|
x € 1 million |
2025 |
2024 |
|||
|
1. |
Profit after tax |
130.2 |
90.0 |
||
|
Adjustments for: |
|||||
|
6.8 |
Income tax |
45.4 |
27.0 |
||
|
6.13 |
Results of joint ventures and associates |
-17.3 |
-12.2 |
||
|
6.7 |
Finance expenses |
9.9 |
13.9 |
||
|
6.7 |
Finance income |
-6.0 |
-7.7 |
||
|
1. |
Operating profit (EBIT) |
162.2 |
111.0 |
||
|
Adjustments for: |
|||||
|
6.4 |
Results on sale of non-current assets |
-1.2 |
-0.7 |
||
|
6.10 |
Depreciation property, plant and equipment |
18.5 |
15.0 |
||
|
6.11 |
Depreciation right-of-use assets |
37.6 |
35.6 |
||
|
6.12 |
Amortisation of intangible assets |
2.2 |
10.0 |
||
|
6.10 / 6.16 |
Impairment including write down of land holdings |
8.1 |
0.8 |
||
|
6.7 / 6.22 |
Capitalised interest and accrual/amortisation interest-bearing financing liabilities |
0 |
0.8 |
||
|
Changes in: |
|||||
|
6.16 |
Strategic land holdings and other inventories |
-10.8 |
14.7 |
||
|
Other working capital |
113.5 |
93.4 |
|||
|
6.24 |
Provisions |
5.5 |
3.9 |
||
|
Cash generated from operating activities |
335.6 |
284.5 |
|||
|
Interest paid |
-10.4 |
-13.0 |
|||
|
Interest received |
4.1 |
6.7 |
|||
|
Income tax paid |
-57.0 |
-29.0 |
|||
|
Cash flow from operating activities |
272.3 |
249.2 |
|||
|
x € 1 million |
2025 |
2024 |
|||
|
Investment in property, plant and equipment |
-43.9 |
-29.4 |
|||
|
6.10 |
Proceeds from sale of property, plant and equipment and intangible assets |
3.0 |
5.1 |
||
|
6.12 |
Investment in other intangible assets |
0 |
-1.0 |
||
|
6.2 |
Net cash outflow business combinations |
-24.7 |
-8.1 |
||
|
Dividends received from joint ventures and associates |
7.5 |
14.3 |
|||
|
Capital contributions to joint ventures and associates* |
-26.6 |
-17.6 |
|||
|
Capital repayments from joint ventures and associates |
7.5 |
4.8 |
|||
|
Issued non-current receivables* |
-67.0 |
-32.9 |
|||
|
Repaid non-current receivables |
41.4 |
5.7 |
|||
|
Cash flow from investing activities |
-102.8 |
-59.1 |
|||
|
6.11 |
Principal portion of lease payments |
-38.8 |
-34.6 |
||
|
2b. |
Dividend payments |
-45.1 |
-10.6 |
||
|
6.22 |
Proceeds from interest-bearing loans |
0.6 |
0,0 |
||
|
6.22 |
Repayment of interest-bearing loans |
-1.6 |
-79.9 |
||
|
Cash flow from financing activities |
-84.9 |
-125.1 |
|||
|
Net cash flow in the period |
84.6 |
65.0 |
|||
|
6.19 |
Cash and cash equivalents at 1 January |
105.4 |
40.4 |
||
|
6.19 |
Cash and cash equivalents at 31 December |
190.0 |
105.4 |
||
- *The financing of joint ventures is structured through capital contributions, loans or a combination thereof. The selected financing structure depends, among other things, on tax considerations, risk assessments and the outcomes of negotiations with the relevant joint venture partners. Accordingly, the related items in the statement of cash flows should be considered collectively as financing provided to joint ventures. Of the non-current receivables provided during the year, €27 million (2024: €27 million) relates to loans granted to joint ventures, of which €21 million had already been repaid by year-end due to the short-term nature.