Note 30 Notes to the consolidated cash flow statement

Cash flow from operating activities

The cash flow from operating activities in 2019 amounted to €638 million (2018: €638 million). In this cash flow, savings on interest paid in 2019 due to the lower rate compared to 2018 are compensated by the higher working capital.

Cash flow from investing activities

The cash outflow from investing activities in 2019 was €713 million, compared with €496 million in 2018. The higher cash outflow in 2019 came as a result of higher investments and non-recurring income from the sale of Allego in 2018. Third-party contributions to investments in 2019 amounted to €124 million, down slightly on 2018 (€126 million).

Cash flow from financing activities

The cash flow from financing activities in 2019 amounted to €88 million (2018: an outflow of €103 million). This €191 million rise came mainly as a result of ECP finance acquired and long-term loans totalling €587 million. This was partly compensated by a contractually repaid loan under the EMTN programme.