Consolidated statement of cash flows

In € millions, for the year ended December 31

Note

 

2020

 

2021

Profit for the period from continuing operations

 

678

 

859

 

 

 

 

 

 

 

Adjustments to reconcile profit for the period to net cash generated from operating activities

 

 

 

 

 

Amortization and depreciation

11, 12, 13

361

 

351

 

Impairment losses

11, 12, 13

10

 

3

 

Financing income and expenses

8

69

 

39

 

Results from associates and joint ventures

14

(25)

 

(26)

 

Pre-tax result on acquisitions and divestments

2

(27)

 

(14)

 

Income tax

9

241

 

246

 

Changes in working capital

23

184

 

(405)

 

Pension pre-funding

19, 23

 

23

 

Changes in post-retirement benefit provisions

19

(46)

 

(55)

 

Changes in other provisions

20, 23

(22)

 

(94)

 

Interest paid

 

(47)

 

(77)

 

Income tax paid

 

(165)

 

(222)

 

Other changes

 

9

 

(23)

 

Net cash generated from / (used for) operating activities

 

 

1,220

 

605

Capital expenditures*

11, 12

(258)

 

(288)

 

Interest received

 

8

 

10

 

Dividends from associates and joint ventures

 

17

 

5

 

Acquisition of consolidated companies

2

(113)

 

(73)

 

Investments in short-term investments

21

(248)

 

(56)

 

Repayments of short-term investments

21

136

 

247

 

Proceeds from divestments

 

31

 

22

 

Other changes

 

 

(1)

 

Net cash generated from / (used for) investing activities

 

 

(427)

 

(134)

Proceeds from borrowings

21

970

 

1,143

 

Borrowings repaid

21

(339)

 

(590)

 

Share buyback

18

(555)

 

(1,135)

 

Dividends paid

18

(385)

 

(391)

 

Buy-out of non-controlling interests

2

(44)

 

(1)

 

Net cash generated from / (used for) financing activities

 

 

(353)

 

(974)

Net cash generated from / (used for) continuing operations

 

 

440

 

(503)

Net cash generated from / (used for) discontinued operations

 

 

(3)

 

(1)

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

 

 

437

 

(504)

Net cash and cash equivalents at January 1

21

 

1,210

 

1,581

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(66)

 

35

Net cash and cash equivalents at December 31

 

 

1,581

 

1,112

*

Capital expenditures include investments in intangible assets (refer to Note 11) and investments in property, plant and equipment (refer to Note 12).