CONSOLIDATED STATEMENT OF CASH FLOWS
| (€000) | Note | 2014 | 2013 |
|---|---|---|---|
| Cash and cash equivalents at beginning of year | 1,445,334 | 2,533,323 | |
| Profit/(Loss) before tax | 696,724 | 1,528,581 | |
| Depreciation, amortisation and impairments | 670,770 | 588,644 | |
| Impairment of goodwill/goodwill arising from consolidation | - | - | |
| Net provisions for risks and charges | 410,994 | 163,558 | |
| Use of provisions for risks and charges | (244,845) | (413,494) | |
| Provisions for employee termination benefits | 910 | 967 | |
| Employee termination benefits and pensions paid | (78,384) | (73,046) | |
| (Gains)/Losses on disposals | 2,243 | 875 | |
| Impairment on available-for-sale financial assets | 75,168 | - | |
| (Dividends) | (459) | (98) | |
| Dividends received | 459 | 98 | |
| (Finance income realised) | (53,230) | (8,784) | |
| (Finance income in form of interest) | (140,260) | (212,038) | |
| Interest received | 110,081 | 120,415 | |
| Interest expense and other finance costs | 111,007 | 93,273 | |
| Interest paid | (33,097) | (17,965) | |
| Losses and impairments/(Recoveries) on receivables | 91,114 | 29,963 | |
| Income tax paid | (521,816) | (665,618) | |
| Other changes | 975 | (160) | |
| Cash flow generated by operating activities before movements in working capital | [a] | 1,098,354 | 1,135,171 |
| Movements in working capital: | |||
| (Increase)/decrease in Inventories | 6,493 | (595) | |
| (Increase)/decrease in Trade receivables | (114,490) | 132,127 | |
| (Increase)/decrease in Other receivables and assets | (255,610) | (222,769) | |
| Increase/(decrease) in Trade payables | (94,953) | (111,066) | |
| Increase/(decrease) in Other liabilities | 38,607 | 150,997 | |
| Cash flow generated by /(used in) movements in working capital | [b] | (419,953) | (51,306) |
| Increase/(decrease) in liabilities attributable to financial activities | 1,174,040 | 501,096 | |
| Net cash generated by/(used for) financial assets attributable to financial activities held for trading | 1 | 9,256 | |
| Net cash generated by/(used for) available-for-sale financial assets attributable to financial activities | (1,100,230) | (713,771) | |
| Net cash generated by/(used for) held-to-maturity financial assets attributable to financial activities | 1,332,197 | (939,235) | |
| (Increase)/decrease in cash and deposits attributable to BancoPosta | 206,651 | 100,008 | |
| (Increase)/decrease in other assets attributable to financial activities | (1,073,077) | 453,139 | |
| (Income)/Expenses and other non-cash components from financial activities | (922,178) | (900,724) | |
| Cash generated by/(used for) assets and liabilities attributable to financial activities | [c] | (382,596) | (1,490,231) |
| Payment of liabilities linked to financial contracts attributable to insurance activities | - | - | |
| (1,151,409) | |||
| Net cash generated by/(used for) financial assets at fair value through profit or loss attributable to insurance activities | 334,910 | ||
| Increase/(decrease) in net technical provisions for insurance business | 12,607,889 | 10,115,782 | |
| Net cash generated by/(used for) available-for-sale financial assets attributable to insurance activities | (9,834,444) | (8,968,353) | |
| (Increase)/decrease in other assets attributable to insurance activities | (12,155) | (10,641) | |
| (Gains)/Losses on financial assets/liabilities measured at fair value | (710,578) | (636,514) | |
| (Income)/Expenses and other non-cash components from insurance activities | (1,273,999) | (1,187,009) | |
| Cash generated by/(used for) assets and liabilities attributable to insurance activities | [d] | (374,696) | (351,825) |
| Net cash flow from /(for) operating activities | [e]=[a+b+c+d] | (78,891) | (758,191) |
| - of which related party transactions | (1,348,376) | (2,016,160) | |
| Investing activities: | |||
| Property, plant and equipment | (219,573) | (261,051) | |
| Investment property | (510) | (742) | |
| Intangible assets | (217,530) | (243,452) | |
| Investments | (393) | (9) | |
| Other financial assets | (99,871) | (231,344) | |
| Disposals: | |||
| Property, plant and equipment, investment property, intangible assets and assets held for sale | 8,731 | 4,413 | |
| Investments | 4,502 | - | |
| Other financial assets | 161,840 | 11,340 | |
| Change in scope of consolidation | 15,636 | 1,283 | |
| Net cash flow from /(for) investing activities | [f] | (347,169) | (719,562) |
| - of which related party transactions | 4,857 | (32,899) | |
| Proceeds from/(Repayments of) long-term borrowings | 744,148 | 790,573 | |
| (Increase)/decrease in loans and receivables | 109,442 | 147,799 | |
| Increase/(decrease) in short-term borrowings | 330,901 | (298,608) | |
| Dividends paid | (500,000) | (250,000) | |
| Net cash flow from/(for) financing activities and shareholder transactions | [g] | 684,491 | 389,764 |
| - of which related party transactions | (506,480) | (215,655) | |
| Net increase/(decrease) in cash | [h]=[e+f+g] | 258,431 | (1,087,989) |
| Cash and cash equivalents at end of year | 1,703,765 | 1,445,334 | |
| Cash and cash equivalents at end of year | 1,703,765 | 1,445,334 | |
| Cash subject to investment restrictions | (511,405) | (262,157) | |
| Cash attributable to technical provisions for insurance business | (414,617) | (624,625) | |
| Amounts that cannot be drawn on due to court rulings | (15,849) | (17,036) | |
| Current account overdrafts | (7,964) | (4,925) | |
| Cash resulting from cash on delivery payments | (6,769) | (6,764) | |
| Unrestricted net cash and cash equivalents at end of year | 747,161 | 529,827 |