Consolidated cash flow statement

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(x EUR million)

Notes

2013

2012

Cash flow from operating activities

Net result

-146.5

-93.8

Adjustment for:

- Deferred taxes

-69.3

9.7

- Financial result, no payment or receipt in financial year

3.1

-1.5

- Capitalised costs

-3.1

-7.1

- Indirect result investment property

289.8

2.5

- Results on sale of investment property

1.3

1.2

- Valuation result derivatives

-2.1

0.8

- Impairments, depreciation and amortisation

10.6

177.7

- Movement in working capital (excl. movement investment payables)

-6.6

-7.1

77.2

82.4

Cash flow from investment activities

Maintenance investments (excl. capitalised costs, incl. movement investment payables)

-52.2

-42.1

Expansion investments (excl. capitalised costs, incl. movement investment payables)

-19.3

-53.9

Divestments

20.6

17.3

-50.9

-78.7

Cash flow from financing activities

New loans

295.8

95.7

Repayments

-376.2

-44.5

Financial derivatives

-

-56.8

Dividend payments

-31.6

-

Sale and lease back transactions

115.0

35.1

Other movements

-

-0.9

3.0

28.6

Movement in cash and cash equivalents

29.3

32.3

Cash balance at 1 January

71.2

38.9

Movement in cash and cash equivalents financial year

29.3

32.3

Cash balance as per 31 December

10

100.5

71.2