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The net cash flow from operating activities was €1,146 million (2018: €937 million). This increase can be explained mainly by the higher result and by the rise in operating capital by €87 million (2018: €479 million). In 2019, lease expenses were recognised under cash flow from financing activities, in accordance with IFRS16. The short-term portion of the lease commitment at year-end 2019 was €433 million and was recognised under current liabilities, causing a fall in operating capital by €433 million at year-end 2019.
The cash flow from investment activities was €750 million (2018: €654 million). This concerns capital expenditure in the amount of €769 million decreased by divestments in equipment and assets owing to the franchising of retail formats (€10 million) and dividends received from our participation in Merseyrail (€9 million).
The net cash outflow from financing activities was €511 million (2018: inflow of €65 million), due to the redemption of lease commitments (€420 million) and net amounts drawn, in 2019, under a number of credit facilities totalling €54 million (2018: redemption of €73 million). In addition, a dividend of €37 million was paid to the State in 2019 (2018: €8 million).
The above resulted in a negative cash flow of €115 million (2018: positive cash flow of €348 million). Over the course of 2019, the application of IFRS 16 resulted in a shift of net cash flow from operating activities of approximately €400 million positive to net cash flow from financing activities of €400 million negative.

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