Consolidated Financial Statements
Cash flows statement
2015
2014
Flows from operating activities
777.712
758.869
Flows from investment activities
305.783
-59.509
Flows from financing activities
-8.116
-1.848
Change in cash & cash equivalents
1.075.379
697.512
(1) reconciliation of equity and profit of the uncontrolled interest Ibersande, is presented as follows:
Dec. 2015
Dec. 2014
Equity
24.526.055
23.770.984
20%
20%
4.905.211
4.754.197
Net profit
715.073
799.113
20%
20%
143.015
159.823
17. LOANS
On 31 December 2015 and 2014, current and non-current loans were broken down as follows:
Non-current
Dec. 2015
Dec. 2014
Bank loans
16.572.686
15.278.060
Commercial paper programmes
8.250.000
8.750.000
Financial leasing
487.088
-
25.309.774
24.028.060
260
