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 |