FINANCIAL STATEMENTS 3Consolidated financial statements as of December 31, 2017 3.1.3 Consolidated cash flow statements 12/31/2017 12/31/2016 In €m Fair value Fair value CASH FLOWS FROM OPERATING ACTIVITIES Net income from consolidated companies 1,497.8 1,476.9 Elimination of expenditure and income with no cash effect or not related to operating activities > Depreciation, amortization and provisions 15.9 20.1 > Change in value of investment properties -825.9 -828.8 > Goodwill impairment 1.7 > Capital gains and losses on asset disposals -6.8 -23.6 > Current and deferred Income taxes 219.2 225.6 > Share in earnings of equity method investees -74.4 -89.5 > Reclassification of financial interests and other items 210.8 253.4 Gross cash flow from consolidated companies 1,038.3 1,034.1 Paid taxes 11.5 -61.8 Change in operating working capital -15.5 -16.1 Cash flows from operating activities 1,034.3 956.2 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales of investment properties 126.3 196.6 Proceeds from sales of other fixed assets Proceeds from disposals of subsidiaries (net of cash disposed) 115.9 217.9 Acquisitions of investment properties -22.9 Acquisition costs of investment properties -1.1 -0.3 Payments in respect of construction work in progress -296.3 -337.0 Acquisitions of other fixed assets -8.9 -10.5 (a) -259.3 -2.5 Acquisitions of subsidiaries and deduction of acquired cash Movement of loans and advance payments granted and other investments -2.9 37.7 Net cash flows from investing activities -349.2 102.0 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the parent company’s shareholders -562.0 -530.0 Dividends paid to non-controlling interests -47.6 -48.2 Capital increase of parent company Change in capital from subsidiaries with non controlling interests 14.7 30.8 Repayment of share premium Acquisitions/disposal of treasury shares -352.2 11.4 New loans, borrowings and hedging instruments 3,096.3 1,610.3 Repayment of loans, borrowings and hedging instruments -2,647.6 -1,611.1 Interest paid -212.7 -204.8 Other cash flows related to financing activities Net cash flows from financing activities -711.0 -741.6 Effect of foreign exchange rate changes on cash and cash equivalents -7.5 2.8 CHANGE IN CASH AND CASH EQUIVALENTS -33.5 319.3 Cash at year-start 467.9 148.6 Cash at year-end 434.5 467.9 (a) Including the repayment of the external loans previously held by the acquired companies. 74 KLÉPIERRE 2017 REGISTRATION DOCUMENT