The IFRS-based 2013 and 2014 statements of cash flows published by the Danone Group, a French food processor, are provided in the following table. Briefly describe each of the line items, and comment on the company€™s cash management policies.

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Consolidated Statement of Cash Flows Year Ended December 31 (in € millions) Notes 2013 2014 1,253 Net income 1,550 (289) Share of profits of associates 4.7 (14) Dividends received from associates 27 18 Depreciation, amortization and impairment of property, plant and equipment and intangible assets 5.5, 9.2 772 956 Increases in [reversals of] provisions 14.2 62 43 Change in deferred taxes 8.2 (6) (94) [Gains] losses on disposal of property, plant and equipment and financial investments 5.4, 9.2 (29) (8) Expense relating to stock-options and Group performance shares 7.4 19 19 Cost of net financial debt 10.6 193 179 Net interest paid (178) (212) Net change in interest income [expense] 14 (33) Other components with no cash impact 17 19 Other net cash outflows (20) 28 Cash flows provided by operating activities, before changes in net working capital 2,154 2,132 (Increase) decrease in inventories (231) (105) (Increase) decrease in trade receivables (15) (96) Increase (decrease) in trade payables 392 184 Change in other receivables and payables 78 52 224 Change in working capital requirements 5.4 35 Cash flows provided by (used in) operating activities 2,356 2,189 Capital expenditurele) 5.5 (1,039) (984) Proceeds from disposal of property, plant and equipment) 5.5 79 67 Net cash outflows on purchases of subsidiaries and financial investments 2, 4, 11 (1,246) (1,070) Net cash inflows on disposal of subsidiaries and financial investments 2, 4, 1 69 34 [Increase] decrease in long-term loans and other long-term financial assets 11 (19) (14) Cash flows provided by (used in) investing activities (2,156) (1,967) Increase in issued capital and additional paid-in capital 37 33 Purchases of treasury shares (net of disposals) and of DANONE call options) 13.2 (793) 13 Dividends paid to Danone shareholders 13.4 (848) (307) Buyout of noncontrlling interests 3 (121) (363) Dividends pald (107) (110) Contribution from noncontrolling interests to capital increases 15 Transactions with non-controlling interests (213) (471) Net cash flows on hedging derivativese) 12.4, 12.5 54 (4) Bonds issued or raised during the period 10.3 2,900 150 Bonds repaid during the period 10.3 (193) (618) Increase (decrease) in other current and noncurrent financial debt 10.3 (111) 312 Increase (decrease) in short term investments 10.4 (1,176) 535 Cash flows provided by (used in) financing activities (343) (357) Effect of exchange rate changes Increase (decrease) in cash and cash equivalents (157) 45 (300) (89) Cash and cash equivalents at beginning of period 1,269 969 Cash and cash equivalents at end of period 969 880