Net cash flow from operating activities resulted in a surplus of euro 2,301 million in 2024, compared with a surplus of euro 2,048 million in 2023. Taxes paid amounted to euro 655 million in 2024, up euro million compared to euro 669 million in 2023. Change in working capital was negative at euro 161 million compared with euro 9 million negative change as well in 2023.
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 1,116 million in 2024, after euro 348 million use in 2023. Net investment (of disposals) in the acquisition of subsidiaries amounted to euro 915 million, notably including the acquisitions of Mars, Influential and Spinnaker, as well as euro 67 million related to earn-out payments, compared to euro 183 million in 2023 (which included in particular the acquisitions of Practia and Corra as well as euro 71 million related to earn-out payments). Net investments in property, plant and equipment and intangible assets amounted to euro 235 million, up by euro 57 million compared to euro 178 million for 2023.
Net cash flow from financing activities generated an outflow of euro 2,007 million in 2024 compared with an utilization of euro 1,755 million for the previous year. The outflow is mainly related to the dividends paid to the shareholders of the parent company for euro 853 million compared to euro 726 million in 2023. The loan repayments amounted to euro 603 million in 2024 (mainly related to the Eurobond 2024 repaid in December), compared with euro 502 million in 2023 (Eurobond 2023). The (net) repurchase of treasury shares generated a cash outflow of euro 148 million (compared with a cash outflow of euro 189 million in 2023), mainly linked to the share buyback program related to 1,031,711 treasury shares, which took place in the first quarter for a total amount of euro 99 million; as well as the acquisition of 450,000 treasury shares from two shareholders for euro 44 million. Repayments of lease liabilities and related interest amounted to euro 453 million in 2024, compared to euro 423 million in 2023. Net interest received amounted to euro 69 million in 2024, after euro 93 million received last year.
Overall, the Groupe’s cash position net of bank credit balances decreased by euro 606 million in 2024 compared with a decrease of euro 366 million in the previous year.
Including the short-term credit lines, the Groupe’s available liquidity amounted to euro 5,644 million as of December 31, 2024, compared with euro 6,250 million as of December 31, 2023. As a reminder, a new Revolving Credit Facility for euro 2,000 million was implemented in July 2024, which cancels and replaces the confirmed credit line of euro 1,579 million.
The table below shows the calculation of the Groupe’s free cash flow:
| (in millions of euros) | 2024 | 2023 |
|---|---|---|
| EBITDA | EBITDA 2024 3,014 |
EBITDA 2023 2,845 |
| Repayment of lease liabilities and related interests | Repayment of lease liabilities and related interests 2024 (453) |
Repayment of lease liabilities and related interests 2023 (423) |
| Financial interest paid (net) | Financial interest paid (net) 2024 69 |
Financial interest paid (net) 2023 93 |
| Tax paid | Tax paid 2024 (655) |
Tax paid 2023 (669) |
| Other | Other 2024 98 |
Other 2023 (121) |
| Cash flow from operations before change in WCR | Cash flow from operations before change in WCR 2024 2,073 |
Cash flow from operations before change in WCR 2023 1,725 |
| Investments in fixed assets (net) | Investments in fixed assets (net) 2024 (235) |
Investments in fixed assets (net) 2023 (178) |
| Free cash flow before change in WC requirements | Free cash flow before change in WC requirements 2024 1,838 |
Free cash flow before change in WC requirements 2023 1,547 |
