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 |