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Consolidated cash flow statement - EUR (€)
€ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of cash flows [abstract]      
Net profit € 6,369 € 7,140 € 8,269
Taxation 2,500 2,199 2,068
Share of net profit of joint ventures/associates and other (income)/loss from non-current investments (268) (209) (232)
Net monetary loss arising from hyperinflationary economies 195 142 157
Net finance costs 604 486 493
Operating profit 9,400 9,758 10,755
Depreciation, amortisation and impairment 1,757 1,579 1,946
Changes in working capital: (160) 814 (422)
Inventories (198) 340 (1,398)
Trade and other receivables (206) 768 (1,852)
Trade payables and other liabilities 244 (294) 2,828
Pensions and similar obligations less payments (88) (281) (119)
Provisions less payments 330 (185) 203
Elimination of losses/(profits) on disposals 436 (433) (2,335)
Non-cash charge for share-based compensation 324 212 177
Other adjustments 145 97 (116)
Cash flow from operating activities 12,144 11,561 10,089
Income tax paid (2,625) (2,135) (2,807)
Net cash flow from operating activities 9,519 9,426 7,282
Interest received 432 267 287
Purchase of intangible assets (233) (243) (253)
Purchase of property, plant and equipment (1,738) (1,502) (1,456)
Disposal of property, plant and equipment 37 42 82
Acquisition of businesses and investments in joint ventures and associates (795) (704) (979)
Disposal of businesses, joint ventures and associates 985 436 4,622
Acquisition of other non-current investments (166) (533) (170)
Disposal of other non-current investments 59 62 266
Dividends from joint ventures, associates and other non-current investments 261 239 185
Sale/(purchase) of financial assets 533 (358) (131)
Net cash flow (used in)/from investing activities (625) (2,294) 2,453
Dividends paid on ordinary share capital (4,319) (4,363) (4,329)
Interest paid (1,085) (899) (744)
Net change in short-term borrowings 643 (570) (545)
Additional financial liabilities 4,741 4,972 7,776
Repayment of financial liabilities (4,306) (3,905) (8,440)
Capital element of lease rental payments (381) (394) (518)
Repurchase of shares (1,508) (1,507) (1,509)
Other financing activities [1] (726) (527) (581)
Net cash flow used in financing activities (6,941) (7,193) (8,890)
Net increase/(decrease) in cash and cash equivalents 1,953 (61) 845
Cash and cash equivalents at the beginning of the year 4,045 4,225 3,387
Effect of foreign exchange rate changes (48) (119) (7)
Cash and cash equivalents at the end of the year € 5,950 € 4,045 € 4,225
[1] Other financing activities include cash paid for the purchase of non-controlling interests and dividends paid to minority interests.