Consolidated Financial Statements 4. Consolidated Statements of Cash Flows Fiscal year (in millions of €) 2023 2022 Cash flows from operating activities Net income 8,529 4,392 Adjustments to reconcile net income to cash flows from operating activities – continuing operations (Income) loss from discontinued operations, net of income taxes (15) 21 Amortization, depreciation and impairments 3,608 3,561 Income tax expenses 2,687 2,741 Interest (income) expenses, net (1,033) (942) (Income) loss related to investing activities (979) 432 Other non-cash (income) expenses (652) 2,903 Change in operating net working capital from Contract assets (425) (432) Inventories (1,345) (1,456) Trade and other receivables (1,655) (972) Trade payables 190 1,352 Contract liabilities 1,069 2,046 Additions to assets leased to others in operating leases (444) (394) Change in other assets and liabilities 3,184 (2,584) Income taxes paid (2,902) (2,173) Dividends received 258 348 Interest received 2,205 1,481 Cash flows from operating activities – continuing operations 12,281 10,322 Cash flows from operating activities – discontinued operations (41) (81) Cash flows from operating activities – continuing and discontinued operations 12,239 10,241 Cash flows from investing activities Additions to intangible assets and property, plant and equipment (2,218) (2,084) Acquisitions of businesses, net of cash acquired (407) (2,207) Purchase of investments and financial assets for investment purposes (723) (1,404) Change in receivables from financing activities (1,461) (1,100) Disposal of intangibles and property, plant and equipment 237 276 Disposal of businesses, net of cash disposed 368 2,078 Disposal of investments and financial assets for investment purposes 746 1,973 Cash flows from investing activities – continuing operations (3,458) (2,467) Cash flows from investing activities – discontinued operations 281 (23) Cash flows from investing activities – continuing and discontinued operations (3,176) (2,490) Cash flows from financing activities Purchase of treasury shares (884) (1,565) Re-issuance of treasury shares and other transactions with owners (404) (305) Issuance of long-term debt 2,470 4,969 Repayment of long-term debt (including current maturities of long-term debt) (5,252) (6,663) Change in short-term debt and other financing activities 300 455 Interest paid (1,208) (824) Dividends paid to shareholders of Siemens AG (3,362) (3,215) Dividends attributable to non-controlling interests (389) (354) Cash flows from financing activities – continuing operations (8,730) (7,502) Cash flows from financing activities – discontinued operations (1) (1) Cash flows from financing activities – continuing and discontinued operations (8,731) (7,502) Effect of changes in exchange rates on cash and cash equivalents (721) 679 Change in cash and cash equivalents (388) 927 Cash and cash equivalents at beginning of period 10,472 9,545 Cash and cash equivalents at end of period 10,084 10,472 Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period − 7 Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 10,084 10,465 5