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2. Consolidated financial statements

2.4 Consolidated statement of cash flows

2.4 Consolidated statement of cash flows

For the year ended December 31

   

€ million

Note

2020

2019

Profit for the year attributable to UCB shareholders

 

732

792

Non-controlling interests

 

29

25

Adjustment for profit (-)/loss from discontinued operations

9

0

- 1

Adjustment for profit (-)/loss from associates

 

- 2

1

Adjustment for non-cash transactions

37

297

231

Adjustment for items to disclose separately under operating cash flow

37

119

144

Adjustment for items to disclose under investing and financing cash flows

37

2

- 7

Change in working capital

37

221

- 232

Working capital adjustment relating to acquisitions

8

- 263

0

Interest received

17

17

18

Cash flow generated from operations

 

1 153

971

Tax paid during the period

 

- 72

- 89

Net cash flow used in (-)/generated by operating activities:

   

From continuing operations

 

1 081

893

From discontinued operations

 

0

- 11

Net cash flow generated by operating activities

 

1 081

882

Acquisition of property, plant and equipment

22

- 256

- 99

Acquisition of intangible assets

20

- 93

- 195

Acquisition of subsidiaries, net of cash acquired

 

-1 986

0

Acquisition of other investments

 

- 7

- 20

Sub-total acquisitions

 

-2 342

- 314

Proceeds from sale of property, plant and equipment

 

1

31

Proceeds from sale of other activities, net of cash disposed

 

75

41

Proceeds from sale of other investments

 

38

7

Sub-total disposals

 

114

79

Net cash flow used in (-)/generated by investing activities:

   

From continuing operations

 

-2 228

- 235

From discontinued operations

 

0

0

Net cash flow used in (-)/generated by investing activities:

 

-2 228

- 235

Proceeds from issuance of Private Placement

30.3

150

0

Repayment of bonds (-)

30.3

- 250

- 75

Proceeds from borrowings

29

1 895

0

Repayments of borrowings (-)

29

- 166

- 118

Payment of lease liabilities

29

- 41

- 48

Acquisition (-) of treasury shares

27

- 106

- 77

Dividend paid to UCB shareholders, net of dividend paid on own shares

27.2, 42

- 235

- 228

Interest paid

17

- 70

- 59

Net cash flow used in (-)/generated by financing activities:

   

From continuing operations

 

1 177

- 605

From discontinued operations

 

0

0

Net cash flow used in (-)/generated by financing activities

 

1 177

- 605

Net increase/decrease (-) in cash and cash equivalents

 

30

42

From continuing operations

 

30

53

From discontinued operations

 

0

- 11

Net cash and cash equivalents at the beginning of the period

 

1 288

1 237

Effect of exchange rate fluctuations

 

- 15

9

Net cash and cash equivalents at the end of the period

 

1 303

1 288