The cash flows from operating activities fell in 2021/22 by 23.9% to EUR 1,242.9 million (2020/21: EUR 1,633.5 million) despite the extraordinary year-over-year increase in the after-tax profit, chiefly due to the change in working capital. While it had been reduced by EUR 633.3 million in the previous business year, it rose by EUR 599.4 million in the reporting period due substantially to the extreme increases in the cost of raw materials. Moreover, internal inventories were sharply reduced in the business year 2020/21 owing to the COVID-19 pandemic, but were subsequently adjusted to higher capacity utilization rates as a result of the rebound in the business year 2021/22. While investments in intangible assets and property, plant and equipment rose slightly year over year, they remained low anyway in the reporting period. There were no acquisitions either. Hence cash flows from investing activities changed but slightly, from EUR –665.8 million in the previous business year to EUR –629.8 million in the reporting period. The accelerated pace at which the Group extinguished its financial liabilities without actually taking on new non-current borrowings caused the cash flows from financing activities to change from EUR –595.6 million in the business year 2020/21 to EUR –948.3 million in the business year 2021/22. For the reporting period, this translates into a reduction in cash and cash equivalents by EUR 335.2 million (2020/21: EUR 372.1 million).
Acquisition
Takeover or purchase of companies or of interests in companies.
