pre_text: Cash flow measures and capital additions In presenting and discussing our reported results, free cash flow (pre-spectrum), free cash flow, capital additions and operating free cash flow are calculated and presented even though these measures are not recognised within IFRS. We believe that it is both useful and necessary to communicate free cash flow to investors and other interested parties, for the following reasons: Free cash flow (pre-spectrum) and free cash flow allows us and external parties to evaluate our liquidity and the cash generated by our operations. Free cash flow (pre-spectrum) and capital additions do not include payments for licences and spectrum included within intangible assets, items determined independently of the ongoing business, such as the level of dividends, and items which are deemed discretionary, such as cash flows relating to acquisitions and disposals or financing activities. In addition, it does not necessarily reflect the amounts which we have an obligation to incur. However, it does reflect the cash available for such discretionary activities, to strengthen the consolidated statement of financial position or to provide returns to shareholders in the form of dividends or share purchases; – Free cash flow facilitates comparability of results with other companies, although our measure of free cash flow may not be directly comparable to similarly titled measures used by other companies; – These measures are used by management for planning, reporting and incentive purposes; and These measures are useful in connection with discussion with the investment analyst community and debt rating agencies. A reconciliation of cash generated by operations, the closest equivalent GAAP measure, to operating free cash flow and free cash flow, is provided below.
table: 2019 2018 2017
table: €m €m €m
table: Cash generated by operations (refer to note 18) 14,182 13,860 13,781
table: Capital additions (7,227) (7,321) (7,675)
table: Working capital movement in respect of capital additions (89) 171 (822)
table: Disposal of property, plant and equipment 45 41 43
table: Restructuring payments 195 250 266
table: Other (35) – 34
table: Operating free cash flow 7,071 7,001 5,627
table: Taxation (1,040) (1,010) (761)
table: Dividends received from associates and investments 498 489 433
table: Dividends paid to non-controlling shareholders in subsidiaries (584) (310) (413)
table: Interest received and paid (502) (753) (830)
table: Free cash flow (pre-spectrum) 5,443 5,417 4,056
table: Licence and spectrum payments (837) (1,123) (474)
table: Restructuring payments (195) (250) (266)
table: Free cash flow 4,411 4,044 3,316
question: Analyse this data from a financial earnings document. What is the 2019 average free cash flow?