XML 55 R6.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of cash flows [abstract]      
Cash and cash equivalents at the beginning of the year € 1,344,146 € 1,362,406 € 897,946
Cash flows from operating activities:      
Profit before taxes 1,177,766 1,042,231 667,035
Amortization and depreciation 546,225 455,989 426,637
Provision accruals 72,331 30,284 25,805
Result from investments (6,175) (6,896) (4,647)
Net finance costs 49,616 33,257 49,092
Other non-cash expenses, net 46,653 23,941 39,073
Change in inventories (153,890) (81,309) (67,797)
Change in trade receivables (48,400) 1,771 44,477
Change in trade payables 103,981 72,568 8,594
Change in receivables from financing activities (187,890) (122,746) (69,376)
Change in other operating assets and liabilities 140,008 (29,840) (137,313)
Finance income received 5,158 1,679 2,109
Finance costs paid (37,351) (29,202) (54,427)
Income tax paid (304,692) (109,001) (91,051)
Total cash flows from operating activities 1,403,340 1,282,726 838,211
Cash flows used in investing activities:      
Investments in property, plant and equipment (347,725) (352,316) (357,018)
Investments in intangible assets (456,894) (384,827) (351,978)
Investments in joint ventures (1,367) 0 0
Proceeds from the sale of property, plant and equipment and intangible assets 578 4,405 969
Total cash flows used in investing activities (805,408) (732,738) (708,027)
Cash flows (used in)/from financing activities:      
Proceeds from securitizations, net of repayments 146,100 71,444 44,126
Net change in other debt 11,241 (8,037) 18,081
Repayment of lease liabilities (16,500) (21,605) (20,035)
Net change in borrowings to banks and other financial institutions (46,091) 121,385 (1,740)
Repayment of bonds and notes 0 (500,000) 0
Proceeds from bonds and notes 0 149,495 640,073
Dividends paid to owners of the parent (249,522) (160,101) (208,100)
Dividends paid to non-controlling interests (2,266) (1,354) (2,929)
Share repurchases (396,522) (230,899) (129,793)
Total cash flows (used in)/from financing activities (553,560) (579,672) 339,683
Translation exchange differences 383 11,424 (5,407)
Total change in cash and cash equivalents 44,755 (18,260) 464,460
Cash and cash equivalents at the end of the year € 1,388,901 € 1,344,146 € 1,362,406