DSM Integrated Annual Report 2022

Consolidated cash flow statement (Note 26)

x € million

 

2022

 

2021

 

 

 

 

 

Operating activities

 

 

 

 

Net profit for the year

 

1,715

 

1,680

Share of the profit of associates and joint ventures (including discontinued operations)1

 

(5)

 

(342)

Income tax (including discontinued operations)1

 

190

 

245

Profit before income tax expense (including discontinued operations)1

 

1,900

 

1,583

Financial income and expense (including discontinued operations)1

 

94

 

106

Operating profit (including discontinued operations)1

 

1,994

 

1,689

Depreciation, amortization and impairments (including discontinued operations)1

 

652

 

681

EBITDA (including discontinued operations)1

 

2,646

 

2,370

 

 

 

 

 

Adjustments for:

 

 

 

 

- (Gain) or loss from disposals

 

(1,024)

 

(649)

- Acquisition-/divestment-related in EBITDA

 

4

 

22

- Change in provisions

 

(33)

 

(20)

- Defined benefit plans

 

(15)

 

(39)

Adjustments for EBITDA

 

(1,068)

 

(686)

 

 

 

 

 

Income tax received

 

35

 

23

Income tax paid

 

(166)

 

(156)

Share-based compensation

 

34

 

22

Other

 

(19)

 

(2)

Adjustments for non-EBITDA

 

(116)

 

(113)

Operating cash flow before changes in working capital

 

1,462

 

1,571

 

 

 

 

 

Changes in operating working capital:

 

 

 

 

Inventories

 

(442)

 

(323)

Trade receivables

 

(133)

 

(194)

Trade payables

 

116

 

334

Changes in inventories, trade receivables and trade payables

 

(459)

 

(183)

Changes in non-operating working capital

 

(38)

 

39

Changes in working capital

 

(497)

 

(144)

Cash provided by operating activities

 

965

 

1,427

 

 

 

 

 

Investing activities

 

 

 

 

Capital expenditure for:

 

 

 

 

- Intangible assets

 

(138)

 

(137)

- Property, plant and equipment

 

(506)

 

(433)

Payments regarding drawing rights

 

(7)

 

(7)

Proceeds from disposal of property, plant and equipment

 

17

 

27

Acquisition of subsidiaries and associates

 

(74)

 

(704)

Disposal of subsidiaries, businesses and associates

 

1,366

 

1,791

Additions to fixed-term deposits

 

(638)

 

(2,070)

Withdrawal from fixed-term deposits

 

1,001

 

1,625

Interest received

 

6

 

5

Other financial assets:

 

 

 

 

- Capital payments and acquisitions

 

(33)

 

(43)

- Dividends received

 

4

 

12

- Additions to loans granted

 

(152)

 

(10)

- Repayment of loans granted

 

-

 

29

- Proceeds from disposals

 

30

 

123

Cash from/(used in) investing activities

 

876

 

208

 

 

 

 

 

Financing activities

 

 

 

 

Contributions from non-controlling interests

 

5

 

3

Acquisition of non-controlling interests

 

-

 

(13)

Loans taken up

 

51

 

37

Repayment of loans

 

(29)

 

(513)

Payments of lease liabilities

 

(57)

 

(54)

Change in debt to credit institutions

 

(21)

 

12

Dividend paid

 

(345)

 

(266)

Interest paid

 

(52)

 

(65)

Proceeds from reissued treasury shares

 

25

 

34

Repurchase of shares

 

(210)

 

(165)

Other

 

(12)

 

6

Cash (used in)/from financing activities

 

(645)

 

(984)

 

 

 

 

 

Change in cash and cash equivalents

 

1,196

 

651

 

 

 

 

 

Cash and cash equivalents at 1 January

 

1,561

 

871

Exchange differences relating to cash held

 

(2)

 

39

Cash and cash equivalents at 31 December

 

2,755

 

1,561

1

The Consolidated cash flow statement includes an analysis of all cash flows in total, therefore including both continuing and discontinued operations. For the amounts related to discontinued operations split by activities and a reconciliation of profit from continuing operations to total, including discontinued operations, see Note 3 Change in the scope of consolidation.