Category 31 December 2016
$m
21 December 2015
$m
Net cash flows from operating activities 1,087.4 1,005.2
Net cash flows used in investing activities (399.5) (863.2)
Net cash flows used in financing activities (588.9) (222.0)
Net increase in cash and cash equivalents 99.0 (80.0)

Net cash inflows from operating activities have increased during the year due mainly to increased airport revenues received offset by airport operating expenses paid.

Net cash flows used in investing activities in 2016 reflected the ongoing capital investment. 2015 includes T3 transactions of $535.0 million.

Net cash flow from financing activities in 2016 reflect funds received from the US144A bond issuance, additional drawn bank debt to fund growth capital expenditure, repayment of bank debt, borrowing costs paid and distributions paid.

Distributions were paid to ASX listed Sydney Airport security holders during the year amounting to $624.2 million, fully covered by NOR excluding WSA project costs expensed. This is reflected in the Consolidated Statements of Cash Flows in the Sydney Airport Financial Report for Year Ended 31 December 2016.

Forward looking statements

The Operating and Financial Review contains forward looking statements, including statements of current intention, opinion and expectation regarding the Group’s present and future operations, possible future events and future financial prospects. Whilst these statements reflect expectations at the date of this review, they are, by their nature, not certain and are susceptible to change. The SAL Group makes no representation, assurance or guarantee as to the accuracy of or likelihood of fulfilling any such forward looking statements (whether express or implied), and except as required by applicable law or the Australian Securities Exchange Listing Rules, disclaims any obligation or undertaking to publicly update such forward looking statements.