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Consolidated Statement of Cash Flows

Millions of euroNotes
20162015
of which
with related
parties
of which
with related
parties
Income before taxes for the year5,7805,281
Adjustments for:
Depreciation, amortization and impairment losses8.d6,3557,612
Financial (income)/expense10-112,9872,456
Net income of equity investments accounting for using the equity method12154(52)
Changes in net working capital:662(1,249)
- inventories26413274
- trade receivables27(959)(21)(2,329)283
- trade payables371,14910(581)(248)
- other assets/liabilities59(81)1,387(6)
Accruals to provisions7721,137
Utilization of provisions(1,553)(1,243)
Interest income and other financial income collected10-111,544211,71515
Interest expense and other financial expense paid10-11(4,343)(39)(4,326)(29)
(Income)/Expense from measurement of commodity contracts(278)142
Income taxes paid13(1,959)(1,516)
(Gains)/Losses on disposals(274)(385)
Cash flows from operating activities (A)9,8479,572
Investments in property, plant and equipment15(7,927)(7,000)
Investments in intangible assets19(915)(762)
Investments in entities (or business units) less cash and cash equivalents acquired5(382)(78)
Disposals of entities (or business units) less cash and cash equivalents sold51,0321,350
(Increase)/Decrease in other investing activities10569
Cash flows from investing/disinvesting activities (B)(8,087)(6,421)
Financial debt (new long-term borrowing)332,3391,474
Financial debt (repayments and other net changes)33(4,049)(89)(5,015)(89)
Transactions in non-controlling interests32(257)456
Dividends and interim dividends paid32(2,507)(2,297)
Cash flows from financing activities (C)(4,474)(5,382)
Impact of exchange rate fluctuations on cash and cash equivalents (D)250(234)
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)(2,464)(2,465)
Cash and cash equivalents at beginning of the period (1)10,79013,255
Cash and cash equivalents at the end of the period (2)8,32610,790

(1) Of which cash and cash equivalents equal to €10,639 million at January 1, 2016 (€13,088 million at January 1, 2015), short-term securities equal to €1 million at January 1, 2016 (€140 million at January 1, 2015) and cash and cash equivalents pertaining to “Assets held for sale” equal to €150 million at January 1, 2016 (€27 million at January 1, 2015).
(2) Of which cash and cash equivalents equal to €8,290 million at December 31, 2016 (€10,639 million at December 31, 2015), short-term securities equalto €36 million at December 31, 2016 (€1 million at December 31, 2015) and cash and cash equivalents pertaining to “Assets held for sale” equal to €150 million at December 31, 2015.