Consolidated cash flow statement
€ million | Note | 2016 | 2015 | ||
Cash flow from operating activities | |||||
Profit after tax | 282 | 235 | |||
Adjustments for: | |||||
- Finance income and expense | 54 | 71 | |||
- Tax | 42 | 80 | |||
- Results from associates and joint ventures | 5 | 4 | |||
- Depreciation, impairment and amortisation | 329 | 282 | |||
- Release of provision CDS after tax | - | -49 | |||
Book profit sale Endinet | -176 | - | |||
Changes in working capital: | |||||
- Inventories | -7 | -17 | |||
- Trade and other receivables | 10 | 6 | |||
- Trade and other payables and accruals | 20 | 51 | |||
Total changes in working capital | 23 | 40 | |||
Changes in deferred tax, provisions, derivatives and other | -32 | -26 | |||
Cash flow from operations | 527 | 637 | |||
Interest paid | -65 | -65 | |||
Interest received | 2 | 2 | |||
Corporate income tax paid (received) | -88 | -61 | |||
Total | -151 | -124 | |||
Cash flow from operating activities | 376 | 513 | |||
Cash flow from investing activities | |||||
Investments in property, plant and equipment | -680 | -575 | |||
Construction contributions received | 99 | 85 | |||
Investments and divestments in financial assets (associates and joint ventures) | -5 | -2 | |||
Cash flow from the reparcelling operation | 359 | - | |||
Cash flow from the acquisition of 450connect GmbH | -5 | - | |||
Cash flow from investing activities | -232 | -492 | |||
Cash flow from financing activities | |||||
Redemption EMTN | -100 | - | |||
ECP financing issued (redemption) | 29 | -112 | |||
Long-term debt issued (redemption) | -27 | 4 | |||
(Redemption) loans granted | 4 | 9 | |||
Received (granted) current deposits | 10 | - | |||
Redemption available-for-sale investments | - | 141 | |||
Reimbursement subordinated perpetual bond | -16 | -16 | |||
Dividend paid | -85 | -125 | |||
Cash flow from financing activities | -185 | -99 | |||
Net cash flow | -41 | -78 | |||
Cash and cash equivalents as at 1 January | 89 | 167 | |||
Net cash flow | -41 | -78 | |||
Cash and cash equivalents as at 31 December | 48 | 89 | |||
Reconciliation of net cash flow 2015
The cash flow statement for 2015 includes the figures for Endinet Groep. A direct reconciliation between the figures in the cash flow statement and those in the balance sheet and the income statement is not possible, since Endinet Groep has not been included in the corresponding figures in the latter two statements. Analysed into continuing operations (Alliander) and discontinued operations (Endinet Groep), the cash flows were as follows:
€ million | Continuing operations | Discontinued operations | Eliminations | Total |
Cash flow from operating activities | 477 | 36 | - | 513 |
Cash flow from investing activities | -470 | -22 | - | -492 |
Cash flow from financing activities | -99 | -15 | 15 | -99 |
Net cash flow | -92 | -1 | 15 | -78 |