Half-Year Financial Report - For the Six Months Ended June 30, 2020

Chapter 2. Consolidated interim financial statements half-year ended june 30, 2020

2.4 Consolidated statement of cash flows

2.4 CONSOLIDATED STATEMENT OF CASH FLOWS

(2)See Note 15.

(in millions of euros)	June 30, 2020 (6 months)	June 30, 2019 (6 months)	December 31, 2019 (12 months)
Cash flow from operating activities
Net income	Net income June 30, 2020 (6 months) 123	Net income June 30, 2019 (6 months) 346	Net income December 31, 2019 (12 months) 844
Neutralization of non-cash income and expenses:
Income taxes	Income taxes June 30, 2020 (6 months) 39	Income taxes June 30, 2019 (6 months) 136	Income taxes December 31, 2019 (12 months) 305
Cost of net financial debt	Cost of net financial debt June 30, 2020 (6 months) 48	Cost of net financial debt June 30, 2019 (6 months) (15)	Cost of net financial debt December 31, 2019 (12 months) 25
Capital losses (gains) on disposal of assets (before tax)	Capital losses (gains) on disposal of assets (before tax) June 30, 2020 (6 months) (5)	Capital losses (gains) on disposal of assets (before tax) June 30, 2019 (6 months) (18)	Capital losses (gains) on disposal of assets (before tax) December 31, 2019 (12 months) (20)
Depreciation, amortization and impairment loss	Depreciation, amortization and impairment loss June 30, 2020 (6 months) 674	Depreciation, amortization and impairment loss June 30, 2019 (6 months) 413	Depreciation, amortization and impairment loss December 31, 2019 (12 months) 999
Share-based compensation	Share-based compensation June 30, 2020 (6 months) 28	Share-based compensation June 30, 2019 (6 months) 37	Share-based compensation December 31, 2019 (12 months) 49
Other non-cash income and expenses	Other non-cash income and expenses June 30, 2020 (6 months) 47	Other non-cash income and expenses June 30, 2019 (6 months) 21	Other non-cash income and expenses December 31, 2019 (12 months) 88
Share of profit of associates	Share of profit of associates June 30, 2020 (6 months) 2	Share of profit of associates June 30, 2019 (6 months) 5	Share of profit of associates December 31, 2019 (12 months) 5
Dividends received from associates	Dividends received from associates June 30, 2020 (6 months) 2	Dividends received from associates June 30, 2019 (6 months) 2	Dividends received from associates December 31, 2019 (12 months) 2
Taxes paid	Taxes paid June 30, 2020 (6 months) (74)	Taxes paid June 30, 2019 (6 months) (190)	Taxes paid December 31, 2019 (12 months) (349)
Change in working capital requirements⁽¹⁾	Change in working capital requirements ⁽¹⁾ June 30, 2020 (6 months) (853)	Change in working capital requirements ⁽¹⁾ June 30, 2019 (6 months) (826)	Change in working capital requirements ⁽¹⁾ December 31, 2019 (12 months) 394
Net cash flows generated by (used in) operating activities (I)	Net cash flows generated by (used in) operating activities (I) June 30, 2020 (6 months) 31	Net cash flows generated by (used in) operating activities (I) June 30, 2019 (6 months) (89)	Net cash flows generated by (used in) operating activities (I) December 31, 2019 (12 months) 2,342
Cash flow from investing activities
Purchases of property, plant and equipment and intangible assets	Purchases of property, plant and equipment and intangible assets June 30, 2020 (6 months) (83)	Purchases of property, plant and equipment and intangible assets June 30, 2019 (6 months) (68)	Purchases of property, plant and equipment and intangible assets December 31, 2019 (12 months) (232)
Disposals of property, plant and equipment and intangible assets	Disposals of property, plant and equipment and intangible assets June 30, 2020 (6 months) 10	Disposals of property, plant and equipment and intangible assets June 30, 2019 (6 months) 3	Disposals of property, plant and equipment and intangible assets December 31, 2019 (12 months) 7
