Table:
|  | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
|  | €m | €m | €m |
| Cash generated by operations (refer to note 18) | 14,182 | 13,860 | 13,781 |
| Capital additions | (7,227) | (7,321) | (7,675) |
| Working capital movement in respect of capital additions | (89) | 171 | (822) |
| Disposal of property, plant and equipment | 45 | 41 | 43 |
| Restructuring payments | 195 | 250 | 266 |
| Other | (35) | – | 34 |
| Operating free cash flow | 7,071 | 7,001 | 5,627 |
| Taxation | (1,040) | (1,010) | (761) |
| Dividends received from associates and investments | 498 | 489 | 433 |
| Dividends paid to non-controlling shareholders in subsidiaries | (584) | (310) | (413) |
| Interest received and paid | (502) | (753) | (830) |
| Free cash flow (pre-spectrum) | 5,443 | 5,417 | 4,056 |
| Licence and spectrum payments | (837) | (1,123) | (474) |
| Restructuring payments | (195) | (250) | (266) |
| Free cash flow | 4,411 | 4,044 | 3,316 |
Paragraphs:
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.
Question:
What is the 2019 average free cash flow?
Answer: (4411+4044)/2 = 4227.5