The amounts below include both continuing and discontinued operations.

In € million

 

Notes

 

2017

 

2016

(1)

Including cash in assets held for sale (€ 0 million in 2017 and € 85 million in 2016).

Profit for the year

 

 

 

1,116

 

674

Adjustments to profit for the year

 

 

 

 

 

 

Depreciation, amortization and impairments

 

(F12)

 

1,152

 

1,302

Earnings from associates and joint ventures

 

 

 

(44)

 

(86)

Other non operating and non cash items

 

(F13)

 

(179)

 

(16)

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

 

 

 

302

 

374

Income tax expense

 

(F14)

 

(131)

 

(21)

Changes in working capital

 

(F15)

 

(216)

 

(99)

Changes in provisions

 

(F16)

 

(192)

 

(151)

Dividends received from associates and joint ventures

 

 

 

18

 

22

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

 

(F14)

 

(223)

 

(212)

Cash flow from operating activities

 

 

 

1,604

 

1,788

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

 

 

 

(23)

 

7

Acquisition (-) of subsidiaries

 

(F17)

 

(44)

 

(23)

Acquisition (-) of investments – Other

 

(F17)

 

(11)

 

4

Loans to associates and non consolidated companies

 

 

 

(7)

 

(25)

Sale (+) of subsidiaries and investments

 

(F17)

 

891

 

144

Income taxes paid on sale of investments

 

(F17)

 

(14)

 

 

Acquisition (-) of property, plant and equipment

 

(F17)

 

(707)

 

(883)

of which capital expenditures required by share sale agreement and excluded from Free Cash Flow

 

 

 

(12)

 

 

Acquisition (-) of intangible assets

 

(F17)

 

(115)

 

(98)

Sale (+) of property, plant and equipment and intangible assets

 

(F17)

 

75

 

76

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

 

 

 

12

 

35

Dividends from available-for-sale financial assets

 

 

 

2

 

 

Changes in non-current financial assets

 

 

 

(1)

 

(2)

Cash flow from investing activities

 

 

 

70

 

(807)

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

 

(F35)

 

(14)

 

(55)

Increase in borrowings

 

(F33)

 

1,692

 

1,133

Repayment of borrowings

 

(F33)

 

(2,584)

 

(2,300)

Changes in other current financial assets

 

(F33)

 

(27)

 

(50)

Interests paid

 

 

 

(255)

 

(216)

Coupons paid on perpetual hybrid bonds

 

(F18)

 

(111)

 

(84)

Dividends paid

 

 

 

(396)

 

(386)

Other

 

(F19)

 

13

 

7

Cash flow from financing activities

 

 

 

(1,684)

 

(1,951)

Net change in cash and cash equivalents

 

 

 

(10)

 

(970)

Currency translation differences

 

 

 

(52)

 

(12)

Opening cash balance

 

 

 

1,054

 

2,037

Closing cash balance(1)

 

(F33)

 

992

 

1,054