Investments

EUR million

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

Updated; Dec 8, 2017