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Reclassified statement of cash flows

The reclassified statement of cash flows below summarises the legally required financial reporting 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).

 Download XLS (23 kB)
Reclassified statement of cash flows (*)

2017

 

(million of €)

2018

2019

(*)

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

(a)

The value of 2018 includes the receipt related to the reimbursement by TAP of Shareholders’ loan.

(b)

Includes cash flow and payment to shareholders of the dividend.

897

 

Net profit

960

1,090

 

 

Adjusted for:

 

 

511

 

- Amortisation, depreciation and other non-monetary components

543

527

4

 

- Net capital losses (capital gains) on asset sales and eliminations

12

8

585

 

- Dividends, interest and income taxes

557

552

334

 

Change in working capital due to operating activities

185

(264)

(467)

 

Dividends, interest and income taxes collected (paid)

(431)

(427)

1,864

 

Net cash flow from operating activities

1,826

1,486

(1,016)

 

Technical investments

(849)

(954)

3

 

Technical disinvestments

2

 

(166)

 

Companies leaving (entering) the scope of consolidation and business units

(32)

(34)

(75)

 

Equity investments

(144)

12

(154)

 

Change in long-term financial receivables (a)

371

(5)

(33)

 

Other changes relating to investing activities

(13)

(23)

423

 

Free cash flow

1,161

482

(350)

 

Change in current financial assets

350

 

 

 

Payment of lease liabilities

 

(6)

1,540

 

Change in current and non-current financial liabilities

799

1,285

(928)

 

Equity cash flow (b)

(1,157)

(782)

685

 

Net cash flow for the period

1,153

979
 Download XLS (21 kB)
Change in net financial debt

2017

 

(million of €)

2018

2019

(a)

Includes cash flow and payment to shareholders of the dividend.

(b)

Include the effects of adjustment to the year-end exchange rate of financial payables in foreign currency.

423

 

Free cash flow

1,161

482

 

 

Effect of first-time application of IFRS 9

10

 

 

 

Financial payables and receivables from companies entering the scope of consolidation

(6)

(47)

(928)

 

Equity cash flow (a)

(1,157)

(782)

 

 

Change in lease liabilities

 

(25)

11

 

Other changes (b)

(6)

(3)

(494)

 

Change in net financial debt

2

(375)
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