Universal Registration Document 2022

5.4.1 Cash flows

Net cash flows from operating activities resulted in a surplus of euro 2,417 million in 2022 compared to a surplus of euro 1,792 million the previous year. Income tax paid totaled euro 430 million in 2022 compared to euro 362 million the previous year. The change in working capital requirements was negative at euro 5 million, compared with euro 216 million in 2021.

Net cash flows from investments includes acquisitions and disposals of tangible and intangible fixed assets, net acquisitions of financial assets and acquisitions and disposals of subsidiaries. Net cash flow from investments was a use of euro 749 million in 2022, following a use of euro 405 million in 2021. Net investments in tangible and intangible assets amounted to euro 194 million (including investments relating to the “All in One” real estate plan) compared with euro 136 million in 2021. Investment (net of disposals) in the acquisition of subsidiaries amounted to euro 566 million, including in particular the acquisitions of Tremend, Profitero, Wiredcraft, Yieldify and Retargetly, as well as the euro 49 million negative impact of the disposal of the Russian subsidiary, compared to euro 273 million in 2021.

Financing activities resulted in an outflow of euro 1,000 million in 2022, after an outflow of euro 1,675 million the previous year. Outgoing cash flow is mainly related to the dividends paid which amounted to euro 607 million, compared to euro 236 million in 2021, due to the removal of the option for payment of the dividend in shares, which led to the payment of the dividend fully in cash in 2022. Repayment of lease liabilities and related interest amounted to euro 404 million in 2022 compared to euro 365 million in 2021. Loan repayments amounted to euro 10 million compared to euro 862 million in 2021 (related to the 2021 Eurobond and a medium-term loan of euro 150 million for the acquisition of Epsilon). Interest (net) paid in 2022 amounted to euro 17 million compared to euro 80 million in 2021. Lastly, the (net) buybacks of treasury shares and the exercise of equity warrants (“BSA”) generated a cash surplus of euro 127 million over the financial year (compared to a cash utilization of euro 127 million in 2021), mainly related to the share buyback program of 2,500,000 treasury shares, which mainly took place in the last quarter of 2021 for an amount of euro 144 million.

Overall, the Groupe’s cash position net of bank credit balances increased by euro 968 million during the financial year, compared with a euro 50 million reduction the previous year.

Including lines of credit that can be drawn down on short notice, the Groupe’s available liquidity amounted to euro 6,616 million at December 31, 2022 compared to euro 5,903 million at December 31, 2021.

Free Cash Flow

The table below shows the calculation of the Groupe’s free cash flow: