Apparel Market Recovery and Financial Overview
Capex in Q1 2023 down to EUR 85 mn after finalization of plants in
Thailand and Brazil in 2022
Free cash flow¹, in EUR mn
80
Trading working capital³, in EUR mn
20
-64
-48
-78
-143
397
-183
-85
636
567
568
571
-132
21%
24%
26%
-205
-123
-167
21%
-103
16%
-245
-270
Q1/2022
Q2/2022
Q3/2022
Q4/2022
Q1/2023
Operating cash flow
Investment cash flow²
Investment cash flows with first signs of normalization which will further
continue in Q2-Q4 2023
Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023
Trading working capital
Trading working capital in % of annualized Group revenue
Inventory levels significantly
reduced in Q1 2023 with
reduction of volumes, impact
partially offset by valuation
Receivables have increased
due to positive business
development
Payables have decreased due
to one-time effects in Q4 2022
In sum, trading working capital
increased
Inventories
-10%
Q4/2022 Q1/2023
1) Cash flow from operating activities + investment cash flow 2) CAPEX less proceeds from the sale of intangible assets, property, plant and equipment and biological assets; 3) Inventories + trade
receivables- trade payables
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3 May 2023 14
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