Consolidated cash flow statement

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(x EUR million)

Notes

2015

2014

Cash flow from operating activities

Net result

90.9

-227.7

Adjustment for:

- Deferred taxes1

27.8

-23.3

- Financial result, no payment or receipt in financial year2

5.6

5.9

- Capitalised costs

-1.5

-3.1

- Indirect result investment property

-4.2

165.7

- Results on sale of investment property

-5.3

-2.6

- Valuation result derivatives

0.4

32.9

- Impairments, depreciation and amortisation

10.7

151.1

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

11.8

-9.0

136.2

89.9

Cash flow from investment activities

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

-42.4

-52.8

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

-24.9

-7.1

Divestments

8.2

4.6

-59.1

-55.3

Cash flow from financing activities

New loans

860.0

-

Repayments

-987.8

-190.5

Settlement derivates

-19.2

-

Dividend payments

-

-

Activated transaction costs refinancing

-6.2

-

Sale-and-leaseback transactions

-

180.3

-153.2

-10.2

Movement in cash and cash equivalents

-76.1

24.4

Cash balance at 1 January

124.9

100.5

Movement in cash and cash equivalents financial year

-76.1

24.4

Cash balance at 31 December

11

48.8

124.9

  1. Taxes paid in the current bookyear amount to EUR 2,0 million (2014: EUR 0,6 million).
  2. Interest paid in the current bookyear amounts to EUR 57,7 million (2014: EUR 78,1 million).