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Consolidated statements of cash flows

05/13/2014 - 06:00 PM

Consolidated statements of cash flows (millions of euros) (*) 1st quarter 2014 1st quarter 2013 (*) 1st quarter 2012
Cash flows generated (used) by operating activities 541 618 nd
Cash flows generated (used) by investing activities (1.298) (1.179) nd
Cash flows generated (used) by financing activities (949) (560) nd
Cash flows generated (used) by discontinued operations/assets held for sale (190) 117 nd
Net cash and cash equivalents at the beginning of the year 6.296 7.397 nd
Net effect of foreign currency translation on cash and cash equivalents (84) 58 nd
Net cash and cash equivalents at the end of the year 4.316 6.451 nd

(*) On November 13, 2013, the Telecom Italia Group accepted the offer for the purchase of the entire controlling interest held in the Sofora - Telecom Argentina group.  As a result, pursuant to IFRS 5 (Non-current assets held for sale and discontinued operations) the Argentina Business Unit was classified under Discontinued operations – Available-for-sale assets