5 . 5.5. COMPARED CONSOLIDATED STATEMENTS OF CASH FLOWS € millions Notes 2021 2020 2019 Cash flows from operating activities Net profit attributable to owners of the company 4,597.1 3,563.4 3,750.0 Non-controlling interests 5.1 4.2 5.2 Elimination of expenses and income with no impact on cash flows: ● depreciation, amortisation, provisions and non-current tax liabilities 1,781.0 2,028.1 1,958.3 ● changes in deferred taxes 6.1 83.6 -10.1 -42.5 ● share-based payment (including free shares) 5.5 155.2 129.7 144.4 ● capital gains and losses on disposals of assets 0.5 3.6 -14.0 Other non-cash transactions 16.5 5.8 1.9 Share of profit in associates net of dividends received 1.3 -0.6 -1.0 Gross cash flow 6,640.4 5,724.1 5,802.3 Changes in working capital 3.5 88.0 729.2 460.5 Net cash provided by operating activities (A) 6,728.4 6,453.3 6,262.8 Cash flows from investing activities Purchases of tangible and intangible assets -1,075.2 -972.4 -1,231.0 Disposals of tangible and intangible assets 14.5 26.6 16.6 Changes in other financial assets (including investments in non-consolidated companies) -117.3 -66.5 -65.9 Effect of changes in the scope of consolidation 2.2 -455.7 - 1,626.8 -9.3 Net cash from investing activities (B) -1,633.7 -2,639.1 -1,289.6 Cash flows from financing activities Dividends paid -2,352.1 - 2,190.6 -2,221.1 Capital increase of the parent company 5.8 129.7 60.0 Disposal (acquisition) of Treasury shares -10,060.9 — -747.3 Purchase of non-controlling interests — — — Issuance (repayment) of short-term loans 3,939.4 -74.8 -354.9 Issuance of long-term borrowings — — — Repayment of long-term borrowings — -3.6 -0.6 Repayment of lease debt -396.4 -451.8 -425.8 Net cash from financing activities (C) -8,864.2 -2,591.1 -3,689.6 Net effect of changes in exchange rates and fair value (D) 77.4 -103.2 10.5 Change in cash and cash equivalents (A+B+C+D) -3,692.1 1,119.9 1,294.0 Cash and cash equivalents at beginning of the year (E) 6,405.9 5,286.0 3,992.0 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E) 9.2 2,713.8 6,405.9 5,286.0 Income tax paid totalled €1,258.3 million, €1,316.3 million and €1,534.3 million for 2021, 2020 and 2019, respectively.Interest paid (excluding interest on lease debts) amounted to €1.7 million, €32.4 million and €21.6 million for 2021, 2020 and 2019, respectively.Dividends received totalled €379.8 million, €372.5 million and €364.1 million in 2021, 2020 and 2019, respectively. These are included within the gross cash flow.Cash outflow relating to leases amounted to €513.1 million (of which €37.0 million related to paid interests on lease debts) € 574.1  million (of which €44.7  million related to paid interests on lease debts) and €570.8  million (of which € 54.4 million related to paid interests on lease debts) for 2021, 2020 and 2019 including leases that do not fall under the scope of IFRS 16. 290 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 2021 CONSOLIDATED FINANCIAL STATEMENTS Compared consolidated statements of cash flows