| (in millions of euros) | 2019 | 2018 |
|---|---|---|
(in millions of euros) Cash flow from operating activities |
2019
|
2018
|
(in millions of euros) Net income |
2019 844 |
2018 930 |
(in millions of euros) Neutralization of non-cash income and expenses: |
2019
|
2018
|
(in millions of euros) Income taxes |
2019 305 |
2018 285 |
(in millions of euros) Cost of net financial debt |
2019 25 |
2018 11 |
(in millions of euros) Capital losses (gains) on disposal of assets (before tax) |
2019 (20) |
2018 20 |
(in millions of euros) Depreciation, amortization and impairment loss |
2019 999 |
2018 726 |
(in millions of euros) Share-based compensation |
2019 49 |
2018 63 |
(in millions of euros) Other non-cash income and expenses |
2019 88 |
2018 76 |
(in millions of euros) Share of profit of associates |
2019 5 |
2018 4 |
(in millions of euros) Dividends received from associates |
2019 2 |
2018 2 |
(in millions of euros) Taxes paid |
2019 (349) |
2018 (328) |
(in millions of euros) Change in working capital requirements(1) |
2019 394 |
2018 153 |
(in millions of euros) Net cash flows generated by (used in) operating activities (I) |
2019 2,342 |
2018 1,942 |
(in millions of euros) Cash flow from investing activities |
2019
|
2018
|
(in millions of euros) Purchases of property, plant and equipment and intangible assets |
2019 (232) |
2018 (207) |
(in millions of euros) Disposals of property, plant and equipment and intangible assets |
2019 7 |
2018 11 |
(in millions of euros) Purchases of investments and other financial assets, net |
2019 20 |
2018 (11) |
(in millions of euros) Acquisitions of subsidiaries |
2019 (4,143) |
2018 (260) |
(in millions of euros) Disposals of subsidiaries |
2019 88 |
2018 19 |
(in millions of euros) Net cash flows generated by (used in) investing activities (II) |
2019 (4,260) |
2018 (448) |
(in millions of euros) Cash flow from financing activities |
2019
|
2018
|
(in millions of euros) Dividends paid to holders of the parent company |
2019 (285) |
2018 (210) |
(in millions of euros) Dividends paid to non-controlling interests |
2019 (12) |
2018 (10) |
(in millions of euros) Proceeds from borrowings |
2019 3,413 |
2018 11 |
(in millions of euros) Repayment of borrowings |
2019 (485) |
2018 (159) |
(in millions of euros) Repayment of lease liabilities |
2019 (403) |
2018 (374) |
(in millions of euros) Interest paid on lease liabilities |
2019 (77) |
2018 (58) |
(in millions of euros) Interest paid |
2019 (96) |
2018 (69) |
(in millions of euros) Interest received |
2019 107 |
2018 66 |
(in millions of euros) Buyouts of non-controlling interests |
2019 (40) |
2018 (21) |
(in millions of euros) Net (buybacks)/sales of treasury shares and warrant |
2019 7 |
2018 9 |
(in millions of euros) Net cash flows generated by (used in) financing activities (III) |
2019 2,129 |
2018 (815) |
(in millions of euros) Impact of exchange rate fluctuations (IV) |
2019 4 |
2018 133 |
(in millions of euros) Change in consolidated cash and cash equivalents (I + II + III + IV) |
2019 215 |
2018 812 |
(in millions of euros) Cash and cash equivalents on January 1 |
2019 3,206 |
2018 2,407 |
(in millions of euros) Bank overdrafts on January 1 |
2019 (14) |
2018 (27) |
(in millions of euros) Net cash and cash equivalents at beginning of year (V) |
2019 3,192 |
2018 2,380 |
(in millions of euros) Cash and cash equivalents at closing date |
2019 3,413 |
2018 3,206 |
(in millions of euros) Bank overdrafts at closing date |
2019 (6) |
2018 (14) |
(in millions of euros) Net cash and cash equivalents at end of the year (VI) |
2019 3,407 |
2018 3,192 |
(in millions of euros) Change in consolidated cash and cash equivalents (VI – V) |
2019 215 |
2018 812 |
(in millions of euros) (1) Breakdown of change in working capital requirements |
2019
|
2018
|
(in millions of euros) Change in inventory and work in progress |
2019 (14) |
2018 42 |
(in millions of euros) Change in trade receivables and other receivables |
2019 (529) |
2018 (274) |
(in millions of euros) Change in accounts payable, other payables and provisions |
2019 937 |
2018 385 |
(in millions of euros) Change in working capital requirements |
2019 394 |
2018 153 |
