Consolidated statement of cash flows
| Jan 1 through Dec 31 / € million | Note | 2025 | 2024 |
|---|---|---|---|
| Loss before taxes on income | –2,304 | –1,367 | |
| Depreciation on property, plant and equipment and intangible assets | (8) | 4,843 | 3,218 |
| Write-ups/write-downs on non-current financial assets | (9) | – | – |
| Result from the disposal of property, plant and equipment and intangible assets | (3), (7) | 53 | 110 |
| Result from the disposal of financial assets | (3), (7) | –15 | 0 |
| Result from the disposal of consolidated companies | (3), (7) | –15 | –1 |
| Interest and dividend income | (9), (10) | –263 | –171 |
| Interest expenses | (9) | 766 | 935 |
| Foreign currency result | 40 | –4 | |
| Result from investments accounted for using the equity method | –13 | –13 | |
| Other non-cash expenses and income 1) | 2,960 | 2,875 | |
| Changes in inventories, receivables and other assets | –1,471 | –1,283 | |
| Changes in liabilities, provisions and deferred items | –932 | 207 | |
| Cash flow from ordinary operating activities | 3,649 | 4,506 | |
| Interest received | 190 | 127 | |
| Received dividends and capital distributions | 11 | 12 | |
| Interest paid | –590 | –707 | |
| Paid (–)/reimbursed (+) taxes on income | –38 | –39 | |
| Cash flow from operating activities (continuing operations) | 3,222 | 3,899 | |
| Cash flow from operating activities (discontinued operations) | 724 | 668 | |
| Cash flow from operating activities | 3,946 | 4,567 | |
| Proceeds from the disposal of property, plant and equipment and intangible assets | 685 | 149 | |
| Payments for capital expenditures in property, plant and equipment and intangible assets | –20,901 | –17,874 | |
| Proceeds from investment grants | 7,645 | 9,218 | |
| Payments for repaid investment grants | –136 | –48 | |
| Proceeds from the sale and disposal of financial assets | 518 | 88 | |
| Payments for investments in financial assets | –22 | –37 | |
| Proceeds from the sale of shares in consolidated companies | 12,528 | 1,225 | |
| Payments for the acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | 0 | –9 | |
| Proceeds from the disposal of investments accounted for using the equity method | 17 | 0 | |
| Payments for additions of investments accounted for using the equity method | 0 | 0 | |
| Cash flow from investing activities (continuing operations) | 334 | –7,288 | |
| Cash flow from investing activities (discontinued operations) | –63 | –469 | |
| Cash flow from investing activities | 271 | –7,757 | |
| Proceeds from capital injections | (25) | 8,314 | 5,500 |
| Profit distribution to shareholder | (27) | –1,000 | – |
| Distribution of profits to non-controlling interests and hybrid capital investors | –33 | –33 | |
| Payments for redemption of leasing liabilities | –504 | –503 | |
| Payments for redemption of IFRIC 12 leasing liabilities | –47 | –19 | |
| Proceeds from issue of senior bonds | – | 1,107 | |
| Payments for redemption of senior bonds | –2,016 | –1,913 | |
| Proceeds from taking out Federal loans | 3,000 | – | |
| Payments for redemption and repayment of Federal loans | 0 | –155 | |
| Proceeds from taking out financial loans and commercial paper 2) | 323 | 3,531 | |
| Payments for redemption of financial loans and commercial paper 2) | –4,500 | –1,157 | |
| Cash flow from financing activities (continuing operations) | 3,537 | 6,358 | |
| Cash flow from financing activities (discontinued operations) | –204 | –606 | |
| Cash flow from financing activities | 3,333 | 5,752 | |
| Net change in cash and cash equivalents | 7,550 | 2,562 | |
| Cash and cash equivalents as of Jan 1 | (22) | 4,170 | 2,631 |
| Changes in cash and cash equivalents of non-current assets held for sale | (23) | –393 | –1,037 |
| Changes in the composition of cash and cash equivalents 3) | 103 | – | |
| Changes in cash and cash equivalents due to changes in exchange rates | –22 | 14 | |
| Cash and cash equivalents as of Dec 31 | (22) | 11,408 | 4,170 |
1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.
3) Since January 1, 2025, shares of a money market fund are no longer reported in the asset category “other investments and securities” but in the asset category “cash and cash equivalents.”
The value as of December 31, 2024, has not been adjusted. An according adjustment as of December 31, 2024, would have resulted in an increase of the asset category “cash and cash equivalents”
and a corresponding reduction of the asset category “other investments and securities” of € 103 million, see Notes (17).