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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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