Consolidated cash flow statement

€ million

Note

2022

2021

Cash flow from operating activities

30

    

Profit after tax

  

198

 

242

Adjustments for:

     

- Finance income and expense

27, 28

 

53

 

45

- Tax

29

 

62

 

72

- Result after tax from associates, joint ventures and third-party non-controlling interests

5

 

-3

 

-5

- Depreciation, amortisation and impairment

22, 26

 

456

 

422

- Paid earn out on sale 450connect

  

-

 

-24

- Book profit on sale of Stam

  

-13

 

-

Changes in working capital:

     

- Inventories

 

-96

 

6

 

- Trade and other receivables

 

4

 

-33

 

- Trade and other payables, accruals and deferred income

 

35

 

46

 

Total changes in working capital

  

-57

 

19

      

Changes in deferred tax, provisions, derivatives and other

  

-20

 

-6

Cash flow from operations

  

676

 

765

      

Interest paid

  

-50

 

-37

Interest received

  

-

 

-

Dividend received

  

6

 

1

Corporate income tax paid (received)

  

-60

 

-65

      

Cash flow from operating activities

  

572

 

664

      

Cash flow from investing activities

30

    

Investments in intangible assets

4

-1

 

-

 

Investments in property, plant and equipment

3

-1,228

 

-1,014

 

Construction contributions received from third parties

14

142

 

149

 

Cash flow from the acquisition of associates

1

-

 

-3

 

Cash flow from the sale of associates

22

12

 

30

 

GE notes redeemed

6

-8

 

-

 

Repayments of short-term debt

13

8

 

199

 

Paid deposits

7

-100

 

-

 
      

Cash flow from investing activities

  

-1,175

 

-639

      

Cash flow from financing activities

30

    

Redemption EMTN

 

-400

 

-

 

ECP financing issued

13

300

 

2

 

Long-term debt issued

13

498

 

599

 

Long-term debt redeemed

14

-8

 

-48

 

Received deposits

13

-72

 

72

 

Redemption lease liabilities

19

-25

 

-222

 

Reimbursement on subordinated perpetual bond loan

12

-8

 

-8

 

Dividend paid

 

-101

 

-94

 
      

Cash flow from financing activities

  

184

 

301

      

Net cash flow

  

-419

 

326

      

Cash and cash equivalents as at 1 January

  

624

 

298

Net cash flow

  

-419

 

326

      

Cash and cash equivalents as at 31 December

  

205

 

624