Consolidated statement of cash flows

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.

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