Consolidated statement of cash flows

In € millions, for the year ended December 31

Note

 

2018

 

2019

*

Capital expenditures include investments in intangible assets (refer to Note 10) and investments in property, plant and equipment (refer to Note 11).

Profit for the period from continuing operations

 

455

 

555

 

 

 

 

 

 

 

Adjustments to reconcile earnings to net cash generated from operating activities

 

 

 

 

 

Amortization and depreciation

10, 11, 12

239

 

360

 

Impairment losses

10, 11, 12

1

 

66

 

Financing income and expenses

7

52

 

76

 

Results from associates and joint ventures

13

(20)

 

(20)

 

Pre-tax result on acquisitions and divestments

2

(42)

 

(83)

 

Income tax

8

118

 

230

 

Changes in working capital

22

(177)

 

(244)

 

Pension pre-funding

18, 22

 

(161)

 

Changes in pension provisions

18

(157)

 

(509)

 

Changes in other provisions

19, 22

(46)

 

(15)

 

Interest paid

 

(89)

 

(66)

 

Income tax paid

 

(164)

 

(184)

 

Other changes

 

(8)

 

28

 

Net cash generated from operating activities

 

 

162

 

33

Capital expenditures*

10, 11

(184)

 

(214)

 

Interest received

 

47

 

13

 

Dividends from associates and joint ventures

 

7

 

 

Acquisition of consolidated companies

2

(128)

 

(224)

 

Investments in short-term investments

20

(5,541)

 

(2,325)

 

Repayments of short-term investments

20

80

 

7,663

 

Proceeds from divestments

 

54

 

104

 

Other changes

 

(3)

 

(5)

 

Net cash (used for ) / generated from investing activities

 

 

(5,668)

 

5,012

Proceeds from borrowings

20

607

 

10

 

Borrowings repaid

20

(1,529)

 

(623)

 

Capital repayment

17

 

(2,000)

 

Share buyback

17

 

(2,520)

 

Dividends paid

17

(636)

 

(1,446)

 

Buy-out of non-controlling interests

2

(437)

 

 

Other changes

 

5

 

 

Net cash used for financing activities

 

 

(1,990)

 

(6,579)

 

 

 

 

 

 

Net cash used for continuing operations

 

 

(7,496)

 

(1,534)

Net cash generated from/(used for) discontinued operations

2

 

8,958

 

(10)

Net change in cash and cash equivalents from continued and discontinued operations

 

 

1,462

 

(1,544)

 

 

 

 

 

 

Net cash and cash equivalents at January 1

20

 

1,278

 

2,732

Effect of exchange rate changes on cash and cash equivalents

 

 

(8)

 

22

Net cash and cash equivalents at December 31

 

 

2,732

 

1,210