Consolidated cash flow statement

€ million

Note

2018

2017

Cash flow from operating activities

30

    

Profit after tax

  

334

 

203

Adjustments for:

     

- Finance income and expense

27, 28

 

46

 

43

- Tax

29

 

119

 

68

- Result after tax from associates and joint ventures

5

 

-3

 

-9

- Depreciation, amortisation and impairment 

22, 26

 

338

 

327

- Book profit on sale of Allego

33

 

-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

30

    

Investments in property, plant and equipment

3

-731

 

-666

 

Construction contributions received from third parties

14

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

30

    

ECP financing issued (redeemed)

13

-224

 

183

 

Long-term debt issued

13

228

 

81

 

Long-term debt redeemed

14

-3

 

-

 

Short-term debt issued

13

14

 

-

 

Loans granted

11

-14

 

-11

 

Repayments of short-term debt

13

10

 

-

 

Received (granted) current deposits

11

-

 

15

 

Issue of subordinated perpetual bond

12

495

 

-

 

Repayment of subordinated perpetual bond

12

-496

 

-

 

Reimbursement on subordinated perpetual bond

12

-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