Investor Presentaiton
Free cash flow
H1
H1
in million € unless stated otherwise
2023
2022
H2
2022
1
2022
Operating result
93.3
97.8
92.4
190.2 136.9
2021 2020
70.9
FCF conversion can be affected by developments in
working capital. Working capital ratio for the period-
end included in the overview are:
> 2019:
13.0%
Depreciation, amortization and
51.7
50.8
49.8
100.6
98.0 103.1
impairment
> 2020:
12.1%
EBITDA adjusted
145.0
148.6 142.2
290.8 234.9 174.0
> 2021:
10.7%
1 Change in working capital
-101.2
-197.5
81.2
-116.3
-3.5
42.5
> H1 2022: 20.4%
Taxes paid
-19.5
-22.1
-18.3
-40.4
-33.1
-19.9
> 2022:
14.1%
Other
-7.1
-2.2
-9.3
8.2
-0.1
Cash flow from operations
24.3
-78.1
202.9
124.8
206.5
196.5
before interest
Payment of lease liabilities
-7.7
-7.8
-6.9
-14.7
-15.6
-16.0
2 Capital expenditure PP&E
-71.0
-27.9 -63.9
-91.8 -31.0
-29.4
3 Capital expenditure intangibles
-25.5
-21.8
-24.1
-45.9
-40.5
-39.2
Divestments of held for sale
55.5
14.0
14.0
Free Cash Flow ('FCF')
-24.4
-121.6 108.0
-13.6 119.4 111.9
> H1 2023: 19.0%
FCF-conversion is traditionally lower in the first half
year and stronger in second half due to working capital
development
2 In H1 2023, Strategic Investment Program impacted
FCF by € 55 million (2022: € 41 million)
3 Payments for acquisitions have not been included in
FCF
EBITDA (adjusted) to FCF
conversion
-16.8% -81.8% 75.9%
-4.7% 50.8% 64.3%
40
TKH GENERAL INVESTOR PRESENTATION - NOVEMBER 2023
TH
SMART TECHNOLOGIES <View entire presentation