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1. Business performance review

1.13 Cash flow statement

1.13 Cash flow statement

The evolution of cash flow  generated by bio-pharmaceuticals activities is affected by the following:

  • Cash flow from operating activities from continuing operations amounted to € 1 081 million compared to € 893 million in 2019. The cash inflow stems from underlying net profitability, deferred income, higher outstanding payables in the last quarter, offset with higher commercial inventory, higher receivables after a strong Q4 2020.

  • Cash flow from investing activities showed an outflow of € 2 228 million, compared to € 235 million in 2019 and includes the net of cash acquisition of Ra Pharma Inc and Engage Therapeutics Inc (€ 1 986 million), capital expenditures (€349 million), offset with the sale of non-core assets and investments (€ 114 million).

  • Cash flow from financing activities had an inflow of€ 1 177 million, which includes the proceeds from borrowings mainly related to the acquisition of Ra Pharma (€ 1 895   million), proceeds from private placement (€ 150 million) offset with the dividend paid to UCB shareholders (€ -235 million), the acquisition of treasury shares (€ -106 million), the 2013 retail bond maturing (€ -250 million) and interest payments.