| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| Income before taxes of consolidated companies | Income before taxes of consolidated companies20195,983 | Income before taxes of consolidated companies2018473 | Income before taxes of consolidated companiesVariation5,510 | Income before taxes of consolidated companiesVariationn.a. |
| Income before taxes of continuing operations | Income before taxes of continuing operations2019(416) | Income before taxes of continuing operations2018(183) | Income before taxes of continuing operationsVariation(233) | Income before taxes of continuing operationsVariationn.a. |
| Income before taxes of consolidated companies | Income before taxes of consolidated companies20196,399 | Income before taxes of consolidated companies2018656 | Income before taxes of consolidated companiesVariation5,743 | Income before taxes of consolidated companiesVariationn.a . |
| (Impairment)/reversals | (Impairment)/reversals 2019403 | (Impairment)/reversals 2018290 | (Impairment)/reversals Variation113 | (Impairment)/reversals Variation+39.0 |
| Accumulated depreciation and amortisation, provisions and changes in fair value | Accumulated depreciation and amortisation, provisions and changes in fair value 20198,328 | Accumulated depreciation and amortisation, provisions and changes in fair value 201812,957 | Accumulated depreciation and amortisation, provisions and changes in fair value Variation(4,629) | Accumulated depreciation and amortisation, provisions and changes in fair value Variation-35.7 |
| Financial income and expenses | Financial income and expenses 201997 | Financial income and expenses 2018718 | Financial income and expenses Variation(621) | Financial income and expenses Variation-86.5 |
| Dividends received from associates and joint ventures | Dividends received from associates and joint ventures 2019349 | Dividends received from associates and joint ventures 2018387 | Dividends received from associates and joint ventures Variation(38) | Dividends received from associates and joint ventures Variation-9.8 |
| Capital gains/losses | Capital gains/losses 2019(508) | Capital gains/losses 2018(1,014) | Capital gains/losses Variation506 | Capital gains/losses Variation-49.9 |
| Change in working capital | Change in working capital 2019452 | Change in working capital 2018470 | Change in working capital Variation(18) | Change in working capital Variation-3.8 |
| Net cash flow from operations | Net cash flow from operations 201915,520 | Net cash flow from operations 201814,464 | Net cash flow from operations Variation1,056 | Net cash flow from operations Variation+7.3 |
| Net financial expenses disbursed | Net financial expenses disbursed 2019(798) | Net financial expenses disbursed 2018(1,048) | Net financial expenses disbursed Variation250 | Net financial expenses disbursed Variation-23.9 |
| Income taxes paid | Income taxes paid 2019(922) | Income taxes paid 2018(309) | Income taxes paid Variation(613) | Income taxes paid Variationn.a. |
| NET CASH FLOW FROM CONTINUING OPERATING ACTIVITIES | NET CASH FLOW FROM CONTINUING OPERATING ACTIVITIES201913,800 | NET CASH FLOW FROM CONTINUING OPERATING ACTIVITIES201813,107 | NET CASH FLOW FROM CONTINUING OPERATING ACTIVITIESVariation693 | NET CASH FLOW FROM CONTINUING OPERATING ACTIVITIESVariation+5.3 |
| NET CASH FLOW FROM OPERATING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS | NET CASH FLOW FROM OPERATING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2019222 | NET CASH FLOW FROM OPERATING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2018257 | NET CASH FLOW FROM OPERATING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation(35) | NET CASH FLOW FROM OPERATING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation-13.6 |
| NET CASH FLOW FROM OPERATING ACTIVITIES | NET CASH FLOW FROM OPERATING ACTIVITIES201914,022 | NET CASH FLOW FROM OPERATING ACTIVITIES201813,364 | NET CASH FLOW FROM OPERATING ACTIVITIESVariation658 | NET CASH FLOW FROM OPERATING ACTIVITIESVariation+4.9 |
n.a : not applicable.
