Arla Foods Annual Report 2020

Management Review Our Strategy Our Brands and Commercial Segments Our Responsibility Our Governance Our Performance Review Our Consolidated Financial Statements Our Consolidated Environmental, Social and Governance Data CASH FLOW (EURM) Note 2020 2019 (EURM) Note 2020 2019 EBITDA 909 837 Reversal of share of results in joint ventures and associates 3.3 -28 -34 Supplementary payment regarding the previous financial year Paid in and out from equity regarding individual capital instruments -127 -289 -22 -24 Reversal of other operating items without cash impact Change in net working capital 53 16 Paid out to non-controlling interests -18 -15 2.1 4 79 Loans obtained, net 4.3.c -24 295 Change in other receivables and other current liabilities -137 -37 Payment of lease debt 4.3.c -66 -66 Dividends received, joint ventures and associates 8 8 Payment to pension plans 4.3.c -36 -37 Interest paid -53 -69 Cash flow from financing activities -293 -136 Interest received Taxes paid 3 3 5.1 -28 -30 Net cash flow -50 66 Cash flow from operating activities 731 773 Cash and cash equivalents at 1 January Investment in intangible fixed assets 3.1 Investment in property, plant and equipment 3.2 -478 Sale of property, plant and equipment 3.2 Operating investing activities -512 Sale of financial assets Acquisition of enterprises Sale of enterprises ติด 3.5 ཉིęཌ༠ -53 -52 Exchange rate adjustment of cash funds -425 Cash and cash equivalents at 31 December 187 119 -11 2 126 187 19 21 -456 17 37 2020 2019 0 -168 Free operating cash flow 3.5 7 16 Cash flow from operating activities Financial investing activities 24 -115 Operating investing activities Free operating cash flow 731 773 -512 -456 219 317 Cash flow from investing activities -488 -571 Free cash flow Cash flow from operating activities 731 773 Cash flow from investing activities -488 -571 Free cash flow 243 202 71 ARLA FOODS ANNUAL REPORT 2020

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