Note 30 Notes to the consolidated cash flow statement

Cash flow from operating activities

The cash flow from operating activities in 2024 amounted to €829 million (2023: €724 million). Among other things, the €105 million increase compared to 2023 is due to the €199 million improvement in working capital due to the prepayment on the Kenter disposal in 2024. Against this, €51 million of corporate income tax was paid in 2024, which is €49 million more than in 2023 due to the application in 2023 of the discretionary depreciation scheme. 

Cash flow from investing activities

The cash outflow from investing activities in 2024 was €679 million, compared with an outflow of €1,179 million in 2023. The decrease is mainly attributable to the sale of Kenter (€919 million). This is offset by the €362 million rise in gross investments in 2024, which reflects the increased work package. In 2023, Alliander also received the remaining €28 million of the purchase price for Allego, a group company which was sold in 2018. The above resulted in an investment cash flow in 2024 that was €515 million lower than in 2023.

Cash flow from financing activities

The cash flow from financing activities for 2024 amounted to €102 million (2023: €494 million). Green bonds were issued in both 2024 and 2023 under the EMTN programme, resulting in an incoming cash flow of just under €750 million in 2024 and €500 million in 2023. In 2024, ahead of the repayment in 2025, a subordinated perpetual bond loan was issued for €496 million. This was largely offset by items such as the repayment of current liabilities in the form of ECPs (€500 million) and an EMTN loan (€400 million), the dividend distribution of €173 million and lease payments of €45 million.

In 2023, the issuing of ECP led to a cash inflow of €200 million. Furthermore, €41 million in shareholder loans were reinstated in 2023. This was offset by the repayment of a long-term loan (€126 million), the dividend payment (€82 million) and lease payments (€28 million).