The table below shows the calculation of the Groupe’s free cash flow:
(in millions of euros) | 2023 | 2022 |
---|---|---|
EBITDA | EBITDA 2023 2,845 |
EBITDA 2022 2,801 |
Repayment of lease liabilities and related interests | Repayment of lease liabilities and related interests 2023 (423) |
Repayment of lease liabilities and related interests 2022 (404) |
Financial interest paid (net) | Financial interest paid (net) 2023 93 |
Financial interest paid (net) 2022 (17) |
Tax paid | Tax paid 2023 (669) |
Tax paid 2022 (430) |
Other | Other 2023 (121) |
Other 2022 51 |
Cash flow from operations before change in WCR | Cash flow from operations before change in WCR 2023 1,725 |
Cash flow from operations before change in WCR 2022 2,001 |
Investments in fixed assets (net) | Investments in fixed assets (net) 2023 (178) |
Investments in fixed assets (net) 2022 (194) |
Free cash flow before changes in WCR | Free cash flow before changes in WCR 2023 1,547 |
Free cash flow before changes in WCR 2022 1,807 |
Rosetta Settlement | Rosetta Settlement 2023 148 |
Rosetta Settlement 2022 - |
Adjusted free cash flow (excl. Rosetta settlement) | Adjusted free cash flow (excl. Rosetta settlement) 2023 1,695 |
Adjusted free cash flow (excl. Rosetta settlement) 2022 1,807 |
TCJA transitional cash tax related to 2022 paid in January 2023 | TCJA transitional cash tax related to 2022 paid in January 2023 2023 107 |
TCJA transitional cash tax related to 2022 paid in January 2023 2022 (107) |
Underlying Free Cash Flow before change in WC requirements | Underlying Free Cash Flow before change in WC requirements 2023 1,802 |
Underlying Free Cash Flow before change in WC requirements 2022 1,700 |
The Groupe’s free cash flow, before change in working capital requirements, amounted to euro 1,547 million in 2023. This included two main non‑recurring cash outflows:
Repayment of lease liabilities and related interests amounted to euro 423 million in 2023, comparable to euro 404 million in 2022.
Net financial interest generated an income of euro 93 million, compared with a net expense of euro 17 million in 2022, reflecting higher remuneration on cash balances.
Net investments in fixed assets amounted to euro 178 million, down by euro 16 million compared to euro 194 million in 2022.
After restatement of non‑recurring cash outflows, the Groupe's free cash flow after changes in working capital requirements was euro 1,802 million, improving by euro 102 million compared to the comparable euro 1,700 million on a comparable base for the previous year.
Consolidated equity attributable to holders of the parent company increased from euro 9,635 million at December 31, 2022 to euro 9,788 million at December 31, 2023, due to the following elements:
(+) Net income 2023: euro 1,312 million;
(-) Other comprehensive income, net of tax: euro 341 million; (-) Dividends: euro 726 million;
(+) Share‑based compensation, net of tax: euro 102 million;
(-) (Purchases)/sales of treasury shares: euro 189 million;
(-) Other items: euro 5 million.
Minority interests were negative at euro 40 million, compared to euro 35 million at December 31, 2022.