(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.
Furthermore, the net reporting option has been exercised to report cash receipts and payments for items in which the turnover is quick, the amounts large and the maturities short. This primarily relates to rolling financing by way of commercial papers and short-term bank loans reported under “Payments from new borrowings of other current and non-current financial debt” and “Repayment of other current and non-current financial debt”.
The change in financial debt was as follows:
|
|
|
|
Cash |
|
Non-cash |
|
|
|
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Jan. 1, 2021 |
|
Cash inflows |
|
Repay- ments |
|
Lease interests |
|
Change in lease liabilities |
|
Ex- change rate effects |
|
Fair value adjust- ment |
|
Other |
|
Changes in scope of consoli- dation |
|
Dec. 31, 2021 |
Bonds |
|
9,442 |
|
– |
|
-317 |
|
– |
|
– |
|
185 |
|
– |
|
10 |
|
– |
|
9,320 |
Liabilities to E. Merck KG, Darmstadt, Germany |
|
816 |
|
471 |
|
-393 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
894 |
Other current and |
|
1,885 |
|
388 |
|
-2,303 |
|
-10 |
|
151 |
|
-41 |
|
517 |
|
– |
|
– |
|
586 |
Financial debt |
|
12,142 |
|
859 |
|
-3,013 |
|
-10 |
|
151 |
|
144 |
|
517 |
|
10 |
|
– |
|
10,801 |
Derivative assets (current and |
|
-26 |
|
407 |
|
– |
|
– |
|
– |
|
– |
|
-418 |
|
– |
|
– |
|
-37 |
|
|
|
|
Cash |
|
Non-cash |
|
|
|
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
|
Jan. 1, 2020 |
|
Cash inflows |
|
Repay- ments |
|
Lease interests |
|
Change in lease liabilities |
|
Ex- change rate effects |
|
Fair value adjust- ment |
|
Other |
|
Changes in scope of consoli- dation |
|
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 |
Interest payments for leases were recognized in operating cash flow but served as a reconciliation item in the above table as they were a component of financial liabilities. Changes in lease liabilities included 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 were attributable to liabilities from derivatives. In the consolidated cash flow statement, cash changes of assets from derivatives were reported together with repayments of other current and non-current financial liabilities. In the above reconciliation, changes of assets from derivatives were reported separately as they did not form part of financial liabilities.
The amount of unused credit lines 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”.