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4
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows
(in millions of euros)
Note
Year ended December 31,
2014
2013
(a)
Operating activities
EBIT
4
736
637
Adjustments
23
447
557
Content investments, net
19
(148)
Gross cash provided by operating activities before income tax paid
1,202
1,046
Other changes in net working capital
15
(123)
36
Net cash provided by operating activities before income tax paid
1,079
1,082
Income tax (paid)/collected, net
6.3
280
205
Net cash provided by operating activities of continuing operations
1,359
1,287
Net cash provided by operating activities of discontinued operations
3
2,234
3,953
Net cash provided by operating activities
3,593
5,240
Investing activities
Capital expenditures
2
(249)
(278)
Purchases of consolidated companies, after acquired cash
(100)
(42)
Investments in equity affiliates
13
(87)
-
Increase in financial assets
14
(1,057)
(65)
Investments
(1,493)
(385)
Proceeds from sales of property, plant, equipment and intangible assets
2
6
33
Proceeds from sales of consolidated companies, after divested cash
3
16,929
2,739
Disposal of equity affiliates
13
-
8
Decrease in financial assets
14
878
724
Divestitures
17,813
3,504
Dividends received from equity affiliates
4
3
Dividends received from unconsolidated companies
2
54
Net cash provided by/(used for) investing activities of continuing operations
16,326
3,176
Net cash provided by/(used for) investing activities of discontinued operations
3
(2,034)
(4,363)
Net cash provided by/(used for) investing activities
14,292
(1,187)
Please refer to the next page for the end of this table.
200
Annual Report 2014