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CONSOLIDATED STATEMENT OF CASH FLOWS At 31 December 2017 and 2016 Compañía Española de Petróleos, S.A.U and Subsidiaries (Consolidated Group) Thousands of euros

Cash flows from operating activities 2017 2016

Profit (losses) for the year before taxes 1,053,538 819,103

Depreciation and amortization charge and impairment losses 955,238 781,732

Changes in provisions for contingencies and expenses 7,186 56,200

Grants related to assets and other deferred income (Note 18) (30,196) (38,418)

Impairment and gains or losses on disposals of financial instruments (Notes 13 and 19) (8,160) 2,360

Change in operating allowances 9,381 (329,601)

Finance result 19,456 47,295

Share of profit of an associate and a joint venture (Note 7) (47,838) 58,597

Other changes (38,523) (31,706)

Cash flows from operating activities before change in operating working capital 1,920,082 1,365,562

Change in operating working capital (650,859) 212,387

Interest paid (73,463) (81,568)

Interest received 38,490 36,195

Dividends received (Note 7) 49,843 41,961

Income tax paid/received (192,496) (219,189)

Other cash flows from operating activities (177,626) (222,601)

Total cash flows from operating activities 1,091,597 1,355,348

Cash Flows from investing activities 2017 2016

Payments

Intangible assets (107,678) (28,534)

Property, plant and equipment (496,064) (549,239)

Financial assets

Associates and other investments (23,030) (4,824)

Other financial assets (68,689) (111,487)

Acquisition of subsidiary, net of cash acquired (19,491) (665)

Grants received 7 502

Total payments (714,945) (694,247)

COLLECTIONS

Intangible assets 487 2,603

Property, plant and equipment 4,439 19,330

Financial assets 101,609 519,684

Total collections 106,535 541,617

Total cash flows from investing activities (608,410) (152,630)

CHAPTER 6 Appendices