Note | 2023 | 2024 | |
€ million | € million | ||
Income after income taxes | (202) | (272) | |
Income taxes | 11 | 275 | 245 |
Financial result | 10 | 113 | 114 |
Income taxes paid | (383) | (219) | |
Depreciation, amortization, impairment losses and impairment loss reversals | 13 | 894 | 984 |
Change in pension provisions | (33) | 47 | |
(Gains)/losses on retirements of noncurrent assets | (33) | (65) | |
Decrease/(increase) in inventories | 278 | (322) | |
Decrease/(increase) in trade accounts receivable | 76 | 184 | |
(Decrease)/increase in trade accounts payable | (104) | 181 | |
Change in other working capital, other noncash items | 116 | (7) | |
Cash flows from operating activities | 27.1 | 997 | 870 |
Cash outflows for additions to property, plant, equipment and intangible assets | (765) | (781) | |
Cash inflows from sales of property, plant, equipment and other assets | 2 | 76 | |
Cash inflows from divestments less divested cash | 55 | – | |
Cash outflows for noncurrent financial assets | (23) | (81) | |
Cash inflows from noncurrent financial assets | 41 | 6 | |
Interest and dividends received | 70 | 61 | |
Cash inflows from other current financial assets / Cash outflows for other current financial assets |
(305) | 296 | |
Cash flows from investing activities | 27.2 | (925) | (423) |
Acquisition of treasury shares | 18 | (49) | – |
Dividend payments | 18 | (4) | (1) |
Issuances of debt | 419 | 1,195 | |
Repayments of debt | (836) | (1,609) | |
Interest paid | (169) | (150) | |
Cash flows from financing activities | 27.3 | (639) | (565) |
Change in cash and cash equivalents due to business activities | (567) | (118) | |
Cash and cash equivalents at beginning of year | 1,198 | 625 | |
Change in cash and cash equivalents due to exchange rate movements | (6) | 2 | |
Cash and cash equivalents at end of year | 625 | 509 | |