Consolidated cash flow statement

(Amounts in € million)

 

notes

2017

2016

Operating activities

   

Result for the year after tax

 

682

533

    

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

   

Unrealised result

11

(544)

(391)

Depreciation of property, plant and equipment

16

1

1

Financial assets

17

-

-

Amortisation of financing costs

21

1

2

Provisions

22

(4)

6

Interest expense

10

29

31

Unwind transaction derivatives

13

12

-

Result on property sales

8

(13)

(14)

  

(518)

(365)

    

Working capital adjustment

 

20

(3)

Net cash flow from operating activities

 

184

165

    

Investing activities

   

Capital expenditure in investment property

14

(35)

(122)

Sales revenues of investment property

14

94

98

Capital expenditure on property, plant and equipment

16

1

-

Capital expenditure on investment property under construction

15

(216)

(117)

Capital expenditure in participation LRC BV

20

-

(15)

Net cash flow from investing activities

 

(156)

(156)

    

Financing activities

   

Loans drawn

21

100

192

Disagio on bonds

21

-

1

Financing costs

21

-

-

Loan repayment

21

(161)

(53)

Capital paid in

20

280

-

Costs new equity

20

(1)

-

Distribution paid

20

(206)

(121)

Redemption

20

-

-

Interest paid

 

(31)

(31)

Unwind transaction derivatives paid

13

(12)

-

Net cash flow from financing activities

 

(31)

(12)

    
  

(3)

(3)

    

Net increase/decrease in cash and cash equivalents

 

(3)

(3)

Cash and cash equivalents at the beginning of the period

19

17

20

    

Cash and cash equivalents at 31 December

20

14

17

Non-cash transactions

In 2017 and 2016, no non-cash transactions have been done.