Consolidated cash flow statement

for the year ended 31 December 2018

 

notes

2018

2017

Operating activities

   

Result for the year after tax

 

1,032

682

    

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

   

Unrealised result

11

(825)

(544)

Depreciation of property, plant and equipment

16

2

1

Amortisation of financing costs

21

3

1

Provisions

22

(9)

(4)

Interest expense

10

28

29

Unwind transaction derivatives

13

-

12

Result on property sales

8

(44)

(13)

  

(845)

(518)

    

Working capital adjustments

 

-

20

Net cash flow from operating activities

 

187

184

    

Investing activities

   

Capital expenditure in investment property

14

(34)

(25)

Proceeds form sale of investment property

14

334

94

Capital expenditure on intangible fixed assets

 

(3)

-

Capital expenditure on property, plant and equipment

16

(2)

1

Investment property acquisitions *

 

(344)

(10)

Acquisitions property under construction

15

(121)

-

Capital expenditure on investment property under construction

15

(146)

(216)

Net cash flow from investing activities

 

(316)

(156)

    

Financing activities

   

Loans drawn

21

1,042

100

Financing costs

21

(5)

-

Loan repayment

21

(473)

(161)

Capital paid in

20

-

280

Costs new equity

20

-

(1)

Distribution paid

20

(415)

(206)

Interest paid

 

(23)

(31)

Unwind transaction derivatives paid

13

-

(12)

Net cash flow from financing activities

 

126

(31)

    
  

(3)

(3)

    

Net increase/decrease in cash and cash equivalents

 

(3)

(3)

Cash and cash equivalents at the beginning of the period

19

14

17

    

Cash and cash equivalents at 31 December

20

11

14

Non-cash transactions *

In 2018, Vesteda carried out one partially non-cash transaction; on 28 June Vesteda bought the former Delta Lloyd portfolio from Nationale Nederlanden for €1,372 million of which was paid € 1,080 million of the total sum in participation rights to the seller and €292 million in cash. In 2017, Vesteda carried out no non-cash transactions.