(€ million) | 31/12/2017 | 31/12/2016 |
---|---|---|
Earnings before taxes | 3,686 | 3,115 |
Changes in non-cash items | 11,977 | 14,569 |
Change in the provisions for unearned premiums and for unexpired risks for non-life segment | 86 | 63 |
Change in the provisions for outstanding claims and other insurance provisions for non-life segment | 211 | 99 |
Change in the mathematical provisions and other insurance provisions for life segment | 16,727 | 16,108 |
Change in deferred acquisition costs | -30 | -74 |
Change in other provisions | 193 | 154 |
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures | -3,259 | 351 |
Other changes | -1,951 | -2,132 |
Change in receivables and payables from operating activities | 947 | 342 |
Change in receivables and payables arising out of direct insurance and reinsurance operations | -13 | -660 |
Change in other receivables and payables | 960 | 1,001 |
Income taxes paid | -1,109 | -720 |
Net cash flows from cash items related to investing or financing activities | 930 | 2,683 |
Financial liabilities related to investment contracts | 13 | 458 |
Payables to banks and customers | 788 | 2,262 |
Loans and receivables from banks and customers | 129 | -38 |
Other financial instruments at fair value through profit or loss | 0 | 0 |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 16,431 | 19,988 |
Net cash flows from investment properties | -322 | -67 |
Net cash flows from investments in subsidiaries, associated companies and joint ventures(***) | 26 | 36 |
Net cash flows from loans and receivables | 3,425 | 4,663 |
Net cash flows from held to maturity investments | -206 | -295 |
Net cash flows from available for sale financial assets | -12,422 | -21,915 |
Net cash flows from tangible and intangible assets | 414 | -557 |
Net cash flows from other investing activities | -6,207 | 1,324 |
CASH FLOW FROM INVESTING ACTIVITIES | -15,292 | -16,812 |
Net cash flows from shareholders' equity attributable to the Group | 0 | 0 |
Net cash flows from own shares | 0 | 0 |
Dividends payment | -1,249 | -1,123 |
Net cash flows from shareholders' equity attributable to minority interests(****) | -114 | -93 |
Net cash flows from subordinated liabilities and other similar liabilities | -709 | -362 |
Net cash flows from other financial liabilities | 295 | -2,836 |
CASH FLOW FROM FINANCING ACTIVITIES | -1,778 | -4,413 |
Effect of exchange rate changes on cash and cash equivalents | -91 | -185 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD(*) | 7,374 | 8,612 |
CHANGES IN CASH AND CASH EQUIVALENTS | -638 | -1,238 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD(**) | 6,736 | 7,374 |
(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 7,464 million), liabilities to banks payables on demand (€ - 38 million) and bank overdrafts (€ -52 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 6,849 million), liabilities to banks payables on demand (€ -64 million), bank overdrafts (€ -49 million).
(***) Includes mainly proceeds arising from the disposal of the company in Guatemala (€ 21 million) and from some operations on minor holdings (€ 5 million).
(****)It refers entirely to dividends attributable to minority interests.