Annual Report 2021

Operating Activities

(16) Operating cash flow

Accounting and measurement policies

Operating cash flow

  • The operating cash flow is calculated and presented based on the following principles:
  • The operating cash flow is presented using the indirect method based on profit after taxes.
  • The option to recognize interest received and interest payments made is exercised to the extent that such transactions are recognized in cash flow from operating activities.
  • Tax payments are reported in operating cash flow. Only significant transactions where the associated tax payments can be practically calculated are recognized in the relevant item of the consolidated cash flow statement.

Tax payments made totaled € 1,135 million in fiscal 2021 (2020: € 1,006 million). Tax refunds received amounted to € 90 million (2020: € 140 million).

Interest paid totaled € 216 million (2020: € 340 million).

The changes in provisions in the previous year were primarily influenced by the reversal of the provision for the patent dispute with Biogen Inc., United States (see Note (27) “Other provisions”).

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