BASF Report 2021 Management’s Report – Financial Position 66 Statement of cash flows Free cash flow Million € Million € 2021 2020 2021 2020 Net income 5,523 –1,060 Cash flows from operating activities 7,245 5,413 Depreciation and amortization of property, plant and equipment and intangible assets 3,687 6,751 – Payments made for property, plant 3,532 3,129 and equipment and intangible assets Changes in net working capital –1,566 –400 Free cash flow 3,713 2,284 Miscellaneous items –398 122 Cash flows from operating activities 7,245 5,413 Cash flow Payments made for property, plant and equipment and intangible assets –3,532 –3,129 Billion € Acquisitions/divestitures 430 1,280 10 Changes in financial assets and miscellaneous items 480 –55 8 Cash flows from investing activities –2,622 –1,904 6 4 Capital increases/repayments and other equity transactions − 3 2 0 Changes in financial and similar liabilities –3,145 1,580 2017 2018 2019 2020 2021 Dividends –3,312 –3,139 Cash flows from operating activities Payments made for property, plant and equipment and intangible assets Cash flows from financing activities –6,457 –1,556 Free cash flow Cash-effective changes in cash and cash equivalents –1,834 1,953 Cash and cash equivalents at the beginning of the period and other changesa 4,458 2,382 Cash and cash equivalents at the end of the yeara 2,624 4,335 a In 2021 and 2020, cash and cash equivalents presented in the statement of cash flows deviate from the figures in the balance sheet. For explanations and other disclosures on the statement of cash flows, see Note 27 to the Consolidated Financial Statements from page 277 onward.