FINANCIAL REVIEW

Consolidated Net Debt

CONSOLIDATED NET DEBT*

(EUR million)	DEC-23	DEC-22
Cash and cash equivalents from ex-infrastructure project companies	4,585	4,962
Short and long-term borrowings from ex-infrastructure project companies	3,449	3,686
Others from ex-infrastructure project companies**	15	-162
Consolidated Net Debt of ex-infrastructure project companies*	-1,121	-1,439
Cash and cash equivalents from infrastructure project companies	204	168
Short and long-term borrowings from infrastructure project companies	7,915	7,967
Others from infrastructure project companies***	-612	-581
Consolidated Net Debt of infrastructure project companies*	7,099	7,219
Consolidated Net Debt*	5,980	5,781

*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report.
**Others ex-infrastructure project companies includes non-current restricted cash, forwards hedging and cross currency swaps balances, intragroup position balances and other short term financial assets, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures appendix to the Integrated Annual Report.
***Others infrastructure project companies includes short and long term borrowings, non-current restricted cash and intragroup position balances, as explained under section 2.1 (Consolidated Net
Debt) of the Alternative Performance Measures appendix to the Integrated Annual Report.

CONSOLIDATED BORROWINGS

DEC-23 (EUR million)	Ex-infrastructure project companies	Infrastructure project companies	Consolidated
Short and long-term borrowings	3,449	7,915	11,364
% fixed	92.5 %	97.5 %	96.0 %
% variable	7.5 %	2.5 %	4.0 %
Average rate	2.6 %	4.3 %	3.8 %
Average maturity (years)	3	23	17

CHANGE IN CONSOLIDATED NET DEBT****

	As of December 31, 2023
	Change in Consolidated Net Debt (1+2+3)	Ex-infrastructure project companies (1)	Infrastructure project companies (2)	Intercompany eliminations (3)
	(in millions of euros)
Cash flow from operating activities	1,263	791	890	-417
Cash flow from/ (used in) investing activities	-426	-184	-347	104
Activity Cash Flows	837	607	543	-313
Cash flow from/ (used in) financing activities	-1,304	-1,146	-471	313
Effect of exchange rate on cash and cash equivalents	160	161	-1	0
Change in cash and cash equivalents due to consolidation scope changes	-34	0	-34	0
Cash flows (change in cash and cash equivalents) (A)	-341	-378	37	0
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (B)	5,130	4,962	168	0
CASH AND CASH EQUIVALENTS AT YEAR-END (C=A+B)	4,789	4,584	204	0
SHORT AND LONG-TERM BORROWINGS AND OTHER CHANGES IN CONSOLIDATED NET DEBT AT THE BEGINNING OF YEAR (D)	10,909	3,523	7,386	0
Change in short and long-term borrowings (E)	-288	-236	-52	0
Other changes in consolidated net debt (F)	146	177	-31	0
SHORT AND LONG-TERM BORROWINGS AND OTHER CONSOLIDATED NET DEBT COMPONENTS AT YEAR-END (G=D+E+F)	10,767	3,464	7,303	0
CONSOLIDATED NET DEBT AT BEGINNING OF YEAR (D-B)	5,781	-1,439	7,219	0
CONSOLIDATED NET DEBT AT YEAR-END (G-C)	5,980	-1,121	7,099	0

****For further detail on the changes in Consolidated Net Debt, refer to the Integrated Annual Report (Alternative Performance Measures appendix).

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