27.Notes to the Statement of Cash Flows
Cash Flows from Operating Activities
The net cash of €2,193 million (previous year: €1,234 million) provided by operating activities comprises the cash surplus from operating activities and reflects the changes in working capital and other noncash transactions.
Cash flows from operating activities were €959 million (77.7%) higher than in the prior year mainly due to an increase in EBIT by €1,566 million, which stood in contrast to €258 million higher cash outflows from working capital and a €391 million increase in income tax payments.
In November 2021, money market funds were transferred to Metzler Trust e.V., Frankfurt am Main (Germany), in the amount of €500 million. The transfer was a noncash transaction and therefore did not result in a cash outflow from operating activities.
Cash Flows from Investing Activities
Net cash outflow for investing activities in fiscal 2021 amounted to €1,995 million (previous year: €1,769 million).
This was primarily attributable to cash outflows for additions to property, plant, equipment, and intangible assets of €764 million (previous year: €704 million) and cash outflows for acquisitions less acquired cash of €1,469 million for the acquisition of the Resins & Functional Materials (RFM) business from Koninklijke DSM N.V., Heerlen (Netherlands). In addition, there were cash inflows from other current financial assets of €188 million (previous year: cash outflows of €1,089 million).
The transfer of money market funds amounting to €500 million to Metzler Trust e.V. was a noncash transaction and therefore did not result in a cash inflow from investing activities.
Cash Flows from Financing Activities
The net cash outflow for financing activities amounted to €965 million in fiscal 2021 (previous year: net cash inflow from financing activities of €1,204 million). Net credit repaid amounted to €624 million (previous year: net credit assumed of €1,056 million). Short-term debt assumed and repaid was netted.
In April 2021, dividend totaling €251 million was paid to Covestro AG shareholders (previous year: €219 million).
The interest paid totaling €81 million (previous year: €79 million) reflected in cash flows from financing activities relates mainly to lease liabilities of €26 million (previous year: €28 million), bonds of €23 million (previous year: €14 million), and forward exchange contracts used to hedge foreign currency risks of €20 million (previous year: €27 million).
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Changes cashflow not realized |
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Carrying amounts Dec. 31, 2020 |
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Changes cashflow realized |
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Changes due to exchange rate movements |
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Changes in measurement |
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Acquisitions (IFRS 3) |
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Lease contracts |
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Other changes |
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Carrying amounts Dec. 31, 2021 |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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Bonds |
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1,990 |
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(500) |
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– |
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2 |
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– |
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– |
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– |
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1,492 |
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Liabilities to banks |
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227 |
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19 |
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– |
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– |
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29 |
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– |
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– |
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275 |
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Lease liabilities |
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672 |
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(143) |
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31 |
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– |
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4 |
|
197 |
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– |
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761 |
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Other financial liabilities |
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1 |
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– |
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– |
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– |
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– |
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– |
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1 |
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2 |
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Financial debt1 |
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2,890 |
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(624) |
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31 |
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2 |
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33 |
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197 |
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1 |
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2,530 |
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Changes cashflow not realized |
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Carrying amounts Dec. 31, 2019 |
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Changes cashflow realized |
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Changes due to exchange rate movements |
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Changes in measurement |
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Lease contracts |
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Other changes |
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Carrying amounts Dec. 31, 2020 |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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€ million |
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Bonds |
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997 |
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991 |
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– |
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2 |
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– |
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1,990 |
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Liabilities to banks |
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10 |
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218 |
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(1) |
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– |
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– |
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227 |
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Lease liabilities |
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735 |
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(152) |
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(35) |
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– |
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127 |
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(3) |
|
672 |
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Other financial liabilities |
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– |
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(1) |
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– |
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– |
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2 |
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1 |
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Financial debt1 |
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1,742 |
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1,056 |
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(36) |
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2 |
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127 |
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(1) |
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2,890 |
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