Spanish 
English CONSOLIDATED CASH FLOW STATEMENTS
Produced in the periods 2017 and 2016 (Thousands of euros)
| Note | 31.12.2017 | 31.12.2016 | |
| 1. OPERATING ACTIVITIES | |||
| Consolidated profit (loss) before tax: | 72.997 | 44.358 | |
|
Adjustments: Depreciation of tangible and amortisation of intangible assets (+) |
7 and 8 | 123.085 | 114.171 |
| Impairment (profits) / losses (net) (+/-) | 6, 7 y 8 | (9.005) | 2.685 |
| Allocations for provisions (net) (+/-) | 17 | (4.216) | (4.163) |
| Gains/Losses on the sale of tangible and intangible assets (+/-) | 7, 8 y 24.1 | (30.148) | (41.526) |
| Gains/Losses on investments valued using the equity method (+/-) | 9 | 349 | (119) |
| Financial income (-) | 24.2 | (2.995) | (3.310) |
| Financial expenses and variation in fair value of financial instruments (+) | 24.6 | 76.754 | 71.869 |
| Net exchange differences (Income/(Expense)) | 6.360 | 3.561 | |
| Profit (loss) on disposal of financial investments | 25.5 | 1.927 | (9.856) |
| Other non-monetary items (+/-) | 10.036 | 19.692 | |
| Adjusted profit (loss) | 245.144 | 197.362 | |
|
Net variation in assets / liabilities: (Increase)/Decrease in inventories |
61 | (290) | |
| (Increase)/Decrease in trade debtors and other accounts receivable | 10.405 | 28.622 | |
| (Increase)/Decrease in other current assets | 6.072 | 13.960 | |
| (Increase/(Decrease) in trade payables | (3.088) | (24.586) | |
| Increase/(Decrease) in other current liabilities | (196) | (23.478) | |
| Increase/(Decrease) in provisions for contingencies and expenses | (7.196) | (7.710) | |
| (Increase)/Decrease in non-current assets | 748 | 291 | |
| Increase/(Decrease) in non-current liabilities | (412) | 5.784 | |
| Income tax paid | (21.903) | (13.381) | |
| Total net cash flow from operating activities (I) | 229.635 | 176.574 | |
| 2. INVESTMENT ACTIVITIES | |||
| Finance income | 1.345 | 2.013 | |
|
Investments (-): Group companies, joint ventures and associates |
(22.269) | (5.597) | |
| Tangible and intangible assets and investments in property | (81.750) | (139.392) | |
| (104.019) | (144.989) | ||
|
Disinvestment (+): Group companies, joint ventures and associates |
62 | - | |
| Tangible and intangible assets and investments in property | 60.301 | 88.590 | |
| Non-current financial investments | - | 30.723 | |
| 60.363 | 119.313 | ||
| Total net cash flow from investment activities (II) | (42.311) | (23.663) | |
| 3. FINANCING ACTIVITIES | |||
| Dividends paid out (-) | 14.1 y 14.4 | (18.552) | (1.056) |
| Interest paid on debts (-) | (67.781) | (53.926) | |
| Interest paid on means of payment | (16.317) | (14.472) | |
| Interest paid on funding and other interest | (51.464) | (39.454) | |
| Variations in (+/-): | |||
| Equity instruments | |||
| - Treasury shares | - | (2.422) | |
| Debt instruments: | |||
| - Bonds and other tradable securities + | 15 | - | 285.000 |
| - Bonds and other tradable securities - | 15 | (135.000) | - |
| - Loans from credit institutions (+) | - | 28.217 | |
| - DLoans from credit institutions (-) | 15 | (21.772) | (349.874) |
| - Other financial liabilities (+/-) | (681) | (372) | |
| Total net cash flow from financing activities (III) | (243.786) | (94.433) | |
| 4. GROSS INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III) | (56.462) | 58.478 | |
| 5. Effect of exchange rate variations on cash and cash equivalents (IV) | - | 591 | |
| 6. Effect of variations in the scope of consolidation (V) | (22) | (35) | |
| 7. NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III+IV+VI) | (56.484) | 59.034 | |
| 8. Cash and cash equivalents at the start of the financial year | 136.733 | 77.699 | |
| 9. Cash and cash equivalents at the end of the financial year (7+8) | 80.249 | 136.733 |
Notes 1 to 30 described in the consolidated Record and Appendices I/II form an integral part of the statement of changes in consolidated assets for the year 2017.
The statement of changes in consolidated assets for the year 2016 is only presented for comparative purposes.
