Consolidated Statements of Cash Flows of SAP Group for the Years Ended December 31

€ millions   Notes   2018   2017   2016
Profit after tax       4,088   4,046   3,629
Adjustments to reconcile profit after tax to net cash flow from operating activities:                
Depreciation and amortization   (D.2)–(D.4)   1,362   1,272   1,268
Income tax expense   (C.5)   1,511   983   1,242
Financial income, net   (C.4)   47   −188   29
Decrease/increase in sales and bad debt allowances on trade receivables       −67   −32   51
Other adjustments for non-cash items       −14   −34   39
Decrease/increase in trade and other receivables       136   −309   −675
Decrease/increase in other assets       −454   −355   −248
Decrease/increase in trade payables, provisions, and other liabilities       93   389   513
Decrease/increase in contract liabilities/deferred income       −561   718   368
Interest paid       −251   −200   −190
Interest received       99   88   79
Income taxes paid, net of refunds       −1,687   −1,332   −1,477
Net cash flows from operating activities       4,303   5,045   4,628
Business combinations, net of cash and cash equivalents acquired       −2,036   −291   −106
Cash flows from derivative financial instruments related to business combinations       −103   0   0
Total cash flows for business combinations, net of cash and cash equivalents acquired   (D.1)   −2,140   −291   −106
Purchase of intangible assets and property, plant, and equipment       −1,458   −1,275   −1,001
Proceeds from sales of intangible assets or property, plant, and equipment       57   97   63
Purchase of equity or debt instruments of other entities       −1,013   −2,914   −1,549
Proceeds from sales of equity or debt instruments of other entities       1,488   3,272   793
Net cash flows from investing activities       −3,066   −1,112   −1,799
Dividends paid   (E.2)   −1,671   −1,499   −1,378
Dividends paid on non-controlling interests       −7   −45   0
Purchase of treasury shares   (E.2)   0   −500   0
Proceeds from reissuance of treasury shares       0   0   27
Proceeds from borrowings   (E.3)   6,368   27   443
Repayments of borrowings   (E.3)   −1,407   −1,391   −1,800
Transactions with non-controlling interests       0   2   3
Net cash flows from financing activities       3,283   −3,406   −2,705
Effect of foreign currency rates on cash and cash equivalents       97   −218   167
Net decrease/increase in cash and cash equivalents       4,617   309   291
Cash and cash equivalents at the beginning of the period   (E.3)   4,011   3,702   3,411
Cash and cash equivalents at the end of the period   (E.3)   8,627   4,011   3,702

 

The accompanying Notes are an integral part of these Consolidated Financial Statements.