Statement of cash flows
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 |
- The very significant increase in cash flow from operating activities was mainly due to the improved profit development. Negative working capital effects had a partially offsetting effect.
- 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.
- 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).
- On balance, as of December 31, 2022, cash and cash equivalents had increased significantly.
