Consolidated statement of cash flows

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millions of €

 

Q2 2018

Q2 2017

H1 2018

H1 2017

FY 2017

PROFIT BEFORE INCOME TAXES

1,167

1,877

2,927

2,609

4,994

Depreciation, amortization and impairment losses

3,204

3,156

6,302

6,347

14,586

(Profit) loss from financial activities

1,185

953

1,596

2,993

4,390

(Profit) loss on the disposal of fully consolidated subsidiaries

–

(31)

–

(550)

(537)

(Income) loss from the sale of stakes accounted for using the equity method

–

(226)

–

(226)

(226)

Other non-cash transactions

118

67

230

185

(1,447)

(Gains) losses from the disposal of intangible assets and property, plant and equipment

(26)

(2)

(91)

(35)

(103)

Change in assets carried as working capital

(15)

(467)

310

(109)

(1,874)

Change in provisions

(386)

(256)

(667)

(326)

265

Change in other liabilities carried as working capital

(212)

(31)

(806)

(562)

51

Income taxes received (paid)

(98)

(100)

(222)

(180)

(634)

Dividends received

11

13

173

88

241

Net payments from entering into, canceling or changing the terms and conditions of interest rate derivatives

–

–

–

–

–

CASH GENERATED FROM OPERATIONS

4,947

4,955

9,753

10,235

19,706

Interest paid

(1,020)

(1,141)

(1,843)

(2,311)

(3,783)

Interest received

465

389

779

635

1,274

NET CASH FROM OPERATING ACTIVITIES

4,392

4,204

8,689

8,559

17,196

Cash outflows for investments in

 

 

 

 

 

Intangible assets

(880)

(7,984)

(1,689)

(8,716)

(10,345)

Property, plant and equipment

(2,215)

(2,256)

(4,545)

(4,804)

(9,149)

Non-current financial assets

(95)

(98)

(203)

(175)

(361)

Payments to acquire control of subsidiaries and associates

(6)

(7)

(282)

(11)

(15)

Proceeds from disposal of

 

 

 

 

 

Intangible assets

–

1

1

15

21

Property, plant and equipment

143

90

304

194

379

Non-current financial assets

275

328

299

347

612

Proceeds from the loss of control of subsidiaries and associates

–

504

(62)

500

528

Net change in short-term investments and marketable securities and receivables

183

2,210

(60)

1,948

1,514

Other

5

–

5

(1)

2

NET CASH USED IN INVESTING ACTIVITIES

(2,589)

(7,212)

(6,233)

(10,703)

(16,814)

Proceeds from issue of current financial liabilities

20,750

4,806

34,153

6,315

13,516

Repayment of current financial liabilities

(23,700)

(8,952)

(38,868)

(17,347)

(26,537)

Proceeds from issue of non-current financial liabilities

4,442

1,865

6,908

10,013

11,215

Repayment of non-current financial liabilities

–

–

(21)

(10)

(10)

Dividends (including to non-controlling interests)

(3,148)

(1,502)

(3,148)

(1,503)

(1,559)

Repayment of lease liabilities

(197)

(165)

(402)

(361)

(715)

Cash inflows from transactions with non-controlling entities

1

4

2

18

18

Cash outflows from transactions with non-controlling entities

(646)

(5)

(1,417)

(93)

(522)

Other

–

–

–

–

–

NET CASH USED IN FINANCING ACTIVITIES

(2,499)

(3,950)

(2,794)

(2,970)

(4,594)

Effect of exchange rate changes on cash and cash equivalents

22

(155)

(31)

(194)

(226)

Changes in cash and cash equivalents associated with non-current assets and disposal groups held for sale

–

13

–

3

3

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(675)

(7,101)

(369)

(5,306)

(4,435)

CASH AND CASH EQUIVALENTS, AT THE BEGINNING OF THE PERIOD

3,618

9,542

3,312

7,747

7,747

CASH AND CASH EQUIVALENTS, AT THE END OF THE PERIOD

2,943

2,441

2,943

2,441

3,312