2014 Registration Document and Annual Financial Report - page 172

Financial Statemements
Consolidated Financial Statements and Notes
5
5.2.4. CONSOLIDATED CASH FLOW STATEMENTS
(inmillions of euros)
Notes 2013 Adjusted*
2014
+ EBITDA
8
846
923
+ Net financial expense
11
(90)
(52)
+ Income tax expense
(131)
(151)
-
Non cash revenue and expense included in EBITDA
20
11
-
Elimination of provision movements included in net financial expense
and non-recurring taxes
45
25
+ Dividends received from associates
13
13
+ Impact of discontinued operations
4
(2)
= FUNDS FROM OPERATIONS EXCLUDING NON-RECURRING TRANSACTIONS
35
707
767
+ Decrease (increase) in operating working capital
36
136
103
+ Impact of discontinued operations
36
5
6
= NET CASH FROM OPERATING ACTIVITIES
848
875
+ Cash received (paid) on non-recurring transactions (included restructuring costs
and non-recurring taxes)
(145)
(186)
+ Decrease (increase) in non-operating working capital
(1)
(185)
-
+ Impact of discontinued operations
(2)
-
= NET CASH FROM OPERATING ACTIVITIES INCLUDING NON-RECURRING
TRANSACTIONS (A)
516
689
-
Renovation and maintenance expenditure
37
(264)
(262)
-
Development expenditure
38
(190)
(1,313)
+ Proceeds from disposals of assets
334
128
+ Impact of discontinued operations
1
-
= NET CASH USED IN INVESTMENTS/DIVESTMENTS (B)
(120)
(1,447)
+ Proceeds from issue of share capital
13
106
-
Dividends paid
(187)
(197)
+ Issue of hybrid capital
-
887
-
Repayment of long-term debt
(4)
(17)
-
Payment of finance lease liabilities
(7)
(1)
+ New long term debt
607
1,123
= INCREASE (DECREASE) IN LONG-TERM DEBT
596
1,106
+ Increase (decrease) in short-term debt
(725)
(398)
+ Impact of discontinued operations
(2)
1
= NET CASH FROM FINANCING ACTIVITIES (C)
(305)
1,505
+ Effect of changes in exchange rates (D)
(37)
37
= NET CHANGE IN CASHAND CASH EQUIVALENTS (E) = (A) + (B) + (C) + (D)
54
784
-
Cash and cash equivalents at beginning of period
1,844
1,896
-
Effect of changes in fair value of cash and cash equivalents
5
-
-
Net change in cash and cash equivalents for discontinued operations
(7)
(4)
+ Cash and cash equivalents at end of period
31
1,896
2,677
= NET CHANGE IN CASHAND CASH EQUIVALENTS
54
784
* The financial statements have been restated to exclude the impact of the January 1, 2014 adoption of IFRS 11 – Joint Arrangements, which has been applied
retrospectively to all periods presented (see Note 2 for explanations and impacts).
(1) In 2013, this amount corresponds to the payment of ‘precompte’ dividend withholding tax for €184.7 million (see Note 40.2).
Registration Document 2014
170
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