Note 25 - Cash and cash equivalents, net
Cash and cash equivalents reported in the statement of cash flows are calculated as follows:
| 31.12.2017 | 31 Dec. 2020 | 31 Dec. 2019 | |
| Cash and cash equivalents | 687 | 913 | |
| Short-term bank loans and overdrafts | (82) | (45) | |
| Cash and cash equivalents, net | 605 | 868 | |
Cash and cash equivalents break down as follows:
| 31.12.2017 | 31 Dec. 2020 | 31 Dec. 2019 | |
| Bank accounts | 649 | 753 | |
| Money market funds | 10 | 33 | |
| Term deposits and current accounts maturing in less than three months | 28 | 127 | |
| Cash and cash equivalents | 687 | 913 | |
Changes in working capital as reported in the statement of cash flows can be analysed as follows:
| 2020 | 2019 | ||
| Change in inventories | 105 | (26) | |
| Change in trade receivables | 21 | (50) | |
| Change in trade payables | (201) | 80 | |
| Change in other receivables and payables | 58 | 30 | |
| Change in lease liabilities | (4) | (9) | |
| Changes in working capital(*) | (21) | 25 | |
(*) Including changes in working capital relating to lease liabilities representing a negative €4 million, of which a negative €6 million in respect of concession agreements in 2020 (a negative €9 million and €8 million, respectively, in 2019).
Changes in working capital represented an outflow of €21 million over the year, compared to an inflow of €25 million in 2019. This decline is essentially attributable to Lagardère Travel Retail, offset by a favourable impact at Lagardère Publishing. The €95 million decrease at Lagardère Travel Retail reflects the sharp fall in trade payables and inventories owing to the trading slump across all regions. The €32 million improvement at Lagardère Publishing reflects a rise in trade payables in line with the business upturn in the second half of the year.