Liquidity (cash flow statement)

Cash inflow from operating activities amounted to €1,079 million in financial year 2023/24 (2022/23: cash inflow of €721 million). The improvement is mainly attributable to the net working capital.

Investing activities led to cash outflow of €221 million (2022/23: cash outflow of €46 million). Cash outflows for investments, which were on a level with the previous year, were set against lower cash inflows from divestments. The high inflows in the previous year were primarily related to real estate disposals.

Cash flow from financing activities exhibited a cash outflow of €625 million (2022/23: cash outflow of €820 million). This figure includes mainly lease disbursements in an amount of €573 million (2022/23: €591 million) and the proceeds and redemption of borrowings. Dividend payments to METRO shareholders amounted to €201 million (2022/23: €0 million). The cash flow from financing activities improved by €297 million, mainly as a result of cash inflows from the bond issuance programme and the commercial paper programme. In the previous year, these programmes had led to outflows of €275 million.

Total cash flows amount to €233 million (2022/23: €−145 million).

• For more information, see the cash flow statement in the consolidated financial statements as well as no. 37 – notes to the cash flow statement.

The free cash flow is derived from the cash flow statement according to the following overview. METRO has introduced this key figure to show the funds generated in a period, which are primarily available for the repayment of debt, payment of dividends and for company transactions.