Consolidated statement of cash flows

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

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