Fiscal 2020 Universal Registration Document

3.1.4 Consolidated cash flow statement

(in millions of euro)	NOTES	FISCAL 2020	FISCAL 2019
Operating profit		Operating profit FISCAL 2020 65	Operating profit FISCAL 2019 1,059
Elimination of non-cash and non-operating items
Depreciation, amortization and impairment of intangible assets and property, plant and equipment⁽¹⁾		Depreciation, amortization and impairment of intangible assets and property, plant and equipment ⁽¹⁾ FISCAL 2020 896	Depreciation, amortization and impairment of intangible assets and property, plant and equipment ⁽¹⁾ FISCAL 2019 365
Provisions		Provisions FISCAL 2020 122	Provisions FISCAL 2019 (39)
Disposal (gains) losses and other non-cash items		Disposal (gains) losses and other non-cash items FISCAL 2020 59	Disposal (gains) losses and other non-cash items FISCAL 2019 35
Dividends received from companies consolidated by the equity method	Dividends received from companies consolidated by the equity method NOTES 8	Dividends received from companies consolidated by the equity method FISCAL 2020 4	Dividends received from companies consolidated by the equity method FISCAL 2019 10
Interest paid⁽²⁾		Interest paid ⁽²⁾ FISCAL 2020 (291)	Interest paid ⁽²⁾ FISCAL 2019 (129)
Interests paid on lease liabilities		Interests paid on lease liabilities FISCAL 2020 (25)	Interests paid on lease liabilities FISCAL 2019 -
Interest received		Interest received FISCAL 2020 43	Interest received FISCAL 2019 42
Income tax paid		Income tax paid FISCAL 2020 (202)	Income tax paid FISCAL 2019 (204)
Operating cash flow		Operating cash flow FISCAL 2020 670	Operating cash flow FISCAL 2019 1,139
Change in inventories		Change in inventories FISCAL 2020 21	Change in inventories FISCAL 2019 (3)
Change in trade and other receivables		Change in trade and other receivables FISCAL 2020 317	Change in trade and other receivables FISCAL 2019 (384)
Change in trade and other payables		Change in trade and other payables FISCAL 2020 (625)	Change in trade and other payables FISCAL 2019 406
Change in vouchers payable		Change in vouchers payable FISCAL 2020 343	Change in vouchers payable FISCAL 2019 164
Change in financial assets related to the Benefits & Rewards Services activity		Change in financial assets related to the Benefits & Rewards Services activity FISCAL 2020 (93)	Change in financial assets related to the Benefits & Rewards Services activity FISCAL 2019 (53)
Change in working capital from operating activities		Change in working capital from operating activities FISCAL 2020 (38)	Change in working capital from operating activities FISCAL 2019 129
NET CASH PROVIDED BY OPERATING ACTIVITIES		NET CASH PROVIDED BY OPERATING ACTIVITIES FISCAL 2020 632	NET CASH PROVIDED BY OPERATING ACTIVITIES FISCAL 2019 1,268
Acquisitions of property, plant and equipment and intangible assets		Acquisitions of property, plant and equipment and intangible assets FISCAL 2020 (398)	Acquisitions of property, plant and equipment and intangible assets FISCAL 2019 (400)
Disposals of property, plant and equipment and intangible assets		Disposals of property, plant and equipment and intangible assets FISCAL 2020 17	Disposals of property, plant and equipment and intangible assets FISCAL 2019 17
Change in client investments	Change in client investments NOTES 4.4	Change in client investments FISCAL 2020 (12)	Change in client investments FISCAL 2019 (31)
Change in financial assets and share of companies consolidated by the equity method		Change in financial assets and share of companies consolidated by the equity method FISCAL 2020 (20)	Change in financial assets and share of companies consolidated by the equity method FISCAL 2019 (94)
Acquisitions of subsidiaries	Acquisitions of subsidiaries NOTES 3.1	Acquisitions of subsidiaries FISCAL 2020 (20)	Acquisitions of subsidiaries FISCAL 2019 (308)
Disposals of subsidiaries		Disposals of subsidiaries FISCAL 2020 3	Disposals of subsidiaries FISCAL 2019 7
NET CASH USED IN INVESTING ACTIVITIES		NET CASH USED IN INVESTING ACTIVITIES FISCAL 2020 (430)	NET CASH USED IN INVESTING ACTIVITIES FISCAL 2019 (809)
Dividends paid to Parent company shareholders	Dividends paid to Parent company shareholders NOTES 11.1	Dividends paid to Parent company shareholders FISCAL 2020 (425)	Dividends paid to Parent company shareholders FISCAL 2019 (403)
Dividends paid to non-controlling shareholders of consolidated companies		Dividends paid to non-controlling shareholders of consolidated companies FISCAL 2020 (10)	Dividends paid to non-controlling shareholders of consolidated companies FISCAL 2019 (19)
Purchases of treasury shares	Purchases of treasury shares NOTES 11.1	Purchases of treasury shares FISCAL 2020 (39)	Purchases of treasury shares FISCAL 2019 (11)
Sales of treasury shares		Sales of treasury shares FISCAL 2020 -	Sales of treasury shares FISCAL 2019 4
Increase in share capital		Increase in share capital FISCAL 2020 -	Increase in share capital FISCAL 2019 1
Change in non-controlling interests		Change in non-controlling interests FISCAL 2020 (22)	Change in non-controlling interests FISCAL 2019 (1)
Proceeds from borrowings	Proceeds from borrowings NOTES 12.4	Proceeds from borrowings FISCAL 2020 3,265	Proceeds from borrowings FISCAL 2019 278
Repayment of borrowings	Repayment of borrowings NOTES 12.4	Repayment of borrowings FISCAL 2020 (2,310)	Repayment of borrowings FISCAL 2019 (257)
Repayments of lease liabilities		Repayments of lease liabilities FISCAL 2020 (260)	Repayments of lease liabilities FISCAL 2019 -
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES		NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES FISCAL 2020 198	NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES FISCAL 2019 (408)
NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH		NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH FISCAL 2020 (123)	NET EFFECT OF EXCHANGE RATES AND OTHER EFFECTS ON CASH FISCAL 2019 58
CHANGE IN NET CASH AND CASH EQUIVALENTS		CHANGE IN NET CASH AND CASH EQUIVALENTS FISCAL 2020 275	CHANGE IN NET CASH AND CASH EQUIVALENTS FISCAL 2019 109
NET CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		NET CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR FISCAL 2020 1,746	NET CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR FISCAL 2019 1,638
NET CASH AND CASH EQUIVALENTS, END OF YEAR	NET CASH AND CASH EQUIVALENTS, END OF YEAR NOTES 12.2	NET CASH AND CASH EQUIVALENTS, END OF YEAR FISCAL 2020 2,021	NET CASH AND CASH EQUIVALENTS, END OF YEAR FISCAL 2019 1,746

(1) Including 278 million euro corresponding to the depreciation and impairment of the right-of-use assets recognized in Fiscal 2020 pursuant to IFRS 16.
(2) Including 150 million euro indemnity due to anticipated refund of USPP (note 12.4.3.3).