Statement of cash flow statement

Cash flow statement

(€ million)31/12/201831/12/2017
Earnings before taxes 3,450 3,511
Changes in non-cash items 12,498 12,021
Change in the provisions for unearned premiums and for unexpired risks for non-life segment 28 87
Change in the provisions for outstanding claims and other insurance provisions for non-life segment -109 219
Change in the mathematical provisions and other insurance provisions for life segment 6,114 16,031
Change in deferred acquisition costs -19 -30
Change in other provisions 110 175
Other non-cash expenses and revenues arising out of financial instruments, investment properties and investments in subsidiaries, associated companies and joint ventures 7,705 -3,026
Other changes -1,330 -1,435
Change in receivables and payables from operating activities -547 785
Change in receivables and payables arising out of direct insurance and reinsurance operations -390 -6
Change in other receivables and payables -157 791
Income taxes paid -1,102 -1,103
Net cash flows from cash items related to investing or financing activities 694 1,104
Financial liabilities related to investment contracts -54 187
Payables to banks and customers 866 788
Loans and receivables from banks and customers -118 129
Other financial instruments at fair value through profit or loss 0 0
NET CASH FLOWS FROM OPERATING ACTIVITIES 14,992 16,317
Net cash flows from investment properties -1,892 -313
Net cash flows from investments in subsidiaries, associated companies and joint ventures (***) 499 26
Net cash flows from loans and receivables 1,765 2,046
Net cash flows from held to maturity investments 119 -206
Net cash flows from available for sale financial assets -10,700 -11,395
Net cash flows from tangible and intangible assets -355 437
Net cash flows from other investing activities -1,789 -5,812
CASH FLOW FROM INVESTING ACTIVITIES -12,353 -15,217
Net cash flows from shareholders' equity attributable to the Group 0
Net cash flows from own shares 0 0
Dividends payment -1,249 -1,249
Net cash flows from shareholders' equity attributable to minority interests (****) -136 -114
Net cash flows from subordinated liabilities and other similar liabilities -245 -709
Net cash flows from other financial liabilities -785 441
CASH FLOW FROM FINANCING ACTIVITIES -2,415 -1,631
Effect of exchange rate changes on cash and cash equivalents 49 -86
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (*) 6,313 6,930
CHANGES IN CASH AND CASH EQUIVALENTS 272 -617
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (**) 6,585 6,313

(*) Cash and cash equivalents at the beginning of the period include cash and cash equivalents (€ 6,426 million), liabilities to banks payables on demand (€ - 64 million) and bank overdrafts (€ -49 million).
(**) Cash and cash equivalents at the end of the period include cash and cash equivalents ( € 6,697 million), liabilities to banks payables on demand (€ -110 million), bank overdrafts (€ -2 million).
(***) Includes mainly proceeds arising from the disposal of the company in Ireland (€ 233 million), The Netherlands (€ 143 milioni), Colombia (€ 27 milion) and Panama (€ 139 milion).
(****) It refers entirely to dividends attributable to minority interests.