Consolidated statement of cash flows
| (€m) | Note | 2017 | 2016 |
|---|---|---|---|
| Cash and cash equivalents at beginning of year | 3,902 | 3,142 | |
| Profit/(Loss) before tax | 1,067 | 1,056 | |
| Depreciation, amortisation and impairments | [tab. C8] | 545 | 581 |
| Net provisions for risks and charges | [tab. B6] | 707 | 563 |
| Use of provisions for risks and charges | [tab. B6] | (617) | (448) |
| Provisions for employee termination benefits | [tab. B7] | 1 | 1 |
| Employee termination benefits | [tab. B7] | (96) | (82) |
| Impairment of disposal groups | [tab. A11.1] | 3 | 37 |
| (Gains)/Losses on disposals | (2) | 3 | |
| Impairment on available-for-sale financial assets | [tab. C11.2] | 12 | 12 |
| Impairment loss on Contingent Convertible Notes | [tab. C11.2] | 82 | - |
| (Dividends) | [tab. C11.1] | - | - |
| Dividends received | - | - | |
| (Finance income realised) | [tab. C11.1] | (9) | (7) |
| (Finance income in form of interest) | [tab. C11.1] | (94) | (99) |
| Interest received | 102 | 94 | |
| Interest expense and other finance costs | [tab. C11.2] | 80 | 85 |
| Interest paid | (57) | (60) | |
| Losses and impairments/(Recoveries) on receivables | [tab. C10] | 55 | 22 |
| Income tax paid | [tab. C12.3] | (472) | (317) |
| Other changes | (1) | (2) | |
| Cash flow generated by operating activities before movements in working capital | [a] | 1,306 | 1,439 |
| Movements in working capital: | |||
| (Increase)/decrease in Inventories | [tab. A6] | (1) | (3) |
| (Increase)/decrease in Trade receivables | 80 | 86 | |
| (Increase)/decrease in Other receivables and assets | (202) | (357) | |
| Increase/(decrease) in Trade payables | (176) | 62 | |
| Increase/(decrease) in Other liabilities | 97 | 129 | |
| Movement in group of assets and liabilites held for sale | (12) | - | |
| Cash flow generated by /(used in) movements in working capital | [b] | (214) | (83) |
| Increase/(decrease) in liabilities attributable to financial activities | 2,911 | 5,225 | |
| Net cash generated by/(used for) financial assets attributable to financial activities held for trading | - | - | |
| Net cash generated by/(used for) available-for-sale financial assets attributable to financial activities | (2,497) | (5,114) | |
| Net cash generated by/(used for) held-to-maturity financial assets attributable to financial activities | (108) | 370 | |
| (Increase)/decrease in cash and deposits attributable to BancoPosta | [tab. A9] | (702) | 667 |
| (Increase)/decrease in other assets attributable to financial activities | 315 | 773 | |
| (Income)/Expenses and other non-cash components from financial activities | (1,405) | (1,044) | |
| Cash generated by/(used for) assets and liabilities attributable to financial activities | [c] | (1,486) | 877 |
| Net cash generated by/(used for) financial assets at fair value through profit or loss attributable to insurance activities | (3,911) | (6,100) | |
| Increase/(decrease) in net technical provisions for insurance business | 11,185 | 14,266 | |
| Net cash generated by/(used for) available-for-sale financial assets attributable to insurance activities | [tab. A5.4] | (5,825) | (6,466) |
| (Increase)/decrease in other assets attributable to insurance activities | (204) | 12 | |
| (Gains)/Losses on financial assets/liabilities measured at fair value | (349) | (624) | |
| (Income)/Expenses and other non-cash components from insurance activities | (1,211) | (1,063) | |
| Cash generated by/(used for) assets and liabilities attributable to insurance activities | [d] | (315) | 25 |
| Net cash flow from /(for) operating activities | [e]=[a+b+c+d] | (709) |
2,258 |
| - of which related party transactions | 241 | 3,648 | |
| Investing activities: | |||
| Property, plant and equipment | [tab. A1] | (241) | (221) |
| Investment property | [tab. A2] | (1) | - |
| Intangible assets | [tab. A3] | (225) | (230) |
| Investments | (228) | (1) | |
| Other financial assets | - | (100) | |
| Disposals: | |||
| Property, plant and equipment, investment property, intangible assets and assets held for sale | 5 | 5 | |
| Investments | - | - | |
| Other financial assets | 296 | 103 | |
| Disposal groups | 131 | - | |
| Net cash flow from /(for) investing activities | [f] | (263) | (444) |
| - of which related party transactions | (65) | (22) | |
| Proceeds from/(Repayments of) long-term borrowings | 4 | - | |
| (Increase)/decrease in loans and receivables | 1 | 1 | |
| Increase/(decrease) in short-term borrowings | 1 | (521) | |
| Dividends paid | [B2] | (509) | (444) |
| Net cash flow from/(for) financing activities and shareholder transactions | [g] | (503) | (964) |
| - of which related party transactions | (327) | (286) | |
| Cash and cash equivalents reclassified from non-current assets and disposal groups held for sale | [h] [tab. A11] | 1 | (90) |
| Net increase/(decrease) in cash | [i]=[e+f+g+h] | (1,474) | 760 |
| Cash and cash equivalents at end of year | [tab. A10] | 2,428 | 3,902 |
| Cash and cash equivalents at end of year | [tab. A10] | 2,428 | 3,902 |
| Cash subject to investment restrictions | - | (780) | |
| Escrow account with the Italian Treasury | (55) | - | |
| Cash attributable to technical provisions for insurance business | (358) | (799) | |
| Amounts that cannot be drawn on due to court rulings | (15) | (12) | |
| Current account overdrafts | (1) | (2) | |
| Cash received on delivery (restricted) and other restrictions | (21) | (17) | |
| Unrestricted net cash and cash equivalents at end of year | 1,978 | 2,292 |