Consolidated statement of cash flows

Consolidated statement of cash flows

JAN 1 THROUGH DEC 31 / € million

Note

2021

2020

Profit/loss before taxes on income 

–788

–5,484

Depreciation on property, plant and equipment and intangible assets

 

3,804

5,372

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

 

–32

56

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

 

123

96

Result of disposal of financial assets

 

–4

–1

Result of the sale of consolidated companies

 

0

–3

Interest and dividend income

 

–57

–115

Interest expenses

 

583

729

Foreign currency result

 

–27

25

Result of investments accounted for using the equity method

 

10

21

Other non-cash expenses and income 1)

 

2,786

2,233

Changes in inventories, receivables and other assets

 

–2,372

–831

Changes in liabilities, provisions and deferred items

 

616

–29

Cash generated from operating activities

 

4,642

2,069

Interest received

 

40

28

Received (+)/paid (–) dividends and capital distribution

 

–3

0

Interest paid

 

–524

–519

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

 

–255

–158

Cash flow from operating activities 

3,900

1,420

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

 

213

228

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

 

–14,182

–13,284

Proceeds from investment grants

 

9,045

8,516

Payments for repaid investment grants

 

–43

–48

Proceeds from sale and disposal of financial assets

 

82

0

Payments for investments in financial assets

 

–185

–24

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

 

0

4

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

 

–45

–40

Proceeds from disposal of investments accounted for using the equity method

 

0

0

Payments for additions of investments accounted for using the equity method

 

–1

–1

Cash flow from investing activities 

–5,116

–4,649

    
Proceeds from capital injections

 

2,675

Payments for the acquisition of non-controlling interests

 

–2

Distribution of profits to shareholder

 

–650

Distribution of profits to non-controlling interests and hybrid capital investors

 

–33

–27

Payments for redemption leasing liabilities

 

–1,164

–995

Payments for the settlement of IFRIC 12 lease liabilities

 

–25

Proceeds from issue of senior bonds

 

4,860

5,327

Payments for redemption of senior bonds

 

–1,832

–2,078

Proceeds from interest-free loans from the public sector

 

0

8

Payments for redemption and repayment of interest-free loans

 

–157

–163

Proceeds from borrowings and commercial paper 2)

 

187

2,795

Payments for redemption of borrowings and commercial paper 2)

 

–2,202

–1,509

Cash flow from financing activities 

2,309

2,706

    
Net change in cash and cash equivalents

 

1,093

–523

Cash and cash equivalents as of Jan 1

(22)

3,411

3,993

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

 

87

–63

Cash and cash equivalents as of Dec 31

(22)

4,591

3,411

1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.

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