Consolidated statement of cash flows
The amounts below include both continuing and discontinued operations.
In € million |
Notes |
2017 |
2016 |
|||||
|
||||||||
Profit for the year |
|
1,116 |
674 |
|||||
Adjustments to profit for the year |
|
|
|
|||||
Depreciation, amortization and impairments |
1,152 |
1,302 |
||||||
Earnings from associates and joint ventures |
|
(44) |
(86) |
|||||
Other non operating and non cash items |
(179) |
(16) |
||||||
Net financial charges and income/loss from available-for-sale financial assets |
|
302 |
374 |
|||||
Income tax expense |
(131) |
(21) |
||||||
Changes in working capital |
(216) |
(99) |
||||||
Changes in provisions |
(192) |
(151) |
||||||
Dividends received from associates and joint ventures |
|
18 |
22 |
|||||
Income taxes paid (excl. income taxes paid on sale of investments) |
(223) |
(212) |
||||||
Cash flow from operating activities |
|
1,604 |
1,788 |
|||||
of which cash flow linked to acquisition of subsidiaries and excluded from Free Cash Flow |
|
(23) |
7 |
|||||
Acquisition (-) of subsidiaries |
(44) |
(23) |
||||||
Acquisition (-) of investments – Other |
(11) |
4 |
||||||
Loans to associates and non consolidated companies |
|
(7) |
(25) |
|||||
Sale (+) of subsidiaries and investments |
891 |
144 |
||||||
Income taxes paid on sale of investments |
(14) |
|
||||||
Acquisition (-) of property, plant and equipment |
(707) |
(883) |
||||||
of which capital expenditures required by share sale agreement and excluded from Free Cash Flow |
|
(12) |
|
|||||
Acquisition (-) of intangible assets |
(115) |
(98) |
||||||
Sale (+) of property, plant and equipment and intangible assets |
75 |
76 |
||||||
of which cash flow related to the sale of real estate in the context of restructuring/dismantling/remediation |
|
12 |
35 |
|||||
Dividends from available-for-sale financial assets |
|
2 |
|
|||||
Changes in non-current financial assets |
|
(1) |
(2) |
|||||
Cash flow from investing activities |
|
70 |
(807) |
|||||
Acquisition (-) / sale (+) of treasury shares |
(14) |
(55) |
||||||
Increase in borrowings |
1,692 |
1,133 |
||||||
Repayment of borrowings |
(2,584) |
(2,300) |
||||||
Changes in other current financial assets |
(27) |
(50) |
||||||
Interests paid |
|
(255) |
(216) |
|||||
Coupons paid on perpetual hybrid bonds |
(111) |
(84) |
||||||
Dividends paid |
|
(396) |
(386) |
|||||
Other |
13 |
7 |
||||||
Cash flow from financing activities |
|
(1,684) |
(1,951) |
|||||
Net change in cash and cash equivalents |
|
(10) |
(970) |
|||||
Currency translation differences |
|
(52) |
(12) |
|||||
Opening cash balance |
|
1,054 |
2,037 |
|||||
Closing cash balance(1) |
992 |
1,054 |