Annual report 2014

2014 Statutory Financial Statements

Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated

Financial Statements | Statutory Auditors’ Report on the Financial Statements |

Statutory Financial Statements

III.

Statement of Cash Flows

(in millions of euros)

2014

2013

Earnings/(losses) for the year

2,914.9

(4,857.6)

Elimination of non-cash income and expenses

Charges to depreciation and amortization

25.1

19.1

Charges to provisions net of (reversals)

Operating

2.3

5.9

Financial

315.4

5,750.8

Exceptional

(11,079.1)

(18.4)

Capital gains

7,094.3

2,640.6

Dividends received in assets

(2,562.5)

Other income and charges without cash impact

11.8

37.2

Operating cash flows before changes in working capital

(715.3)

1,015.1

Changes in working capital

(a)

399.9

97.3

Net cash provided by operating activities

(315.4)

1,112.4

Capital expenditure

(0.3)

(0.7)

Purchases of investments in affiliates and securities

(188.6)

Increase in loans to subsidiaries and affiliates

(57.6)

(32.3)

Cash deposits for litigations in the United States (escrow accounts)

(1,020.1)

Receivables related to the sale of non-current assets and other financial receivables

1.2

336.6

Proceeds from sales of intangible assets and PP&E

Proceeds from sales of investments in affiliates and securities

8,913.7

6,043.3

Decrease in loans to subsidiaries and affiliates

1,200.0

449.5

Increase in deferred charges relating to financial instruments

(4.0)

(8.6)

Net cash provided by/(used in) investing activities

9,032.9

6,599.2

Net proceeds from issuance of shares

196.9

193.3

Return of capital distribution

(1,347.7)

Dividends paid

(1,324.9)

New long-term borrowings secured

4,547.0

7,570.5

Principal payments on long-term borrowings

(b)

(11,765.6)

(10,799.0)

Increase (decrease) in short-term borrowings

(1,829.8)

(1,326.9)

Change in net current accounts

8,053.6

(1,770.9)

Treasury shares

(31.5)

0.6

Net cash provided by/(used in) financing activities

(2,177.1)

(7,457.3)

Change in cash

6,540.4

254.3

Opening net cash

(c)

310.3

56.0

Closing net cash (c)

6,850.7

310.3

(a)

See Note 5, Income Taxes.

(b)

See Note 17, Borrowings.

(c)

Cash and marketable securities net of impairment (excluding treasury shares).

300

Annual Report 2014