Note 30 Notes to the consolidated cash flow statement

Cash flow from operating activities

The cash flow from operating activities in 2023 amounted to €724 million (2022: €572 million). The €152 million increase compared to 2022 is mainly due to the higher net profit in 2023, plus the application of the discretionary depreciation scheme, resulting in a corporate income tax payment of €2 million in 2023 (2022: €60 million).

Cash flow from investing activities

The cash outflow from investing activities in 2023 was €1,179 million, compared with an outflow of €1,175 million in 2022. The €183 million increase in gross investments in 2023 is almost fully neutralised by the receipt of security deposits. Regarding procurement to compensate for network losses, €51 million of the security deposits paid in 2022 (€100 million) was repaid in 2023 due to dropping energy prices in 2023. In addition, Alliander received the remainder (€28 million) of the purchase price for the Allego group company, which was sold in 2018. The above resulted in an investment cash flow in 2023 that was €4 million lower than in 2022.

Cash flow from financing activities

The cash flow from financing activities for 2023 amounted to €494 million (2022: €184 million). The green bond issued both in 2023 and in 2022 led to an incoming cash flow of almost €500 million in both years. ECP financing was also acquired in both years, totalling €200 million in 2023 and €300 million in 2022. Furthermore, we reinstated €41 million in loans to shareholders in 2023. This is offset by the contractual repayment of bonds under the EMTN programme in 2022 (€400 million) and also explains most of the difference in the financing cash flow between 2023 and 2022.