Financing The net cash flow from operating activities was €891 million (€441 million in 2015). Within this, the working capital fell by €287 million (€100 million increase in 2015), mainly due to the advance payment of the student public transport pass in December 2016. The investments required a net outgoing cash flow of €184 million (€509 million in 2015). Within the cash flows from investing activities, €784 million was invested in non-current assets in 2016, compared with €532 million in 2015. The net cash outflow from financing activities was €640 million (€47 million in 2015) due to net repayments totalling €599 million of a number of loans in 2016. In addition, a dividend of €41 million was paid to the State in 2016. This resulted in a positive cash flow of €67 million (negative cash flow of €115 million in 2015).