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CONSOLIDATED FINANCIAL STATEMENTS 2016. FERROVIAL, S.A. AND SUBSIDIARIES

E. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2016 AND 2015

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(Millions of euros)	Notes	2016	2015
Net profit attributable to the Parent	2.10	376	720
Adjustments for:		568	307
Non-controlling interests		7	-89
Tax		233	-54
Result of companies accounted for using the equity method		-82	-312
Financial result		391	637
Impairment and disposals of non-current assets		-324	-131
Depreciation and amortisation charge		342	256
Gross profit from operations	2.4	944	1,027
Income taxes paid	2.8.1	-147	-61
Change in working capital (receivables, payables and other)	5.3	-52	-234
Dividends from infrastructure project companies received	3.5	427	399
Cash flows from operating activities	5.3	1,172	1,130
Investments in property, plant and equipment and intangible assets	3.2 & 3.4	-177	-177
Investments in infrastructure projects	3.3	-388	-556
Loans granted to associates/acquisition of companies		-736	-106
Investment of long-term restricted cash		-12	85
Divestment of infrastructure projects		0	0
Divestment/Sale of companies	1.1.3	340	74
Cash flows from investing activities		-973	-680
Cash flows before financing activities		198	450
Capital proceeds from non-controlling interests		53	119
Scrip dividend		-226	-267
Acquisition of treasury shares		-317	-265
Remuneration of shareholders	5.1	-544	-532
Dividends paid to non-controlling shareholders of investees		-24	-44
Other changes in shareholders´ equity		0	0
Cash flows from shareholders and non-controlling interests		-515	-457
Interest paid	2.6	-385	-354
Interest received	2.6	34	10
Increase in borrowings		1,529	837
Decrease in borrowings		-548	-580
Cash flows from financing activities		115	-544
Effect of foreign exchange rate changes on cash and cash equivalents		18	-36
Change in cash and cash equivalents due to changes in the scope of consolidation		-32	-30

Change in cash and cash equivalents	5.2	299	-160
Cash and cash equivalents at beginning of year		3,279	3,439
Cash and cash equivalents at end of year		3,578	3,279

The accompanying Notes 1.1 to 7.1 are an integral part of the consolidated statement of cash flows for 2016.

Translation of consolidated financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group in Spain (see Notes 1.1 and 7.1). In the event of a discrepancy, the Spanish-language version prevails.