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The net cash flow from operating activities was €914 million (2019: €1,146 million). Despite the negative result for the reporting period, this positive cash flow can be explained by the level of the provisions created and the impairment (€1,733 million) that were charged to the result and by the €273 million increase in operating capital (2019: €87 million increase). The tax deferral granted means that the negative operating capital will increase. In November, NS received 80% of the availability payment for 2020 (€619 million). The remainder (€196 million) will be disbursed in 2021 and has been recognised as an asset.
Under the Emergency Measures Agreement, Abellio UK received an advance payment from DfT to finance its operations. This had a one-off positive impact on cash flow of approximately €150 million.
The cash flow from investment activities was €602 million (2019: €750 million). This mainly concerns capital expenditure of €548 million on rolling stock and ICT projects, loans granted (€34 million) and expansion of the NS Insurance investment (€4 million).
The net cash outflow from financing activities was €25 million (2019: outflow of €511 million), due to the redemption of lease commitments (€482 million) and net amounts drawn under a number of credit facilities totalling €507 million (2019: redemption of €54 million). In 2020, in view of the existing economic uncertainties the shareholder renounced the final dividend for 2019 of €72 million. In 2019, the shareholder received an interim dividend of €37 million.
The above resulted in a positive cash flow of €337 million (2019: €115 million negative).

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