Free cash flow

Free cash flow represents the unrestricted funds generated throughout the financial year, which are primarily available for redemption of borrowings, distribution of dividends or for M&A activities.

Free cash flow is calculated from cash flow from operating activities based on continuing operations plus divestments less investments (excluding financial investments), lease payments as well as net interest paid and other borrowing costs. The free cash flow defined in this manner can be derived directly from the cash flow statement.