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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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