(in millions of euros) | 2020 | 2019 | |
Profit for the reporting period | -2,581 | 215 | |
Adjustments for: | |||
Income tax | 117 | 21 | |
Results from investments accounted for using the equity method | -2 | -8 | |
Depreciation | 909 | 823 | |
Impairment losses and reversals | 1,730 | - | |
Net financing result | 20 | 51 | |
Change in provisions | 606 | 102 | |
Change in non-current financial assets (excluding deferred tax positions) | - | - | |
Change in other non-current liabilities not resulting in cash flows | -56 | -41 | |
Change in deferred credits | -45 | -35 | |
3,279 | 913 | ||
Result after adjustments | 698 | 1,128 | |
Change in inventories | -10 | -14 | |
Change in trade and other receivables | 10 | -124 | |
Change in current liabilities | 273 | 225 | |
Movements in working capital | 273 | 87 | |
Financing burden paid | -56 | -60 | |
Income tax paid | -1 | -9 | |
-57 | -69 | ||
Net cash flow from operating activities | 914 | 1,146 | |
Finance income received | 2 | 14 | |
Dividends from investments accounted for using the equity method | 3 | 10 | |
Disposal (acquisition) of subsidiaries, net of cash disposed of (acquired) | - | - | |
Acquisition of intangible assets and property, plant and equipment | -548 | -767 | |
Acquisition of investment properties | - | -2 | |
Receipts (payments) from other investments | -34 | - | |
Acquisition of non-current financial assets, including investments | -42 | -36 | |
Disposal of non-current financial assets, including investments | 4 | 12 | |
Disposal of intangible assets, property, plant and equipment and investment properties | 13 | 19 | |
Net cash flow from investing activities | -602 | -750 | |
Net cash flow from operating and investing activities | 312 | 396 | |
Repayment of borrowings | -494 | -454 | |
Repayment of lease liabilities | -482 | -420 | |
New borrowings | 1,001 | 400 | |
Dividends paid | - | -37 | |
Net cash flow from financing activities | 25 | -511 | |
Net decrease/increase in cash and cash equivalents | 337 | -115 | |
Cash and cash equivalents as at 1 January | 818 | 906 | |
Effect of exchange and translation differences on cash held | -18 | 23 | |
Cash and cash equivalents classified as held for sale | - | 4 | |
Cash and cash equivalents as at 31 December | 1,137 | 818 | |