The cash flow statement distinguishes between cash flows from operating activities, investing activities and financing activities.
Cash flow from operating activities is derived indirectly from the profit or loss for the period. This is adjusted for non-cash depreciation and amortization, for expenses and payments allocated to cash flow from investing or financing activities, and other non-cash expenses and income. The cash inflow from operating activities of EUR 29,285 thousand (H1 2024: cash inflow of EUR 47,011 thousand) shows the changes in current assets, provisions and liabilities (excluding liabilities related to financing activities).
The Company participates in a reverse factoring program, a factoring program and an ABS program. The liabilities in the reverse factoring program are reported under trade accounts payable and similar payables. As of June 30, 2025, liabilities of EUR 10,429 thousand (December 31, 2024: EUR 15,401 thousand) from reverse factoring programs are recognized. The cash flows from the reverse factoring, factoring and ABS programs are presented under cash flow from operating activities, as this equates to the economic substance of the transactions.
The cash inflow (H1 2024: cash inflow) from operating activities in the first half of 2025 includes payments for share-based payments in the amount of EUR 916 thousand (H1 2024: EUR 1,040 thousand), resulting from the short-term variable remuneration (short-term incentive, STI) as well as from the ESG-LTI for members of the Management Board of NORMA Group.
The corrections for expenses from the valuation of derivatives in the amount of EUR 1,636 thousand (H1 2024: income of EUR -107 thousand) included in the cash inflow (H1 2024: cash inflow) from operating activities relate to the changes in the fair value of foreign currency derivatives recognized in profit or loss that are allocated to financing activities. The corrected other non-cash income (-)/expenses (+) include expenses from the currency translation of external financing liabilities and intra-group monetary items amounting to EUR -813 thousand (H1 2024: EUR 765 thousand).
Furthermore, non-cash income (-)/expenses (+) in the first half of 2025 include non-cash interest expenses from the application of the effective interest method in the amount of EUR 77 thousand (H1 2024: EUR 392 thousand).
Cash flows from interest paid are reported under cash flows from financing activities.
Cash flows from investing activities include net outflows from the acquisition and disposal of non-current assets amounting to EUR 18,675 thousand (H1 2024: EUR 23,478 thousand). This includes the change in liabilities for the acquisition of intangible assets and property, plant and equipment amounting to EUR -2,639 thousand (H1 2024: EUR -3,206 thousand).
The previous year's period also included net payments for acquisitions amounting to EUR 9,046 thousand.
Cash flows from financing activities in the first half of 2025 include payments for dividends to the shareholders of NORMA Group SE in the amount of EUR 12,745 thousand (H1 2024: EUR 14,338 thousand), interest payments (H1 2025: EUR 7,343 thousand; H1 2024: EUR 9,942 thousand), net cash inflows from loans in the amount of EUR 7,000 thousand (H1 2024: net cash outflows for loans of EUR 147 thousand), repayments of liabilities from ABS and factoring in the amount of EUR 418 thousand (H1 2024: inflows from of EUR 1,563 thousand) as well as outflows from derivatives in the amount of EUR 61 thousand (H1 2024: outflows of EUR 384 thousand).
In addition, lease payments of EUR 6,560 thousand (H1 2024: EUR 6,132 thousand) are reported under cash flow from financing activities.
The changes in the balance sheet items presented in the Statement of Cash Flows cannot be derived directly from the Consolidated Statement of Financial Position as effects from currency translation are non-cash and effects from changes in the scope of consolidation are presented directly in the cash outflow from investing activities.
As of June 30, 2025, cash and cash equivalents included cash and demand deposits of EUR 104,731 thousand (December 31, 2024: EUR 114,185 thousand) and cash equivalents of EUR 5,768 thousand (December 31, 2024: EUR 12,946 thousand).
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.