Consolidated Statement of Cash Flows
for the period from January 1 to December 31, 2025
|
|
Note |
2025 |
20241 (adjusted) |
||
|---|---|---|---|---|---|---|
Earnings before tax (EBT) |
|
(122,485) |
(42,005) |
|||
+ |
Financial result as per consolidated statement of profit or loss |
|
140,085 |
130,508 |
||
Earnings before interest and tax (EBIT) |
|
17,600 |
88,503 |
|||
|
|
|
|
|
||
+ |
Amortization of intangible assets, depreciation of property, plant and equipment and right-of-use assets, and depletion of biological assets |
397,148 |
308,764 |
|||
− |
Income from the reversal of investment grants |
|
(1,719) |
(1,841) |
||
Earnings before interest, tax, depreciation and amortization (EBITDA) |
|
413,029 |
395,426 |
|||
|
|
|
|
|
||
–/+ |
Gain/loss from the change in fair value of biological assets |
(23,953) |
(32,199) |
|||
–/+ |
Other non-cash income/expenses |
7,648 |
(52,700) |
|||
Other non-cash income/expenses |
|
(16,305) |
(84,899) |
|||
|
|
|
|
|
||
+/– |
Change in inventories |
|
73,899 |
(39,557) |
||
+/– |
Change in trade receivables |
|
39,021 |
(10,738) |
||
+/– |
Change in trade liabilities |
|
(33,510) |
68,352 |
||
Change in trading working capital |
|
79,410 |
18,057 |
|||
|
|
|
|
|
||
+/– |
Change in other working capital |
|
(29,668) |
143,441 |
||
− |
Income taxes paid |
|
(26,721) |
(76,977) |
||
Cash flow from operating activities |
|
419,745 |
395,048 |
|||
|
|
|
|
|
||
− |
Acquisition of intangible assets, property, plant and equipment, and biological assets |
|
(141,083) |
(153,761) |
||
− |
Acquisition/disbursement of other investments and investments accounted for using the equity method |
|
(26,061) |
(37,024) |
||
+ |
Proceeds from the sale of intangible assets, property, plant and equipment, and biological assets |
|
356 |
880 |
||
+ |
Proceeds from the sale/repayment of other investments and the sale of investments accounted for using the equity method |
|
5,829 |
7,548 |
||
+ |
Investment grants |
|
301 |
2,408 |
||
+ |
Distributions received from investments accounted for using the equity method |
|
55 |
3,360 |
||
+ |
Interest received |
|
13,657 |
24,475 |
||
Cash flow from investing activities |
|
(146,946) |
(152,113) |
|||
|
|
|
|
|
||
+ |
Capital injections to consolidated companies by non-controlling interests |
0 |
34,912 |
|||
+ |
Proceeds from the issuance of hybrid capital |
226,365 |
0 |
|||
− |
Repayment of hybrid capital |
(236,700) |
0 |
|||
− |
Distribution to shareholders |
(100) |
(150) |
|||
− |
Interest paid on hybrid capital |
(18,720) |
(28,750) |
|||
+ |
Increase of bonds and private placements |
0 |
581,763 |
|||
+ |
Increase in other loans and borrowings |
368,126 |
309,441 |
|||
− |
Repayment of bonds and private placements |
(68,500) |
(236,431) |
|||
− |
Repayment of other loans and borrowings |
(141,733) |
(1,067,009) |
|||
− |
Principal component of lease payments |
(10,631) |
(10,257) |
|||
− |
Interest paid |
|
(134,467) |
(118,886) |
||
Cash flow from financing activities |
|
(16,360) |
(535,368) |
|||
|
|
|
|
|
||
Total change in liquid funds |
|
256,439 |
(292,433) |
|||
|
|
|
|
|
||
Liquid funds at the beginning of the year |
|
442,297 |
725,639 |
|||
Currency translation adjustment relating to liquid funds |
|
(23,729) |
9,091 |
|||
Liquid funds at the end of the period |
|
675,007 |
442,297 |
|||
|
||||||