Repsol, S.A and investees comprising the Repsol Group
Consolidated cash flows statements for the years ended
December 31, 2016 and 2015

Cash flow statements
€ Million    

Note
2.1
2015 2016
Net income before tax -
(2,352) 1,871
Adjustments to net income: -
6,081 2,547
   Depreciation and amortization of non-current assests 6 and 7 3,124 2,529
   Other adjustments to results (net) -
2,957 18
Changes in working capital -
1,370 (517)
Other cash flows from operating activities: -
(163) (11)
   Dividens received 8 363 920
   Income tax received / (paid) -
(128) (264)
   Other proceeds from / (payments for) operating activities -
(398) (667)
Cash flow from operating activities 25 4,936 3,890
Payments for investing activities: 4, 6 and 7 (12,232) (3,649)
   Group companies and associates -
(8,974) (842)
   Property, plant and equipment, intagible assests and investment property -
(2,991) (2,003)
   Other financial assests -
(267) (804)
Proceeds of divestments: 4 2,778 4,056
   Group companies and associates -
894 3,090
   Property, plant and equipment, intagible assests and investment property -
352 813
   Other financial assests -
1,532 153
Other cash flows -
494 (16)
Cash flow from investing activities - (8,960) 391
Proceeds from/ (payments for) equity instruments 13 861 (92)
   Issues -
996 23
   Redemption -
- (23)
   Adquisition -
(318) (103)
   Disposal -
183 11
Proceeds from/ (payments for) financial instruments 15 1,255 (910)
   Issues -
12,244 12,712
   Repayment and redemption -
(10,989) (13,622)
Dividend payments and remuneration on other equity instruments 13 and 24 (488) (420)
Other cash flows from financinf activities -
147 (631)
   Interes payments -
(682) (591)
   Other proceeds from / (payments for) financing activities -
829 (40)
Cash flow from financing activities - 1,775 (2,053)
Effect of changes in exchange rates - 59 11
Net increase / (decrease) in cash and cash equivalents - (2,190) 2,239
Cash and cash equivalents at the beginning of the year 10 4,638 2,448
Cash and cash equivalents at the year-end 10 2,448 4,687
COMPONENTS OF CASH AND CASH EQUIVALENTS AT YEAR-END - 31/12/2015 31/12/2016
   Cash at bank and in hand -
2,311 3,207
   Other financial assets -
137 1,480
TOTAL CASH AND CASH EQUIVALENTS AT YEAR-END - 2,448 4,687

Notes 1 to 34 are an integral part of the consolidated cash flow statement.