Notes to the Cash Flow Statement

Cash flow from operating activities amounted to EUR 7,758 mn, up by EUR 742 mn compared to 2021. This was primarily attributable to an improved market environment, however, partly offset by lower dividends received from Abu Dhabi Polymers Company Limited (Borouge).

Cash flow from investing activities showed an outflow of EUR (1,966) mn in 2022, compared to EUR (1,820) mn in 2021. Cash flow from investing activities in 2022 included inflows from the Initial Public Offering of Borouge PLC in the amount of EUR 745 mn, a partial loan repayment from Bayport Polymers LLC of EUR 602 mn, as well as the divestment of the retail network in Germany of EUR 432 mn. Moreover, cash flow from investing activities in 2022 contained outflows from the capital contribution to Borouge 4 LLC of EUR (408) mn as well as cash disposed of EUR (208) mn related to the loss of control of JSC GAZPROM YRGM Development. In 2021, cash flow from investing activities comprised cash inflows of EUR 443 mn related to the divestment of Gas Connect Austria, EUR 290 mn related to the sale of the stake in the Norwegian oil field Wisting, and EUR 94 mn related to the sale of the shares in Kom-Munai LLP and Tasbulat Oil Corporation LLP (Kazakhstan).

Cash flow from financing activities showed an outflow of EUR (2,660) mn compared to EUR (2,977) mn in 2021. Significantly higher dividend payments were made in 2022, however, this was more than offset by higher repayments of bonds in the previous year.