5.3 Cash flow statement

  In millions of euros 2025 2024
  Profit after tax  90,6  34,5
       
[20] Financial income and expenses  36,6  37,6
  Income tax  2,5  0,6
[19] Depreciation, fair value changes, and impairment of property, plant and equipment  107,3  107,1
[19] depreciation, fair value changes, and impairment of intangible assets  13,7  10,3
[9] depreciation equalisation account third-party contributions  -7,1  -6,2
[9] Receipts equalisation account third-party contributions  32,3  24,1
[3] Lease depreciation  7,8  6,6
[11] Allocation/release of provisions  3,7  4,5
[5] Other changes in financial assets  -  -0,2
  Subtotal of adjustments for:  196,9  184,4
       
[6] Trade and other receivables  -17,0  3,4
  Trade payables and accrued liabilities  10,1  -0,9
  Change in working capital  -6,9  2,5
       
[11] Withdrawals from provisions  -3,2  -3,9
[23] Cash flow from operating activities  277,4   217,5 
       
[22] Income tax paid/(received)  -1,4  -0,3
[20] Interest paid  -33,3  -36,6
[23] Cash flow from operating activities  242,7   180,6 
       
[1,2,3,19] Investments in intangible assets  -10,2  -13,6
[1,2,3,19] Investments in property, plant and equipment  -322,9  -250,4
[1,2,19] Disposals of intangible assets  0,2  0,0
[1,2,19] Disposals of property, plant and equipment  0,3  0,6
[5] Repayment received on loan  2,9  2,9
[23] Cash flow from investing activities  -329,7  -260,5
       
[8] Long-term loans entered into  209,6  175,0
[8] Repayments of long-term loans  -60,0  -72,2
[3] Repayments of lease liabilities  -7,0  -5,8
[23] Cash flow from financing activities  142,6  97,0
       
  Net cash flow  55,6   17,1 
       
  Cash and current interest-bearing liabilities as of 1 January  -35,3  -52,4
  Cash and current interest-bearing liabilities as of 31 December  20,3  -35,3
  Change in cash and cash equivalents and current interest-bearing liabilities*  55,6   17,1