Note 23: Cash flow

Operating activities in 2020 resulted in a cash inflow of €1,220 million (2019: cash inflow of €33 million).

The pension pre-funding in 2019 concerns the payment of €161 million for the funding of the escrow account for Akzo Nobel (CPS) Pension Scheme in the UK.

Changes in working capital as per consolidated statement of cash flows

In € millions



Trade and other receivables






Trade and other payables






The above amounts cannot be reconciled directly to the respective balance sheet positions. They reflect changes in balance sheet positions only to the extent these have a cash flow impact, or they reverse the non-cash impact as included in profit for the period. These amounts exclude non-cash movements such as unwinding of discount, movements through other , acquisitions and divestments, and changes in exchange rates.

Comprehensive income

The change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with shareholders in their capacity as shareholders.