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Reclassified statement of cash flows

The reclassified statement of cash flows set out below summarises the legally required format. It shows the connection between opening and closing cash and cash equivalents and the change in net financial debt during the period. The two statements are reconciled through the free cash flow, i.e. the cash surplus or deficit left over after servicing capital expenditure. The free cash flow closes either: (i) with the change in cash for the period, after adding/deducting all cash flows related to financial liabilities/assets (taking out/repaying financial receivables/payables) and equity (payment of dividends/capital injections); or (ii) with the change in net financial debt for the period, after adding/deducting the debt flows related to equity (payment of dividends/capital injections).

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Reclassified statement of cash flows (*)

 

 

 

 

First half

(millions of €)

2015

2016

(*)

For the reconciliation of the reclassified statement of cash flows with the compulsory format, please see the paragraph “Reconciliation of the reclassified financial statements with the compulsory formats” below.

Net profit

612

526

Adjusted for:

 

 

- Amortisation, depreciation and other non-monetary components

351

382

- Net capital losses on asset sales and eliminations

10

15

- Interest and income taxes

452

385

Change in working capital due to operating activities

30

167

Dividends, interest and income taxes collected (paid)

(309)

(275)

Net cash flow from operating activities

1,146

1,200

Technical investments

(454)

(499)

Equity investments

(14)

(26)

Financial receivables held for operations

 

(69)

Change in scope of consolidation and business units

(45)

 

Divestments

87

2

Other changes relating to investment activities

(133)

(100)

Free cash flow

587

508

Change in financial receivables not held for operations

(5)

 

Change in short- and long-term financial debt

243

371

Equity cash flows

(875)

(875)

Net cash flow for the period

(50)

4

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Change in net financial debt

 

 

 

 

First half

(millions of €)

2015

2016

Free cash flow

587

508

Adjustment to fair value of financial debt

(4)

(11)

Exchange rate differences on financial debt

8

(20)

Equity cash flows

(875)

(875)

Change in net financial debt

(284)

(398)

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