Consolidated cash flow statement
For the year ended 31 December 2022; amounts in € million
Note | 2022 | 2021 | |
Operating activities | |||
Result for the year after tax | (12) | 1,444 | |
Adjustments to reconcile result after tax to net cash flow from operating activities | |||
Unrealised result | 11 | 218 | (1,233) |
Depreciation of property, plant and equipment | 14 / 17 | 2 | 2 |
Amortisation of financing costs | 10 | 3 | 2 |
Provisions | 24 | - | - |
Lease liabilities | 23 | - | (5) |
Interest expense | 10 | 39 | 37 |
Amortisation of income derivatives | 13 | (1) | (1) |
Result on property sales | 8 | (6) | (16) |
255 | 1,214 | ||
Working capital adjustments | 3 | 2 | |
Net cash flow from operating activities | 246 | 232 | |
Investing activities | |||
Capital expenditure in investment property | (59) | (82) | |
Proceeds from sale of investment property | 15 | 53 | 115 |
Capital expenditure on intangible fixed assets | - | (1) | |
Capital expenditure on property, plant and equipment | 17 | - | - |
Capital expenditure on financial fixed assets | 18 | - | 1 |
Capital expenditure on participations | 18 | - | 4 |
Capital expenditure on investment property under construction | (137) | (121) | |
Net cash flow from investing activities | (143) | (84) | |
Financing activities | |||
Loans drawn | 22 | 1,586 | 2,126 |
Financing costs | 22 | - | - |
Loan repayment | 22 | (1,505) | (1,943) |
Distribution paid | 21 | (245) | (186) |
Interest paid | (36) | (32) | |
Settlement pre-hedge contracts | 14 | - | - |
Buy-off landlease | 23 | - | (5) |
Income tax paid | (1) | (1) | |
Net cash flow from financing activities | (200) | (41) | |
Total net cash flow | (98) | 107 | |
Net increase/decrease in cash and cash equivalents | (98) | 107 | |
Cash and cash equivalents at the beginning of the period | 20 | 109 | 2 |
Cash and cash equivalents at 31 December | 20 | 11 | 109 |