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Consolidated statement of cash flows

Milions of euroNotes
20182017
of which with related partiesof which with related parties
 Income before taxes for the year8,2017,211
 Adjustments for:
 Net impairment/(reversals) of trade receivables and other receivables9.d1,096-
 Depreciation, amortization and other impairment losses9.e5,3555,861
 Financial (income)/expense11, 122,0482,692
 Net income of equity investments accounted for using the equity method13(349)(111)
 Changes in net working capital:153(1,265)
 - inventories 28(117)(112)
 - trade receivables29426(253)(1,530)126
 - trade payables3973455965(556)
 - other contract assets/(liabilities)25750-
 - other assets/(liabilities)(1,640)71312106
 Accruals to provisions449353
 Utilization of provisions(1,226)(1,149)
 Interest income and other financial income collected 11, 121,768592,89818
 Interest expense and other financial expense paid11, 12(4,342)(55)(4,747)(25)
 Net (income)/expense from measurement of commodities(71)59
 Income taxes paid14(1,721)(1,579)
 Capital (gains)/losses (286)(98)
 Cash flows from operating activities (A) 11,07510,125
 Investments in property, plant and equipment  16(6,908)(7,226)
Investments in intangible assets20(1,351)(1,273)
 Investments in non-current contract assets(271)-
 Investments in entities (or business units) less cash and cash equivalents acquired 6(1,472)(900)
Disposals of entities (or business units) less cash and cash equivalents sold6424216
(Increase)/Decrease in other investing activities(83)(111)
 Cash flows from investing/disinvesting activities (B)(9,661)(9,294)
 Financial debt (new long-term borrowing)3513,42412,284
 Financial debt (repayments and other net changes)  35(10,214)(89)(10,579)(179)
Transactions in non-controlling interests(1,402)(478)
 Dividends and interim dividends paid(3,444)(2,873)
 Cash flows from financing activities (C)(1,636)(1,646)
 Impact of exchange rate fluctuations on cash and cash equivalents (D)(185)(390)
 Increase/(Decrease) in cash and cash equivalents (A+B+C+D) (407)(1,205)
 Cash and cash equivalents at the start of the year (1)  7,1218,326
 Cash and cash equivalents at year end (2)  6,7147,121

(1) Of which cash and cash equivalents equal to €7,021 million at January 1, 2018 (€8,290 million at January 1, 2017), short-term securities equal to €69 million at January 1, 2018 (€36 million at January 1, 2017) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €31 million at January 1, 2018.
(2) Of which cash and cash equivalents equal to €6,630 million at December 31, 2018 (€7,021 million at December 31, 2017), short-term securities equal to €63 million at December 31, 2018 (€69 million at December 31, 2017) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €21 million at December 31, 2018 (€31 million at December 31, 2017).