Consolidated cash flow statement

Notes

2025

2024

Operating activities

Result for the year after tax

821

1,127

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

Unrealised result

11

(573)

(891)

Depreciation of property, plant and equipment

14, 17

2

2

Amortisation of financing costs

10

4

4

Provisions

24

-

-

Income tax paid

(1)

(1)

Interest expense

10

61

64

Amortisation of income derivatives

13

-

-

Result on property sales

8

(36)

(46)

(543)

(868)

Working capital adjustments

(7)

6

Net cash flow from operating activities

271

265

Investing activities

Capital expenditure in investment property

15

(52)

(78)

Proceeds from sale of investment property

15

138

225

Capital expenditure on intangible fixed assets

-

-

Capital expenditure on property, plant and equipment

17

-

-

Capital expenditure on financial fixed assets

18

-

-

Capital expenditure on participations

18

-

-

Capital expenditure on investment property under construction

16

(43)

(151)

Net cash flow from investing activities

44

(4)

Financing activities

Loans drawn

22

608

1,860

Financing costs

22

-

(4)

Loan repayment

22

(548)

(1,803)

Equity issued

21

75

91

Equity redemption

21

(125)

(141)

Distribution paid

21

(199)

(200)

Interest paid

(57)

(46)

Settlement pre-hedge contracts

13

-

-

Buy-off landlease

23

(6)

(21)

Lease liabilities

23

-

-

Net cash flow from financing activities

(252)

(264)

Total net cash flow

63

(3)

Net increase/decrease in cash and cash equivalents

63

(3)

Cash and cash equivalents at the beginning of the period

21

1

4

Cash and cash equivalents at 31 December

21

64

1