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Statement of cash flows
- The increase in cash outflow from investing activities resulted mainly from higher net capital expenditures. Increased payments for the acquisition of companies and for investments in financial assets, primarily for the first-time acquisition of marketable securities (money-market funds), also contributed to the increase.
- On balance, as of December 31, 2022, cash and cash equivalents had increased significantly.
Summary statement of cash flows / € million | 2022 | 2021 | Change |
2019 | |
absolute | % | ||||
Cash flow from operating activities | 5,644 | 3,900 | +1,744 | +44.7 | 3,278 |
Cash flow from investing activities | –6,600 | –5,116 | –1,484 | +29.0 | –3,853 |
Cash flow from financing activities | 1,561 | 2,309 | –748 | –32.4 | 993 |
Net change in cash and cash equivalents | 547 | 1,180 | –633 | –53.6 | 449 |
Cash and cash equivalents as of Dec 31 | 5,138 | 4,591 | +547 | +11.9 | 3,993 |
- Cash inflow from financing activities decreased significantly:
- The decline in net inflows from senior bonds (€ –1,541 million) had a negative impact. The inflow of funds from the German Federal Government’s capital measures (€ –690 million) also declined, as two annual rates had accrued from the Climate Action Program in the previous year (for 2021 and 2020).
- This was partly counteracted by the decline in repayments of financial loans (€ +1,398 million), which led to a significantly lower net outflow of funds. Cash outflow for lease repayments also fell (€ +105 million).
Consolidated statement of cash flows
JAN 1 THROUGH DEC 31 / € million | Note | 2022 | 2021 |
Profit/loss before taxes on income | 932 | –788 | |
Depreciation on property, plant and equipment and intangible assets | 3,998 | 3,804 | |
Write-ups/write-downs on non-current financial assets | –40 | –32 | |
Result of disposal of property, plant and equipment and intangible assets | –25 | 123 | |
Result of disposal of financial assets | 4 | –4 | |
Result of the sale of consolidated companies | –36 | 0 | |
Interest and dividend income | –241 | –57 | |
Interest expenses | 589 | 583 | |
Foreign currency result | –10 | –27 | |
Result of investments accounted for using the equity method | 5 | 10 | |
Other non-cash expenses and income 1) | 1,574 | 2,786 | |
Changes in inventories, receivables and other assets | –10 | –2,372 | |
Changes in liabilities, provisions and deferred items | –283 | 616 | |
Cash generated from operating activities | 6,457 | 4,642 | |
Interest received | 74 | 40 | |
Received (+)/paid (–) dividends and capital distribution | 13 | –3 | |
Interest paid | –443 | –524 | |
Paid (–)/reimbursed (+) taxes on income | –457 | –255 | |
Cash flow from operating activities | 5,644 | 3,900 | |
Proceeds from the disposal of property, plant and equipment and intangible assets | 246 | 213 | |
Payments for capital expenditures in property, plant and equipment and intangible assets | –14,310 | –14,182 | |
Proceeds from investment grants | 8,603 | 9,045 | |
Payments for repaid investment grants | –92 | –43 | |
Proceeds from sale and disposal of financial assets | 56 | 82 | |
Payments for investments in financial assets | –892 | –185 | |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold | 47 | 0 | |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | –272 | –45 | |
Proceeds from disposal of investments accounted for using the equity method | 17 | 0 | |
Payments for additions of investments accounted for using the equity method | –3 | –1 | |
Cash flow from investing activities | –6,600 | –5,116 | |
Proceeds from capital injections | 1,985 | 2,675 | |
Distribution of profits to non-controlling interests and hybrid capital investors | –34 | –33 | |
Payments for redemption of leasing liabilities | –1,059 | –1,164 | |
Payments for redemption of IFRIC 12 leasing liabilities | –16 | –25 | |
Proceeds from issue of senior bonds | 3,083 | 4,860 | |
Payments for redemption of senior bonds | –1,596 | –1,832 | |
Payments for redemption and repayment of interest-free loans | –157 | –157 | |
Proceeds from borrowings 2) | 159 | 187 | |
Payments for redemption of borrowings 2) | –804 | –2,202 | |
Cash flow from financing activities | 1,561 | 2,309 | |
Net change in cash and cash equivalents | 605 | 1,093 | |
Cash and cash equivalents as of Jan 1 | (22) | 4,591 | 3,411 |
Changes in cash and cash equivalents due to changes in the scope of consolidation | (23) | –14 | – |
Changes in cash and cash equivalents due to changes in exchange rates | –44 | 87 | |
Cash and cash equivalents as of Dec 31 | (22) | 5,138 | 4,591 |
1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.
