35. Notes to the consolidated cash flow statement

The consolidated cash flow statement has been prepared using the indirect method. To derive cash flow from operating activities, the result after income tax is adjusted for income statement items that either do not result in cash flow in the same period or classify as investing or financing activities, as well as for movements in the balance sheet relating to working capital, deferred revenue and provisions.

The cash flow statement distinguishes between cash flows from operating, investing and financing activities. Cash flow from operating activities includes interest and income tax payments as well as interest and dividend receipts. Development costs and investments in and disposals of non-current assets (including financial interests) are included in cash flow from investing activities. Dividends paid out are recognised as outgoing cash flow from financing activities.

Changes in working capital

Working capital consists of inventories and current receivables less trade and other liabilities. The table below shows the movement in working capital recognised in the cash flow from operating activities:

x 1 million



Movements in inventories



Movements in trade and other receivables



Movement in trade and other liabilities






Change in deferred revenue

With effect from the 2023 financial statements, cash flows from deferred revenue (contributions received from customers for connection costs and reconstructions) have been reclassified from investing activities to operating activities, in line with the recognition of these contributions in the income statement over time as net revenue. To this end, the result after income tax is adjusted for the movement in contract liabilities. In 2023, revenue totalled 131 million (2022: 107 million). The comparative figures have been adjusted accordingly.