Note 30 Notes to the consolidated cash flow statement
Cash flow from operating activities
The cash flow from operating activities in 2018 amounted to €638 million compared with €454 million in 2017. The increase of €184 million compared with 2017 is largely accounted for by a rise in the operating profit, partly as a consequence of the increase in the regulated tariffs. The change in working capital in 2018 was also an improvement.
Cash flow from investing activities
The cash outflow from investing activities in 2018 was €496 million, compared with €549 million in 2017. The lower cash outflow in 2018 is accounted for by the sale of Allego, partially offset by increased capital expenditure. The contributions towards capital projects received from third parties in 2018 amounted to €126 million, which is €30 million higher than in 2017 (€96 million).
Cash flow from financing activities
The cash flow from financing activities in 2018 amounted to an outflow of €103 million (2017: €148 million inflow). The shift of €251 million in the direction of a cash outflow is mainly the result of repaying ECP finance totalling €224 million in 2018. This is almost matched by the net amount of long-term borrowing. In 2017, there was more short-term and long-term borrowing than repayment of loans overall.