101

Tangible fixed assets, intangible assets and long-term financial investments in Associated Companies (Breakdown by Business Segments) (Millions of euros)

Statement of Cash Flows for the Year (Ended December 31) (Millions of euros)

2015 2014 (Restated)*

2013 2012 2011

Trading 1 - -

Corporation 26 57 11 7 8

Exploration and Production 543 2,643 386 247 429

Refining 177 153 187 371 214

Marketing 104 85

Petrochemicals 172 265 184 86 53

Technology, Gas and Power 28 3 159 23 38

Total investments 1,052 3,206 926 734 742

Cash Flows from Operating Activities 2015 2014 (Restated)*

2013 2012 2011

Cash flows from operating activities (before changes in working capital)

876 887 951 1,525 1,392

Changes in operating working capital 783 549 661 (618) (273)

Total cash flows from operating activities 1,659 1,436 1,612 907 1,119

Cash flows used in investing activities

Capital expenditure (1,151) (3,178) (892) (761) (727)

Capital grants received - 1 2 3 6

Proceeds from asset sales 255 130 353 49 22

Investments due to changes in the Group

Total cash flows used in investing activities (896) (3,047) (537) (709) (699)

Cash flows from financing activities

Changes in short or long term loans (590) 978 (169) 595 369

Cash dividend paid (339) (314) (374) (337) (306)

Total cash flows (used in)/from financing activities (929) 664 (543) 258 63

Total net increase/(decrease) in cash and cash equivalents (165) (947) 532 456 483

ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015

* Financial year 2014 has been restated for comparison purposes with financial year 2015.