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| REPSOL YPF CONSOLIDATED STATEMENTS OF CASH-FLOWS |
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JANUARY - SEPTEMBER 1999 AND 2000 |
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(Million Euros) |
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�(Unaudited
figures) |
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CASH-FLOW FROM OPERATING
ACTIVITIES |
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Net
income
.......................................................................................................................... |
|
582 |
|
1.772 |
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Adjustments to reconcile
net income to net cash provided by operating activities |
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Amortizations
.............................................................................................................. |
|
1.243 |
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2.316 |
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Net
Provisions..................................................................................................................................................................... |
|
114 |
|
230 |
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Minority
interest
....................................................................................................................... |
|
130 |
|
362 |
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Income
from asset divestments
........................................................................................................................ |
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(81) |
|
8 |
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Deferred
taxes and
others........................................................................................................................................................... |
|
87 |
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(56) |
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SOURCES
OF FUNDS
.......................................................................................................... |
|
2.075 |
|
4.632 |
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Changes
in working capital
.................................................................................................................... |
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(881) |
|
(1.206) |
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1.194 |
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3.426 |
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CASH-FLOW FROM INVESTING
ACTIVITIES |
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Capital
expenditures
.................................................................................................................... |
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(1.537) |
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(2.376) |
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Investments
in intangible
assets............................................................................................................................ |
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(45) |
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(59) |
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Financial
investments........................................................................................................................ |
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(343) |
|
(271) |
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Deferred
expenses......................................................................................................... |
|
(243) |
|
(107) |
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Acquisition
of shareholdings in consolidated
subsidiaries.............................................................................................. |
|
(14.220) |
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(1.015) |
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(16.388) |
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(3.828) |
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Divestments.............................................................................................................................................. |
|
356 |
|
99 |
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(16.032) |
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(3.728) |
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CASH-FLOW FROM FINANCING
ACTIVITIES |
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Loan
proceeds and other long-term
debt............................................................................................................................................... |
|
10.688 |
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4.934 |
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Capital increase |
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5.665 |
|
390 |
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Repayment
of loans and other noncurrent
liabilities..................................................................................................................................................................... |
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(2.475) |
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(1.525) |
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Variation
in current financial
assets............................................................................................................ |
|
1.328 |
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(3.109) |
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Subsidies
received.................................................................................................................................. |
|
37 |
|
69 |
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Minority
interest contributions
...................................................................................................... |
|
5 |
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7 |
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Provisions
and others
..................................................................................................... |
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(43) |
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(15) |
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Dividend paid
...��........................................................................................... |
|
(298) |
|
(471) |
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14.908 |
|
280 |
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Net
change in cash and cash equivalents
..................................................................................................................... |
|
70 |
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(23) |
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Cash
and cash equivalents at January 1st�
............................................................................................... |
|
127 |
|
334 |
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Cash
and cash equivalents at september�
30th .................................................................................................................. |
|
197 |
|
311 |
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