Liquidity (cash flow statement)

Cash inflow from operating activities from continuing operations amounted to €646 million in financial year 2019/20 (2018/19: cash inflow of €1.209 million). Cautious shopping behaviour and increased inventories in connection with Covid-19 led to a deterioration in cash flow from changes in . Investing activities led to cash outflow of €265 million (2018/19: cash inflow of €46 million). In the , it included significant cash inflows from real estate sales. Compared with previous year’s period, this represents a decrease in cash flow before financing activities of €875 million to €380 million. Cash flow from financing activities exhibited a cash outflow of €1,280 million (2018/19: cash outflow of €1.535 million). Total cash flows from continuing operations amount to €510 million (2018/19: €−368 million).

Total cash flows from discontinued operations resulted in a cash inflow of €1,410 million (2018/19: cash outflow of €88 million). This amount includes the proceeds from the disposal of the hypermarket business including the real estate portfolio and METRO China.

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Cash flow statement1

€ million

2018/192

2019/20

Cash flow from operating activities of continuing operations

1,209

646

Cash flow from operating activities of discontinued operations

399

416

Cash flow from operating activities

1,608

1,062

Cash flow from investing activities of continuing operations

46

−265

Cash flow from investing activities of discontinued operations

−136

1,271

Cash flow from investing activities

−90

1,006

Cash flow before financing activities of continuing operations

1,255

380

Cash flow before financing activities of discontinued operations

263

1,687

Cash flow before financing activities

1,518

2,068

Cash flow from financing activities of continuing operations

−1,535

−1,280

Cash flow from financing activities of discontinued operations

−351

−278

Cash flow from financing activities

−1,886

−1,557

Total cash flows

−368

510

Currency effects on cash and cash equivalents

17

−29

Total change in cash and cash equivalents

−351

482

1

Abridged version. The complete version is shown in the consolidated financial statements.

2

Adjustment of previous year due to full retrospective application of IFRS 16 (Leases).
Net working capital
The net working capital includes inventories, trade receivables and receivables due from suppliers included in the item other financial and non-financial assets. Trade liabilities are deducted from the total amount of these items.
Glossary
Previous year
Period of 12 months relating to the financial year preceding the reporting year, usually cited as reference for statements in an annual report.
Glossary