Purchases of investments and other financial assets, net	Purchases of investments and other financial assets, net June 30, 2020 (6 months) (7)	Purchases of investments and other financial assets, net June 30, 2019 (6 months) 12	Purchases of investments and other financial assets, net December 31, 2019 (12 months) 20
Acquisitions of subsidiaries	Acquisitions of subsidiaries June 30, 2020 (6 months) (37)	Acquisitions of subsidiaries June 30, 2019 (6 months) (117)	Acquisitions of subsidiaries December 31, 2019 (12 months) (4,143)
Disposals of subsidiaries	Disposals of subsidiaries June 30, 2020 (6 months) 2	Disposals of subsidiaries June 30, 2019 (6 months) 87	Disposals of subsidiaries December 31, 2019 (12 months) 88
Net cash flows generated by (used in) investing activities (II)	Net cash flows generated by (used in) investing activities (II) June 30, 2020 (6 months) (115)	Net cash flows generated by (used in) investing activities (II) June 30, 2019 (6 months) (83)	Net cash flows generated by (used in) investing activities (II) December 31, 2019 (12 months) (4,260)
Cash flow from financing activities
Dividends paid to holders of the parent company	Dividends paid to holders of the parent company June 30, 2020 (6 months) -	Dividends paid to holders of the parent company June 30, 2019 (6 months) -	Dividends paid to holders of the parent company December 31, 2019 (12 months) (285)
Dividends paid to non-controlling interests	Dividends paid to non-controlling interests June 30, 2020 (6 months) (4)	Dividends paid to non-controlling interests June 30, 2019 (6 months) (8)	Dividends paid to non-controlling interests December 31, 2019 (12 months) (12)
Proceeds from borrowings⁽²⁾	Proceeds from borrowings ⁽²⁾ June 30, 2020 (6 months) 2,091	Proceeds from borrowings ⁽²⁾ June 30, 2019 (6 months) 2,257	Proceeds from borrowings ⁽²⁾ December 31, 2019 (12 months) 3,413
Repayment of borrowings⁽²⁾	Repayment of borrowings ⁽²⁾ June 30, 2020 (6 months) (1,436)	Repayment of borrowings ⁽²⁾ June 30, 2019 (6 months) (324)	Repayment of borrowings ⁽²⁾ December 31, 2019 (12 months) (485)
Repayment of lease liabilities	Repayment of lease liabilities June 30, 2020 (6 months) (194)	Repayment of lease liabilities June 30, 2019 (6 months) (184)	Repayment of lease liabilities December 31, 2019 (12 months) (403)
Interest paid on lease liabilities	Interest paid on lease liabilities June 30, 2020 (6 months) (40)	Interest paid on lease liabilities June 30, 2019 (6 months) (30)	Interest paid on lease liabilities December 31, 2019 (12 months) (77)
Interest paid	Interest paid June 30, 2020 (6 months) (106)	Interest paid June 30, 2019 (6 months) (45)	Interest paid December 31, 2019 (12 months) (96)
Interest received	Interest received June 30, 2020 (6 months) 25	Interest received June 30, 2019 (6 months) 78	Interest received December 31, 2019 (12 months) 107
Buy-out of non-controlling interests	Buy-out of non-controlling interests June 30, 2020 (6 months) -	Buy-out of non-controlling interests June 30, 2019 (6 months) (35)	Buy-out of non-controlling interests December 31, 2019 (12 months) (40)
Net (buybacks)/sales of treasury shares and warrants	Net (buybacks)/sales of treasury shares and warrants June 30, 2020 (6 months) 3	Net (buybacks)/sales of treasury shares and warrants June 30, 2019 (6 months) (2)	Net (buybacks)/sales of treasury shares and warrants December 31, 2019 (12 months) 7
Net cash flows generated by (used in) financing activities (III)	Net cash flows generated by (used in) financing activities (III) June 30, 2020 (6 months) 339	Net cash flows generated by (used in) financing activities (III) June 30, 2019 (6 months) 1,707	Net cash flows generated by (used in) financing activities (III) December 31, 2019 (12 months) 2,129
