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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. DEUTZ
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