Consolidated cash flow statement

€ million

Note

2023

2022

Cash flow from operating activities

30

       

Profit after tax

   

267

 

198

Adjustments for:

         

- Finance income and expense

27, 28

 

69

 

53

- Tax

29

 

93

 

62

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

5

 

3

 

-3

- Depreciation, amortisation and impairment

22, 26

 

449

 

456

- Book profit on sale of Stam

   

-5

 

-13

Changes in working capital:

         

- Inventories

 

-63

 

-96

 

- Trade and other receivables

 

-134

 

4

 

- Trade and other payables, accruals and deferred income

 

93

 

35

 

Total changes in working capital

   

-104

 

-57

           

Changes in deferred tax, provisions, derivatives and other

   

18

 

-20

Cash flow from operations

   

790

 

676

           

Interest paid

   

-67

 

-50

Interest received

   

-

 

-

Dividend received

   

3

 

6

Corporate income tax paid (received)

   

-2

 

-60

           

Cash flow from operating activities

   

724

 

572

           

Cash flow from investing activities

30

       

Investments in intangible assets

4

-

 

-1

 

Investments in property, plant and equipment

3

-1,411

 

-1,228

 

Construction contributions received from third parties

14

140

 

142

 

Cash flow from the sale of associates

22

13

 

12

 

GE notes redeemed

6

-5

 

-8

 

Repayments of short-term debt

13

33

 

8

 

Paid deposits

7

51

 

-100

 
           

Cash flow from investing activities

   

-1,179

 

-1,175

           

Cash flow from financing activities

30

       

Issue of green bonds

13

497

 

498

 

Redemption EMTN

 

-

 

-400

 

ECP financing issued

13

200

 

300

 

Long-term debt issued

13

41

 

-

 

Long-term debt redeemed

14

-126

 

-8

 

Received deposits

13

-

 

-72

 

Redemption lease liabilities

19

-28

 

-25

 

Reimbursement on subordinated perpetual bond loan

12

-8

 

-8

 

Dividend paid

 

-82

 

-101

 
           

Cash flow from financing activities

   

494

 

184

           

Net cash flow

   

39

 

-419

           

Cash and cash equivalents as at 1 January

   

205

 

624

Net cash flow

   

39

 

-419

           

Cash and cash equivalents as at 31 December

   

244

 

205