6 6.4. STATEMENTS OF CASH FLOWS € millions Notes 31.12.2021 31.12.2020 31.12.2019 Operating activities Net profit 3,860.5 4,158.8 4,105.8 Depreciation and amortisation 11-12 162.7 145.4 121.0 Charges to provisions (net of reversals) 121.8 216.4 304.4 Gains and losses on disposals of non-current assets 57.9 78.4 -1.3 Other non-cash transactions (1) 3.6 -1.5 -136.4 Gross cash flow 4,206.5 4,597.5 4,393.5 Changes in working capital 25 45.0 185.0 -231.0 Net cash provided by operating activities 4,251.5 4,782.5 4,162.5 Investing activities Investments in non-current assets 11/12/2014 -10,594.5 -1,605.3 -1,234.3 Changes in other financial assets 26 171.8 -58.7 30.9 Disposals of non-current assets 36.5 65.3 55.4 Net cash from investing activities -10,386.2 -1,598.7 -1,148.0 Financing activities Capital increase 5.8 129.7 60.0 Dividends paid -2,264.4 -2,172.6 -2,176.7 Changes in financial debt 19 4,577.3 160.3 -0.9 Net cash from financing activities 2,318.7 -1,882.6 -2,117.6 Cash acquired or sold in the period (complete transfer of assets and liabilities) 26.3 25.7 69.8 Change in cash and cash equivalents -3,789.7 1,327.0 966.7 Net cash and cash equivalents at beginning of the year 27 3,790.3 2,463.3 1,496.6 NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 27 0.6 3,790.3 2,463.3 (1) In 2019, mainly consisted of the merger bonus from the universal transfer of the assets and liabilities of Lancôme Parfums et Beauté & Cie and, in 2020, of the merger bonus from L’Oréal Produits de Luxe France. L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 351 PARENT COMPANY FINANCIAL STATEMENTS Statements of cash flows