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Consolidated statement of cash flows

millions of €

 

 

 

 

 

Note

2021

2020

2019

Profit (loss) before income taxes

35

7,918

8,677

7,260

Depreciation, amortization and impairment losses

 

27,482

25,829

17,663

(Profit) loss from financial activities

 

5,139

4,128

2,197

(Profit) loss on the disposal of fully consolidated subsidiaries

 

(130)

(10)

9

(Income) loss from the sale of stakes accounted for using the equity method

 

(13)

0

(143)

Other non-cash transactions

 

226

(857)

569

(Gains) losses from the disposal of intangible assets and property, plant and equipment

 

161

368

112

Change in assets carried as operating working capital

 

(1,475)

(2,702)

(814)

Change in other operating assets

 

(1,059)

(509)

(248)

Change in provisions

 

(152)

20

203

Change in liabilities carried as operating working capital

 

241

(2,108)

(440)

Change in other operating liabilities

 

(260)

(239)

(325)

Income taxes received (paid)

 

(893)

(690)

(758)

Dividends received

 

8

6

15

Net payments from entering into, canceling or changing the terms and conditions of interest rate derivatives

 

(1)

(2,207)

(3)

Cash generated from operations

 

37,191

29,706

25,297

Interest paid

 

(6,158)

(7,252)

(3,924)

Interest received

 

1,138

1,289

1,701

Net cash from operating activities

 

32,171

23,743

23,074

Cash outflows for investments in

 

 

 

 

Intangible assets

 

(12,749)

(5,756)

(4,375)

Property, plant and equipment

 

(13,616)

(12,938)

(9,982)

Non-current financial assets

 

(336)

(566)

(417)

Payments for publicly funded investments in the broadband build-outa

 

(436)

(507)

(401)

Proceeds from public funds for investments in the broadband build-outa

 

420

431

341

Changes in cash and cash equivalents in connection with the acquisition of control of subsidiaries and associates

 

(1,617)

(5,028)

(261)

Proceeds from disposal of

 

 

 

 

Intangible assets

 

2

3

0

Property, plant and equipment

 

137

233

176

Non-current financial assets

 

352

112

251

Changes in cash and cash equivalents in connection with the loss of control of subsidiaries and associates

 

352

1,094

62

Net change in short-term investments and marketable securities and receivables

 

89

273

376

Other

 

0

(2)

(1)

Net cash (used in) from investing activities

 

(27,403)

(22,649)

(14,230)

Proceeds from issue of current financial liabilities

 

4,431

19,018

10,778

Repayment of current financial liabilities

 

(18,040)

(34,939)

(16,533)

Proceeds from issue of non-current financial liabilities

 

12,925

34,131

6,278

Repayment of non-current financial liabilities

 

0

(1,699)

(21)

Dividend payments (including to other shareholders of subsidiaries)

 

(3,145)

(3,067)

(3,561)

Principal portion of repayment of lease liabilities

 

(6,458)

(5,371)

(3,835)

Cash inflows from transactions with non-controlling entities

 

14

53

13

Cash outflows from transactions with non-controlling entities

 

(506)

(565)

(261)

Other

 

0

0

0

Net cash (used in) from financing activities

 

(10,779)

7,561

(7,141)

Effect of exchange rate changes on cash and cash equivalents

 

620

(1,036)

11

Changes in cash and cash equivalents associated with non-current assets and disposal groups held for sale

 

68

(73)

0

Net increase (decrease) in cash and cash equivalents

 

(5,323)

7,547

1,713

Cash and cash equivalents, at the beginning of the year

 

12,939

5,393

3,679

Cash and cash equivalents, at the end of the year

 

7,617

12,939

5,393

a

The payments and proceeds shown here relate to those investments in the broadband build-out that are publicly financed in full. Since the payments are not made at the same point in time as the proceeds are received, the net amounts can be positive or negative in the individual periods. These investments are not included in the operational KPIs “Cash capex” and “Free cash flow,” because the payments made do not result in additions to property, plant and equipment.