(in millions of euros) | 2019* | 2018 | |
Profit for the reporting period | 215 | 116 | |
Adjustments for: | |||
9 | Income tax | 21 | 65 |
15 | Results from investments accounted for using the equity method | -8 | -14 |
11,12,13 | Depreciation | 823 | 361 |
11,12,13 | Impairment losses and reversals | - | - |
26 | Net financing result | 51 | 14 |
Change in provisions | 102 | 18 | |
15.23 | Change in non-current financial assets (excluding deferred tax positions) | - | - |
Change in other non-current liabilities not resulting in cash flows | -41 | -31 | |
Change in deferred credits | -35 | -39 | |
913 | 374 | ||
Change in inventories | -14 | -8 | |
Change in trade and other receivables | -124 | -142 | |
Change in current liabilities | 225 | 629 | |
Movements in working capital | 87 | 479 | |
Financing burden paid | -60 | -17 | |
Income tax paid | -9 | -15 | |
-69 | -32 | ||
Net cash flow from operating activities | 1,146 | 937 | |
Finance income received | 14 | 5 | |
15 | Dividends from investments accounted for using the equity method | 10 | 14 |
Disposal (acquisition) of subsidiaries, net of cash disposed of (acquired) | - | - | |
11.13 | Acquisition of intangible assets and property, plant and equipment | -767 | -898 |
12 | Acquisition of investment properties | -2 | - |
Receipts (payments) from other investments | - | - | |
Acquisition of non-current financial assets, including investments | -36 | -33 | |
15.23 | Disposal of non-current financial assets, including investments | 12 | 30 |
11,12,13 | Disposal of intangible assets, property, plant and equipment and investment properties | 19 | 228 |
Net cash flow from investing activities | -750 | -654 | |
Net cash flow from operating and investing activities | 396 | 283 | |
25 | Repayment of borrowings | -454 | -431 |
25 | Repayment of lease liabilities | -420 | - |
25 | New borrowings | 400 | 504 |
Dividends paid | -37 | -8 | |
Net cash flow from financing activities | -511 | 65 | |
Net decrease/increase in cash and cash equivalents | -115 | 348 | |
Cash and cash equivalents as at 1 January | 906 | 565 | |
Effect of exchange and translation differences on cash held | 23 | -3 | |
Cash and cash equivalents classified as held for sale | 4 | -4 | |
Cash and cash equivalents as at 31 December | 818 | 906 | |
- * IFRS 16 was applied with effect from 1 January 2019, using the modified retrospective approach. The cumulative effect of the adoption of IFRS 16 is recognised as an adjustment in the opening balance, without restatement of comparative information as included in the general disclosures. Over the course of 2019, the application of IFRS 16 resulted in a shift from net cash flow from operating activities (approximately + €400 million) to net cash flow from financing activities (approximately - €400 million).