Consolidated cash flow statement

For the year ended 31 December 2019; amounts in € million

 

Note

2019

2018

Operating activities

   

Result for the year after tax

 

854

1,032

    

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

   

Unrealised result

12

(653)

(825)

Depreciation of property, plant and equipment

17

1

2

Amortisation of financing costs

22

3

3

Provisions

24

2

(9)

Interest expense

11

40

28

Result on property sales

9

(13)

(44)

  

(620)

(845)

    

Working capital adjustments

 

2

-

Net cash flow from operating activities

 

236

187

    

Investing activities

   

Capital expenditure in investment property

15

(44)

(34)

Proceeds from sale of investment property

15

253

334

Capital expenditure on intangible fixed assets

 

(3)

(3)

Capital expenditure on property, plant and equipment

17

(2)

(2)

Capital expenditure on financial fixed assets

 

(6)

-

Investment property acquisitions *

 

-

(344)

Acquisitions property under construction

16

-

(121)

Capital expenditure on participations

 

6

-

Capital expenditure on investment property under construction

16

(137)

(146)

Net cash flow from investing activities

 

67

(316)

    

Financing activities

   

Loans drawn

22

2,510

1,042

Financing costs

22

(4)

(5)

Loan repayment

22

(2,431)

(473)

Distribution paid

21

(344)

(415)

Interest paid

 

(36)

(23)

Settlement pre-hedge contracts

14

(6)

-

Net cash flow from financing activities

 

(311)

126

    
  

(8)

(3)

    

Net increase/decrease in cash and cash equivalents

 

(8)

(3)

Cash and cash equivalents at the beginning of the period

20

11

14

    

Cash and cash equivalents at 31 December

20

3

11

  • * Non-cash transactions
    In 2019, Vesteda carried out no 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.