(41) Net cash flows from financing activities
Accounting and measurement policies
Net cash flows from financing activities
The option to recognize dividend payments and profit withdrawals in the cash flows from financing activities is exercised in determining the cash flows from financing activities.
The change in financial debt was as follows:
|
|
|
|
Cash |
|
Non-cash |
|
|
|
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Jan. 1, 2020 |
|
Cash inflows |
|
Repayments |
|
Other |
|
Change in lease liabilities |
|
Ex-change rate effects |
|
Fair value adjustment |
|
Other |
|
Changes in scope of consolidation |
|
Dec. 31, 2020 |
Bonds |
|
9,854 |
|
2,486 |
|
-2,724 |
|
– |
|
– |
|
-184 |
|
– |
|
9 |
|
– |
|
9,442 |
Financial liabilities to E. Merck KG, Darmstadt, Germany |
|
808 |
|
390 |
|
-382 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
816 |
Other current and non-current financial liabilities |
|
2,531 |
|
3,561 |
|
-4,687 |
|
-15 |
|
65 |
|
33 |
|
398 |
|
– |
|
-1 |
|
1,885 |
Financial debt |
|
13,194 |
|
6,436 |
|
-7,793 |
|
-15 |
|
65 |
|
-151 |
|
398 |
|
9 |
|
-1 |
|
12,142 |
Derivative assets (current and non-current) |
|
-33 |
|
521 |
|
– |
|
– |
|
– |
|
– |
|
-514 |
|
– |
|
– |
|
-26 |
|
|
|
|
Cash |
|
Non-cash |
|
|
|
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Jan. 1, 2019 |
|
Cash inflows |
|
Repayments |
|
Other |
|
Change in lease liabilities |
|
Ex-change rate effects |
|
Fair value adjustment |
|
Other |
|
Changes in scope of consolidation |
|
Dec. 31, 2019 |
Bonds |
|
7,173 |
|
3,482 |
|
-1,290 |
|
– |
|
– |
|
59 |
|
– |
|
9 |
|
420 |
|
9,854 |
Financial liabilities to E. Merck KG, Darmstadt, Germany |
|
821 |
|
406 |
|
-418 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
808 |
Other current and non-current financial liabilities |
|
1,367 |
|
1,193 |
|
-1,281 |
|
-11 |
|
198 |
|
24 |
|
495 |
|
– |
|
546 |
|
2,531 |
Financial debt |
|
9,361 |
|
5,080 |
|
-2,989 |
|
-11 |
|
198 |
|
84 |
|
495 |
|
9 |
|
966 |
|
13,194 |
Derivative assets (current and non-current) |
|
-30 |
|
499 |
|
– |
|
– |
|
– |
|
– |
|
-502 |
|
– |
|
– |
|
-33 |
Other cash changes show interest payments for lease liabilities that are recognized in the net cash flow from operating activities. Changes in lease liabilities include additions and retirements of right-of-use from leases and the effects from unwinding of the discount on lease liabilities. Other non-cash changes resulted from the application of the effective interest method.
Fair value adjustments of other current and non-current financial liabilities are attributable to liabilities from derivatives. In the consolidated cash flow statement, cash changes of assets from derivatives were recognized together with repayments of other current and non-current financial liabilities. In the above reconciliation, changes of assets from derivatives were recognized separately because they did not form part of financial liabilities.
The amount of undrawn borrowing facilities that could be employed for future operating activities and to meet obligations and information on changes in financial debt can be found in Note (37) “Financial debt/Capital management”.