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Forecast

The statements in this section reflect the current views of our management. Contrary to the forecasts published in the 2023 combined management report (2023 Annual Report) and the Interim Group Report as of March 31, 2024, we now expect free cash flow AL to develop better than expected. Free cash flow AL for full-year 2024 was originally expected to come in at around EUR 18.9 billion. We now expect free cash flow AL to come in at around EUR 19.0 billion. A key factor driving this positive development is higher-than-expected net cash provided by operating activities in the United States operating segment.

All other statements made remain valid. Our planning assumes an unchanged U.S. dollar exchange rate of USD 1.08.

For more information on the business risks, please refer to the section “Risks and opportunities.” For additional information and recent changes in the economic situation, please refer to the section “The economic environment.” Readers are also referred to the “DisclaimerDisclaimer” at the end of this report.

AL – After Leases
Since the start of the 2019 financial year, we have taken the effects of the first-time application of IFRS 16 “Leases” into account when determining our financial performance indicators. “EBITDA after leases” (EBITDA AL) is calculated by adjusting EBITDA for depreciation of the right-of-use assets and for interest expenses on recognized lease liabilities. When determining “free cash flow after leases” (free cash flow AL), free cash flow is adjusted for the repayment of lease liabilities.
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