Group-wide financial management
A detailed overview of NORMA Group’s general financial management can be found in the ANNUAL REPORT 2024.
Net operating cash flow
In the reporting period from January to March 2025, net operating cash flow amounted to EUR 3.1 million, an increase on the same quarter of 2024 (Q1 2024: EUR -2.3 million). This development is mainly due to a lower increase in (trade) working capital compared to the end of 2024 (Q1 2025: EUR -14.5 million; Q1 2024: EUR: -34.3 million) in relation to EBITDA generated in the reporting period.
Investments from operating activities (Q1 2025: EUR 8.3 million; Q1 2024: EUR 8.5 million;) were slightly below the previous year’s level.
EBITDA declined compared with the same period of the previous year (Q1 2025: EUR 25.9 million; Q1 2024: EUR 40.5 million).
Cash flow from operating activities
Cash flow from operating activities amounted to EUR 5.0 million in the current reporting quarter (Q1 2024: EUR 0.3 million). Cash flow from operating activities is influenced by changes in current assets, provisions and liabilities (excluding liabilities related to financing activities).
As in the previous year, the Company participated in a reverse factoring program as well as a factoring and an ABS program. Liabilities included in the reverse factoring program are reported under trade payables and similar liabilities. The cash flows from the reverse factoring, factoring and ABS programs are presented under cash flow from operating activities, as this corresponds to the economic substance of the transactions.
The corrections for expenses from the valuation of derivatives amounting to EUR 0.3 million (Q1 2024: income in the amount of EUR 0.1 million) included in cash flow from operating activities concern changes in the fair value of foreign currency derivatives and interest rate swaps recognized in profit or loss, which are allocated to financing activities.
The adjusted other non-cash income (-)/expenses (+) mainly include expenses from the currency translation of external financing liabilities and intragroup monetary items in the amount of EUR 0.0 million (Q1 2024: expenses in the amount of EUR 0.2 million). Cash flows resulting from interest paid are disclosed as cash flows from financing activities.
Cash flow from investing activities
Cash flow from investing activities amounted to EUR -10.4 million in the first quarter of 2025 (Q1 2024: EUR -19.8 million) and includes net cash outflows from the procurement and sale of non-current assets of EUR 10.4 million (Q1 2024: EUR 19.8 million). This amount includes the change in liabilities for the acquisition of intangible assets and property, plant and equipment of EUR -2.4 million (Q1 2024: EUR -2.6 million).
In the previous year, cash flows from investing activities included net payments of EUR 9.0 million for the acquisition of Teco.
Cash flow from financing activities
Cash flow from financing activities amounted to EUR -10.9 million in the first three months of 2025 (Q1 2024: EUR -1.4 million). This mainly includes repayments of liabilities from ABS and factoring in the amount of EUR 2.9 million (Q1 2024: EUR 2.5 million), repayments of lease liabilities in the amount of EUR 3.4 million (Q1 2024: EUR 3.0 million) and interest payments (Q1 2025: EUR 4.9 million; Q1 2024: EUR 6.8 million). The same period of the previous year also included net proceeds from loans of EUR 11.0 million.
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.