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Consolidated statements of cash flows
€ in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Dec. 31, 2022
EUR (€)
Cash flows from operating activities:      
Profit/(loss) for the year € (15,382) € (16,162) € 1,288
Adjustments for:      
Depreciation 19,619 21,331 20,619
Amortization 1,569 1,041 1,031
Impairment of non-financial assets 441   890
(Gain)/loss on sale of property, plant and equipment 110 117 (39)
Deferred income for capital grants (1,455) (1,648) (1,473)
Rent concessions     (635)
Interest expenses 7,013 7,111 6,474
Unrealised foreign exchange (gains)/losses 355 748 (1,454)
Share of (profit)/loss of equity-method investees (389) (2,897) (356)
Tax expense 684 1,090 2,273
Total adjustment 27,947 26,893 27,330
Inventories (728) 8,033 10,091
Trade and other receivables 2,357 7,332 (1,242)
Other assets 146 2,457 4,302
Trade and other payables 5,108 (14,205) (7,758)
Contract liabilities 2,840 2,983 (4,052)
Provisions (2,581) (1,412) (865)
One-time termination benefit payments (9,597) (3,050) (42)
Employees’ leaving entitlement (1,116) (1,402) (446)
Total changes (3,571) 736 (12)
Cash provided by (used in) operating activities 8,994 11,467 28,606
Interest paid (6,980) (5,641) (5,696)
Income taxes paid (292) (2,616) (4,203)
Net cash provided by (used in) operating activities 1,722 3,210 18,707
Cash flows from investing activities:      
Additions (5,209) (10,299) (8,432)
Disposals 4,084   624
Intangible assets (1,927) (1,519) (1,174)
Government grants received for PPE   918  
Dividends from equity-accounted investees 77 3,024 3,697
Other current financial receivables (1,348)    
Purchase of business, net of cash acquired     (461)
Disposal of a business, net of cash disposed of     1,100
Net cash provided by (used in) investing activities (4,323) (7,876) (4,646)
Cash flows from financing activities:      
Proceeds [1] 3,314 10,912 4,038
Repayments [1] (4,839) (8,715) (4,473)
Short-term borrowings [1] (798) (6,703) (7,424)
Payment of lease liabilities [1] (10,288) (11,057) (10,049)
Proceeds from increase in share capital [1]     55
Dividends distribution to non-controlling interests [1] (149) (135) (551)
Capital contribution by non-controlling interests [1]     4,870
Net cash provided by (used in) financing activities [1] (12,760) (15,698) (13,534)
Increase (decrease) in cash and cash equivalents (15,361) (20,364) 527
Cash and cash equivalents as at January 1 [2] 31,573 52,721 52,249
Effect of movements in exchange rates on cash held 782 (784) (55)
Cash and cash equivalents as at December 31 [2] € 16,994 € 31,573 € 52,721
[1] The financing transaction of 2,500 occurred in 2024 with the majority shareholder is a non-cash transaction. See note 30.
[2] As at December 31, 2024, 2023 and 2022, cash and cash equivalents include bank overdrafts of 3,328, 2,037 and 1,754, respectively, that are repayable on demand and form an integral part of the Group’s cash management.