XML 216 R10.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - EUR (€)
€ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income € 5,624.2 € 5,883.2 € 3,553.7
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization [1] 583.6 471.0 490.8
Impairment and loss (gain) on disposal 39.3 (15.9) 5.5
Share-based compensation expense 68.9 117.5 53.9
Gain on sale of subsidiaries 0.0 (213.7) 0.0
Inventory reserves 278.5 180.7 192.4
Deferred tax expense (benefit) (564.2) (419.6) (211.3)
Equity method investments [2] 15.3 (49.8) 11.0
Changes in assets and liabilities:      
Accounts receivable, net (2,338.0) (1,754.9) 507.5
Finance receivables, net 212.2 542.3 (1,125.4)
Inventories (2,080.9) (483.2) (706.7)
Other assets (864.3) (222.2) (75.1)
Accrued and other liabilities 439.7 347.6 47.5
Accounts payable 406.2 718.6 334.3
Current tax assets and liabilities 33.6 214.4 131.5
Contract assets and liabilities 6,632.7 5,529.8 1,418.0
Net cash provided by operating activities 8,486.8 10,845.8 4,627.6
Cash Flows from Investing Activities      
Purchase of property, plant and equipment [3] (1,281.8) (900.7) (962.0)
Purchase of intangible assets (37.5) (39.6) (38.8)
Purchase of short-term investments (334.3) (1,162.7) (1,475.5)
Maturity of short-term investments 864.7 1,826.4 1,359.1
Loans issued and other investments (240.0) (124.4) (12.2)
Proceeds from sale of subsidiaries (net of cash disposed of) 0.0 329.0 0.0
Acquisition of subsidiaries (net of cash acquired) 0.0 0.0 (222.8)
Net cash used in investing activities (1,028.9) (72.0) (1,352.2)
Cash Flows from Financing Activities      
Dividend paid (2,559.8) (1,368.3) (1,066.4)
Purchase of treasury shares (4,639.7) (8,560.3) (1,207.5)
Net proceeds from issuance of shares 81.8 49.0 37.9
Net proceeds from issuance of notes, net of issuance costs 495.6 0.0 1,486.3
Repayment of debt and finance lease obligations (516.2) (12.1) (3.3)
Net cash used in financing activities (7,138.3) (9,891.7) (753.0)
Net cash flows 319.6 882.1 2,522.4
Effect of changes in exchange rates on cash (3.1) 20.3 (5.3)
Net increase (decrease) in cash and cash equivalents 316.5 902.4 2,517.1
Cash and cash equivalents at beginning of the year 6,951.8 6,049.4 3,532.3
Cash and cash equivalents at end of the year 7,268.3 6,951.8 6,049.4
Supplemental Disclosures of Cash Flow Information:      
Unpaid portion of property, plant and equipment, excluded in investing activities, included in Accounts payable 50.3 29.3 (46.9)
Interest received 42.4 36.6 32.1
Interest paid (82.2) (83.0) (64.1)
Income taxes paid, net of refunds € (1,734.6) € (1,235.0) € (650.2)
[1] Depreciation and amortization include depreciation of property, plant and equipment, amortization of intangible assets, depreciation of right-of-use assets, amortization of underwriting commissions and discount related to the bonds and credit facility.
[2] Equity method investments relates to our 24.9% equity interest in Carl Zeiss SMT Holding GmbH & Co. KG and includes our share of the net result, dividends received and other equity movements, as well as the capitalization of R&D and supply chain support funding as disclosed in Note 26 Related parties and variable interest entities. The dividend received is a cash inflow of €178.7 million (2021: €168.0 million, 2020: €128.1 million).
[3] Purchase of property, plant and equipment includes a cash outflow of €33.8 million (2021: €69.2 million, 2020: €203.7 million) to related parties, which was initially recognized as part of Other assets.