Consolidated statement of cash flows
Jan 1 through Dec 31 (€ million) | Note | 2020 | 2019 |
Profit/loss before taxes on income | –5,484 | 681 | |
Depreciation on property, plant and equipment and intangible assets |
| 5,372 | 3,671 |
Write-ups/write-downs on non-current financial assets |
| 56 | 5 |
Result of disposal of property, plant and equipment and intangible assets |
| 96 | –145 |
Result of disposal of financial assets |
| –1 | 1 |
Result of the sale of consolidated companies |
| –3 | – |
Interest and dividend income |
| –115 | –50 |
Interest expenses |
| 729 | 703 |
Foreign currency result |
| 25 | 18 |
Result of investments accounted for using the equity method |
| 21 | 12 |
Other non-cash expenses and income |
| 2,233 | 1,235 |
Changes in inventories, receivables and other assets |
| –831 | –408 |
Changes in liabilities, provisions and deferred items |
| –29 | –1,768 |
Cash generated from operating activities |
| 2,069 | 3,955 |
Interest received |
| 28 | 31 |
Received(+)/paid (–) dividends and capital distribution |
| 0 | –2 |
Interest paid |
| –519 | –556 |
Paid (–)/reimbursed (+) taxes on income |
| –158 | –150 |
Cash flow from operating activities | 1,420 | 3,278 | |
Proceeds from the disposal of property, plant and equipment and intangible assets |
| 228 | 473 |
Payments for capital expenditures in property, plant and equipment and intangible assets |
| –13,284 | –11,661 |
Proceeds from investment grants |
| 8,516 | 7,447 |
Payments for repaid investment grants |
| –48 | –74 |
Proceeds from sale of financial assets |
| 0 | – |
Payments for investments in financial assets |
| –24 | –4 |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold |
| 4 | – |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired |
| –40 | –23 |
Proceeds from disposal of investments accounted for using the equity method |
| 0 | – |
Payments for additions of investments accounted for using the equity method |
| –1 | –11 |
Cash flow from investing activities | –4,649 | –3,853 | |
Proceeds from capital injections |
| – | 1,993 |
Payments for the acquisition of non-controlling interests |
| –2 | – |
Distribution of profits to shareholder |
| –650 | –650 |
Distribution of profits to non-controlling interests and hybrid capital investors |
| –27 | –12 |
Payments for redemption leasing liabilities |
| –995 | –954 |
Proceeds from issue of senior bonds |
| 5,327 | 1,995 |
Payments for redemption of senior bonds |
| –2,078 | –1,913 |
Proceeds from interest-free loans from the public sector |
| 8 | – |
Payments for redemption and repayment of interest-free loans |
| –163 | –178 |
Proceeds from borrowings and commercial paper |
| 2,795 | 923 |
Payments for redemption of borrowings and commercial paper |
| –1,509 | –211 |
Cash flow from financing activities | 2,706 | 993 | |
Net change in cash and cash equivalents |
| –523 | 418 |
Cash and cash equivalents as of Jan 1 | (22) | 3,993 | 3,544 |
Changes in cash and cash equivalents due to changes in the scope of consolidation |
| 4 | – |
Changes in cash and cash equivalents due to changes in exchange rates |
| –63 | 31 |
Cash and cash equivalents as of Dec 31 | (22) | 3,411 | 3,993 |
