CONSOLIDATED STATEMENT OF CASH FLOWS
| (€m) | 2015 | 2014 |
|---|
| Cash and cash equivalents at beginning of year |
1,704 |
1,445 |
|---|
| Profit/(Loss) before tax |
933 |
697 |
|---|
| Depreciation, amortisation and impairments |
569 |
671 |
|---|
| Impairment of goodwill/goodwill arising from consolidation |
12 |
- |
|---|
| Net provisions for risks and charges |
454 |
412 |
|---|
| Use of provisions for risks and charges |
(392) |
(245) |
|---|
| Provisions for employee termination benefits |
1 |
1 |
|---|
| Employee termination benefits and pensions paid |
(66) |
(78) |
|---|
| (Gains)/Losses on disposals |
- |
2 |
|---|
| Impairment on available-for-sale financial assets |
- |
75 |
|---|
| (Dividends) |
(1) |
- |
|---|
| Dividends received |
1 |
- |
|---|
| (Finance income realised) |
(23) |
(53) |
|---|
| (Finance income in form of interest) |
(127) |
(142) |
|---|
| Interest received |
123 |
111 |
|---|
| Interest expense and other finance costs |
101 |
110 |
|---|
| Interest paid |
(72) |
(33) |
|---|
| Losses and impairments/(Recoveries) on receivables |
(42) |
91 |
|---|
| Income tax paid |
(275) |
(521) |
|---|
| Other changes |
(4) |
- |
|---|
| Cash flow generated by operating activities before movements in working capital [a] |
1,192 |
1,098 |
|---|
| Movements in working capital: |
|
|
|---|
| (Increase)/decrease in Inventories |
5 |
7 |
|---|
| (Increase)/decrease in Trade receivables |
1,444 |
(114) |
|---|
| (Increase)/decrease in Other receivables and assets |
(115) |
(256) |
|---|
| Increase/(decrease) in Trade payables |
31 |
(95) |
|---|
| Increase/(decrease) in Other liabilities |
129 |
38 |
|---|
| Current tax assets recovered |
546 |
- |
|---|
| Cash flow generated by /(used in) movements in working capital [b] |
2,040 |
(420) |
|---|
| Increase/(decrease) in liabilities attributable to financial activities |
3,127 |
1,174 |
|---|
| Net cash generated by/(used for) financial assets attributable to financial activities held for trading |
1 |
- |
|---|
| Net cash generated by/(used for) available-for-sale financial assets attributable to financial activities |
(2,484) |
(1,100) |
|---|
| Net cash generated by/(used for) held-to-maturity financial assets attributable to financial activities |
1,404 |
1,332 |
|---|
| (Increase)/decrease in cash and deposits attributable to BancoPosta |
(288) |
207 |
|---|
| (Increase)/decrease in other assets attributable to financial activities |
(1,683) |
(1,073) |
|---|
| (Income)/Expenses and other non-cash components from financial activities |
(919) |
(922) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to financial activities [c] |
(842) |
(382) |
|---|
| Payment of liabilities linked to financial contracts attributable to insurance activities |
- |
- |
|---|
| Net cash generated by/(used for) financial assets at fair value through profit or loss attributable to insurance |
(6,236) |
(1,151) |
|---|
| Increase/(decrease) in net technical provisions for insurance business |
12,353 |
12,608 |
|---|
| Net cash generated by/(used for) available-for-sale financial assets attributable to insurance activities |
(4,907) |
(9,835) |
|---|
| (Increase)/decrease in other assets attributable to insurance activities |
(43) |
(12) |
|---|
| (Gains)/Losses on financial assets/liabilities measured at fair value |
290 |
(711) |
|---|
| (Income)/Expenses and other non-cash components from insurance activities |
(1,284) |
(1,274) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to insurance activities [d] |
173 |
(375) |
|---|
| Net cash flow from /(for) operating activities [e]=[a+b+c+d] |
2,563 |
(79) |
|---|
| - of which related party transactions |
1,221 |
(1,346) |
|---|
| Investing activities: |
|
|
|---|
| Property, plant and equipment |
(237) |
(218) |
|---|
| Investment property |
- |
(1) |
|---|
| Intangible assets |
(251) |
(218) |
|---|
| Investments |
(211) |
- |
|---|
| Other financial assets |
- |
(100) |
|---|
| Disposals: |
|
|
|---|
| Property, plant and equipment, investment property, intangible assets and assets held for sale |
4 |
9 |
|---|
| Investments |
- |
5 |
|---|
| Other financial assets |
4 |
162 |
|---|
| Change in scope of consolidation |
2 |
15 |
|---|
| Net cash flow from /(for ) investing activities [f] |
(689) |
(346) |
|---|
| - of which related party transactions |
(1,725) |
5 |
|---|
| Proceeds from/(Repayments of) long-term borrowings |
- |
744 |
|---|
| (Increase)/decrease in loans and receivables |
114 |
109 |
|---|
| Increase/(decrease) in short-term borrowings |
(835) |
331 |
|---|
| Dividends paid |
(250) |
(500) |
|---|
| Receivable authorised by 2015 Stability Law in implementation of Sentence of the European Court |
535 |
- |
|---|
| Net cash flow from/(for) financing activities and shareholder transactions [g] |
(436) |
684 |
|---|
| - of which related party transactions [h]=[e+f+g] |
(139) |
(506) |
|---|
| Net increase/(decrease) in cash |
1,438 |
259 |
|---|
| Cash and cash equivalents at end of year |
3,142 |
1,704 |
|---|
| Cash and cash equivalents at end of year |
3,142 |
1,704 |
|---|
| Cash subject to investment restrictions |
(1) |
(511) |
|---|
| Cash attributable to technical provisions for insurance business |
(1,324) |
(415) |
|---|
| Amounts that cannot be drawn on due to court rulings |
(18) |
(16) |
|---|
| Current account overdrafts |
(5) |
(8) |
|---|
| Cash resulting from cash on delivery payments |
(11) |
(7) |
|---|
| Unrestricted net cash and cash equivalents at end of year |
1,783 |
747 |
|---|