4. Consolidated statement of cash flows - indirect method

2023

2022

1.

Operating result

80,986

70,914

Adjustments for:

6.4

Gain on sale of non-current assets and property investments

-528

-783

6.10

Depreciation of property, plant and equipment

12,452

11,674

6.11

Depreciation of right-of-use assets

29,163

24,406

6.12

Amortisation of intangible assets

4,337

4,821

6.16

Adjustment of valuation of property investments and land portfolios, excluding joint ventures

0

0

6.16

Change in inventory

-121

12,467

Change in working capital

-23,772

17,625

6.24

Change in long-term provisions

-4,757

-16,735

Operating result after adjustments

97,760

124,389

Interest paid

-9,446

-6,633

Interest received

6,364

624

Income tax paid

-8,884

-8,471

Cash flow from operating activities

85,794

109,909

6.10

Investments in property, plant, and equipment

-43,960

-21,976

6.10

Sale of property, plant and equipment

1,713

611

6.12

Investments in intangible assets

-1,342

-2,476

6.2

Business combinations

-262,089

-16,071

6.13

Capital contributions to joint ventures and associates

-12,460

-9,754

6.13

Capital repayments from joint ventures and associates

4,827

20,357

6.13

Dividends received from joint ventures and associates

549

857

6.13

Loans granted to joint ventures and associates

-3,144

-1,256

6.13

Loans repaid by joint ventures and associates

1,976

12,884

Cash flow from investing activities

-313,930

-16,824

6.11

Principal portion of lease payments

-29,075

-24,338

2.

Dividend payments

-12,764

-10,071

6.22

Interest-bearing loans drawn down

190,889

3,341

6.22

Interest-bearing loans repaid

-117,542

-34,572

Cash flow from financing activities

31,508

-65,640

Net cash flow in the period

-196,628

27,445

6.19

Cash and cash equivalents at 1 January

237,012

209,567

6.19

Cash and cash equivalents at 31 December

40,384

237,012