Financial Position
|
|
2021 |
|
2022 |
|---|---|---|---|---|
Gross cash flow |
|
897 |
|
1,084 |
Change in net current assets |
|
96 |
|
–287 |
Net cash flow from operating activities |
|
993 |
|
797 |
Net cash flow from investing activities |
|
–845 |
|
–402 |
Free cash flow |
|
148 |
|
395 |
Net cash flow from financing activities |
|
–141 |
|
–345 |
Other changes |
|
24 |
|
–6 |
Net change in cash and cash equivalents |
|
31 |
|
44 |
Cash and cash equivalents as of Jan. 1 |
|
1,005 |
|
1,036 |
Cash and cash equivalents as of Dec. 31 |
|
1,036 |
|
1,080 |
Gross cash flow amounted to €1,084 million in the period under review, up €187 million on the prior-year value.
The change in working capital led to an outflow of €287 million (previous year inflow: €96 million). The increase of €396 million in trade payables and current provisions was accompanied by a €395 million increase in inventories and a €288 million increase in receivables and other assets.
The net cash outflow from investing activities amounted to €402 million in the reporting year (previous year: €845 million). Net investments of €583 million in the sale of securities, interest and other financial income received of €76 million, proceeds of €29 million from the sale of intangible assets and property, plant, and equipment as well as proceeds from the sale of subsidiaries of €10 million were offset by capital expenditure of €548 million for property, plant, and equipment and intangible assets, payments for acquisitions of €545 million as well as payments for investments in associated companies and other investments of €7 million.
Free cash flow was €395 million, up by €247 million on the prior-year value (€148 million). The net cash outflow of €345 million from financing activities (previous year: €141 million) comprised the Beiersdorf AG dividend payment of €159 million, payments to acquire shares from non-controlling interests without a change in control of €72 million and other financial cash outflows in the amount of €114 million.
Cash and cash equivalents amounted to €1,080 million (previous year: €1,036 million).
Financing and liquidity provision
Hedging currency, interest rate, and default risks as well as investing liquid assets are at the heart of financial management at Beiersdorf. Providing liquidity for the Group is also a paramount objective. The type and volume of transactions are in line with the basic operating and financial business. Scenarios and rolling 12-month cash flow planning are used to establish liquidity requirements. Details on financial risk management can be found in the notes to the balance sheet, Note 29.