Consolidated statement of cash flows

Consolidated statement of cash flows

Jan 1 through Dec 31 (€ million)

Note

2019

2018

Profit before taxes on income 

681

1,172

Depreciation on property, plant and equipment and intangible assets 

3,671

2,688

Write-­ups/write-downs on non-­current financial assets 

5

8

Result on disposal of property, plant and equipment and intangible assets 

–145

–162

Result on disposal of financial assets 

1

–37

Interest and dividend income 

 

–50

–25

Interest expense  

703

669

Foreign currency result 

18

–2

Result of investments accounted for using the equity method 

12

–12

Other non-­cash expenses and income 

1,235

871

Changes in inventories, receivables and other assets 

–408

–950

Changes in liabilities, provisions and deferred items 

–1,768

–176

Cash generated from operating activities 

3,955

4,044

Interest received 

31

22

Received/paid (–) dividends and capital distribution 

–2

–8

Interest paid 

–556

–529

Paid (–)/reimbursed (+) taxes on income 

–150

–158

Cash flow from operating activities 

3,278

3,371

    
Proceeds from the disposal of property, plant and equipment and intangible assets 

473

431

Payments for capital expenditures in property, plant and equipment and intangible assets 

–11,661

–11,242

Proceeds from investment grants 

7,447

7,209

Payments for repaid investment grants 

–74

–39

Proceeds from sale of financial assets 

0

0

Payments for investments in financial assets 

–4

–24

Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold 

0

0

Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired 

–23

–3

Proceeds from disposal of investments accounted for using the equity method 

0

0

Payments for additions of investments accounted for using the equity method 

–11

0

Cash flow from investing activities 

–3,853

–3,668

    
Proceeds from capital injections 

1,993

Distribution of profits to shareholder 

–650

–450

Distribution of profits to minority interests 

–12

–13

Payments for finance lease transactions 

–954

–42

Proceeds from issue of senior bonds 

1,995

2,927

Payments for redemption of senior bonds 

–1,913

–1,900

Payments for the redemption and repayment of interest-­free loans 

–178

–204

Proceeds from borrowings and commercial paper 

923

185

Payments for the redemption of borrowings and commercial paper 

–211

–54

Cash flow from financing activities 

993

449

    
Net changes in cash and cash equivalents 

418

152

Cash and cash equivalents as of Jan 1

(22)

3,544

3,397

Changes in cash and cash equivalents due to changes in exchange rates 

31

–5

Cash and cash equivalents as of Dec 31

(22)

3,993

3,544

Hello! Thank you for your interest in the 2019 Integrated Report!

I am Larissa, your interactive assistant. I am happy to help you and guide you through the report.

May I suggest some interesting contents:

Reading recommendation