Consolidated cash flow statement

€ million

Note

2020

2019

Cash flow from operating activities

30

    

Profit after tax

  

224

 

253

Adjustments for:

     

- Finance income and expense

27, 28

 

41

 

52

- Tax

29

 

55

 

76

- Result after tax from associates and joint ventures

5

 

-1

 

-2

- Depreciation, amortisation and impairment

22, 26

 

388

 

378

Changes in working capital:

     

- Inventories

 

-9

 

6

 

- Trade and other receivables

 

21

 

12

 

- Trade and other payables, accruals and deferred income

 

1

 

-32

 

Total changes in working capital

  

13

 

-14

      

Changes in deferred tax, provisions, derivatives and other

  

2

 

-1

Cash flow from operations

  

722

 

742

      

Interest paid

 

-38

 

-48

 

Interest received

 

-

 

1

 

Dividend received

 

1

 

-

 

Corporate income tax paid (received)

 

-51

 

-57

 

Total

  

-88

 

-104

      

Cash flow from operating activities

  

634

 

638

      

Cash flow from investing activities

30

    

Investments in property, plant and equipment

3

-890

 

-834

 

Construction contributions received from third parties

14

175

 

124

 

Cash flow from the acquisition of 450connect GmbH

 

-60

 

-

 

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

 

-

 

-3

 
      

Cash flow from investing activities

  

-775

 

-713

      

Cash flow from financing activities

30

    

ECP financing issued (redeemed)

13

-289

 

291

 

Long-term debt issued

13

847

 

296

 

Long-term debt redeemed

14

-134

 

-321

 

Repayments of short-term debt

13

6

 

-

 

Redemption lease liabilities

 

-22

 

-20

 

Reimbursement on subordinated perpetual bond loan

12

-8

 

-8

 

Dividend paid

 

-114

 

-150

 
      

Cash flow from financing activities

  

286

 

88

      

Net cash flow

  

145

 

13

      

Cash and cash equivalents as at 1 January

  

153

 

140

Net cash flow

  

145

 

13

      

Cash and cash equivalents as at 31 December

  

298

 

153