Financial Position
|
|
2022 |
|
2023 |
|---|---|---|---|---|
Gross cash flow |
|
1,084 |
|
1,057 |
Change in net current assets |
|
–287 |
|
–116 |
Net cash flow from operating activities |
|
797 |
|
941 |
Net cash flow from investing activities |
|
–402 |
|
–341 |
Free cash flow |
|
395 |
|
600 |
Net cash flow from financing activities |
|
–345 |
|
–492 |
Other changes |
|
–6 |
|
–55 |
Net change in cash and cash equivalents |
|
44 |
|
53 |
Cash and cash equivalents as of Jan. 1 |
|
1,036 |
|
1,080 |
Cash and cash equivalents as of Dec. 31 |
|
1,080 |
|
1,133 |
Gross cash flow amounted to €1,057 million in the period under review, down €27 million on the prior year’s value.
The change in working capital led to an outflow of €116 million (previous year’s outflow: €287 million). The decrease of €43 million in inventories was accompanied by a €108 million increase in receivables and other assets and a decrease of €51 million in trade payables and current provisions.
The net cash outflow from investing activities amounted to €341 million in the reporting year (previous year: €402 million). Net investments of €67 million in the sale of securities, interest and other financial income received of €75 million, proceeds of €16 million from the sale of intangible assets and property, plant, and equipment, as well as proceeds from the sale of subsidiaries and non-current assets held for sale of €23 million were offset by capital expenditure of €517 million for property, plant, and equipment and intangible assets as well as payments for investments in associated companies and other investments of €5 million.
Free cash flow was €600 million, up by €205 million on the prior-year value (€395 million). The net cash outflow of €492 million from financing activities (previous year: €345 million) comprised the Beiersdorf AG dividend payment of €159 million, and other financial cash outflows in the amount of €333 million.
Cash and cash equivalents amounted to €1,133 million (previous year: €1,080 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.