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Consolidated statement of cash flows

For the year ended 31 December (EUR million)

Operational activities
Operating profit439273
Non-cash adjustments to reconcile profit to net cash flows:
Depreciation, amortisation and impairment of assets4.1, 5.1596749
Result on disposal of assets4.116
Gain on disposal of subsidiary5.2-16
Share in profit of joint ventures and associates5.3-78-86
Dividends received from joint ventures and associates5.38890
Increase/(decrease) in deferred income4.21053
Movements in provisions and other (financial) liabilities and assets28-166
Working capital adjustments excluding EEG working capital:
(Increase)/decrease in account- and other receivables5.55200
(Increase)/decrease in inventories-41-9
Increase/(decrease) in account- and other payables5.6-214421
Increase/(decrease) in current financial liabilities244
Income tax paid (net)-211-275
Net cash flows from operating activities excluding EEG working capital6461,254
EEG working capital adjustments:
(Increase)/decrease in EEG receivables5.5-861
Increase/(decrease) in EEG payables5.6-9128
Net cash flows from operating activities5511,383
Investing activities
Purchase of tangible and intangible fixed assets4.1, 5.1-1,796-2,508
Proceeds from sale of tangible and intangible fixed assets4.1, 5.136
Sale of subsidiary5.2-289
Acquisition of a subsidiary, net of cash acquired5.2-28
Capital contribution to joint ventures and associates5.3-37-32
Proceeds from repayment of financial assets12
Interest received1
Net cash flows used in investing activities-1,830-2,838
Financing activities
Proceeds from borrowings6.33,2132,020
Repayment of borrowings6.3-395-698
Interest paid-119-119
Dividends paid to equity holders of the company6.2.1-196-117
Distribution on hybrid securities6.2.1-33-33
Dividends paid and capital repayments to non-controlling interests6.2.2-66-12
Proceeds from capital contributions by non-controlling interests6.2.2632
Net cash flows from financing activities2,4101,073
Net change in cash and cash equivalents1,131-382
Cash and cash equivalents at 31 December6.41,16635
Cash and cash equivalents at 1 January6.435417