in € million |
|
2025 |
|
2024 |
||||
|---|---|---|---|---|---|---|---|---|
Operating activities |
|
|
|
|
||||
Net profit (loss) from continuing operations |
|
342 |
|
359 |
||||
Net profit (loss) from discontinued operations |
|
(1,381) |
|
(79) |
||||
Net profit (loss) for the period |
|
(1,039) |
|
280 |
||||
|
|
|
|
|
||||
Share of profit of associates and joint ventures (including discontinued operations)1 |
|
107 |
|
– |
||||
Income tax income and expense (including discontinued operations)1 |
|
(98) |
|
147 |
||||
Profit (loss) before tax (including discontinued operations)1 |
|
(1,030) |
|
427 |
||||
|
|
|
|
|
||||
Finance income and expense (including discontinued operations)1 |
|
153 |
|
134 |
||||
Operating profit (loss) (including discontinued operations)1 |
|
(877) |
|
561 |
||||
|
|
|
|
|
||||
Depreciation, amortization and impairments (including discontinued operations)1 |
|
3,122 |
|
1,430 |
||||
EBITDA (including discontinued operations)1 |
|
2,245 |
|
1,991 |
||||
|
|
|
|
|
||||
- (Gain) or loss from disposals |
|
(114) |
|
(47) |
||||
- Changes in provisions |
|
(52) |
|
(47) |
||||
- Changes in employee benefits |
|
(58) |
|
(42) |
||||
- Share-based compensation |
|
38 |
|
31 |
||||
- Income taxes paid/received |
|
(320) |
|
(275) |
||||
- Other non-cash items |
|
(84) |
|
(31) |
||||
Operating cash flow before changes in working capital |
|
1,655 |
|
1,580 |
||||
|
|
|
|
|
||||
Changes in: |
|
|
|
|
||||
- Inventories |
|
(89) |
|
(38) |
||||
- Trade receivables |
|
(16) |
|
(18) |
||||
- Trade payables |
|
5 |
|
97 |
||||
Changes in operating working capital |
|
(100) |
|
41 |
||||
Changes in non-operating working capital |
|
(110) |
|
157 |
||||
Changes in working capital |
|
(210) |
|
198 |
||||
Cash provided by operating activities |
|
1,445 |
|
1,778 |
||||
|
|
|
|
|
||||
Investing activities |
|
|
|
|
||||
Capital expenditure for intangible assets |
|
(136) |
|
(119) |
||||
Capital expenditure for property, plant and equipment |
|
(628) |
|
(645) |
||||
Proceeds from disposal of property, plant and equipment |
|
64 |
|
19 |
||||
Acquisition of businesses |
|
(19) |
|
(5) |
||||
Disposal of businesses |
|
1,270 |
|
42 |
||||
Payments for short-term financial investments |
|
(63) |
|
– |
||||
Proceeds from short-term financial investments |
|
– |
|
43 |
||||
Other financial assets (incl. associates): |
|
|
|
|
||||
- Dividends received |
|
4 |
|
14 |
||||
- Capital payments and acquisitions |
|
(30) |
|
(8) |
||||
- Proceeds from disposals |
|
31 |
|
397 |
||||
- Additions to loans granted |
|
(26) |
|
(81) |
||||
- Repayment of loans granted |
|
5 |
|
58 |
||||
Interest received |
|
33 |
|
33 |
||||
Cash from/(used in) investing activities |
|
505 |
|
(252) |
||||
|
|
|
|
|
||||
Financing activities |
|
|
|
|
||||
Acquisition of non-controlling interests |
|
(106) |
|
(26) |
||||
Proceeds from borrowings |
|
740 |
|
833 |
||||
Repayment of borrowings |
|
(560) |
|
(623) |
||||
Payments of lease liabilities |
|
(109) |
|
(110) |
||||
Change in debt to credit institutions |
|
24 |
|
38 |
||||
Proceeds from re-issued treasury shares |
|
5 |
|
21 |
||||
Repurchase of shares |
|
(1,181) |
|
(706) |
||||
Remuneration and redemption of hybrid bonds (equity) |
|
(783) |
|
(28) |
||||
Dividend paid |
|
(718) |
|
(667) |
||||
Interest paid |
|
(64) |
|
(67) |
||||
Other |
|
– |
|
1 |
||||
Cash (used in)/from financing activities |
|
(2,752) |
|
(1,334) |
||||
|
|
|
|
|
||||
Cash and cash equivalents at the beginning of the period |
|
2,667 |
|
2,456 |
||||
|
|
|
|
|
||||
Net increase/(decrease) in cash and cash equivalents |
|
(802) |
|
192 |
||||
Effect of movements in exchange rates on cash held |
|
(72) |
|
19 |
||||
Cash and cash equivalents at the end of the period (including cash classified as held for sale) |
|
1,793 |
|
2,667 |
||||
|
|
|
|
|
||||
Reclassification to held for sale |
|
(11) |
|
– |
||||
Cash and cash equivalents at the end of the period |
|
1,782 |
|
2,667 |
||||
|
||||||||
See also Note 26 Notes to the cash flow statement.