Consolidated cash flow statement

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