Consolidated statement of cash flows
JAN 1 THROUGH JUN 30 OR RESPECTIVELY AS OF Dec 31 / € million | H 1 | 2022 | |
2023 | 2022 | ||
Profit before taxes on income | 51 | 682 | 932 |
Depreciation on property, plant and equipment and intangible assets | 2,072 | 1,946 | 3,998 |
Write-ups/write-downs on non-current financial assets | 6 | –27 | –40 |
Result of disposal of property, plant and equipment and intangible assets | –53 | –126 | –25 |
Result of disposal of financial assets | 0 | 6 | 4 |
Result of the sale of consolidated companies | 27 | – | –36 |
Interest and dividend income | –116 | –62 | –241 |
Interest expenses | 385 | 246 | 589 |
Foreign currency result | –15 | –67 | –10 |
Result of investments accounted for using the equity method | –6 | 2 | 5 |
Other non-cash expenses and income 1) | 850 | 573 | 1,574 |
Changes in inventories, receivables and other assets | 280 | –1,648 | –10 |
Changes in liabilities, provisions and deferred items | –1,155 | 332 | –283 |
Cash generated from operating activities | 2,326 | 1,857 | 6,457 |
Interest received | 66 | 26 | 74 |
Received (+)/paid (–) dividends and capital distribution | 4 | 6 | 13 |
Interest paid | –247 | –185 | –443 |
Paid (–)/reimbursed (+) taxes on income | –218 | –206 | –457 |
Cash flow from operating activities | 1,931 | 1,498 | 5,644 |
Proceeds from the disposal of property, plant and equipment and intangible assets | 144 | 197 | 246 |
Payments for capital expenditures in property, plant and equipment and intangible assets | –6,091 | –5,165 | –14,310 |
Proceeds from investment grants | 3,204 | 2,662 | 8,603 |
Payments for repaid investment grants | –96 | –81 | –92 |
Proceeds from sale and disposal of financial assets | 39 | 25 | 56 |
Payments for investments in financial assets | –271 | –164 | –892 |
Proceeds/payments from sale of shares in consolidated companies less net cash and cash equivalents sold | –13 | – | 47 |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | – | –5 | –272 |
Proceeds from disposal of investments accounted for using the equity method | 0 | 0 | 17 |
Payments for additions of investments accounted for using the equity method | –1 | –1 | –3 |
Cash flow from investing activities | –3,085 | –2,532 | –6,600 |
Proceeds from capital injections | – | – | 1,985 |
Distribution of profits to non-controlling interests and hybrid capital investors | –16 | –15 | –34 |
Payments for redemption of leasing liabilities | –565 | –526 | –1,059 |
Payments for redemption of IFRIC 12 leasing liabilities | –8 | –8 | –16 |
Proceeds from issue of senior bonds | 1,338 | 2,027 | 3,083 |
Payments for redemption of senior bonds | –400 | –796 | –1,596 |
Payments for redemption and repayment of interest-free loans from the Federal Government | –156 | –156 | –157 |
Proceeds from borrowings 2) | 915 | 3 | 159 |
Payments for redemption of borrowings 2) | –413 | –273 | –804 |
Cash flow from financing activities | 695 | 256 | 1,561 |
Net change in cash and cash equivalents | –459 | –778 | 605 |
Cash and cash equivalents as of Jan 1 | 5,138 | 4,591 | 4,591 |
Changes in cash and cash equivalents due to changes in the scope of consolidation | 0 | – | – |
Changes in cash and cash equivalents of non-current assets held for sale | 9 | –14 | –14 |
Changes in cash and cash equivalents due to changes in exchange rates | –37 | 28 | –44 |
Cash and cash equivalents at the end of the period | 4,651 | 3,827 | 5,138 |
1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.