In accordance with IAS 7 (Statement of Cash Flows), the consolidated cash flow statement describes changes in the group’s cash and cash equivalents through cash inflows and outflows during the reporting period.
The item cash and cash equivalents includes cheques and cash on hand as well as cash in transit and bank deposits with a remaining term of up to 3 months.
The cash flow statement distinguishes between changes in cash levels from operational, investing and financing activities.
Due to the hyperinflationary accounting in Turkey pursuant to IAS 29, the cash flows were adjusted accordingly in the current financial year.
Cash flow from operating activities decreased from €1,237 million in the previous year to €931 million. Depreciation/amortisation/impairment losses are attributable to property, plant and equipment at €394 million (2020/21: €379 million), rights of use at €315 million (2020/21: €310 million), other intangible assets at €177 million (2020/21: €154 million), goodwill at €55 million (2020/21: €95 million) and investment properties at €35 million (2020/21: €31 million). Reversals of impairment losses amounted to €2 million (2020/21: €0 million).
The change in net working capital amounts to €−155 million (2020/21: €130 million) and includes changes in inventories, trade receivables and receivables due from suppliers, included in the item ‘other financial assets’. It also includes changes in trade liabilities. The decrease in cash flow from changes in networking capital is mainly attributable to an increase in inventories driven by the inflation risk.
The increase in paid income taxes is attributable to tax refunds in the previous year and improved earnings in various countries in the current financial year. Moreover, withholding taxes for intra-group dividends and tax payments due to portfolio adjustments in previous years contributed to the increase.
The lease payments include a redemption portion of €50 million (2020/21: €43 million) and an interest portion of €13 million (2020/21: €16 million).
The item ‘Other operating activities’ results in a total cash outflow of €48 million (2020/21: cash outflow of €72 million). It includes other taxes, payroll liabilities, changes in other assets and liabilities as well as deferred income and prepaid expenses. In addition, it includes adjustments of unrealised currency effects and the reclassification of deconsolidation results recognised in EBIT.
Investing activities in the reporting period resulted in cash outflow of €320 million (2020/21: cash outflow of €137 million).
The payments for acquisition of subsidiaries relate to the acquisition of Eijsink Hengelo Werkmaatschappij B.V. including its 5 subsidiaries, the shares in C & C Abholgroßmärkte Gesellschaft m.b.H. (AGM) with 9 wholesale stores as well as the acquisition of the Günther group.
The amount of investments in property, plant and equipment shown as cash outflows differs from the additions shown in the asset reconciliation in the amount of non-cash transactions. These essentially resut from additions from rights of use assets, currency effects and changes in liabilities from the acquisition of miscellaneous other assets.
Other investments almost exclusively include payments for intangible assets.
The financial investments comprise bank deposits with a residual term of more than 3 months to 1 year, as well as near money market investments that are not classified as cash and cash equivalents, such as units in money market funds. The balance of investments in monetary assets and the disposal of financial investments amounts to €−5 million (2020/21: €6 million).
Disposals of subsidiaries include subsequent cash inflows from last year’s sale of METRO-NOM as well as cash outflows from the sale of the operational business in Belgium. They mainly relate to cash outflows.
Cash inflows from divestments mainly result from the disposal of the real estate portfolio in Japan.
Cash flow from financing activities in the reporting period exhibited a cash outflow of €1,308 million (2020/21: cash outflow of €1,152 million).
The lease payments reported under cash flow from financing activities include the redemption portion of €435 million (2020/21: €389 million) and an interest portion of €137 million (2020/21: €152 million). The redemption portion includes payments for initial direct costs of an immaterial amount.
€ million |
30/9/2020 |
Cash item |
Additions |
Interest expenses |
Disposals |
Consolidation group changes |
Reclassifications /other |
Changes in exchange rates |
30/9/2021 |
|---|---|---|---|---|---|---|---|---|---|
Bonds incl. commercial papers |
2,082 |
−266 |
0 |
0 |
0 |
0 |
0 |
0 |
1,816 |
Liabilities to banks |
150 |
−39 |
0 |
0 |
0 |
5 |
0 |
−14 |
102 |
Promissory note loans |
55 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
55 |
Liabilities from leases |
3,027 |
−541 |
379 |
152 |
−40 |
11 |
−8 |
0 |
2,981 |
|
5,314 |
−846 |
379 |
152 |
−40 |
15 |
−8 |
−14 |
4,954 |
€ million |
30/9/2021 |
Cash item |
Additions |
Interest expenses |
Disposals |
Consolidation group changes |
Reclassifications /other |
Changes in exchange rates |
30/9/2022 |
|---|---|---|---|---|---|---|---|---|---|
Bonds incl. commercial papers |
1,816 |
−607 |
0 |
0 |
0 |
0 |
0 |
0 |
1,209 |
Liabilities to banks |
102 |
−40 |
0 |
0 |
0 |
4 |
0 |
3 |
69 |
Promissory note loans |
55 |
−55 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Liabilities from leases |
2,981 |
−572 |
370 |
137 |
−55 |
−9 |
−19 |
13 |
2,847 |
|
4,954 |
−1,274 |
370 |
137 |
−55 |
−4 |
−19 |
16 |
4,124 |