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Consolidated cash flow statement

For the year ended 31 December 2021; amounts in € million

 

Note

2021

2020

Operating activities

   

Result for the year after tax

 

1,444

466

    

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

   

Unrealised result

11

(1,233)

(276)

Depreciation of property, plant and equipment

16

2

1

Amortisation of financing costs

21

2

2

Provisions

23

-

(2)

Lease liabilities

22

(5)

-

Interest expense

10

37

39

Amortisation of income derivatives

13

(1)

(1)

Result on property sales

8

(16)

(7)

  

1,214

(244)

    

Working capital adjustments

 

2

(21)

Net cash flow from operating activities

 

232

201

    

Investing activities

   

Capital expenditure in investment property

14

(82)

(38)

Proceeds from sale of investment property

14

115

69

Capital expenditure on intangible fixed assets

 

(1)

(1)

Capital expenditure on property, plant and equipment

16

-

-

Capital expenditure on financial fixed assets

17

1

(2)

Capital expenditure on participations

17

4

4

Capital expenditure on investment property under construction

15

(121)

(99)

Net cash flow from investing activities

 

(84)

(67)

    

Financing activities

   

Loans drawn

21

2,126

3,729

Financing costs

21

-

-

Loan repayment

21

(1,943)

(3,636)

Distribution paid

20

(186)

(195)

Interest paid

 

(32)

(33)

Settlement pre-hedge contracts

13

-

-

Buy-off landlease

22

(5)

-

Income tax paid

 

(1)

-

Net cash flow from financing activities

 

(41)

(135)

    

Total net cash flow

 

107

(1)

    

Net increase/decrease in cash and cash equivalents

 

107

(1)

Cash and cash equivalents at the beginning of the period

19

2

3

    

Cash and cash equivalents at 31 December

19

109

2