SELECTED CASH FLOW INDICATORS
|
| €m |
H1 2023 |
H1 2024 |
Q 2 2023 |
Q 2 2024 |
| Cash and cash equivalents as of June 30 |
3,286 |
2,853 |
3,286 |
2,853 |
| Net change in cash and cash equivalents |
–276 |
–786 |
–1,566 |
–1,763 |
| Net cash from operating activities |
4,244 |
3,612 |
1,849 |
1,611 |
| Net cash used in investing activities |
–418 |
–1,006 |
–538 |
–409 |
| Net cash used in financing activities |
–4,102 |
–3,392 |
–2,877 |
–2,965 |
Solid liquidity situation
As of June 30, 2024, the Group reported centrally available liquidity in the amount of €0.5 billion, which is comprised of cash and cash equivalents. Due to our solid liquidity situation, the syndicated credit line in the amount of €4 billion was not drawn. In addition, unused bilateral credit lines in the amount of €1.7 billion were available as of the reporting date.
Further capital expenditure in the expansion of network infrastructure
Investments in property, plant and equipment and intangible assets acquired (not including goodwill) amounted to €1,116 million in the first half of 2024 (previous year: €1,277 million) and were made predominantly in the expansion of network infrastructure. For a breakdown of capital expenditure into asset classes and by division and region, see notes 12 and 16 to the consolidated financial statements.
Net cash from operating activities below prior-year level
Net cash from operating activities fell in the first half of 2024 from €4,244 million to €3,612 million. Alongside lower EBIT, the cash outflow as a result of changes in working capital had a particularly negative impact.
Net cash used in investing activities rose considerably, up from €418 million to €1,006 million. This was despite significantly lower investments in property, plant and equipment at €1,297 million (previous year: €1,602 million). The change in current financial assets led to a cash outflow of €11 million in the reporting period. In the previous year, there was a cash inflow of €903 million, which resulted from the liquidation of short-term financial investments with banks.
Free cash flow fell significantly from €1,433 million to €952 million. Excluding the payments for acquisitions and divestitures, free cash flow decreased by €459 million.
Net cash used in financing activities decreased from €4,102 million to €3,392 million. The largest item was the dividend distribution to our shareholders, which amounted to €2,169 million. In March 2024, we issued a bond, which resulted in an inflow of €990 million. Cash and cash equivalents fell from €3,649 million as of December 31, 2023, to €2,853 million.
CALCULATION OF FREE CASH FLOW
|
| €m |
H1 2023 |
H1 2024 |
Q 2 2023 |
Q 2 2024 |
| Net cash from operating activities |
4,244 |
3,612 |
1,849 |
1,611 |
| Sale of property, plant and equipment and intangible assets |
57 |
122 |
25 |
76 |
| Acquisition of property, plant and equipment and intangible assets |
–1,602 |
–1,297 |
–793 |
–580 |
| = Cash outflow from change in property, plant and equipment and intangible assets |
–1,545 |
–1,175 |
–768 |
–504 |
| Acquisition of subsidiaries and other business units |
–1 |
0 |
2 |
0 |
| Acquisition of investments accounted for using the equity method and other investments |
–8 |
–31 |
–8 |
–15 |
| = Cash outflow from acquisitions |
–9 |
–31 |
–6 |
–15 |
| Proceeds from lease receivables |
95 |
97 |
48 |
48 |
| Interest from lease receivables |
14 |
15 |
7 |
7 |
| Repayment of lease liabilities |
–1,191 |
–1,246 |
–608 |
–630 |
| Interest on lease liabilities |
–253 |
–324 |
–128 |
–164 |
| = Cash outflow for leases |
–1,335 |
–1,458 |
–681 |
–739 |
| Interest received (without leasing) |
118 |
100 |
58 |
52 |
| Interest paid (without leasing) |
–40 |
–96 |
–2 |
–61 |
| = Net interest received/paid |
78 |
4 |
56 |
–9 |
| Free cash flow |
1,433 |
952 |
450 |
344 |
