividends (paid)/received |  | -1292.174 | -16.465 | -3130.776 | -1040.22
 | Cash flow used in financing activities |  |  | -1696.023999999999 | 738.782 | -4856.48 | -968.063
 | Net  increase/(decrease) in cash and cash equivalents |  |  | 322.937 | 2100.998 | -203.277 | 3961.277
 | Cash and cash equivalents less bank overdrafts at  beginning of period |  |  | 5226.388 | 5914.258 | 5908.299 | 4024.314
 | Effect of exchange rate fluctuations |  |  | 407.548 | -128.918 | 251.851 | -99.25300000000001
 | Cash and cash equivalents less bank overdrafts at  end of period |  |  | 5956.873 | 7886.338 | 5956.873 | 7886.338