Consolidated statement of cash flows
Jan 1 through Dec 31 (€ million) | Note | 2018 | 2017 |
Profit before taxes on income | 1,172 | 968 | |
Depreciation on property, plant and equipment and intangible assets | 2,688 | 2,847 | |
Write-ups/write-downs on non-current financial assets | 8 | 0 | |
Result on disposal of property, plant and equipment and intangible assets | –162 | –121 | |
Result on disposal of financial assets | –37 | –19 | |
Interest and dividend income | –25 | –53 | |
Interest expense | 669 | 757 | |
Foreign currency result | –2 | 19 | |
Result of investments accounted for using the equity method | –12 | –14 | |
Other non-cash expenses and income | 871 | 1,291 | |
Changes in inventories, receivables and other assets | –950 | –639 | |
Changes in liabilities, provisions and deferred items | –176 | –1,966 | |
Cash generated from operating activities | 4,044 | 3,070 | |
Interest received | 22 | 39 | |
Received/paid (–) dividends and capital distribution | –8 | –10 | |
Interest paid | –529 | –592 | |
Paid (–)/reimbursed (+) taxes on income | –158 | –178 | |
Cash flow from operating activities | 3,371 | 2,329 | |
Proceeds from the disposal of property, plant and equipment and intangible assets | 431 | 341 | |
Payments for capital expenditures in property, plant and equipment and intangible assets | –11,242 | –10,524 | |
Proceeds from investment grants | 7,209 | 6,724 | |
Payments for repaid investment grants | –39 | –63 | |
Proceeds from sale of financial assets | 0 | 5 | |
Payments for investments in financial assets | –24 | –28 | |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold | 0 | 2 | |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired | –3 | –30 | |
Proceeds from disposal investments accounted for using the equity method | 0 | 4 | |
Cash flow from investing activities | –3,668 | –3,569 | |
Proceeds from capital injection | – | 1,000 | |
Distribution of profits to shareholder | –450 | –600 | |
Distribution of profits to minority interests | –13 | –12 | |
Payments for finance lease transactions | –42 | –53 | |
Proceeds from issue of bonds | 2,927 | 2,038 | |
Payments for redemption of bonds | –1,900 | –1,819 | |
Payments for the redemption and repayment of interest-free loans | –204 | –206 | |
Proceeds from borrowings and commercial paper | 185 | 100 | |
Payments for the redemption of borrowings and commercial paper | –54 | –209 | |
Cash flow from financing activities | 449 | 239 | |
Net changes in cash and cash equivalents | 152 | –1,001 | |
Cash and cash equivalents as of Jan 1 | (22) | 3,397 | 4,450 |
Changes in cash and cash equivalents due to changes in exchange rates | –5 | –52 | |
Cash and cash equivalents as of Dec 31 | (22) | 3,544 | 3,397 |