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.