CONSOLIDATED STATEMENT OF CASH FLOWS
| (€m) | 2016 | 2015 |
|---|
| Cash and cash equivalents at beginning of year |
3,142 |
1,704 |
|---|
| Profit/(Loss) before tax |
1,056 |
933 |
|---|
| Depreciation, amortisation and impairments |
581 |
569 |
|---|
| Impairment of goodwill/goodwill arising from consolidation |
- |
12 |
|---|
| Net provisions for risks and charges |
563 |
454 |
|---|
| Use of provisions for risks and charges |
(448) |
(392) |
|---|
| Provisions for employee termination benefits |
1 |
1 |
|---|
| Employee termination benefits and pensions paid |
(82) |
(66) |
|---|
| Impairment of disposal groups |
37 |
- |
|---|
| (Gains)/Losses on disposals |
3 |
- |
|---|
| Impairment on available-for-sale financial assets |
12 |
- |
|---|
| (Dividends) |
- |
(1) |
|---|
| Dividends received |
- |
1 |
|---|
| (Finance income realised) |
(7) |
(23) |
|---|
| (Finance income in form of interest) |
(99) |
(127) |
|---|
| Interest received |
94 |
123 |
|---|
| Interest expense and other finance costs |
85 |
101 |
|---|
| Interest paid |
(60) |
(72) |
|---|
| Losses and impairments/(Recoveries) on receivables |
22 |
(42) |
|---|
| Income tax paid |
(317) |
(275) |
|---|
| Other changes |
(2) |
(4) |
|---|
| Cash flow generated by operating activities before movements in working capital |
1,439 |
1,192 |
|---|
| Movements in working capital: |
|
|
|---|
| (Increase)/decrease in Inventories |
(3) |
5 |
|---|
| (Increase)/decrease in Trade receivables |
86 |
1,444 |
|---|
| (Increase)/decrease in Other receivables and assets |
(357) |
(115) |
|---|
| Increase/(decrease) in Trade payables |
62 |
31 |
|---|
| Increase/(decrease) in Other liabilities |
129 |
129 |
|---|
| Current tax assets recovered |
- |
546 |
|---|
| Cash flow generated by /(used in) movements in working capital |
(83) |
2,040 |
|---|
| Increase/(decrease) in liabilities attributable to financial activities |
5,225 |
3,127 |
|---|
| 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 |
(5,127) |
(2,477) |
|---|
| Net cash generated by/(used for) held-to-maturity financial assets attributable to financial activities |
370 |
1,404 |
|---|
| (Increase)/decrease in cash and deposits attributable to BancoPosta |
667 |
(288) |
|---|
| (Increase)/decrease in other assets attributable to financial activities |
773 |
(1,683) |
|---|
| (Income)/Expenses and other non-cash components from financial activities |
(1,044) |
(919) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to financial activities |
864 |
(835) |
|---|
| 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 activities |
(6,100) |
(6,236) |
|---|
| Increase/(decrease) in net technical provisions for insurance business |
14,266 |
12,353 |
|---|
| Net cash generated by/(used for) available-for-sale financial assets attributable to insurance activities |
(6,453) |
(4,914) |
|---|
| (Increase)/decrease in other assets attributable to insurance activities |
12 |
(43) |
|---|
| (Gains)/Losses on financial assets/liabilities measured at fair value |
(624) |
290 |
|---|
| (Income)/Expenses and other non-cash components from insurance activities |
(1,063) |
(1,284) |
|---|
| Cash generated by/(used for) assets and liabilities attributable to insurance activities |
38 |
166 |
|---|
| Net cash flow from /(for) operating activities |
2,258 |
2,563 |
|---|
| - of which related party transactions |
3,648 |
1,221 |
|---|
| Investing activities: |
|
|
|---|
| Property, plant and equipment |
(221) |
(237) |
|---|
| Investment property |
- |
- |
|---|
| Intangible assets |
(230) |
(251) |
|---|
| Investments |
(1) |
(211) |
|---|
| Other financial assets |
(100) |
- |
|---|
| Disposals: |
|
|
|---|
| Property, plant and equipment, investment property, intangible assets and assets held for sale |
5 |
4 |
|---|
| Investments |
- |
- |
|---|
| Other financial assets |
103 |
4 |
|---|
| Change in scope of consolidation |
- |
2 |
|---|
| Net cash flow from /(for) investing activities |
(444) |
(689) |
|---|
| - of which related party transactions |
(22) |
(1,725) |
|---|
| Proceeds from/(Repayments of) long-term borrowings |
- |
- |
|---|
| (Increase)/decrease in loans and receivables |
1 |
114 |
|---|
| Increase/(decrease) in short-term borrowings |
(521) |
(835) |
|---|
| Dividends paid |
(444) |
(250) |
|---|
| 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 |
(964) |
(436) |
|---|
| - of which related party transactions |
(286) |
(139) |
|---|
| Cash and cash equivalents reclassified to non-current assets and disposal groups held for sale |
(90) |
- |
|---|
| Net increase/(decrease) in cash |
760 |
1,438 |
|---|
| Cash and cash equivalents at end of year |
3,902 |
3,142 |
|---|
| Cash and cash equivalents at end of year |
3,902 |
3,142 |
|---|
| Cash subject to investment restrictions |
(780) |
(1) |
|---|
| Cash attributable to technical provisions for insurance business |
(799) |
(1,324) |
|---|
| Amounts that cannot be drawn on due to court rulings |
(12) |
(11) |
|---|
| Current account overdrafts |
(2) |
(5) |
|---|
| Cash received on delivery (restricted) and other restrictions |
(17) |
(18) |
|---|
| Unrestricted net cash and cash equivalents at end of year |
2,292 |
1,783 |
|---|