STATEMENT OF CASH FLOW

Cash flow statement

(€ million)31/12/201531/12/2014
Earnings before taxes 3,407 2,953
Changes in non-cash items 16,549 15,035
Change in the provisions for unearned premiums and for unexpired risks for non-life segment -56 -26
Change in the provisions for outstanding claims and other insurance provisions for non-life segment 404 450
Change in the mathematical provisions and other insurance provisions for life segment 20,475 19,935
Change in deferred acquisition costs -76 -3
Change in other provisions 156 121
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures -103 -1,697
Other changes -4,252 -3,745
Change in receivables and payables from operating activities -203 395
Change in receivables and payables arising out of direct insurance and reinsurance operations 774 541
Change in other receivables and payables -977 -146
Income taxes paid -1,674 -1,214
Net cash flows from cash items related to investing or financing activities 38 2,581
Financial liabilities related to investment contracts 1,042 2,380
Payables to banks and customers -867 332
Loans and receivables from banks and customers -137 -131
Other financial instruments at fair value through profit or loss 0 0
NET CASH FLOWS FROM OPERATING ACTIVITIES 18,116 19,750
Net cash flows from investment properties 1,019 336
Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) 929 -39
Net cash flows from loans and receivables 2,778 2,931
Net cash flows from held to maturity investments 1,059 1,304
Net cash flows from available for sale financial assets -13,961 -18,983
Net cash flows from tangible and intangible assets -151 116
Net cash flows from other investing activities -8,609 -6,851
CASH FLOW FROM INVESTING ACTIVITIES -16,936 -21,187
Net cash flows from shareholders' equity attributable to the Group 0 0
Net cash flows from own shares 0 4
Dividends payment -934 -702
Net cash flows from shareholders' equity attributable to minority interests(****) -121 -119
Net cash flows from subordinated liabilities and other similar liabilities 1,298 487
Net cash flows from other financial liabilities -1,016 -2,098
CASH FLOW FROM FINANCING ACTIVITIES -774 -2,427
Effect of exchange rate changes on cash and cash equivalents 134 86
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*) 8,484 12,262
CHANGES IN CASH AND CASH EQUIVALENTS 542 -3,779
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**) 9,025 8,484

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 8,508 million), liabilities to banks payables on demand (€ -7 million) and bank overdrafts (€ -17 million) without cash and cash equivalents of non current assets or disposal groups classified as held for sale.

(**) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 9,044 million), liabilities to banks payables on demand (€ -7 million) and bank overdrafts (€ -13 million) without cash and cash equivalents of non current assets or disposal groups classified as held for sale.

(***) Includes mainly proceeds arising from the disposal of banking group BSI (€ 910 million), companies in Argentina (€ 29 million) and the acquisition of residual stake of Europassistance Italy (€ -10 million).

(****) It refers entirely to dividends attributable to minority interests.