Consolidated cash flow statement

€ million

Note

2019

2018

Cash flow from operating activities

30

    

Profit after tax

  

253

 

334

Adjustments for:

     

- Finance income and expense

27, 28

 

52

 

46

- Tax

29

 

76

 

119

- Result after tax from associates and joint ventures

5

 

-2

 

-3

- Depreciation, amortisation and impairment

22, 26

 

378

 

338

- Book profit on sale of Allego

33

 

-

 

-105

Changes in working capital:

     

- Inventories

 

6

 

8

 

- Trade and other receivables

 

12

 

-20

 

- Trade and other payables, accruals and deferred income

 

-32

 

20

 

Total changes in working capital

  

-14

 

8

      

Changes in deferred tax, provisions, derivatives and other

  

-1

 

10

Cash flow from operations

  

742

 

747

      

Interest paid

 

-48

 

-54

 

Interest received

 

1

 

2

 

Corporate income tax paid (received)

 

-57

 

-57

 

Total

  

-104

 

-109

      

Cash flow from operating activities

  

638

 

638

      

Cash flow from investing activities

30

    

Investments in property, plant and equipment

3

-834

 

-731

 

Construction contributions received from third parties

14

124

 

126

 

Financial assets (associates and joint ventures) - Investments and divestments

 

-3

 

-1

 

Sale of Allego

 

-

 

110

 
      

Cash flow from investing activities

  

-713

 

-496

      

Cash flow from financing activities

30

    

ECP financing issued (redeemed)

13

291

 

-224

 

Long-term debt issued

13

296

 

228

 

Long-term debt redeemed

14

-321

 

-3

 

Short-term debt issued

13

-

 

14

 

Loans granted

11

-

 

-14

 

Repayments of short-term debt

13

-

 

10

 

Redemption lease liabilities

 

-20

 

-

 

Issue of subordinated perpetual bond loan

12

-

 

495

 

Repayment of subordinated perpetual bond loan

12

-

 

-496

 

Reimbursement on subordinated perpetual bond loan

12

-8

 

-21

 

Dividend paid

 

-150

 

-92

 
      

Cash flow from financing activities

  

88

 

-103

      

Net cash flow

  

13

 

39

      

Cash and cash equivalents as at 1 January

  

140

 

101

Net cash flow

  

13

 

39

      

Cash and cash equivalents as at 31 December

  

153

 

140