Impact of exchange rate fluctuations (IV)	Impact of exchange rate fluctuations (IV) June 30, 2020 (6 months) 75	Impact of exchange rate fluctuations (IV) June 30, 2019 (6 months) 2	Impact of exchange rate fluctuations (IV) December 31, 2019 (12 months) 4
Change in consolidated cash and cash equivalents (I + II + III + IV)	Change in consolidated cash and cash equivalents (I + II + III + IV) June 30, 2020 (6 months) 330	Change in consolidated cash and cash equivalents (I + II + III + IV) June 30, 2019 (6 months) 1,537	Change in consolidated cash and cash equivalents (I + II + III + IV) December 31, 2019 (12 months) 215
Cash and cash equivalents on January 1	Cash and cash equivalents on January 1 June 30, 2020 (6 months) 3,413	Cash and cash equivalents on January 1 June 30, 2019 (6 months) 3,206	Cash and cash equivalents on January 1 December 31, 2019 (12 months) 3,206
Bank overdrafts on January 1	Bank overdrafts on January 1 June 30, 2020 (6 months) (6)	Bank overdrafts on January 1 June 30, 2019 (6 months) (14)	Bank overdrafts on January 1 December 31, 2019 (12 months) (14)
Net cash and cash equivalents at beginning of year (V)	Net cash and cash equivalents at beginning of year (V) June 30, 2020 (6 months) 3,407	Net cash and cash equivalents at beginning of year (V) June 30, 2019 (6 months) 3,192	Net cash and cash equivalents at beginning of year (V) December 31, 2019 (12 months) 3,192
Cash and cash equivalents at closing date	Cash and cash equivalents at closing date June 30, 2020 (6 months) 3,743	Cash and cash equivalents at closing date June 30, 2019 (6 months) 4,744	Cash and cash equivalents at closing date December 31, 2019 (12 months) 3,413
Bank overdrafts at closing date	Bank overdrafts at closing date June 30, 2020 (6 months) (6)	Bank overdrafts at closing date June 30, 2019 (6 months) (15)	Bank overdrafts at closing date December 31, 2019 (12 months) (6)
Net cash and cash equivalents at end of the year (VI)	Net cash and cash equivalents at end of the year (VI) June 30, 2020 (6 months) 3,737	Net cash and cash equivalents at end of the year (VI) June 30, 2019 (6 months) 4,729	Net cash and cash equivalents at end of the year (VI) December 31, 2019 (12 months) 3,407
Change in consolidated cash and cash equivalents (VI - V)	Change in consolidated cash and cash equivalents (VI - V) June 30, 2020 (6 months) 330	Change in consolidated cash and cash equivalents (VI - V) June 30, 2019 (6 months) 1,537	Change in consolidated cash and cash equivalents (VI - V) December 31, 2019 (12 months) 215
(1) Breakdown of change in working capital requirements.
Change in inventory and work in progress	Change in inventory and work in progress June 30, 2020 (6 months) 67	Change in inventory and work in progress June 30, 2019 (6 months) (51)	Change in inventory and work in progress December 31, 2019 (12 months) (14)
Change in trade receivables and other receivables	Change in trade receivables and other receivables June 30, 2020 (6 months) 2, 605	Change in trade receivables and other receivables June 30, 2019 (6 months) 390	Change in trade receivables and other receivables December 31, 2019 (12 months) (529)
Change in accounts payable, other payables and provisions	Change in accounts payable, other payables and provisions June 30, 2020 (6 months) (3,525)	Change in accounts payable, other payables and provisions June 30, 2019 (6 months) (1,165)	Change in accounts payable, other payables and provisions December 31, 2019 (12 months) 937
Change in working capital requirements	Change in working capital requirements June 30, 2020 (6 months) (853)	Change in working capital requirements June 30, 2019 (6 months) (826)	Change in working capital requirements December 31, 2019 (12 months) 394