2021 Annual Results
Remarkable progress of operating free cash flow
which exceeded 13 billion euros in 2021
Analysis of free cash flow operations (in million of euros)
2019
2020
Cash from operations before changes
16 105
13 997
22 621
in working capital
Cost of net financial debt: interest paid
(124)
Lease liabilities: interest paid
(239)
(58)
(290)
71
(231)
Tax paid
(2 940)
(2 385)
(4 239)*
2021
Variation vs 2020
Variation vs 2019
8 624
6 516
129
59
(1 854)
(1 299)
195
8
Change in working capital
(1 154)
(367)
426
792
1580
Net cash from operating activities
11 648
10 897
18 648
7 751
7 000
Operating investments
(3 294)
(2 478)
(2 664)
(186)
630
Repayment of lease liabilities
(2 187)
(2 302)
(2 453)
(151)
(266)
Operating free cash flow**
6 167
6 117
13 531
7 414
7364
*Including €1,720m in France
** Before available for sale financial assets and investments, transactions relating to equity and financing activities.
28
2021 Annual Results
LVMHView entire presentation