Investments

EUR million

	2021	2020	2019	2018	2017	2016	2015	2014	2013 (carve-out)
Cash flow provided by operating activities	482	532	295	284	291	246	78	236	-43
Gross capital expenditure, excluding acquisitions	97	89	79	79	66	60	44	46	54
of which share of maintenance investments, %	40%	40%	77%	47%	56%	67%	82%	80%	76%
Proceeds from sale of fixed assets	2	1	6	6	2	2	3	4	4
Business combinations, net of cash acquired and loan repayments	-15	-48	-163	-2	-	-	-323	-	-3
Cash flow after investments	382	-60	58	208	227	188	-287	-194	-97