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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 (*)

 

 

 

(€ million)

First half 2014

First half 2015

(*)

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

561

612

Adjusted for:

 

 

- Amortisation, depreciation and other non-monetary components

337

351

- Net capital losses on asset sales and eliminations

5

10

- Dividends, interest and income taxes

495

452

Change in working capital due to operating activities

(194)

30

Dividends, interest and income taxes collected (paid)

(557)

(309)

Net cash flow from operating activities

647

1,146

Technical investments

(512)

(454)

Companies included in the scope of consolidation and business units

 

(45)

Equity investments

 

(14)

Divestments

7

87

Other changes relating to investment activities

(38)

(133)

Free cash flow

104

587

Change in financial receivables not held for operations

 

(5)

Change in short- and long-term financial debt

401

243

Equity cash flow

(505)

(875)

Net cash flow for the period

0

(50)

 Download XLS (22 kB)

Change in net financial debt

 

 

 

(€ million)

First half 2014

First half 2015

Free cash flow

104

587

Adjustment to fair value of financial debt

 

(4)

Exchange rate differences on financial debt

(3)

8

Equity cash flow

(505)

(875)

Change in net financial debt

(404)

(284)

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