| Reconciliation of net cash flow from operating activities |
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18. Reconciliation of net cash flow from operating activities |
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| The table below shows how our profit for the year from continuing operations translates into cash flows generated from our operating activities.
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Note |
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2026 €m |
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2025 |
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2024 |
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(Loss)/profit for the financial year |
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Loss for the financial year from discontinued operations |
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108 |
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22 |
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65 |
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Profit/(loss) for the financial year from continuing operations |
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Investment and other income |
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5 |
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(1,395 |
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(864 |
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(581 |
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Financing costs |
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5 |
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2,375 |
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1,931 |
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2,626 |
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Income tax expense |
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6 |
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1,805 |
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2,246 |
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50 |
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Operating profit/(loss) |
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Adjustments for: |
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Share-based payments and other non-cash charges |
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11 |
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68 |
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98 |
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Depreciation and amortisation |
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10, 11 |
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12,454 |
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10,804 |
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10,414 |
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(Gain)/loss on disposal of property, plant and equipment and intangible assets |
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10, 11 |
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(203 |
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13 |
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34 |
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Share of results of equity accounted associates and joint ventures |
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12 |
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382 |
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123 |
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96 |
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Impairment charge/(reversal) |
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4 |
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– |
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4,515 |
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(64 |
) |
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Other (expense)/income |
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3 |
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88 |
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(565 |
) |
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(372 |
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Decrease in inventory |
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222 |
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134 |
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177 |
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Increase in trade and other receivables |
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14 |
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(361 |
) |
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(774 |
) |
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(597 |
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(Decrease)/increase in trade and other payables |
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15 |
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(158 |
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710 |
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534 |
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Cash generated by operations |
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Net tax paid |
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(988 |
) |
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(901 |
) |
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(724 |
) |
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Cashflows from discontinued operations |
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– |
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1,657 |
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3,296 |
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Net cash flow from operating activities |
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