Annual Report 2023

Consolidated cash flow statement

For the years ended 31 December 2023 and 2022

(€ Million)

 

Notes

 

2023

 

2022

Net results

 

 

 

756

 

590

Adjustments for:

 

 

 

 

 

 

Non-controlling interests

 

 

 

16

 

17

Income tax

 

 

 

239

 

207

Depreciations and amortisations

 

 

 

902

 

782

Net financial costs

 

 

 

174

 

162

Gains/losses in joint ventures and associates

 

 

 

1

 

(0)

Gains/losses on derivatives instruments at fair value

 

 

 

(0)

 

5

Gains/losses in tangible, intangible and right-of-use assets

 

 

 

15

 

4

Operating cash flow before changes in working capital

 

 

 

2,104

 

1,768

Changes in working capital:

 

 

 

 

 

 

Inventories

 

 

 

(190)

 

(421)

Trade debtors, accrued income and deferred costs

 

 

 

(16)

 

(11)

Trade creditors, accrued costs and deferred income

 

 

 

384

 

931

Provisions and employee benefits

 

 

 

(2)

 

36

Cash generated from operations

 

 

 

2,280

 

2,303

Income tax paid

 

 

 

(254)

 

(208)

Cash flow from operating activities

 

 

 

2,025

 

2,095

Investment activities

 

 

 

 

 

 

Disposals of tangible and intangible assets

 

 

 

3

 

57

Interest received

 

 

 

48

 

14

Dividends received

 

 

 

1

 

0

Acquisition of tangible and intangible assets

 

 

 

(1,080)

 

(887)

Acquisition of other financial investments and investment property

 

 

 

(0)

 

(17)

Acquisition of businesses, net of cash acquired

 

11

 

(48)

 

(4)

Short-term investments that don’t qualify as cash equivalents

 

15

 

(108)

 

11

Cash flow from investment activities

 

 

 

(1,184)

 

(825)

Financing activities

 

 

 

 

 

 

Loans interest paid

 

 

 

(61)

 

(30)

Leases interest paid

 

6

 

(180)

 

(140)

Net change in loans

 

19

 

198

 

52

Leases paid

 

10

 

(348)

 

(321)

Dividends paid

 

17

 

(363)

 

(511)

Cash flow from financing activities

 

 

 

(752)

 

(950)

Net changes in cash and cash equivalents

 

 

 

89

 

320

Cash and cash equivalents changes

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the year

 

 

 

1,781

 

1,494

Net changes in cash and cash equivalents

 

 

 

89

 

320

Effect of currency translation differences

 

 

 

68

 

(33)

Cash and cash equivalents at the end of December

 

16

 

1,938

 

1,781

To be read with the attached notes to the consolidated financial statements.

CONSOLIDATED CASH FLOW STATEMENT for the interim period

(€ Million)

 

2023

 

2022

 

4th Quarter
2023

 

4th Quarter
2022

Cash Flow from operating activities

 

2,025

 

2,095

 

644

 

859

Cash Flow from investment activities

 

(1,184)

 

(825)

 

(350)

 

(217)

Cash Flow from financing activities

 

(752)

 

(950)

 

(115)

 

(107)

Cash and cash equivalents changes

 

89

 

320

 

180

 

535

The amounts presented for quarters are not audited.

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