CASH FLOW STATEMENT (in thousands of euros) NOTES 31/12/2023 31/12/2022 Earnings before tax 76,637 51,706 Net depreciation, amortisation and impairment of property, plant and equipment and intangible assets 6,587 5,539 Impairment of goodwill and other non-current assets 06:15:00 0 0 Net allocations to impairment and provisions 2,741 3,547 Share of income related to companies accounted for by the equity method 0 0 Net income from investment activities 23 -28 Net income from financing activities 59 26 Other movements 4,806 5,054 Total non-monetary items included in net income before tax and other adjustments 14,216 14,138 Cash flows related to transactions with credit institutions -738,815 -379,129 Cash flows related to transactions with clients 480,044 388,058 Cash flows related to other transactions affecting financial assets or liabilities 2,775 49,438 Cash flows related to transactions affecting non-financial assets or liabilities 8,399 -39,317 Dividends received from companies accounted for by the equity method (1) 0 0 Taxes paid -17,916 -7,566 Net change in assets and liabilities from operating activities -265,513 11,484 Cash flows from discontinued operations 0 0 Total net cash flows related to operating activities (A) -174,660 77,328 Cash flows related to equity investments (2) 0 0 Cash flows related to property, plant and equipment and intangible assets -2,469 -2,463 Cash flows from discontinued operations Total net cash flows related to investing activities (B) -2,469 -2,463 Cash flows arising from transactions with shareholders (3) -40,396 -24,808 Other net cash flows from financing activities -2,497 -1,901 Cash flows from discontinued operations 0 0 Total cash flows from financing activities (C) -42,893 -26,709 Impact of foreign exchange rate changes on cash and cash equivalents (D) 0 0 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) -220,022 48,155 Cash and cash equivalents at the start of the year 1,371,114 1,322,959 Net balance of cash accounts and accounts with central banks * 1,164,687 869,404 Net balance of accounts, demand loans/borrowings with credit institutions ** 206,427 453,555 Cash and cash equivalents at the end of the year 1,151,092 1,371,114 Net balance of cash accounts and accounts with central banks * 766,672 1,164,687 Net balance of accounts, demand loans/borrowings with credit institutions ** 384,420 206,427 CHANGE IN NET CASH AND CASH EQUIVALENTS -220,022 48,155 * Consisting of the net balance for “Cash & central banks”, excluding accrued interest and including cash flow from entities reclassified under discontinued operations. ** Consisting of the balance of “Non-doubtful current accounts in debit” and “Non-doubtful overnight accounts and advances” as detailed in Note 6.5 and of “Current accounts in credit” and “Overnight accounts and deposits” as detailed in Note 6.7 (excluding accrued interest); (1) Dividends received from companies accounted for using the equity method: N/A. (2) Cash flows related to equity investments: N/A. (3) Cash flow from/to shareholders includes payment of dividends by the entity to its shareholders, amounting to €40,396,000 for 2023. Annual Report 2023 67
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