Spreadsheet: c6c92bf5-d9b9-4165-94f2-3a7d401374e3
Sheet: PAG 25

CONSOLIDATED STATEMENT OF CASH FLOWS |  |  |  | 4Q11 | 4Q10 | YTD 11 | YTD 10
3
R$ million
Cash Flows from Operating Activities
 | Profit |  |  | 3064.21 | 2612.786000000002 | 8719.784000000001 | 7619.243000000002
 |  | Depreciation, amortization and impairment |  | 396.75 | 496.5769999999999 | 1454.741 | 1567.207
 |  | Impairment losses on receivables and inventories |  | 20.036 | 68.798 | 72.765 | 137.746
 |  | Additions/(reversals) in provisions and employee benefits |  | -18.214 | -35.27300000000001 | 40.227 | 111.829
 |  | Net finance cost |  | 90.96199999999993 | 75.398 | 468.145 | 319.4110000000001
 |  | Other non-cash items included in the profit |  | -70.18 | 1.200000000000003 | -148.796 | 62.25
 |  | Loss/(gain) on sale of property, plant and equipment and intangible assets |  | -17.303 | -6.459000000000001 | -23.826 | -9.9
 |  | Loss/(gain) on assets held for sale |  | 7.689999999999999 | -9.789 | -36.374 | -11.039
 |  | Equity-settled share-based payment expense |  | 36.87700000000001 | 39.113 | 122.305 | 120.303
 |  | Income tax expense |  | 940.9919999999997 | 570.456 | 2521.995 | 2084.44
 |  | Share of result of associates |  | -0.251 | -0.157 | -0.479 | -0.184
 | Cash flow from operating activities before changes in working capital and use of provisions |  |  | 4451.530000000001 | 3812.650000000001 | 13190.446 | 12001.306
 |  | Decrease/(increase) in trade and other receivables |  | -364.569 | -381.39 | -421.898 | -427.722
 |  | Decrease/(increase) in inventories |  | -245.46 | -299.292 | -289.785 | -584.133
 |  | Increase/(decrease) in trade and other payables |  | 1950.348 | 881.699 | 1307.068 | 566.962
 | Cash generated from operations |  |  | 5791.864 | 4013.667 | 13785.846 | 11556.386
 |  | Interest paid |  | -165.27 | -257.163 | -414.236 | -674.389
 |  | Interest received |  | 288.391 | 143.732 | 445.108 | 306.777
 |  | Income tax paid |  | 65.84799999999996 | -188.1140000000001 | -1209.852 | -1125.932
 | Cash flow from operating activities |  |  | 5980.808000000001 | 3712.122000000003 | 12606.841 | 10062.86
 |  | Proceeds from sale of property, plant, equipment and intangible assets |  | 48.60999999999999 | 41.639 | 71.618 | 72.105
 |  | Repayments of loans granted |  | 0 | 0.368 | 0 | 1.513
 |  | Disposal of subsidiaries, net of cash disposed |  | 0 | -18.666 | 0 | -18.666
 |  | Acquisition of property, plant, equipment and intangible assets |  | -726.0749999999999 | -770.357 | -3200.178 | -2286.8
 |  | Investment in short term debt securities and net proceeds/(acquisition) of debt securities |  | 428.1169999999999 | -1023.952 | 870.161 | -962.189
 |  | Net proceeds/(acquisition) of other assets |  | 18.799 | 18.129 | 55.02 | 19.818
 | Cash flow used in investing activities |  |  | -230.549 | -1752.839 | -2203.379 | -3174.25
 |  | Capital increase |  | 5.075000000000027 | -0.001000000000004775 | 220.853 | 246.375
 |  | Capital increase/(decrease) of non-controlling interests |  | 2.313000000000001 | 35.816 | -10.152 | 77.571
 |  | Share Premiun |  | 0 | 0 | 0 | 8.335
 |  | Proceeds from borrowings |  | 837.446 | 233.5109999999999 | 1555.578 | 1056.279
 |  | Proceeds/repurchase of treasury shares |  | -1.147000000000004 | 2.314 | -31.102 | 16.715
 |  | Repayment of borrowings |  | -2129.78 | -204.061 | -4222.997 | -1252.686
 |  | Cash net finance costs other than interests |  | -161.766 | 32.113 | -681.65 | 23.26
 |  | Payment of finance lease liabilities |  | -2.958 | -2.714999999999999 | -7.051 | -6.715
 |  | Dividends (paid)/received |  | -2344.672 | -3990.531 | -5475.448 | -5030.751
 | Cash flow used in financing activities |  |  | -3795.470000000001 | -3893.554 | -8651.95 | -4861.617
 | Net  increase/(decrease) in cash and cash equivalents |  |  | 1954.722 | -1934.271 | 1751.445 | 2027.006
 | Cash and cash equivalents less bank overdrafts at  beginning of period |  |  | 5956.873 | 7886.338 | 5908.299 | 4024.314
 | Effect of exchange rate fluctuations |  |  | 152.31 | -43.76799999999998 | 404.161 | -143.021
 | Cash and cash equivalents less bank overdrafts at  end of period |  |  | 8063.935 | 5908.299 | 8063.935 | 5908.299