Consolidated cash flow statement for 2016 (in millions of euros)20162015 Result for the period212118 Adjustments for: Income tax expenses4926 Results on investments in equity accounted investees-142-7011,13Depreciation319330 Impairment losses and reverals26- Net finance result923 Change in provisions-541615, 16Change in non current financial assets (including deferred tax positions)192-100 Change in other non cash, non-current liabilities5575 Change in deferred credits-23151 431451 Change in inventories-1-19 Change in trade and other receivables-171-160 Change in current liabilities excluding credit institutions45979 Changes working capital287-100 Interest paid-28-25 Income tax paid-11-3 -39-28 Net cash from operating activities891441 Interest received20914Dividends received and recognised using the equity method7247 Disposal of discontinued operation, net of cash- - 11, 13Acquisition of intangible assets and property, plant and equipment-784-53212Acquisition of investment properties-1-8 Receipts (payments) other investments270-47 Acquisition of non-current financial assets, including investments-23-4814, 15Disposal of non-current financial assets, including investments2395811, 13Disposal of intangible assets, property, plant and equipment and investment properties2312 Net cash flow from investing activities-184-509 Net cash flow from operating and investing activities707-68 Repayments of liabilities-899-57 Non-current liabilities taken out30058 Dividends paid-41-48 Net cash from financing activities-640-47 Net increase in cash and cash equivalents67-115 Cash and cash equivalents as at 1 January671775 Effect of exchange rate fluctuations on cash held511 Cash and cash equivalents classified as held for sale-34- Cash and cash equivalents as at 31 December709671