Consolidated statement of cash flows
(€ million) | H 1 | 2018 | |
2019 | 2018 | ||
Profit before taxes on income | 277 | 560 | 1,172 |
Depreciation on property, plant and equipment and intangible assets | 1,809 | 1,360 | 2,688 |
Write-ups/write-downs on non-current financial assets | 5 | 8 | 8 |
Result on disposal of property, plant and equipment and intangible assets | –29 | –60 | –162 |
Result on disposal of financial assets | 1 | 0 | –37 |
Interest and dividend income | –33 | –17 | –25 |
Interest expense | 375 | 347 | 669 |
Foreign currency result | –2 | –7 | –2 |
Result of investments accounted for using the equity method | 4 | –8 | –12 |
Other non-cash expenses and income | 572 | 386 | 871 |
Changes in inventories, receivables and other assets | –4,588 | –864 | –950 |
Changes in liabilities, provisions and deferred items | 3,263 | –74 | –176 |
Cash generated from operating activities | 1,654 | 1,631 | 4,044 |
Interest received | 15 | 14 | 22 |
Received/paid (–) dividends and capital distribution | 3 | 0 | –8 |
Interest paid | –220 | –282 | –529 |
Paid (–)/reimbursed (+) taxes on income | –66 | –69 | –158 |
Cash flow from operating activities | 1,386 | 1,294 | 3,371 |
Proceeds from the disposal of property, plant and equipment and intangible assets | 169 | 153 | 431 |
Payments for capital expenditures in property, plant and equipment and intangible assets | –4,439 | –4,269 | –11,242 |
Proceeds from investment grants | 2,475 | 2,292 | 7,209 |
Payments for repaid investment grants | –55 | –34 | –39 |
Proceeds from sale of financial assets | – | 0 | 0 |
Payments for investments in financial assets | –2 | –1 | –24 |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold | – | 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 | 0 | –4 | –3 |
Proceeds from disposal of investments accounted for using the equity method | – | 0 | 0 |
Payments from sale of investments accounted for using the equity method | –5 | 0 | 0 |
Cash flow from investing activities | –1,857 | –1,863 | –3,668 |
Distribution of profits to shareholder | –650 | –450 | –450 |
Distribution of profits to minority interests | –9 | –11 | –13 |
| Payments for finance lease transactions | –477 | –24 | –42 |
Proceeds from issue of bonds | 1,995 | 1,964 | 2,927 |
Payments for redemption of bonds | –1,259 | –1,900 | –1,900 |
| Payments for the redemption and repayment of interest-free loans | –178 | – | –204 |
Proceeds from borrowings and commercial paper | 1,277 | 1,280 | 185 |
Payments for the redemption of borrowings and commercial paper | –115 | –9 | –54 |
Cash flow from financing activities | 584 | 850 | 449 |
Net changes in cash and cash equivalents | 113 | 281 | 152 |
Cash and cash equivalents as of Jan 1 | 3,544 | 3,397 | 3,397 |
Changes in cash and cash equivalents due to changes in exchange rates | 6 | –5 | –5 |
Cash and cash equivalents as of Jun 30/Dec 31 | 3,663 | 3,673 | 3,544 |