Liquidity (cash flow statement)

Cash inflow from operating activities from continuing operations amounted to €1,237 million in financial year 2020/21 (2019/20: cash inflow of €646 million). In the previous year, the operating cash flow was affected by the Covid-19 pandemic. The improvement this year is largely attributable to the improvement in cash flow from net working capital. This is mainly the result of the significantly improved business development in the second half of the year and a corresponding adjustment in ordering behaviour.

Investing activities led to cash outflow of €137 million (2019/20: cash outflow of €265 million). In addition to slightly lower outgoing payments for investments, the improvement is mainly attributable to higher incoming payments in connection with property disposals. Compared with previous year’s period, this represents an increase in cash flow before financing activities of €720 million.

Cash flow from financing activities exhibited a cash outflow of €1,152 million (2019/20: cash outflow of €1,280 million). This includes redemptions of financial liabilities in the amount of €779 million, lease payments in the amount of €541 million and dividends paid in the amount of €254 million. This was offset by proceeds from financial liabilities, which amounted to €474 million.

Total cash flows amount to €−52 million (2019/20: €510 million). In the previous year, this amount included the proceeds from the disposal of the hypermarket business including the real estate portfolio and METRO China.