Investor Presentaiton
Free Cash Flow at €2.8 billion - record operating cash flow
impacted by working capital requirements
Analysis of debt change in €m
2020
2021
Net debt at opening Dec 31
(3,792)
(3,561)
All-time high operating cash flow, up +22% as a
consequence of the strong performance in 2021
Operating cash flow
3,651
4,469
Capital expenditure - net
(762)
(817)
Operating Cash Flow net of capex
2,889
3,652
FY21: Build-up in inventory due to demand and component
shortages. Receivables up on higher demand (DSO stable).
FY20: reflective of lower demand environment
Change in trade working capital
517
(1,114)
Change in non-trade working capital
267
261
Free cash flow
3,673
2,799
Mainly consists of €3.5bn cash consideration for OSIsoft,
along with other acquisitions of the period
Dividends
(1,525)
(1,585)
Acquisitions net
-
(2,393)
(4,231)
Share buyback on hold for much of 2021
Net capital increase
(7)
(46)
FX & other
483
(503)
(Increase) / Decrease in net debt
231
(3,566)
FY21 includes payment for additional stakes in RIB
Software and IGE+XAO. FY20 benefitted from €1.1bn third-
party cash held in relation to AVEVA rights issue
Net debt December 31
(3,561)
(7,127)
Life Is On Schneider
Investor Relations - Schneider Electric | Page 38
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