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Consolidated statement of cash flows

millions of €

 

 

 

 

 

 

 

 

H1 2023

H1 2022

Change

Q2 2023

Q2 2022

Change

FY 2022

Profit (loss) before income taxes

20,269

7,160

13,109

3,584

1,723

1,861

11,703

Depreciation, amortization and impairment losses

11,900

14,335

(2,435)

5,869

7,570

(1,701)

27,827

(Profit) loss from financial activities

2,954

1,523

1,431

1,623

634

989

4,455

(Profit) loss on the disposal of fully consolidated subsidiaries

(12,924)

(2,553)

(10,371)

4

0

4

(2,661)

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

(15)

(66)

51

0

(66)

66

(71)

Other non-cash transactions

348

315

33

116

233

(117)

1,508

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

2

56

(54)

9

38

(29)

(76)

Change in assets carried as operating working capital

1,313

(433)

1,746

584

(135)

719

(600)

Change in other operating assets

(352)

(73)

(279)

226

9

217

(813)

Change in provisions

(1,235)

(354)

(881)

(768)

289

(1,057)

117

Change in liabilities carried as operating working capital

(804)

372

(1,176)

(443)

(163)

(280)

789

Change in other operating liabilities

765

643

122

264

254

10

(60)

Income taxes received (paid)

(468)

(257)

(211)

(299)

(209)

(90)

(902)

Dividends received

4

3

1

3

1

2

11

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

(31)

0

(31)

0

0

0

0

Cash generated from operations

21,725

20,671

1,054

10,773

10,177

596

41,228

Interest paid

(3,883)

(3,360)

(523)

(2,082)

(1,987)

(95)

(6,756)

Interest received

1,022

668

354

615

431

184

1,347

Net cash from operating activities

18,864

17,979

885

9,306

8,621

685

35,819

Of which: from discontinued operation

80

457

(377)

0

198

(198)

712

Cash outflows for investments in

 

 

 

 

 

 

 

Intangible assets

(2,441)

(4,679)

2,238

(1,254)

(1,128)

(126)

(7,551)

Property, plant and equipment

(6,995)

(7,579)

584

(3,356)

(3,958)

602

(16,563)

Non-current financial assets

(203)

(501)

298

(45)

(225)

180

(683)

Payments for publicly funded investments in the broadband build-out

(147)

(162)

15

(81)

(90)

9

(377)

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

117

129

(12)

67

85

(18)

435

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

(4)

(52)

48

(4)

(1)

(3)

(52)

Proceeds from disposal of

 

 

 

 

 

 

 

Intangible assets

0

2

(2)

0

1

(1)

3

Property, plant and equipment

57

82

(25)

34

33

1

436

Non-current financial assets

143

156

(13)

107

115

(8)

173

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

7,624

4,089

3,535

15

0

15

4,208

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

(423)

(1,633)

1,210

241

(467)

708

(2,335)

Other

(1)

1

(2)

(1)

0

(1)

1

Net cash (used in) from investing activities

(2,274)

(10,148)

7,874

(4,278)

(5,636)

1,358

(22,306)

Of which: from discontinued operation

(17)

(99)

82

0

(59)

59

(277)

Proceeds from issue of current financial liabilities

813

1,212

(399)

44

1,180

(1,136)

9,686

Repayment of current financial liabilities

(6,738)

(3,438)

(3,300)

(1,747)

(2,238)

491

(15,528)

Proceeds from issue of non-current financial liabilities

9,097

1

9,096

3,209

1

3,208

4,534

Repayment of non-current financial liabilities

(1,976)

0

(1,976)

0

0

0

0

Dividend payments (including to other shareholders of subsidiaries)

(3,564)

(3,247)

(317)

(3,558)

(3,247)

(311)

(3,385)

Principal portion of repayment of lease liabilities

(3,201)

(2,415)

(786)

(1,673)

(1,180)

(493)

(4,951)

Cash inflows from transactions with non-controlling entities

14

25

(11)

9

22

(13)

29

Cash outflows from transactions with non-controlling entities

(8,015)

(2,629)

(5,386)

(3,513)

(2,377)

(1,136)

(5,823)

Net cash (used in) from financing activities

(13,570)

(10,491)

(3,079)

(7,230)

(7,838)

608

(15,438)

Of which: from discontinued operation

(74)

(140)

66

0

(48)

48

(192)

Effect of exchange rate changes on cash and cash equivalents

(71)

316

(387)

3

259

(256)

93

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

25

8

17

28

0

28

(18)

Net increase (decrease) in cash and cash equivalents

2,975

(2,336)

5,311

(2,171)

(4,594)

2,423

(1,850)

Cash and cash equivalents, at the beginning of the period

5,767

7,617

(1,850)

10,913

9,875

1,038

7,617

Cash and cash equivalents, at the end of the period

8,742

5,281

3,461

8,742

5,281

3,461

5,767

As a result of the agreement concluded on July 13, 2022, from the third quarter of 2022, the GD tower companies are recognized in the interim consolidated financial statements as discontinued operation. The consolidated statement of cash flows continues to include the discontinued operation in the Group Development operating segment. The top line of the consolidated statement of cash flows is profit before income taxes, which includes the profit of both the continuing operations and the discontinued operation. In the consolidated statement of cash flows, the contributions by the GD tower companies are each stated in a separate “of which” line item.