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

€ millions Notes 2020 2019 2018
Profit after tax   5,283 3,370 4,088
Adjustments to reconcile profit after tax to net cash flow from operating activities:        
Depreciation and amortization (D.2)–(D.4) 1,831 1,872 1,362
Share-based payment expenses (B.3) 1,084 1,835 830
Income tax expense (C.5) 1,938 1,226 1,511
Financial income, net (C.4) −776 −198 47
Decrease/increase in allowances on trade receivables   68 14 −67
Other adjustments for non-cash items   −198 −54 3
Decrease/increase in trade and other receivables   821 −1,469 136
Decrease/increase in other assets   −651 −583 −477
Increase/decrease in trade payables, provisions, and other liabilities   293 328 240
Increase/decrease in contract liabilities   128 984 −561
Share-based payments   −1,310 −1,257 −971
Interest paid   −244 −341 −251
Interest received   122 97 99
Income taxes paid, net of refunds   −1,194 −2,329 −1,687
Net cash flows from operating activities   7,194 3,496 4,303
Cash flows for business combinations, net of cash and cash equivalents acquired (D.1) −662 −6,215 −2,140
Proceeds from sale of subsidiaries or businesses   203 61 0
Purchase of intangible assets and property, plant, and equipment   −816 −817 −1,458
Proceeds from sales of intangible assets or property, plant, and equipment   88 71 57
Purchase of equity or debt instruments of other entities   −2,535 −900 −1,013
Proceeds from sales of equity or debt instruments of other entities   735 778 1,488
Net cash flows from investing activities   −2,986 −7,021 −3,066
Dividends paid (E.2) −1,864 −1,790 −1,671
Dividends paid on non-controlling interests   −2 −17 −7
Purchase of treasury shares (E.2) −1,492 0 0
Proceeds from changes in ownership interests in subsidiaries that do not result in the loss of control   95 0 0
Proceeds from borrowings (E.3) 2,132 3,622 6,368
Repayments of borrowings (E.3) −2,430 −1,309 −1,407
Payments of lease liabilities   −378 −403 0
Transactions with non-controlling interests   −59 0 0
Net cash flows from financing activities   −3,997 102 3,283
Effect of foreign currency rates on cash and cash equivalents   −214 110 97
Net decrease/increase in cash and cash equivalents   −4 −3,313 4,617
Cash and cash equivalents at the beginning of the period (E.3) 5,314 8,627 4,011
Cash and cash equivalents at the end of the period (E.3) 5,311 5,314 8,627

Under the adoption method we chose for IFRS 16, 2018 numbers are not restated to conform to the new accounting policies. For more information, see Note (IN.1).

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