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Primary Consolidated Financial Statements

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

€ millions Notes 2021 2020 2019
Profit after tax   5,376 5,283 3,370
Adjustments to reconcile profit after tax to net cash flow from operating activities:        
Depreciation and amortization (D.2)–(D.4) 1,775 1,831 1,872
Share-based payment expenses (B.3) 2,794 1,084 1,835
 Income tax expense (C.5) 1,471 1,938 1,226
 Financial income, net (C.4) −2,174 −776 −198
Decrease/increase in allowances on trade receivables   −11 68 14
Other adjustments for non-cash items   39 −198 −54
Decrease/increase in trade and other receivables   414 821 −1,469
Decrease/increase in other assets   −706 −651 −583
Increase/decrease in trade payables, provisions, and other liabilities   475 293 328
Increase/decrease in contract liabilities   100 128 984
Share-based payments   −1,120 −1,310 −1,257
Interest paid   −202 −244 −341
Interest received   56 122 97
Income taxes paid, net of refunds   −2,063 −1,194 −2,329
Net cash flows from operating activities   6,223 7,194 3,496
Cash flows for business combinations, net of cash and cash equivalents acquired (D.1) −1,142 −662 −6,215
Cash flows from sale of subsidiaries or businesses   −72 203 61
Purchase of intangible assets and property, plant, and equipment   −800 −816 −817
Proceeds from sales of intangible assets or property, plant, and equipment   91 88 71
Purchase of equity or debt instruments of other entities   −4,368 −2,535 −900
Proceeds from sales of equity or debt instruments of other entities   3,229 735 778
Net cash flows from investing activities   −3,063 −2,986 −7,021
Dividends paid (E.2) −2,182 −1,864 −1,790
Dividends paid on non-controlling interests   −54 −2 −17
Purchase of treasury shares (E.2) 0 −1,492 0
Proceeds from changes in ownership interests in subsidiaries that do not result in the loss of control   2,828 95 0
Proceeds from borrowings (E.3) 1,680 2,132 3,622
Repayments of borrowings (E.3) −1,952 −2,430 −1,309
Payments of lease liabilities   −374 −378 −403
Transactions with non-controlling interests (E.2) −2 −59 0
Net cash flows from financing activities   −56 −3,997 102
Effect of foreign currency rates on cash and cash equivalents   484 −214 110
Net decrease/increase in cash and cash equivalents   3,587 −4 −3,313
Cash and cash equivalents at the beginning of the period (E.3) 5,311 5,314 8,627
Cash and cash equivalents at the end of the period (E.3) 8,898 5,311 5,314
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