The amounts below include both continued and discontinued operations.

In € million

 

Notes

 

2016

 

2015

(1)

Including cash in assets held for sale (€ 85 million in 2016 and € 7 million in 2015).

(2)

Costs linked to the acquisition of subsidiaries are presented as part of cash flow from operating activities. Such resulted in a transfer from cash flow from investing activities to cash flow from operating activities in the comparative 2015 numbers (€ 94 million in other non operating and non cash items and € 4 million in changes in working capital). Such does not impact the Group’s Free Cash Flow, which excludes costs related to the acquisition of subsidiaries and which is presented in the Business Review section.

Profit for the year

 

 

 

674

 

454

Adjustments to profit for the year

 

 

 

 

 

 

Depreciation, amortization and impairments

 

(F12)

 

1,302

 

978

Earnings from associates and joint ventures

 

 

 

(86)

 

(21)

Other non operating and non cash items

 

(F13)

 

(16)

 

128

Net financial charges and income/loss from available-for-sale financial assets

 

 

 

374

 

257

Income tax expense

 

(F14)

 

(21)

 

134

Changes in working capital

 

(F15)

 

(99)

 

(103)

Changes in provisions

 

(F16)

 

(151)

 

(302)

Dividends received from associates and joint ventures

 

 

 

22

 

14

Income taxes paid (excl. income taxes paid on sale of investments)

 

(F14)

 

(212)

 

(250)

Cash flow from operating activities

 

 

 

1,788

 

1,289

of which cash flow linked to acquisition of subsidiaries and excluded from Free Cash Flow(2)

 

 

 

7

 

(98)

Acquisition (-) of subsidiaries

 

(F17)

 

(23)

 

(4,835)

Acquisition (-) of investments - Other

 

(F17)

 

4

 

(28)

Loans to associates and non consolidated companies

 

 

 

(25)

 

11

Sale (+) of subsidiaries and investments

 

(F17)

 

144

 

70

Income taxes paid on sale of investments

 

(F17)

 

0

 

(232)

Acquisition (-) of tangible assets

 

(F17)

 

(883)

 

(952)

Acquisition (-) of intangible assets

 

(F17)

 

(98)

 

(85)

Sale (+) of tangible and intangible assets

 

(F17)

 

76

 

31

of which cash flow related to the sale of real estate in the context of restructuring/dismantling/remediation

 

 

 

35

 

5

Dividends from available-for-sale financial assets

 

 

 

0

 

1

Changes in non-current financial assets

 

 

 

(2)

 

4

Cash flow from investing activities

 

 

 

(807)

 

(6,014)

Capital increase (+) / redemption (-)

 

(F18)

 

0

 

1,477

Proceeds from perpetual hybrid bond issuance

 

(F18)

 

0

 

991

Acquisition (-) / sale (+) of treasury shares

 

(F35)

 

(55)

 

(59)

Increase in borrowings

 

(F33)

 

1,133

 

4,628

Repayment of borrowings

 

(F33)

 

(2,300)

 

(1,219)

Changes in other current financial assets

 

(F33)

 

(50)

 

225

Interests paid

 

 

 

(216)

 

(156)

Coupons paid on perpetual hybrid bonds

 

(F18)

 

(84)

 

(57)

Dividends paid

 

 

 

(386)

 

(323)

Other

 

(F19)

 

7

 

(31)

Cash flow from financing activities

 

 

 

(1,951)

 

5,475

Net change in cash and cash equivalents

 

 

 

(970)

 

750

Currency translation differences

 

 

 

(12)

 

13

Opening cash balance

 

 

 

2,037

 

1,275

Closing cash balance(1)

 

(F33)

 

1,054

 

2,037