in EUR m | Notes | 2025 | 2024(I) | 2023(I) |
Loss before tax | (75.8) | (11.0) | (149.1) | |
Adjustments for: | ||||
Finance result | 247.0 | 202.8 | 196.0 | |
Long-term incentive plans | 48.5 | 16.6 | 12.0 | |
Share of result of associates and joint ventures | (9.3) | (7.6) | (7.4) | |
Depreciation, amortization and impairment | 191.4 | 184.3 | 177.4 | |
Other (gains) and losses, net | (1.3) | 2.1 | 0.5 | |
Cash flow before working capital and provision changes | 400.5 | 387.2 | 229.4 | |
Changes in working capital | 31.6 | (66.1) | 65.6 | |
Changes in provisions and defined benefit plans | 7.9 | 14.2 | (31.3) | |
Cash generated from operations | 440.0 | 335.3 | 263.7 | |
Income taxes paid, net | (48.5) | (27.1) | (15.2) | |
Cash flow from operating activities | 391.5 | 308.2 | 248.5 | |
Acquisition of subsidiaries, net of cash acquired | (24.9) | (32.3) | - | |
Purchase of property, plant and equipment | (86.8) | (69.8) | (75.2) | |
Purchase of intangible assets | (1.4) | (1.9) | (1.9) | |
Purchase of financial assets at fair value through profit or loss | - | - | (0.5) | |
Disposal of subsidiaries, net of cash disposed | 6.9 | 0.6 | (0.2) | |
Proceeds from sale of non-current assets | 4.9 | 1.2 | 27.3 | |
Proceeds from sale of financial assets | 3.6 | 41.8 | - | |
Proceeds from sale of associates | 2.3 | - | - | |
Other investing activities | (0.1) | 0.4 | (0.3) | |
Interest received | 7.2 | 6.4 | 3.9 | |
Dividends from associates and joint ventures | 0.1 | 0.4 | 0.2 | |
Cash flow from investing activities | (88.2) | (53.2) | (46.7) | |
Proceeds from debt | 1,114.5 | 4.7 | 49.3 | |
Repayments of debt and principal amount of lease liabilities | (946.8) | (105.9) | (83.8) | |
Acquisition of non-controlling interests | (6.2) | (2.5) | (1.5) | |
Interest paid | (275.6) | (62.0) | (56.5) | |
Dividends paid to non-controlling interests | (14.4) | (11.5) | (7.8) | |
Contribution by non-controlling interests | - | - | 0.3 | |
Cash flow from financing activities | (128.5) | (177.2) | (100.0) | |
Change in cash and cash equivalents | 174.8 | 77.8 | 101.8 | |
Movement in cash and cash equivalents | ||||
At start of the year | 375.8 | 301.1 | 205.8 | |
Change in cash and cash equivalents | 174.8 | 77.8 | 101.8 | |
Effects of exchange rate changes | (24.2) | (3.1) | (6.5) | |
At end of the year | 526.4 | 375.8 | 301.1 |
(I)The Group changed its presentation currency to EUR in 2025 as further described in Note 1.4