Consolidated statement of cash flow for the year ended 31 December 2018


(in thousands of euros)

Note

2018

20171

Result for the year

285,374

285,540

Income tax expense recognised in profit or loss

12

89,999

60,277

Share in result of associates and joint ventures

13

-97,412

-72,767

Financial income and expenses

29

90,164

85,611

82,751

73,121

Operating result

368,125

358,661

Adjustments for:

Depreciation and amortisation expenses

6

268,960

263,715

Impairment loss

6

1,000

-

Impairment reversal

-3,300

-

Result on disposal of investment property

2

-1,380

-

Result on disposal of subsidiaries

3

-

-26,039

Fair value changes of investment property

2

-105,585

-42,477

Other non-cash changes in other receivables and liabilities

4,097

3,950

Change in employee benefits and other provisions

6,943

6,740

170,735

205,889

Operating result after adjustments

538,860

564,550

Movements in working capital

34,816

-9,400

Cash flow from operations

573,676

555,150

Cash flow from operating activities

Income taxes paid

-46,439

-54,699

Interest paid

-75,716

-74,457

Interest received

1,471

832

RPS receipts

14

23,477

-

Dividends received

49,817

30,286

Cash flow from operating activities

526,286

457,112

Cash flow from investing activities

Payments for intangible assets

8

-30,000

-29,577

Payments for property, plant and equipment

10, 11

-530,232

-413,117

Proceeds from disposals of investment property

1,380

-

Proceeds on disposal of subsidiaries

3

-

144,457

Share capital withdrawals (contributions) to associates

13

1,080

3,853

Receipts from cancellation performance share

17

12,360

-

Repayment on other loans

148

2,422

Investments in deposits

-265,000

-290,000

Proceeds from deposits

190,000

100,000

Cash flow from investing activities

-620,264

-481,962

Free cash flow

-93,978

-24,850

  • The comparative figures have been adjusted. For more details refer to the accounting policies.

(in thousands of euros)

Note

2018

20171

Cash flow from financing activities

Proceeds from borrowings

23

491,620

118,845

Repayment of borrowings

23

-52,000

-18,727

Settlement derivative financial instruments

2,167

-4,815

Dividend paid

20

-150,478

-148,661

Other non-current liabilities paid

-56

-59

Finance lease instalments paid

-2,634

-1,916

Cash flows from collaterals

22,530

-

Cash flow from financing activities

311,149

-55,333

Net cash flow

217,171

-80,183

Cash and cash equivalents at beginning of the year

18

170,370

250,767

Net cash flow

217,171

-80,183

Exchange and translation differences

-985

-214

Cash and cash equivalents at the end of the year

386,556

170,370

  • The comparative figures have been adjusted. For more details refer to the accounting policies.
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Notes to the consolidated financial statements