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 | 89,999 | 60,277 | |
Share in result of associates and joint ventures | -97,412 | -72,767 | |
Financial income and expenses | 90,164 | 85,611 | |
|
| 82,751 | 73,121 |
|
|
|
|
Operating result |
| 368,125 | 358,661 |
|
|
|
|
Adjustments for: |
|
|
|
Depreciation and amortisation expenses | 268,960 | 263,715 | |
Impairment loss | 1,000 | - | |
Impairment reversal |
| -3,300 | - |
Result on disposal of investment property | -1,380 | - | |
Result on disposal of subsidiaries | - | -26,039 | |
Fair value changes of investment property | -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 | 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 | -30,000 | -29,577 | |
Payments for property, plant and equipment | -530,232 | -413,117 | |
Proceeds from disposals of investment property |
| 1,380 | - |
Proceeds on disposal of subsidiaries | - | 144,457 | |
Share capital withdrawals (contributions) to associates | 1,080 | 3,853 | |
Receipts from cancellation performance share | 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 |
- 1 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 | 491,620 | 118,845 | |
Repayment of borrowings | -52,000 | -18,727 | |
Settlement derivative financial instruments |
| 2,167 | -4,815 |
Dividend paid | -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 | 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 |
- 1 The comparative figures have been adjusted. For more details refer to the accounting policies.
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