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4. CONSOLIDATED STATEMENT OF CASH FLOWS

(Amounts in thousands of euros) (Notes) 2016 2015
Profit before taxes and non-controlling interest 4,078,319 3,743,118
Adjustments to profit
Amortization and depreciation (7) 1,062,686 1,021,717
Foreign exchange translation differences (11,184) (15,717)
Provisions for impairment 52,136 15,269
Results of companies consolidated by equity method (17) (47,588) (55,607)
Other 69,297 165,935
Income tax (797,608) (977,349)
Funds from operations 4,406,058 3,897,366
Variation in assets and liabilities
Inventories (388,775) (425,134)
Receivables and other current assets (176,838) 187,222
Current payables 290,960 840,074
Changes in working capital (274,653) 602,162
Cash flows from operating activities 4,131,404 4,499,528
Payments relating to investments in intangible assets (173,034) (164,301)
Payments relating to investments in property, plant and equipment (1,258,523) (1,353,610)
Collections relating to investments in other financial investments 27,493 22,308
Payments relating to investments in other financial investments (12,538) -
Payments relating to investments in other assets (18) (52,749) (72,891)
Collections relating to investments in other assets (18) 24,424 16,422
Changes in current financial investments (951,375) (863,606)
Cash flows from investing activities (2,396,301) (2,415,678)
Payments relating to non-current financial debt (353) (2,929)
Payments relating to acquisitions of treasury shares (34,613) -
Changes in current financial debt 53,365 4,907
Dividends (1,871,456) (1,625,949)
Cash flows used in financing activities (1,853,058) (1,623,971)
Net increase in cash and cash equivalents (117,954) 459,879
Cash and cash equivalents at the beginning of the year (20) 4,225,527 3,797,930
Effect of exchange rate fluctuations on cash and cash equivalents 8,340 (32,282)
Cash and cash equivalents at the end of the year (20) 4,115,912 4,225,527