CHAPTER 8 Further information Economic, financial information

96

Consolidated Cash Flow Statements At 31 December 2015 and 2014 Compañía Española de Petróleos, S.A.U and Subsidiaries (Consolidated Group) (Thousands of euros)

Cash flows from operating activities 2015 2014 (Restated)*

Profit (losses) for the year before taxes (2,934,394) (381,375)

Depreciation and amortisation charge and impairment losses 4,394,281 1,073,358

Changes in provisions for contingencies and expenses 73,684 120,834

Grants related to assets and other deferred income (34,178) (26,017)

Impairment and gains or losses on disposals of financial instruments (316,595) (5,990)

Change in operating allowances (159,338) 491,565

Other changes 161,207 (47,267)

Cash flows from operating activities before change in operating working capital

1,184,667 1,225,108

Interest paid (81,899) (73,651)

Interest received 7,682 41,721

Dividends received 27,358 53,376

Income tax paid (262,232) (359,210)

Other cash flows from operating activities (309,091) (337,764)

Change in operating working capital 783,117 548,677

Total cash flows from operating activities 1,658,694 1,436,021

Cash flows from investing activities Payments

Intangible assets (41,224) (17,204)

Property, plant and equipment (1,030,539) (955,017)

Financial assets

Associates and other investments (61,503) (197,903)

Other financial assets (2,300) (42,575)

Acquisition of subsidiary, net of cash acquired (15,104) (1,965,031)

Grants received 107 646

Total payments (1,150,562) (3,177,084)

Collections

Intangible assets 3,302 19,977

Property, plant and equipment 23,652 44,141

Financial assets 228,041 65,956

Total collections 254,995 130,074

Total cash flows from investing activities (895,567) (3,047,010)

Restated adjustments have no effect on the Consolidated Cash Flow Statement. * Financial year 2014 has been restated for comparison purposes with financial year 2015.