| Milions of euro | Notes | ||||
|---|---|---|---|---|---|
| 2018 | 2017 | ||||
| of which with related parties | of which with related parties | ||||
| Income before taxes for the year | 8,201 | 7,211 | |||
| Adjustments for: | |||||
| Net impairment/(reversals) of trade receivables and other receivables | 9.d | 1,096 | - | ||
| Depreciation, amortization and other impairment losses | 9.e | 5,355 | 5,861 | ||
| Financial (income)/expense | 11, 12 | 2,048 | 2,692 | ||
| Net income of equity investments accounted for using the equity method | 13 | (349) | (111) | ||
| Changes in net working capital: | 153 | (1,265) | |||
| - inventories | 28 | (117) | (112) | ||
| - trade receivables | 29 | 426 | (253) | (1,530) | 126 |
| - trade payables | 39 | 734 | 559 | 65 | (556) |
| - other contract assets/(liabilities) | 25 | 750 | - | ||
| - other assets/(liabilities) | (1,640) | 71 | 312 | 106 | |
| Accruals to provisions | 449 | 353 | |||
| Utilization of provisions | (1,226) | (1,149) | |||
| Interest income and other financial income collected | 11, 12 | 1,768 | 59 | 2,898 | 18 |
| Interest expense and other financial expense paid | 11, 12 | (4,342) | (55) | (4,747) | (25) |
| Net (income)/expense from measurement of commodities | (71) | 59 | |||
| Income taxes paid | 14 | (1,721) | (1,579) | ||
| Capital (gains)/losses | (286) | (98) | |||
| Cash flows from operating activities (A) | 11,075 | 10,125 | |||
| Investments in property, plant and equipment | 16 | (6,908) | (7,226) | ||
| Investments in intangible assets | 20 | (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 sold | 6 | 424 | 216 | ||
| (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) | 35 | 13,424 | 12,284 | ||
| 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) | 7,121 | 8,326 | |||
| Cash and cash equivalents at year end (2) | 6,714 | 7,121 | |||
(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).
IT
EN