Notes to the Consolidated Statement of Cash Flows

In 2023, cash flow from operating activities excluding net working capital effects declined to EUR 4,638 mn (2022: EUR 9,843 mn), mainly due to a less favorable market environment. Net working capital effects came in at EUR 1,071 mn predominantly as a result of a lower price environment. Cash flow from operating activities decreased by 26% to EUR 5,709 mn (2022: EUR 7,758 mn).

Cash flow from investing activities showed an outflow of EUR –3,027 mn in 2023, compared to EUR –1,966 mn in 2022. Cash flow from investing activities in 2023 included cash inflows of EUR 661 mn related to the successful divestment of the Borealis nitrogen business and EUR 272 mn from the divestment of OMV’s filling station and wholesale business in Slovenia. In addition, there were higher cash outflows from capital expenditures compared to 2022 and investments in short-term securities.

In 2022, cash flow from investing activities included inflows from the Initial Public Offering of Borouge PLC in the amount of EUR 745 mn, a partial loan repayment from Bayport Polymers LLC of EUR 602 mn, and the divestment of the retail network in Germany of EUR 432 mn. Moreover, cash flow from investing activities in 2022 included outflows from the capital contribution to Borouge 4 LLC of EUR –408 mn, as well as cash disposed of in the amount EUR –208 mn related to the loss of control of JSC GAZPROM YRGM Development.

Cash flow from financing activities showed an outflow of EUR –3,771 mn compared to EUR –2,660 mn in 2022, mostly due to an increase in dividend payments of EUR 874 mn to EUR 2,333 mn, plus higher bond repayments.