125

Cash Flows from financing activities 2017 2016

Dividends paid To equity holders of the Parents (Note 16.e) (331,793) (331,793) To non-controlling interests (7,795) (11,706) Total dividends paid Total dividends paid (339,588) (343,499) Proceeds from borrowings 113,368 474,891 Repayment of borrowings (1,000,035) (1,272,149) Payments of financial lease liabilities - -

Total cash flows from Banks borrowings (886,667) (797,258) Total cash flows from financing activities (1,226,255) (1,140,757) Net increase in cash and cash equivalents (743,068) 61,961 Effect of changes in foreign Exchange rates (11,028) 3,854 Cash and cash equivalents at beginning of year 1,299,733 1,233,918 Cash and cash equivalents at the end of the year 545,637 1,299,733

Detail of changes of operating working capital Inventories (320,894) 11,277 Trade and other receivables (622,223) (286,568) Other current financial assets 48,110 (5,878) Trade and other payables 59,930 496,574 Other changes 184,218 (3,017) Total changes in operating working capital (650,859) 212,387

2017 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

(The accompanying Notes 1 to 34 are an integral part of these Consolidated Statement of Changes in Equity).