Consolidated cash flow statement
T€ | 1.1.–30.6.2026 | 1.1.–30.6.2025 |
Net income | 119,868 | 97,068 |
Income tax expense | 83,991 | 47,680 |
Net interest | -38,337 | -35,356 |
Income from investments | -28,417 | -29,683 |
Non-cash effective results from change in the consolidated group | -421 | 372 |
Non-cash income/expense attributable to equity-accounted investments | 6,853 | -5,735 |
Other non-cash income/expense | -2,760 | 14,090 |
Depreciations/reversal of impairment losses | 385,382 | 301,534 |
Change in non-current provisions | -66,157 | 21,804 |
Gains/losses on disposal of non-current assets | -31,186 | -25,479 |
Interest received | 52,855 | 49,804 |
Interest paid | -14,749 | -14,416 |
Dividends received | 19,388 | 25,020 |
Taxes paid | -134,670 | -126,362 |
Cash flow from earnings | 351,640 | 320,341 |
Change in inventories | -148,098 | -156,393 |
Change in receivables from concession arrangements, contract assets and trade receivables | -740,085 | -357,371 |
Change in non-financial assets | -33,375 | -99,771 |
Change in income tax receivables/liabilities | -19,970 | -2,022 |
Change in other financial assets | -26,248 | -16,029 |
Change in current provisions | 30,436 | -34,546 |
Change in contract liabilities and trade payables | 567,715 | 126,463 |
Change in non-financial liabilities | 13,527 | -68,185 |
Change in other financial liabilities | 15,614 | 3,078 |
Cash flow from operating activities | 11,156 | -284,435 |
Purchase of financial assets | -35,997 | -20,773 |
Purchase of Investment property | -24,826 | -8,898 |
Purchase of property, plant, equipment and intangible assets | -335,547 | -340,230 |
Proceeds from asset disposals | 44,367 | 55,987 |
Payments from other financing receivables | 0 | -544 |
Proceeds from other financing receivables | 14,331 | 3,204 |
Cash outflow from changes in the consolidated group1 | -340,504 | -124,498 |
Cash inflow from changes in the consolidated group1 | 186 | 5,446 |
Cash flow from investing activities | -677,990 | -430,306 |
Proceeds from bank borrowings | 87,581 | 21,844 |
Repayment of bank borrowings | -12,783 | -9,892 |
Payments from lease liabilities | -38,020 | -34,275 |
Proceeds from other financing liabilities | 2 | 1 |
Repayment of other financing liabilities | -6,991 | -2 |
Distribution of dividends | -274,863 | -239,427 |
Cash flow from financing activities | -245,074 | -261,751 |
Net change in cash and cash equivalents | -911,908 | -976,492 |
Cash and cash equivalents at the beginning of the period | 4,323,108 | 3,723,545 |
Effect of exchange rate changes on cash and cash equivalents | 18,808 | 3,500 |
Cash and cash equivalents at the end of the period | 3,430,008 | 2,750,553 |
1See notes on the scope of consolidation.