Consolidated cash flow statement

(Amounts in € million)

notes

2016

2015

Operating activities

   

Result for the year after tax

 

533

291

    

Adjustments to reconcile result after tax to net cash flow from operating activities

   

Unrealised result

13

(391)

(169)

Depreciation of property, plant and equipment

19

1

1

Financial assets

20

-

(4)

Amortisation of financing costs

25

2

2

Provisions

26

6

2

Interest expense

12

31

36

Unwind transaction derivatives

15

-

14

Result on property sales

10

(14)

(14)

  

(365)

(132)

    

Working capital adjustment

 

(3)

13

Net cash flow from operating activities

 

165

172

    

Investing activities

   

Capital expenditure in investment property

17

(122)

(31)

Sales revenues of investment property

17

98

89

Capital expenditure on intangible fixed assets

16

-

(1)

Capital expenditure on property, plant and equipment

19

-

(1)

Capital expenditure on investment property under construction

18

(117)

(69)

Capital expenditure in participation LRC BV

26

(15)

-

Net cash flow from investing activities

 

(156)

(13)

    

Financing activities

   

Loans drawn

25

192

570

Disagio on bonds

25

1

(1)

Financing costs

25

-

(4)

Loan repayment

25

(53)

(737)

Capital paid in

25

-

415

Costs new equity

25

-

(2)

Dividend paid

 

(121)

(107)

Redemption

24

-

(255)

Interest paid

 

(31)

(39)

Unwind transaction derivatives paid

15

-

(14)

Net cash flow from financing activities

 

(12)

(174)

    
  

(3)

(15)

    

Net increase/decrease in cash and cash equivalents

 

(3)

(15)

Cash and cash equivalents at the beginning of the period

23

20

35

Cash and cash equivalents at 31 December

23

17

20

    Non-cash transactions

    In 2016 and 2015, no non-cash transactions have been done.