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Consolidated cash flow statement

For the year ended 31 December 2020; amounts in € million

 

Note

2020

2019

Operating activities

   

Result for the year after tax

 

466

854

    

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

   

Unrealised result

11

(276)

(653)

Depreciation of property, plant and equipment

16

1

1

Amortisation of financing costs

21

3

3

Provisions

23

(2)

2

Interest expense

10

41

40

Result on property sales

8

(7)

(13)

  

(240)

(620)

    

Working capital adjustments

 

(25)

2

Net cash flow from operating activities

 

201

236

    

Investing activities

   

Capital expenditure in investment property

14

(38)

(44)

Proceeds from sale of investment property

14

69

253

Capital expenditure on intangible fixed assets

 

(1)

(3)

Capital expenditure on property, plant and equipment

16

-

(2)

Capital expenditure on financial fixed assets

17

(2)

(6)

Capital expenditure on participations

17

4

6

Capital expenditure on investment property under construction

15

(99)

(137)

Net cash flow from investing activities

 

(67)

67

    

Financing activities

   

Loans drawn

21

3,729

2,510

Financing costs

21

-

(4)

Loan repayment

21

(3,636)

(2,431)

Distribution paid

20

(195)

(344)

Interest paid

 

(33)

(36)

Settlement pre-hedge contracts

13

-

(6)

Net cash flow from financing activities

 

(135)

(311)

    
  

(1)

(8)

    

Net increase/decrease in cash and cash equivalents

 

(1)

(8)

Cash and cash equivalents at the beginning of the period

19

3

11

    

Cash and cash equivalents at 31 December

19

2

3