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