Net cash flow from operating activities resulted in a surplus of euro 2,048 million in 2023, compared with a surplus of euro 2,417 million in 2022. The main change is related to the income tax paid, which amounts to euro 669 million in 2023 compared to euro 430 million in the previous year. This increase is partially related to the payment made by the Groupe in January 2023 of an additional euro 107 million in respect of the 2022 financial year, reflecting the implementation of the "Tax Cuts and Jobs Act" (TCJA) in the United States. This tax legislation requires the capitalization and amortization of R&D expenses in the United States over five years.
Net cash flow from investing activities includes acquisitions and disposals of tangible and intangible fixed assets, net acquisitions of financial assets and acquisitions and disposals of subsidiaries. Net cash used in investing activities amounted to euro 348 million in 2023, after an outflow of euro 749 million in 2022. Net investments in property, plant and equipment and intangible assets amounted to euro 178 million, compared with euro 194 million in 2022. Net investment in the acquisition of subsidiaries amounted to euro 183 million, notably including the acquisitions of Practia and Corra, as well as euro 71 million related to earn out payments, compared to euro 566 million in 2022 (which included in particular the acquisitions of Tremend, Profitero, Wiredcraft, Yieldify, and Retargetly, as well as the negative impact of euro 49 million related to the disposal of Russian activities).
Net cash flow from financing activities generated an outflow of euro 1,755 million in 2023 compared with an utilization of euro 1,000 million in the previous year. The outflow is mainly related to dividends paid to Groupe’s shareholders for euro 726 million, up from euro 603 million in 2022. The loan repayments amounted to euro 502 million in 2023 (mainly related to the Eurobond 2023 in November), compared with euro 10 million in 2022. The (net) repurchase of treasury shares generated a cash outflow of euro 189 million (compared with a cash inflow of euro 41 million in 2022), mainly linked to the share buyback program related to 3,000,000 treasury shares, which took place in February and March for a total amount of euro 222 million. Repayments of lease liabilities and related interest amounted to euro 423 million in 2023, comparable to euro 404 million in 2022. Net interest received amounted to euro 93 million in 2023, after euro 17 million paid in 2022.
In total, the Groupe's cash position net of bank credit balances decreased by euro 366 million in 2023, compared to an increase of euro 968 million in the previous year.
Including the short‑term credit lines, the Groupe’s available liquidity amounted to euro 6,250 million as at December 31,2023, compared to euro 6,616 million as at December 31, 2022.
