Cash flow statement
| (in € millions) | non-inclus | non-inclus | 2023 | 2022 |
|---|---|---|---|---|
| Operating activities | ||||
| Gross operating income | 50 | 46 | ||
| Financial and exceptional items | 2,478 | 3,032 | ||
| Tax | 79 | 93 | ||
| Cash flow from operations before tax and financing costs | 2,606 | 3,172 | ||
| Net change in working capital requirement | (17) | (2) | ||
| Total | I | 2,589 | 3,169 | |
| Investing activities | ||||
| Net operating investments | (1) | (2) | ||
| Net financial investments | (1,709) | (71) | ||
| Change in other non-current financial assets and treasury shares | (395) | (1,094) | ||
| Total | II | (2,105) | (1,167) | |
| Financing activities | ||||
| Increase in share capital | 709 | 491 | ||
| Dividends paid | (2,293) | (1,830) | ||
| of which interim dividends | (599) | (564) | ||
| Total | III | (1,584) | (1,339) | |
| Cash flow for the period | I + II + III | (1,100) | 664 | |
| Net financial surplus/(debt) at 1 January | 6.1 | 5,102 | 4,439 | |
| Net financial surplus/(debt) at 31 December | 6.1 | 4,003 | 5,102 |
