The following notes explain the significant changes in the balance sheet as at 31 December 2015 relative to the situation as at 31 December 2014. Detailed information on balance-sheet items is given in the financial statements.
Endinet classified as held for sale
As previously mentioned in this section, Endinet was classified as being held for sale with effect from 24 March 2015. This means that all of Endinet's assets and liabilities were reclassified to the balance sheet items of non-current assets and liabilities held for sale, respectively, from that date onwards. This included the goodwill of €36 million carried in Alliander's balance sheet relating to Endinet. The various balance sheet items can be analysed as follows as at year-end 2015.
Assets and liabilities held for sale
Ignoring the effect of the reclassification of assets held for sale, non-current assets as at 31 December 2015 had increased by almost €300 million. This increase is mainly a consequence of higher capital expenditure on the networks in relation to the associated depreciation charges and investments in telecommunication networks and meters.
Again excluding the held-for-sale effect, current assets were down by €229 million compared with the position as at 31 December 2014, at €406 million. The decrease is mainly accounted for by the contractual termination of an available-for-sale debt instrument and a lower figure for the balance of short-term loans.
Non-current assets held for sale
The non-current assets held for sale as at year-end 2015 relate entirely to the disposal of Endinet, with effect from 1 January 2016. The year-end 2014 figure relates to a high-voltage transmission network in Noord-Holland. A delay in completing the latter disposal meant that these assets were reclassified as property, plant and equipment in 2015.
Shareholders' equity as at 31 December 2015 increased by €107 million compared with the level as at 31 December 2014, to €3,686 million. This increase is mainly accounted for by the net profit for 2015, amounting to €235 million, less the dividend distribution in 2015 relating to 2014 (€125 million). A summary of the movements can be found in note  of the financial statements.
Current and non-current liabilities
The amount of non-current liabilities was down by more than €300 million compared with 31 December 2014. This decrease is chiefly due to reclassification of part of the EMTN portfolio (nominal value €400 million) as current liabilities in anticipation of maturity of the notes in 2016.
The current liabilities as at 31 December 2015 were up by almost €300 million compared with the position as at year-end 2014, at €709 million. The increase is largely explained by the aforementioned reclassification of part of the EMTN portfolio, partly offset by the effect of repayment of ECP in 2015.
Liabilities held for sale
The liabilities held for sale as at year-end 2015 relate entirely to the disposal of Endinet , with effect from 1 January 2016.
Shown below is a summary of the cash flow statement for 2015.
Consolidated cash flow statement
The cash flow from operating activities in 2015 amounted to €513 million, compared with €623 million in 2014. The decrease of €110 million is largely accounted for by a fall in the operating profit, excluding incidental items and fair value gains and losses, as a consequence of the reduction in the regulated tariffs and the increase in sufferance tax charges, among other things.
The cash outflow from investing activities in 2015 amounted to €492 million, which is €82 million higher than in 2014. The reduced cash outflow overall in 2014 is explained by the cash inflow from the sale in 2014 of the interest in KEMA to DNV GL Group (€80 million) and the partial sale of CDMA Utilities to Eneco (€4 million).
The cash flow relating to investments in property, plant and equipment amounted to €575 million, which is almost the same as in 2014 (€570 million). Third party contributions to investments in 2015 amounted to €85 million, which is slightly higher than in the previous year (€80 million).
The level of capital expenditure has risen by €100 million relative to 2011, an increase of more than 21%. Apart from the increased investments in the networks and meters, there has been an increase in other investments as well, including higher levels of investment in telecommunication networks (both optical fibre networks and mobile data networks) and investments concerning various activities to take forward the energy transition. In 2015, there was also investment in buildings connected with the renovation of the office building in Duiven, with its sustainable and energy-positive credentials.
The cash flow from financing activities in 2015 amounted to €99 million negative (2014: €201 million negative). The net negative cash flow in 2015 is mainly accounted for by the repayment of ECP loans of €112 million plus dividend payments (€125 million) set against which was an inward cash flow from the repayment on maturity of available-for-sale securities (€141 million).
Free cash flow
The free cash flow in 2015 totalled €21 million, compared with an inward free cash flow in 2014 of €213 million. The drop of €192 million compared with 2014 is entirely explained by a lower cash flow from operating activities and the inclusion in 2014 of €80 million received from the sale of the KEMA shares.
Free cash flow reconciliation