Note 30 Notes to the consolidated cash flow statement
Cash flow from operating activities
The cash flow from operating activities in 2017 amounted to €455 million compared with €376 million in 2016. The increase of €79 million compared with 2016 is largely accounted for by a rise in the operating profit, partly as a consequence of the increase in the regulated tariffs. In addition, the amount of corporate income tax paid in 2017 was €32 million lower (owing to assessments received for prior years and paid in 2016), with interest payments also down (€18 million).
Cash flow from investing activities
The cash outflow from investing activities in 2017 amounted to €549 million, which is €317 million higher than in 2016.
The overall increase in the cash outflow in 2017, amounting to €317 million, is explained by the cash inflow in 2016 as a result of the exchange of service areas (€359 million). This was partly offset by lower capital expenditure (€666 million in 2017 compared with €680 in 2016). Also, the disposal of non-controlling interests in 2017 generated an inward cash flow of €14 million compared with a cash outflow of €5 million in 2016. The contributions towards capital projects received from third parties in 2017 amounted to €96 million, which is slightly lower than in 2016 (€99 million).
Cash flow from financing activities
The cash flow from financing activities in 2017 amounted to an inflow of €148 million (2016: €185 million outflow). The inward cash flow in 2017 results from the ECP financing that was raised. The cash outflow in 2016 was partly due to the repayment of €100 million of EMTN debt.