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Consolidated cash flow statement

€ million

Note

2015

2014

Cash flow from operating activities

30

    

Profit after tax

  

235

 

323

Adjustments for:

     

- Finance income and expense

27, 28

 

71

 

93

- Tax

29

 

80

 

94

- Profit after tax from associates and joint ventures

5

 

4

 

-

- Depreciation and impairment less amortisation

22, 26

 

282

 

291

- Release provision CDS after tax

8

 

-49

 

-60

- Result divestiture shares KEMA after tax1

22

 

-

 

-45

Changes in working capital:

     

- Inventories

 

-17

 

-3

 

- Trade and other receivables

 

6

 

24

 

- Trade and other payables and accruals

 

51

 

57

 

Total changes in working capital

  

40

 

78

      

Changes in deferred tax, provisions, derivatives and other

  

-26

 

-38

Cash flow from operations

  

637

 

736

      

Net interest paid

 

-65

 

-77

 

Net interest received

 

2

 

2

 

Corporate income tax paid (received)

 

-61

 

-38

 

Total

  

-124

 

-113

      

Cash flow from operating activities

  

513

 

623

      

Cash flow from investing activities

30

    

Investments in intangible assets

4

-

 

-2

 

Investments in property, plant and equipment

3

-575

 

-570

 

Construction contributions received

14

85

 

80

 

Investments and divestments in financial assets (associates and joint ventures)

 

-2

 

82

 
      

Cash flow from investing activities

  

-492

 

-410

      

Cash flow from financing activities

30

    

Redemption EMTN

 

-

 

-276

 

ECP financing issued (redemption)

 

-112

 

153

 

Long-term debt issued (redemption)

 

4

 

-5

 

(Redemption) loans granted

 

9

 

-7

 

Received (granted) current deposits

 

-

 

75

 

(Redemption) available-for-sale investments

6

141

 

-

 

Reimbursement subordinated perpetual bond

12

-16

 

-16

 

Dividend paid

 

-125

 

-125

 
      

Cash flow from financing activities

  

-99

 

-201

      

Net cash flow

  

-78

 

12

      

Cash and cash equivalents as at 1 January

  

167

 

155

Net cash flow

  

-78

 

12

      

Cash and cash equivalents as at 31 December

  

89

 

167

Reconciliation of net cash flow 2015

The cash flow statement for 2015 (and for 2014) includes the figures for Endinet Groep. A direct reconciliation between the figures in the cash flow statement and those in the balance sheet and the income statement is not possible, since Endinet Groep has not been included in the corresponding figures in the latter two statements. Analysed into continuing operations (Alliander) and discontinued operations (Endinet Groep), the cash flows were follows:

€ million

Continuing operations

Discontinued operations

Eliminations

Total

Cash flow from operating activities

477

36

-

513

Cash flow from investing activities

-470

-22

-

-492

Cash flow from financing activities

-99

-15

15

-99

Net cash flow

-92

-1

15

-78

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