The net cash flow from operating activities was €937 million (€10 million negative in 2017). This was caused mainly by higher operating profits and an increase in the working capital of €479 million (in 2017, this decreased by €222 million) because the advance for the student public transport pass at year-end 2018 was received in 2019, whereas the advance for 2018 was only received in January 2018. The acute tax liability (€101 million) in Ireland as a result of the transfer of the rolling stock to the Netherlands was paid in 2017.

The cash flow from investing activities was €654 million (€455 million in 2017). The cash flow included investment expenditure of €898 million. The sale of TRAXX locomotives resulted in an inflow of €185 million through a sale and leaseback arrangement that was agreed for the TRAXX locomotives. The sale of non-strategic property resulted in an inflow of €25 million.

The net cash inflow from financing activities was €65 million (an inflow of €296 million in 2017) due to the net drawdown of €73 million in 2018 under a number of loan agreements (€375 million in 2017). In addition, a dividend of €8 million was paid to the State in 2018 (€79 million in 2017).

This resulted in a cash inflow of €348 million during the year (cash outflow of €169 million in 2017).