Cash flow overview (IFRS)

EUR millions 2018 2017 2016 2015
Operating result before changes in working capital and provisions 443 347 132 61
Cash generated from operating activities 388 318 150 60
Net cash generated from operating activities 225 228 52 47
Acquisition of subsidiaries and investments accounted for using the equity method, net of cash acquired (201) (33) (182) (169)
Acquisition of tangible and intangible fixed assets (80) (95) (13) (5)
Net cash used in investing activities (347) (172) (157) (213)
Dividends paid (both non-controlling interest and owners) (136) (299) (26) 0
Loans and borrowing received/repaid 996 697 823 74
Net cash generated from financing activities 23 (8) 446 150
Net increase (+) /decrease (-) in cash and cash equivalents (98) 48 341 (16)
2018: Key consolidated entities: Sazka a.s., OPAP SA. and SuperSport d.o.o. Both the Austrian assets and LOTTOITALIA S.r.l. are accounted for using the equity method.
2017: 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 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
EUR millions
240
220
200
180
160
140
120
100
80
60
40
20
0
Acquisition of tangible and intangible fixed assets
EUR millions
20
0
-20
-40
-60
-80
-100