Financial position

Cash flow

Liquidity of EUR 3,352m

Operating cash flow of EUR -200m in financial year 2024 was EUR 518m lower than the previous year’s figure of EUR 318m. The decline was largely due to the lower operating profit adjusted for non-cash effects, which was partly offset by the increase in the inflow from changes in working capital compared with the previous year.

Cash flow from investing activities climbed by EUR 1,994m in the reporting year to EUR 1,155m (previous year: EUR -839m). The result from equity investments (EUR 1,826m) and loan and capital repayments by affiliated companies (EUR 3,715m) was offset in particular by capital expenditure in physical and long-term financial assets (EUR -5,025m).

Cash flow from financing activities fell by EUR 549m to EUR -352m in financial year 2024 (previous year: EUR 197m). This resulted mainly from net increases in loans, borrower’s note loans and aircraft lease liabilities (EUR -119m), as well as interest (EUR -740m) and dividend payments (EUR -359m). It was offset by net additions to loans from affiliated companies (EUR 865m).

In total, the value of cash and cash equivalents increased by EUR 603m to EUR -2,092m (previous year: EUR -2,695m). Current securities fell by EUR 821m to EUR 5,444m (previous year: EUR 6,265m). Liquidity thereby fell overall by EUR 217m to EUR 3,352m (previous year: EUR 3,569m).