The net cash flow from operating activities was an outflow of €10 million (inflow of €891 million in 2016). This was caused by the lower operating profit and an increase in the working capital of €221 million (in 2016, this decreased by €287 million), because the advance for the student public transport pass at year-end 2016 was received in 2017, whereas the advance for 2018 was only received in January 2018. In addition, the deferred tax liability in Ireland that became due immediately as a result of the transfer of the rolling stock to the Netherlands was paid (€101 million).
The investments required a net cash outflow of €455 million (€184 million in 2016).
The net cash inflow from financing activities was €296 million (outflow of €640 million in 2016) due to the net take-up of a number of loans in 2017 worth €375 million (compared with repayments of €599 million in 2016). In addition, a dividend of €79 million was paid to the State in 2017.
The above resulted in a negative cash flow of €169 million (positive cash flow of €67 million in 2016).