Repsol, S.A. and investees comprising the Repsol Group
Statement of cash flows corresponding
to the years ending December 31, 2018 and 2017

    € Million
  Note 2017 2018
Net income before tax   3,107 3,333
Adjusted result:   2,146 2,360
Amortisation of non-current assets 11 y 12 2,399 2,140
Other adjustments to net profit/(losses)   (253) 220
Changes in working capital   (110) (389)
Other cash flows from/(used in) operating activities:   (30) (725)
Collections of dividends   511 472
Income tax receivable/(payable)   (320) (762)
Other receipts/(payments) of operating activities   (221) (435)
CASH FLOWS FROM OPERATING ACTIVITIES 26 5,113 4,579
Payments for investments: 4, 11 and 12 (3.094) (5.501)
Companies of the group and associates   (327) (807)
Property, plant and equipment, intangible assets and property investment   (2,300) (2,661)
Other financial assets   (467) (2,033)
Proceeds from divestments: 4 254 4,074
Companies of the group and associates   16 3,372
Property, plant and equipment, intangible assets and property investment   78 119
Other financial assets   160 583
Other cash flows   51 68
CASH FLOWS FROM INVESTMENT ACTIVITIES 26 (2,789) (1,359)
Proceeds and (payments) on equity instruments: 7 (293) (1,595)
Acquisition   (304) (1,808)
Disposal   11 213
Proceeds and (payments) on financial liability instruments: 8 (1,163) (796)
Issue   10,285 18,127
Return and amortization   (11,448) (18,923)
Payments on stockholder remuneration and other equity instruments 7 (332) (297)
Other cash flows from financing activities:   (573) (344)
Payments of interests   (537) (454)
Other receipts/(payments) of financing activities   (36) 110
CASH FLOWS FROM FINANCING ACTIVITIES 26 (2,361) (3,032)
 
EXCHANGE RATE FLUCTUATIONS EFFECT   (49) (3)
 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 26 (86) 185
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   4,687 4,601
CASH AND CASH EQUIVALENTS AT END OF PERIOD: 8 4,601 4,786
Cash and banks   3,753 4,124
Other financial assets   848 662
Notes 1 to 33 are an integral part of the consolidated cash flow statement