€m

2020

2021

Net income from continuing operations

-1,937.0

1,947.3

Income taxes

334.5

946.7

Interest income / expenses

192.8

191.7

Dividends received

223.3

301.8

Interest received

102.3

75.0

Interest paid

-367.6

-287.6

Income taxes paid

-340.9

-747.3

Depreciation, amortisation, and impairment

4,832.8

1,104.9

Elimination of other non-cash items

98.7

-607.4

Cash flow

3,139.0

2,925.0

Changes in operating assets

125.1

-650.5

Changes in operating liabilities

110.5

443.7

Changes in working capital

235.5

-206.8

Decrease in provisions through cash payments

-328.2

-244.8

Cash flow from operating activities – continuing operations

3,046.4

2,473.4

Cash flow from operating activities – discontinued operations

-19.5

-77.4

Cash flow from operating activities

3,026.8

2,396.0

Intangible assets

-47.4

-27.2

Property, plant and equipment

-921.9

-1,392.3

Subsidiaries and other business units

-76.3

-144.8

Other financial assets, associates, and joint ventures

-21.8

-35.0

Investments (cash outflow)

-1,067.4

-1,599.3

Intangible assets

0.3

0.3

Property, plant and equipment

67.1

183.8

Subsidiaries and other business units

1.9

2,004.9

Other financial assets, associates, and joint ventures

48.9

30.1

Divestments (cash inflow)

118.2

2,219.1

Cash flow from investing activities – continuing operations
-949.3

619.8

Capital decrease – non-controlling interests

-10.2

-0.5

Dividend payments – HeidelbergCement AG

-119.1

-436.5

Dividend payments – non-controlling interests

-203.8

-181.2

Acquisition of treasury shares  

-349.8

Decrease in ownership interests in subsidiaries

1.8

2.9

Increase in ownership interests in subsidiaries

-21.8

-102.5

Proceeds from bond issuance and loans

659.1

1.7

Repayment of bonds and loans

-2,893.4

-1,803.8

Changes in short-term interest-bearing liabilities

-53.8

30.0

Cash flow from financing activities

-2,641.2

-2,839.7

Net change in cash and cash equivalents – continuing operations

-544.1

253.4

Net change in cash and cash equivalents – discontinued operations

-19.5

-77.4

Net change in cash and cash equivalents

-563.6

176.0

Effect of exchange rate changes

-108.1

64.8

Cash and cash equivalents at 1 January

3,546.0

2,874.3

Cash and cash equivalents at 31 December

2,874.3

3,115.1

Reclassification of cash and cash equivalents according to IFRS 5

-17.1

0.0

Cash and cash equivalents presented in the balance sheet at 31 December

2,857.2

3,115.1

1) Amounts were adjusted