Cash flow overview (IFRS)

EUR millions 2017 2016 2015
Operating result before changes in working capital and provisions 347 132 61
Cash generated from operating activities 341 150 60
Net cash generated from operating activities 259 52 47
Acquisition of subsidiaries and investments accounted for using the equity method, net of cash acquired (144) (182) (169)
Acquisition tangible and intangible fixed assets (95) (13) (5)
Net cash used in investing activities (232) (157) (213)
Dividends paid (299) (26) 0
Loans and borrowing received/repaid 740 823 74
Net cash generated from financing activities 21 446 150
Net increase (+) /decrease (-) in cash and cash equivalents 48 341 (16)

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
250
200
150
100
50
0
Acquisition tangible and intangible fixed assets
EUR millions
20
0
-20
-40
-60
-80
-100