Note 30 Notes to the consolidated cash flow statement
Cash flow from operating activities
The cash flow from operating activities in 2015 amounted to €513 million compared with €623 million in 2014. The decrease of €110 million compared with 2014 is largely accounted for by a fall in the operating profit, excluding incidental items and fair value movements, partly as a consequence of the reduction in the regulated tariffs and the increase in sufferance tax charges.
Cash flow from investing activities
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 of the interest in KEMA (in 2014) 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, almost the same as in 2014 (€570 million). The contributions towards capital projects received from third parties in 2015 amounted to €85 million, which is slightly higher than in 2014 (€80 million).
Cash flow from financing activities
The cash flow from financing activities in 2015 amounted to €99 million negative (2014: €201 million negative). The negative cash flow in 2015 is mainly accounted for by the redemption of Euro Commercial Paper (ECP loans) of €112 million and dividend distribution (€125 million), while the proceeds from the termination of a bond loan on maturity (€141 million) had the effect of lifting the cash flow.