Consolidated cash flow statement

€ million

Note

2021

2020

Cash flow from operating activities

30

    

Profit after tax

  

242

 

224

Adjustments for:

     

- Finance income and expense

27, 28

 

45

 

41

- Tax

29

 

72

 

55

- Result after tax from associates and joint ventures

5

 

-5

 

-1

- Depreciation, amortisation and impairment

22, 26

 

422

 

388

- Release of provision CDS after tax

  

-24

 

-

Changes in working capital:

     

- Inventories

 

6

 

-9

 

- Trade and other receivables

 

-33

 

21

 

- Trade and other payables, accruals and deferred income

 

46

 

1

 

Total changes in working capital

  

19

 

13

      

Changes in deferred tax, provisions, derivatives and other

  

-6

 

2

Cash flow from operations

  

765

 

722

      

Interest paid

  

-37

 

-38

Interest received

  

-

 

-

Dividend received

  

1

 

1

Corporate income tax paid (received)

  

-65

 

-51

      

Cash flow from operating activities

  

664

 

634

      

Cash flow from investing activities

30

    

Investments in property, plant and equipment

3

-1.014

 

-890

 

Construction contributions received from third parties

14

149

 

175

 

Cash flow from the acquisition of associates

1

-3

 

-60

 

Cash flow from the sale of associates

22

30

 

-

 

GE notes redeemed1

6

198

 

-

 

Repayments of short-term debt1

13

1

 

6

 
      

Cash flow from investing activities

  

-639

 

-769

      

Cash flow from financing activities

30

    

ECP financing redeemed

13

-

 

-289

 

ECP financing issued

13

2

 

-

 

Long-term debt issued

13

599

 

847

 

Long-term debt redeemed

14

-48

 

-134

 

Received deposits

13

72

 

-

 

Redemption lease liabilities

19

-222

 

-22

 

Reimbursement on subordinated perpetual bond loan

12

-8

 

-8

 

Dividend paid

 

-94

 

-114

 
      

Cash flow from financing activities

  

301

 

280

      

Net cash flow

  

326

 

145

      

Cash and cash equivalents as at 1 January

  

298

 

153

Net cash flow

  

326

 

145

      

Cash and cash equivalents as at 31 December

  

624

 

298

  • 1 To aid comparison, reclassified from cash flow from financing activities to cash flow from investing activities.