Consolidated cash flow statement

Net results

Non-controlling interests

Income tax

Depreciations and amortisations

Net financial costs

Gains/losses in joint ventures and associates

Gains/losses in other investments

Gains/losses on derivatives instruments at fair value

Gains/losses in tangible, intangible and right-of-use assets

Operating cash flow before changes in working capital

Inventories

Trade debtors, accrued income and deferred costs

Trade creditors, accrued costs and deferred income

Provisions and employee benefits

Cash generated from operations

Income tax paid

Cash flow from operating activities

Disposals of tangible and intangible assets

Disposals of other financial investments and investment property

Interest received

Dividends received

Acquisition of tangible and intangible assets

Acquisition of other financial investments and investment property

Acquisition of businesses, net of cash acquired

Short-term investments that don’t qualify as cash equivalents

Cash flow from investment activities

Loans interest paid

Leases interest paid

Loans receipts

Loans paid

Leases paid

Dividends paid

Acquisition of subsidiaries to non-controlling interests

Cash flow from financing activities

Net changes in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Net changes in cash and cash equivalents

Effect of currency translation differences

Cash and cash equivalents at the end of December