Consolidated Cash Flow Statement
in millions of euros
1999
Cash flow from operating activities
Operating profit 799.4
Earnings of non-consolidated
participations 50.6
Depreciation and value adjustments 427.6
Changes in provisions -26.7
Working capital changes -46.0
Cash flow from operations
Interest paid and received
Taxation paid on profit
Cash flow from operating activities
Dividends paid -112.3
Cash dividend on recapitalization
Cash flow from operating activities
less dividends paid
1,204.9
-42.0
-227.3
935.6
112.3
823.3
1998
659.2
43.8
372.9
-21.7
47.8
-98.7
-15.8
1,102.0
-11.3
-208.7
882.0
-114.5
767.5
Cash flow from investing activities
Tangible fixed assets
Consolidated participations
Non-consolidated participations
Other financial fixed assets
Cash flow from financing activities
Long-term borrowings
Repayment of long-term debts
Investment facilities
-440.6
-55.3
-33.5
2.1
82.6
-96.9
1.2
-527.3
-373.6
-139.5
-205.5
-9.0
133.8
-54.5
0.4
727.6
13.1
79.7
Net cash flow
Other movements in funds:
Changes in the consolidation
Changes in exchange rates
Movement in balance offunds
282.9
-73.7
10.7
219.9
119,6
4.1
-27.5
96.2
The balance of funds consists of:
Cash at bank and in hand
Securities
Indebtedness to credit institutions
Position on December 31
1,165.0
42.4
-216.4
991.0
899.5
48.5
176.9
771.1
48
