Consolidated cash flow statement

€ million

Note

2024

2023

Cash flow from operating activities

30

Profit after tax

976

267

Adjustments for:

- Finance income and expense

27, 28

66

69

- Tax

29

72

93

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

5

-4

3

- Depreciation, amortisation and impairment

14, 26

476

449

-Book profit on sale of subsidiaries/real estate

22

-757

-5

Changes in working capital:

- Inventories

-3

-63

- Trade and other receivables

-31

-134

- Trade and other payables, accruals and deferred income

129

93

Total changes in working capital

95

-104

Changes in deferred tax, provisions, derivatives and other

28

18

Cash flow from operations

952

790

Interest paid

-75

-67

Interest received

-

-

Dividend received

3

3

Corporate income tax paid (received)

-51

-2

Cash flow from operating activities

829

724

Cash flow from investing activities

30

Investments in intangible assets

4

-1

-

Investments in property, plant and equipment

3

-1,772

-1,411

Construction contributions received from third parties

14

128

140

Cash flow from the sale of subsidiaries/real estate

22

919

13

GE notes redeemed

6

-1

-5

Repayments of short-term debt

13

1

33

Paid deposits

7

47

51

Cash flow from investing activities

-679

-1,179

Cash flow from financing activities

30

Issue of green bonds

13

741

497

Redemption EMTN

13

-400

-

Issue of subordinated perpetual bond loan

12

496

-

ECP financing issued

13

-500

200

Long-term debt issued

13

-

41

Long-term debt redeemed

13

-9

-126

Redemption lease liabilities

19

-45

-28

Reimbursement on subordinated perpetual bond loan

12

-8

-8

Dividend paid

12

-173

-82

Cash flow from financing activities

102

494

Net cash flow

252

39

Cash and cash equivalents as at 1 January

244

205

Net cash flow

252

39

Cash and cash equivalents as at 31 December

496

244