Cash flow overview (IFRS)

€ millions 2019 2018 2017 2016 2015
Operating result before changes in working capital and provisions 485 443 347 132 61
Cash generated from operating activities 474 393 318 150 60
Net cash generated from operating activities 314 230 228 52 47
Acquisition of subsidiaries and investments accounted for using the equity method, net of cash acquired 0 (201) (33) (182) (169)
Acquisition of tangible and intangible fixed assets (37) (80) (95) (13) (5)
Net cash used in investing activities (499) (347) (172) (157) (213)
Dividends paid (both non-controlling interest and owners) (290) (136) (299) (26) 0
Loans and borrowing received/repaid 1 087 991 697 823 74
Net cash generated from financing activities (361) 19 (8) 446 150
Net increase (+) /decrease (-) in cash and cash equivalents 452 (98) 48 341 (16)

2017 - 2019: Key consolidated entities: SAZKA a.s. and OPAP SA. Both the Austrian assets and LOTTOITALIA S.r.l. are accounted for using the equity method.

2016: Key consolidated entities: SAZKA a.s. and OPAP SA (entered consolidation on 6 October 2016). The Austrian assets are accounted for using the equity method (entered consolidation on 7 December 2016). LOTTOITALIA S.r.l. is also accounted for using the equity method and its operations started on 30 November 2016.

2015: Key consolidated entities: SAZKA a.s.

Net cash generated from operating activities
€ millions
320
256
192
128
64
0
Acquisition of tangible and intangible fixed assets
€ millions
20
0
-20
-40
-60
-80
-100