Consolidated cash flow statement
€ million | Note | 2018 | 2017 | ||
Cash flow from operating activities | |||||
Profit after tax | 334 | 203 | |||
Adjustments for: | |||||
- Finance income and expense | 46 | 43 | |||
- Tax | 119 | 68 | |||
- Result after tax from associates and joint ventures | -3 | -9 | |||
- Depreciation, amortisation and impairment | 338 | 327 | |||
- Book profit on sale of Allego | -105 | - | |||
Changes in working capital: | |||||
- Inventories | 8 | -10 | |||
- Trade and other receivables | -20 | -61 | |||
- Trade and other payables and accruals and deferred income | 20 | 29 | |||
Total changes in working capital | 8 | -42 | |||
Changes in deferred tax, provisions, derivatives and other | 10 | -35 | |||
Cash flow from operations | 747 | 555 | |||
Interest paid | -54 | -47 | |||
Interest received | 2 | 2 | |||
Corporate income tax paid (received) | -57 | -56 | |||
Total | -109 | -101 | |||
Cash flow from operating activities | 638 | 454 | |||
Cash flow from investing activities | |||||
Investments in property, plant and equipment | -731 | -666 | |||
Construction contributions received from third parties | 126 | 96 | |||
Financial assets (associates and joint ventures) – Investments and divestments | -1 | 14 | |||
Sale of high-voltage grid | - | 7 | |||
Sale of Allego | 110 | - | |||
Cash flow from investing activities | -496 | -549 | |||
Cash flow from financing activities | |||||
ECP financing issued (redeemed) | -224 | 183 | |||
Long-term debt issued | 228 | 81 | |||
Long-term debt redeemed | -3 | - | |||
Short-term debt issued | 14 | - | |||
Loans granted | -14 | -11 | |||
Repayments of short-term debt | 10 | - | |||
Received (granted) current deposits | - | 15 | |||
Issue of subordinated perpetual bond | 495 | - | |||
Repayment of subordinated perpetual bond | -496 | - | |||
Reimbursement on subordinated perpetual bond | -21 | -16 | |||
Dividend paid | -92 | -104 | |||
Cash flow from financing activities | -103 | 148 | |||
Net cash flow | 39 | 53 | |||
Cash and cash equivalents as at 1 January | 101 | 48 | |||
Net cash flow | 39 | 53 | |||
Cash and cash equivalents as at 31 December | 140 | 101 |