Financial Report – Consolidated financial statements

Consolidated cash flow statement

EUR million	Notes	2025	2024
Net profit/(loss)		47.8	–2.4
Depreciation of property, plant and equipment	4	21.7	23.8
Amortisation of intangible assets	4	2.1	1.5
(Reversal of)/loss from impairment	4	0.1	15.7
(Gain)/loss from sale of subsidiaries	25	-	3.1
Other non-cash changes		2.6	4.5
(Gain)/loss from disposals of non-current assets		–0.3	2.4
(Increase)/decrease in trade accounts receivable		–7.2	–1.9
(Increase)/decrease in other receivables, prepayments and accrued income		–2.1	–0.8
(Increase)/decrease in inventories		–4.1	9.8
Increase/(decrease) in trade accounts payable		8.5	–2.9
Increase/(decrease) in other short-term liabilities, accruals and deferred income		12.4	–2.2
Increase/(decrease) in provisions	6	–0.7	5.6
(Increase)/decrease in deferred tax assets	4	–0.7	4.4
Cash flow from operating activities		80.0	60.6
Investments in property, plant and equipment	4	–17.1	–17.1
Investments in intangible assets	4	–0.1	–0.1
Government grants received related to assets		0.1	0.2
Investments in consolidated entities (less cash taken over)	24	-	–94.9
Investments in minority interests	24	-	–4.7
Divestment of property, plant and equipment	4	0.8	1.9
Divestment of consolidated entities (net of cash given)	25	-	–3.0
Cash flow from investing activities		–16.2	–117.7
Dividends paid to shareholders		–11.8	–15.4
Dividends paid to minority shareholders (of subsidiaries)		–1.2	–1.1
Purchase of own shares		–3.9	–4.3
Sale of own shares		1.8	2.1
Increase/(decrease) in short-term financial liabilities	5	–0.8	–2.7
Increase/(decrease) in long-term financial liabilities	5	–60.6	59.7
Increase/(decrease) in other liabilities		–0.2	–0.1
Cash flow from financing activities		–76.8	38.3
Currency effects		–3.8	–1.7
Increase/(decrease) in liquid assets		–16.7	–20.5
Liquid assets at 1.1.		56.7	77.2
Liquid assets at 31.12.		40.0	56.7
Increase/(decrease)		–16.7	–20.5