Repsol, S.A. and investees comprising the Repsol Group Statement of cash flows corresponding to the years ending December 31, 2017 and 2016

Statement of cash flows

  € Million 

Note
2016 2017
Net income before tax

1,871 3,381
Adjustments to net income:

2,547 1,872
    Depreciation and amortization of non-current assets
10 and 11
2,529
2,399
    Other adjustments to income (net)

18 (527)
Changes in working capital

(517)
(110)
Other cash flows from/(used in) operating activities:

(11)
(30)
    Dividends received
12
920 511
    Income tax payments/(receipts)

(264)
(320)
    Other payments/(receipts) on operating activities

(667)
(221)
CASH FLOW FROM OPERATING ACTIVITIES
25 3,890
5,113
Payments for investing activities:
1.4, 10 and 11
(3,649)
(3,094)
    Group companies and associates

(842)
(327)
    Property, plant and equipment, intangible assets and investment property

(2,003)
(2,300)
    Other financial assets

(804)
(467)
Proceeds from divestments:
1.4 4,056
254
    Group companies and associates

3,090
16
    Property, plant and equipment, intangible assets and investment property

813
78
    Other financial assets

153
160
Other cash flows

(16)
51
CASH FLOW FROM INVESTING ACTIVITIES
25 391
(2,789)
Proceeds from/(payments for) equity instruments:
6 (92)
(293)
    Issues

23
-
    Depreciation
(23)
-
    Acquisition

(103)
(304)
    Disposal

11 11
Receipts/(payments) on financial liabilities
7 (910)
(1,163)
    Issues

12,712
10,285
    Return and redemption

(13,622)
(11,448)
Shareholder remuneration payments and other equity instruments
6 (420)
(332)
Other cash flows from financing activities:
(631)
(573)
    Interest payments

(591)
(537)
    Other proceeds from/(payments for) financing activities

(40)
(36)
CASH FLOWS FROM FINANCING ACTIVITIES
25 (2,053)
(2,361)
EFFECT OF CHANGES IN EXCHANGE RATES

11
(49)
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
2,239
(86)
CASH AND EQUIVALENTS AT THE BEGINNING OF THE YEAR
2,448
4,687
CASH AND EQUIVALENTS AT THE END OF THE YEAR 7 4,687
4,601
    Cash at banks and in hand
3,207
3,753
    Other financial assets

1,480 848

Notes 1 to 32 are an integral part of the consolidated cash flow statement.