Consolidated statement of cash flows
| (€ million) | H1 | 2019 | |
2020 | 2019 | ||
| Profit before taxes on income | –3,669 | 277 | 681 |
| Depreciation on property, plant and equipment and intangible assets | 3,375 | 1,809 | 3,671 |
Write-ups/write-downs on non-current financial assets | 12 | 5 | 5 |
| Result on disposal of property, plant and equipment and intangible assets | 64 | –29 | –145 |
| Result on disposal of financial assets | 1 | 1 | 1 |
| Result from the sale of consolidated companies | –3 | – | 0 |
Interest and dividend income | –78 | –33 | –50 |
| Interest expense | 424 | 375 | 703 |
| Foreign currency result | 9 | –2 | 18 |
| Result of investments accounted for using the equity method | 9 | 4 | 12 |
| Other non-cash expenses and income | 930 | 572 | 1,235 |
Changes in inventories, receivables and other assets 1) | 94 | –458 | –408 |
Changes in liabilities, provisions and deferred items 1) | –1,144 | –867 | –1,768 |
| Cash generated from operating activities | 24 | 1,654 | 3,955 |
Interest received | 13 | 15 | 31 |
| Received/paid (–) dividends and capital distribution | 7 | 3 | –2 |
| Interest paid | –218 | –220 | –556 |
Paid (–)/reimbursed (+) taxes on income | –61 | –66 | –150 |
| Cash flow from operating activities | –235 | 1,386 | 3,278 |
| Proceeds from the disposal of property, plant and equipment and intangible assets | 109 | 169 | 473 |
| Payments for capital expenditures in property, plant and equipment and intangible assets | –5,251 | –4,439 | –11,661 |
Proceeds from investment grants | 2,782 | 2,475 | 7,447 |
Payments for repaid investment grants | –32 | –55 | –74 |
| Payments for investments in financial assets | –22 | –2 | –4 |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold | 5 | 0 | 0 |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as payments for parts of companies | –5 | 0 | –23 |
| Payments from sale of investments accounted for using the equity method | 0 | –5 | –11 |
Cash flow from investing activities | –2,414 | –1,857 | –3,853 |
| Proceeds from capital injections | – | – | 1,993 |
| Distribution of profits to shareholder | –650 | –650 | –650 |
| Distribution of profits to minority interests and hybrid capital investors | –6 | –9 | –12 |
| Payments for finance lease transactions | –498 | –477 | –954 |
Proceeds from issue of senior bonds | 4,165 | 1,995 | 1,995 |
Payments for redemption of senior bonds | –1,067 | –1,259 | –1,913 |
| Payments for the redemption and repayment of interest-free loans | –163 | –178 | –178 |
| Proceeds from borrowings and commercial paper | 791 | 1.277 | 923 |
Payments for the redemption of borrowings and commercial paper | –175 | –115 | –211 |
| Cash flow from financing activities | 2,397 | 584 | 993 |
| Net changes in cash and cash equivalents | –252 | 113 | 418 |
| Cash and cash equivalents as of Jan 1 | 3,993 | 3,544 | 3,544 |
| Changes in cash and cash equivalents due to changes in the scope of consolidation | 4 | – | – |
| Changes in cash and cash equivalents due to changes in exchange rates | –49 | 6 | 31 |
| Cash and cash equivalents as of Jun 30/Dec 31 | 3,696 | 3,663 | 3,993 |
1) Figure for the first half of 2019 adjusted.