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

€ millions Notes 2019 2018 2017
Profit after tax   3,370 4,088 4,046
Adjustments to reconcile profit after tax to net cash flow from operating activities:        
Depreciation and amortization (D.2)–(D.4) 1,872 1,362 1,272
Share-based payment expense (B.3) 1,835 830 1,120
Income tax expense (C.5) 1,226 1,511 983
Financial income, net (C.4) −198 47 −188
Decrease/increase in allowances on trade receivables   14 −67 −32
Other adjustments for non-cash items   −54 3 −9
Decrease/increase in trade and other receivables   −1,469 136 −309
Decrease/increase in other assets   −583 −477 −325
Increase/decrease in trade payables, provisions, and other liabilities   328 240 63
Increase/decrease in contract liabilities   984 −561 718
Share-based payments   −1,257 −971 −849
Interest paid   −341 −251 −200
Interest received   97 99 88
Income taxes paid, net of refunds   −2,329 −1,687 −1,332
Net cash flows from operating activities   3,496 4,303 5,045
Cash flows for business combinations, net of cash and cash equivalents acquired (D.1) −6,215 −2,140 −291
Proceeds from sale of subsidiaries or businesses   61 0 0
Purchase of intangible assets and property, plant, and equipment   −817 −1,458 −1,275
Proceeds from sales of intangible assets or property, plant, and equipment   71 57 97
Purchase of equity or debt instruments of other entities   −900 −1,013 −2,914
Proceeds from sales of equity or debt instruments of other entities   778 1,488 3,272
Net cash flows from investing activities   −7,021 −3,066 −1,112
Dividends paid (E.2) −1,790 −1,671 −1,499
Dividends paid on non-controlling interests   −17 −7 −45
Purchase of treasury shares (E.2) 0 0 −500
Proceeds from borrowings (E.3) 3,622 6,368 27
Repayments of borrowings (E.3) −1,309 −1,407 −1,391
Payments of lease liabilities   −403 0 0
Transactions with non-controlling interests   0 0 2
Net cash flows from financing activities   102 3,283 −3,406
Effect of foreign currency rates on cash and cash equivalents   110 97 −218
Net decrease/increase in cash and cash equivalents   −3,313 4,617 309
Cash and cash equivalents at the beginning of the period (E.3) 8,627 4,011 3,702
Cash and cash equivalents at the end of the period (E.3) 5,314 8,627 4,011

Under the adoption methods we chose for IFRS 9, 15, and 16, prior-year numbers are not restated to conform to the new accounting policies. For more information, see Note (IN.1).

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