Consolidated cash flow statement
€ million | Note | 2022 | 2021 | ||
Cash flow from operating activities | |||||
Profit after tax | 198 | 242 | |||
Adjustments for: | |||||
- Finance income and expense | 53 | 45 | |||
- Tax | 62 | 72 | |||
- Result after tax from associates, joint ventures and third-party non-controlling interests | -3 | -5 | |||
- Depreciation, amortisation and impairment | 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 | |||||
Investments in intangible assets | -1 | - | |||
Investments in property, plant and equipment | -1,228 | -1,014 | |||
Construction contributions received from third parties | 142 | 149 | |||
Cash flow from the acquisition of associates | - | -3 | |||
Cash flow from the sale of associates | 12 | 30 | |||
GE notes redeemed | -8 | - | |||
Repayments of short-term debt | 8 | 199 | |||
Paid deposits | -100 | - | |||
Cash flow from investing activities | -1,175 | -639 | |||
Cash flow from financing activities | |||||
Redemption EMTN | -400 | - | |||
ECP financing issued | 300 | 2 | |||
Long-term debt issued | 498 | 599 | |||
Long-term debt redeemed | -8 | -48 | |||
Received deposits | -72 | 72 | |||
Redemption lease liabilities | -25 | -222 | |||
Reimbursement on subordinated perpetual bond loan | -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 |