D.26. Consolidated statement of cash flows
The consolidated statement of cash flows was prepared using the indirect method. Cash and cash equivalents include cash on hand, cash at banks, and checks. The effects of changes in the scope of consolidation were eliminated and reported in cash flows from investing activities.
Cash flows from investing activities include inflows of cash and cash equivalents from acquisitions in the amount of EUR 0.6 million (2024/25: EUR 0.0 million) and outflows for acquisition costs in the amount of EUR 30.7 million (2024/25: EUR 19.0 million) (see Note C.2. Changes in the scope of consolidation, section entitled Acquisitions and other additions to the scope of consolidation).
The disposal of subsidiaries in the current business year resulted in an outflow of cash and cash equivalents of EUR 1.5 million (2024/25: EUR 0.0 million) and a cash inflow of EUR 4.7 million from sales proceeds. In addition, EUR 9.7 million in purchase price refunds/adjustments were received from the previous year’s divestment of a disposal group (2024/25: EUR 47.0 million outflow). In connection with the disposal of discontinued operations in the business year 2022/23, a final payment of EUR 22.8 million was made to ArcelorMittal Texas HBI Holding LLC, USA, during the current business year. In total, cash flows from the loss of control of subsidiaries and the sale of the disposal group amounting to EUR −9.9 million (2024/25: EUR −47.0 million) are included in cash flows from investing activities.
The additions to/divestments of other financial assets include cash inflows from repo transactions entailing CO2 repos (purchases of CO2 allowances subject to simultaneous repurchase agreements) in the amount of EUR 208.4 million (2024/25: EUR −153.5 million).
The cash flows and non-cash changes in financial liabilities including lease liabilities are presented below:
|
|
Non-current financial liabilities |
|
Current financial liabilities |
|
Non-current lease liabilities |
|
Current lease liabilities |
|
Total financial liabilities incl. lease liabilities |
|
Financial liabilities and lease liabilities held for sale |
|
Total financial liabilities incl. lease liabilities |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of April 1, 2024 |
|
1,213.3 |
|
1,567.0 |
|
246.4 |
|
121.0 |
|
3,147.7 |
|
7.0 |
|
3,154.7 |
Cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in non-current financial liabilities |
|
651.2 |
|
0.0 |
|
0.0 |
|
0.0 |
|
651.2 |
|
0.0 |
|
651.2 |
Repayment of non-current financial liabilities (including current maturities of long-term debt) |
|
−1.4 |
|
−973.5 |
|
0.0 |
|
0.0 |
|
−974.9 |
|
0.0 |
|
−974.9 |
Repayment of lease liabilities |
|
0.0 |
|
0.0 |
|
−2.5 |
|
−124.0 |
|
−126.5 |
|
−0.1 |
|
−126.6 |
Change in current financial liabilities and other financial liabilities |
|
0.3 |
|
−28.8 |
|
0.3 |
|
0.0 |
|
−28.2 |
|
−6.6 |
|
−34.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash changes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the scope of consolidation |
|
0.0 |
|
5.5 |
|
4.0 |
|
0.0 |
|
9.5 |
|
0.0 |
|
9.5 |
Foreign exchange effects |
|
2.5 |
|
0.0 |
|
−0.3 |
|
−0.6 |
|
1.6 |
|
0.0 |
|
1.6 |
Reclassifications |
|
−213.8 |
|
213.8 |
|
−59.7 |
|
59.7 |
|
0.0 |
|
0.0 |
|
0.0 |
Other changes |
|
4.3 |
|
0.0 |
|
66.9 |
|
3.6 |
|
74.8 |
|
−0.3 |
|
74.5 |
Balance as of March 31, 2025 |
|
1,656.4 |
|
784.0 |
|
255.1 |
|
59.7 |
|
2,755.2 |
|
0.0 |
|
2,755.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||||||||||||||
|
|
Non-current financial liabilities |
|
Current financial liabilities |
|
Non-current lease liabilities |
|
Current lease liabilities |
|
Total financial liabilities incl. lease liabilities |
|
Financial liabilities and lease liabilities held for sale |
|
Total financial liabilities incl. lease liabilities |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of April 1, 2025 |
|
1,656.4 |
|
784.0 |
|
255.1 |
|
59.7 |
|
2,755.2 |
|
0.0 |
|
2,755.2 |
Cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in non-current financial liabilities |
|
302.2 |
|
0.0 |
|
0.0 |
|
0.0 |
|
302.2 |
|
0.0 |
|
302.2 |
Repayment of non-current financial liabilities (including current maturities of long-term debt) |
|
−179.1 |
|
−205.4 |
|
0.0 |
|
0.0 |
|
−384.5 |
|
0.0 |
|
−384.5 |
Repayment of lease liabilities |
|
0.0 |
|
0.0 |
|
−3.1 |
|
−58.5 |
|
−61.6 |
|
0.0 |
|
−61.6 |
Change in current financial liabilities and other financial liabilities |
|
−0.4 |
|
−158.4 |
|
2.1 |
|
−1.3 |
|
−158.0 |
|
0.0 |
|
−158.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash changes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the scope of consolidation |
|
0.0 |
|
−0.1 |
|
0.0 |
|
0.0 |
|
−0.1 |
|
0.0 |
|
−0.1 |
Foreign exchange effects |
|
−0.3 |
|
−12.7 |
|
−1.2 |
|
−0.5 |
|
−14.7 |
|
0.0 |
|
−14.7 |
Reclassifications |
|
−503.7 |
|
503.7 |
|
−52.9 |
|
52.9 |
|
0.0 |
|
0.0 |
|
0.0 |
Other changes |
|
1.5 |
|
0.4 |
|
47.4 |
|
0.0 |
|
49.3 |
|
0.0 |
|
49.3 |
Balance as of March 31, 2026 |
|
1,276.6 |
|
911.5 |
|
247.4 |
|
52.3 |
|
2,487.8 |
|
0.0 |
|
2,487.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of euros |
||||||||||||||
Additions to assets arising from lease activities include non-cash investments in the amount of EUR 53.3 million (2024/25: EUR 72.5 million), reported under other changes in the table above.
- From investing activities: outflow/inflow of liquid assets from investments/disinvestments.
- From operating activities: outflow/inflow of liquid assets not affected by investment, disinvestment, or financing activities.
- From financing activities: outflow/inflow of liquid assets from capital expenditures and capital contributions.