Net income before minority interests

Share of profits of associates

Amortization and provisions ⁽¹⁾

Net impact of capitalization of research & development costs

Income taxes (current and deferred)

Income taxes paid

Unrealized financial gains and losses

Share-based payment transactions

Gains (losses) on sales of assets

OPERATING CASH FLOW

Trade receivables

Trade payables

Other receivables and other liabilities

Change in working capital requirement

NET CASH FROM OPERATING ACTIVITIES

Purchase of intangibles assets

Purchase of property, plant and equipment

Proceeds from the sale of assets

Acquisitions de subsidiaries, net of cash acquired

Other investment operations

NET CASH USED FOR INVESTING ACTIVITIES

Purchase of intangible assets

Repayment of borrowings ⁽¹⁾

Proceeds from issue of shares

Purchase and proceeds from disposal of treasury shares

Dividends paid

NET CASH USED FROM FINANCING ACTIVITIES

Effect of exchange rate changes on cash and cash equivalents

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

Opening cash position

Closing cash position

NET CHANGE IN CASH AND CASH EQUIVALENTS