Investor Presentaiton
Cash flow from operating activities & working capital
Cash flow from operating activities
€ million
Working capital
€ million
115.6
2019
44.9
2020
21.8%
17.4%
293.2
235.0
Dec. 31, 2019 Dec. 31, 2020
Working capital ratio (average)1
■ Decrease in cash flow from operating activities caused by the sharp decline in operating profit as a result of
coronavirus
◉
Significant reduction in working capital compared with the prior year, mainly due to the early adjustment of production
and procurement activities and a further intensification of working capital management in response to the fall in
demand resulting from coronavirus
■ Increase in the working capital ratio due to the sharp fall in revenue
18
1 Average working capital at the four quarterly reporting dates divided by revenue for the previous twelve months.
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