(1)The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019 (see note 2.1 to the 2019 consolidated financial statements).
(2)The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
The net cash flow from operating activities amounted to €14,022 million in 2019, up by €658 million from 2018.
This change primarily reflects a €1,056 million increase in the net cash flow from continuing operating activities, resulting from:
The net cash outflow for investing activities in 2019 amounted to €15,650 million, compared to €17,165 million in 2018. The following table sets forth the breakdown of the net cash flow used in investing activities between purchases and disposals of property, plant and equipment and intangible assets, acquisitions and disposals of companies net of cash acquired/transferred, and the change in financial assets:
| (in millions of euros) | 2019 | 2018 | Variation | Variation |
|---|---|---|---|---|
| Investments in intangible assets and property, plant and equipment | Investments in intangible assets and property, plant and equipment 2019(16,709) | Investments in intangible assets and property, plant and equipment 2018(16,016) | Investments in intangible assets and property, plant and equipment Variation(693) | Investments in intangible assets and property, plant and equipment Variation+4.3 |
| Net proceeds from sale of intangible assets and property, plant and equipment | Net proceeds from sale of intangible assets and property, plant and equipment 201994 | Net proceeds from sale of intangible assets and property, plant and equipment 2018577 | Net proceeds from sale of intangible assets and property, plant and equipment Variation(483) | Net proceeds from sale of intangible assets and property, plant and equipment Variation-83.7 |
| Net capex | Net capex2019(16,615) | Net capex2018(15,439) | Net capexVariation(1,176) | Net capexVariation+7.6 |
| Acquisitions of equity investments, net of cash acquired | Acquisitions of equity investments, net of cash acquired 2019(456) | Acquisitions of equity investments, net of cash acquired 2018(484) | Acquisitions of equity investments, net of cash acquired Variation28 | Acquisitions of equity investments, net of cash acquired Variation-5.8 |
| Disposals of equity investments, net of cash transferred | Disposals of equity investments, net of cash transferred 2019293 | Disposals of equity investments, net of cash transferred 20181,261 | Disposals of equity investments, net of cash transferred Variation(968) | Disposals of equity investments, net of cash transferred Variation-76.8 |
| Changes in financial assets | Changes in financial assets 20191,294 | Changes in financial assets 2018(2,367) | Changes in financial assets Variation3,661 | Changes in financial assets Variationn.a. |
| NET CASH FLOW FROM CONTINUING INVESTING ACTIVITIES | NET CASH FLOW FROM CONTINUING INVESTING ACTIVITIES2019(15,484) | NET CASH FLOW FROM CONTINUING INVESTING ACTIVITIES2018(17,029) | NET CASH FLOW FROM CONTINUING INVESTING ACTIVITIESVariation1,545 | NET CASH FLOW FROM CONTINUING INVESTING ACTIVITIESVariation-9.1 |
| NET CASH FLOW FROM INVESTING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS | NET CASH FLOW FROM INVESTING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2019(166) | NET CASH FLOW FROM INVESTING ACTIVITIES RELATING TO DISCONTINUED OPERATIONS2018(136) | NET CASH FLOW FROM INVESTING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation(30) | NET CASH FLOW FROM INVESTING ACTIVITIES RELATING TO DISCONTINUED OPERATIONSVariation+22.1 |
| NET CASH FLOW USED IN INVESTING ACTIVITIES | NET CASH FLOW USED IN INVESTING ACTIVITIES2019(15,650) | NET CASH FLOW USED IN INVESTING ACTIVITIES2018(17,165) | NET CASH FLOW USED IN INVESTING ACTIVITIESVariation1,515 | NET CASH FLOW USED IN INVESTING ACTIVITIESVariation-8.8 |
n.a: not applicable.
(1) The financial statements at 31 December 2019 apply IFRS 16 from 1 January 2019 (see note 2.1 to the 2019 consolidated financial statements).
(2) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
