Consolidated statement of cash flows
| (€m) | Note | 2018 | 2017 |
|---|
| Cash and cash equivalents at beginning of year |
|
2,428 |
3,902 |
|---|
| Profit/(Loss) before tax |
|
1,490 |
1,067 |
|---|
| Depreciation, amortisation and impairments |
[tab. C8] |
537 |
545 |
|---|
| Impairment of goodwill/goodwill arising from consolidation |
[tab. A3] |
33 |
- |
|---|
| Net provisions for risks and charges |
[tab. B6] |
579 |
707 |
|---|
| Use of provisions for risks and charges |
[tab. B6] |
(656) |
(617) |
|---|
| Provisions for employee termination benefits |
[tab. B7] |
1 |
1 |
|---|
| Employee termination benefits |
[tab. B7] |
(92) |
(96) |
|---|
| Impairment of disposal groups |
[tab. A11,1] |
- |
3 |
|---|
| (Gains)/Losses on disposals |
|
(120) |
(2) |
|---|
| Impairment losses/(Reversals of impairment losses) on financial assets |
[tab. C13] |
20 |
94 |
|---|
| (Dividends) |
[tab. C12,1] |
- |
- |
|---|
| Dividends received |
|
- |
- |
|---|
| (Finance income realised) |
[tab. C12,1] |
(7) |
(9) |
|---|
| (Finance income in form of interest) |
[tab. C12,1] |
(95) |
(94) |
|---|
| Interest received |
|
94 |
102 |
|---|
| Interest expense and other finance costs |
[tab. C12,2] |
66 |
80 |
|---|
| Interest paid |
|
(59) |
(57) |
|---|
| Losses and impairment losses/(Reverseals of impairment losses) on receivables |
[tab. C11] |
46 |
55 |
|---|
| Income tax paid |
[tab. C14,3] |
(351) |
(472) |
|---|
| Other changes |
|
42 |
(1) |
|---|
| Cash flow generated by operating activities before movements in working capital |
[a] |
1,528 |
1,306 |
|---|
| Movements in working capital: |
|
|
|
|---|
| (Increase)/decrease in Inventories |
[tab. A6] |
(2) |
(1) |
|---|
| (Increase)/decrease in Trade receivables |
|
(201) |
80 |
|---|
| (Increase)/decrease in Other receivables and assets |
|
(428) |
(202) |
|---|
| Increase/(decrease) in Trade payables |
|
222 |
(176) |
|---|
| Increase/(decrease) in Other liabilities |
|
104 |
97 |
|---|
| Movement in group of assets and liabilites held for sale |
|
- |
(12) |
|---|
| Cash flow generated by/(used in) movements in working capital |
[b] |
(305) |
(214) |
|---|
| Increase/(decrease) in liabilities attributable to financial activities, payments, cards and acquiring |
|
4,513 |
2,911 |
|---|
| Net cash generated by/(used for) financial assets attributable to financial activities, payments, cards and acquiring |
|
(2,585) |
(2,290) |
|---|
| (Increase)/decrease in cash and deposits attributable to BancoPosta |
[tab. A9] |
(122) |
(702) |
|---|
| Income)/Expenses and other non-cash components from financial activities |
|
(1,065) |
(1,405) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to financial activities |
[c] |
741 |
(1,486) |
|---|
| Net cash generated by/(used for) financial assets attributable to insurance activities |
|
(5,860) |
(9,941) |
|---|
| Net cash generated by/(used for) financial assets attributable to insurance activities |
|
6,369 |
11,185 |
|---|
| (Gains)/Losses on financial assets/liabilities measured at fair value |
|
1,444 |
(348) |
|---|
| (Income)/Expenses and other non-cash components from insurance activities |
|
(1,320) |
(1,211) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to insurance activities |
[d] |
633 |
(315) |
|---|
| Net cash flow from/(for) operating activities |
[e]=[a+b+c+d] |
2,597 |
(709) |
|---|
| - of which related party transactions |
|
(1,484) |
241 |
|---|
| Investing activities: |
|
|
|
|---|
| Property, plant and equipment |
[tab. A1] |
(260) |
(241) |
|---|
| Investment property |
[tab. A2] |
- |
(1) |
|---|
| Intangible assets |
[tab. A3] |
(278) |
(225) |
|---|
| Investments |
|
(30) |
(228) |
|---|
| Other financial assets |
|
- |
- |
|---|
| Disposals: |
|
|
|
|---|
| Property, plant and equipment, investment property, intangible assets and assets held for sale |
|
2 |
5 |
|---|
| Investments |
|
120 |
- |
|---|
| Other financial assets |
|
165 |
296 |
|---|
| Disposal groups |
|
- |
131 |
|---|
| Net cash flow from/(for) investing activities |
[f] |
(281) |
(263) |
|---|
| - of which related party transactions |
|
254 |
(65) |
|---|
| Proceeds from/(Repayments of) long-term borrowings |
|
- |
4 |
|---|
| (Increase)/decrease in loans and receivables |
|
- |
1 |
|---|
| Increase/(decrease) in short-term borrowings |
|
(1,000) |
1 |
|---|
| Dividends paid |
[B2] |
(549) |
(509) |
|---|
| Net cash flow from/(for) financing activities and shareholder transactions |
[g] |
(1,549) |
(503) |
|---|
| - of which related party transactions |
|
(405) |
(327) |
|---|
| Cash and cash equivalents reclassified from non-current assets and disposal groups held for sale |
[h] [tab. A11] |
- |
1 |
|---|
| Net increase/(decrease) in cash |
[i]=[e+f+g+h] |
767 |
(1,474) |
|---|
| Cash and cash equivalents at end of year |
[tab. A10] |
3,195 |
2,428 |
|---|
| Cash and cash equivalents at end of year |
[tab. A10] |
3,195 |
2,428 |
|---|
| Cash subject to investment restrictions |
|
(53) |
- |
|---|
| Escrow account with the Italian Treasury |
|
(72) |
(55) |
|---|
| Cash attributable to technical provisions for insurance business |
|
(1,392) |
(358) |
|---|
| Amounts that cannot be drawn on due to court rulings |
|
(18) |
(15) |
|---|
| Current account overdrafts |
|
0 |
(1) |
|---|
| Cash received on delivery (restricted) and other restrictions |
|
(21) |
(21) |
|---|
| Unrestricted net cash and cash equivalents at end of year |
|
1,639 |
1,978 |
|---|