Millions of euro Note     
   2017 2016 
    of which
with related
parties
 of which
with related
parties
Income before taxes for the year   7,211   5,780  
Adjustments for:          
Depreciation, amortization and impairment losses 8.d  5,861   6,355  
Financial (income)/expense 10-11 2,692   2,987  
Net income of equity investments accounted for using the equity method 12 (111)   154  
Changes in net working capital:   (1,265)   662  
- inventories 26 (112)   413  
- trade receivables 27 (1,530) 126 (959) (21)
- trade payables 37 65 (556) 1,149 10
- other assets/liabilities   312 106 59 (81)
Accruals to provisions   353   772  
Utilization of provisions   (1,149)   (1,553)  
Interest income and other financial income collected 10-11 2,898 21 1,544 21
Interest expense and other financial expense paid 10-11 (4,747) (39) (4,343) (39)
(Income)/Expense from measurement of commodities   59   -278  
Income taxes paid 13 (1,579)   (1,959)  
(Gains)/Losses on disposals   (98)   (274)  
Cash flows from operating activities (A)   10,125   9,847  
Investments in property, plant and equipment 15 (7,226)   (7,927)  
Investments in intangible assets 19 (1,273)   (915)  
Investments in entities (or business units) less cash and cash equivalents acquired 5 (900)   (382)  
Disposals of entities (or business units) less cash and cash equivalents sold 5 216   1,032  
(Increase)/Decrease in other investing activities   (111)   105  
Cash flows from investing/disinvesting activities (B)   (9,294)   (8,087)  
Financial debt (new long-term borrowing) 33 12,284   2,339  
Financial debt (repayments and other net changes) 33 (10,579) (179) -4,049 (89)
Transactions in non-controlling interests 32 (478)   (257)  
Dividends and interim dividends paid 32 (2,873)   (2,507)  
Cash flows from financing activities (C)   (1,646)   (4,474)  
Impact of exchange rate fluctuations on cash and cash equivalents (D)   (390)   250  
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)   (1,205)   (2,464)  
Cash and cash equivalents at beginning of the year (1)    8,326   10,790  
Cash and cash equivalents at the end of the year (2)    7,121   8,326  

(1) Of which cash and cash equivalents equal to €8,290 million at January 1, 2017 (€10,639 million at January 1, 2016), short-term securities equal to €36 million at January 1, 2017 (€1 million at January 1, 2016) and cash and cash equivalents pertaining to assets held for sale equal to €150 million at January 1, 2016.
(2) Of which cash and cash equivalents equal to €7,021 million at December 31, 2017 (€8,290 million at December 31, 2016), short-term securities equal to €69 million at December 31, 2017 (€36 million at December 31, 2016) and cash and cash equivalents pertaining to assets held for sale equal to €31 million at December 31, 2016.