INA GROUP

Q1 2024

FINANCIAL REPORT

Zagreb, April 2024

Q1 2024 REPORT

INA GROUP CONSOLIDATED

INA Group (ZB: INA-R-A; www.ina.hr) announced its Q1 2024 results. This report contains unaudited consolidated financial statements for the period ending 31 March 2024 as prepared by the Management in accordance with the International Financial Reporting Standards.

Contents

Management discussion and analysis: INA Group financial results

3

Financial and operational highlights

3

President of the Management Board comment

4

Exploration and Production

5

Refining and Marketing, including Consumer Services and Retail

5

Main external parameters

7

Condensed Consolidated Statement of Profit or Loss

8

Condensed Consolidated Statement of Financial Position

9

Condensed Consolidated Cash Flow Statement (Indirect method)

10

INA Group Summary Segmental Results of Operations

11

Financial overview and notes

12

Special items

13

Financial instruments and risk management

13

Changes in equity

14

Related party transactions

15

Management representation

15

2

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Management discussion and analysis: INA Group financial results (IFRS)

2023

EUR mn

Q1 2023

Q1 2024

%

3,896.3

Net sales revenues*

760.8

801.8

5

523.0

EBITDA (1)

37.0

60.0

62

500.3

EBITDA excl. special items (2)

37.0

60.0

62

496.0

CCS EBITDA excl. special items

23.2

63.7

174

330.4

Profit/(loss) from operations

(6.7)

20.2

n.a.

307.7

Profit/(loss) from operations excl. special items (2)

(6.7)

20.2

n.a.

303.4

CCS Profit/(loss) from operations excl. special items

(20.5)

23.9

n.a.

(31.9)

Net (loss)/income from financial activities

(10.3)

(7.0)

(32)

250.0

Profit/(loss) for the period attributable to Owners of the Company

(14.2)

11.9

n.a.

227.3

Profit/(loss) for the period excl. special items (2)

(14.2)

11.9

n.a.

185.0

Simplified Free Cash Flow (3)

(28.8)

(37.8)

31

443.7

Net operating cash flow

(11.7)

(86.2)

637

Earnings per share

25.0

Basic and diluted earnings/(loss) per share (EUR per share)

(1.4)

1.2

n.a.

215.7

Net debt

165.0

424.7

157

11.6

Net gearing (%)

9.5

20.4

311.0

CAPEX total

52.1

101.4

95

293.5

Domestic

49.5

98.8

100

17.5

International

2.5

2.7

6

2023

USD mn (4)

Q1 2023

Q1 2024

%

4,213.1

Net sales revenues*

816.3

870.6

7

565.5

EBITDA (1)

39.7

65.1

64

541.0

EBITDA excl. special items (2)

39.7

65.1

64

536.3

CCS EBITDA excl. special items

24.9

69.1

177

357.3

Profit/(loss) from operations

(7.2)

21.9

n.a.

332.7

Profit/(loss) from operations excl. special items (2)

(7.2)

21.9

n.a.

328.0

CCS Profit/(loss) from operations excl. special items

(21.9)

25.9

n.a.

(34.5)

Net (loss)/income from financial activities

(11.1)

(7.6)

(31)

270.3

Profit/(loss) for the period attributable to Owners of the Company

(15.2)

12.9

n.a.

245.8

Profit/(loss) for the period excl. special items (2)

(15.2)

12.9

n.a.

200.0

Simplified Free Cash Flow (3)

(30.9)

(41.0)

33

479.8

Net operating cash flow

(12.6)

(93.6)

646

Earnings per share

27.1

Basic and diluted earnings/(loss) per share (USD per share)

(1.5)

1.3

n.a.

238.3

Net debt

179.6

459.1

156

336.3

CAPEX total

55.8

110.2

97

317.4

Domestic

53.1

107.3

102

18.9

International

2.7

2.9

7

* Related to Revenue from contracts with customers

  1. EBITDA = EBIT + Depreciation, amortization and impairment (net)
  2. In 2023 result was impacted by revision of decommission related cost in the amount of EUR 22.7 million, while in Q1 2023 and Q1 2024 there were no special items impacting the result
  3. Simplified free cash flow = CCS EBITDA excluding special items - CAPEX
  4. In converting EUR figures into US Dollars, the following average CNB (HNB) rates were used: as at 31 December 2023 - 1.1050 EUR/USD; as at 31 March 2024 - 1.0811 EUR/USD; for Q1 2023
    - 1.0730 EUR/USD; Q1 2024 - 1.0858 EUR/USD; for Q2 2023 - 1.0730 EUR/USD; for Q3 2023 - 1.0884 EUR/USD; for Q4 2023 - 1.0751 EUR/USD

Q1 2024 financial and operational highlights

After turbulent 2022 and 2023, beginning of 2024 shows a more stable external environment on oil & gas markets. INA result in Q1 2024 was stronger primarily due to better wholesale margins that, together with higher Retails sales, allowed for stronger overall result. CCS EBITDA excl. special items of INA Group amounted to EUR 64 million in Q1 2024, with net profit turning positive compared to Q1 2023 and amounting EUR 12 million. These figures also show the annual seasonality where Q1 usually doesn't contribute equally to the overall full year results compared to other quarters.

Exploration and Production EBITDA was lower following the lower gas price and natural decline of production, EUR 74 million in Q1 2024. Production was lower by 8% yoy in line with the natural production decline, water cuts on main gas fields and impact of Angola assets divested in Q2 2023, although the Egyptian production increased driven by new concession East Damanhur.

Refining and Marketing incl. Consumer services and Retail segment result improved mainly due to the mentioned market trends and better wholesale margins. Following planned turnaround market was supplied via imports and the overall sales increased 9%. Consumer Services and Retail sales volumes increased by 13% compared to the Q1 2023, mainly with higher realization on domestic market and positive market trends. Apart from the fuel sales, non-fuel margin continued to grow with 44% margin increase. Simplified Free Cash Flow of the segment stayed negative at EUR (68) million in Q1 2024, in line with the strong investment spending of EUR 84 million just in Q1 2024.

Overall capital expenditures amounted to EUR 101 million, roughly doubled compared to Q1 2023, with the Refining contributing the most to investments. Rijeka Refinery successfully went through a turnaround while Rijeka Refinery Upgrade Project reached 87% total completion, with other efficiency investment projects on track. Financial position remains stable with net debt at EUR 425 million and 20% gearing ratio.

3

Q1 2024 REPORT

INA GROUP CONSOLIDATED

President of the Management Board comment

Ms. Zsuzsanna Ortutay, President of the Management Board comments on the results:

"Beginning of 2024, following the previous two years turmoil, shows generally good environment with the stable oil prices but the gas prices decreased significantly compared to previous period resulting in CCS EBITDA excl. special items of EUR 64 million in Q1.

Exploration and Production, combating with the expected natural decline of our portfolio, continue with new projects. On top of the new concession in Egypt, 40% of working interest in the SA-07 Croatian onshore block was acquired. Additionally, preparatory activities for INA's first two geothermal blocks are ongoing.

Rijeka Refinery underwent the planned turnaround, during which safe and uninterrupted supply was ensured via imports. Overall Refining and Marketing sales increased in a period of favourable margins, which together with strong Retail sales turned the segments' result positive.

Following the two solar power plants (Virje in production and Sisak in test run mode production), INA is expanding its renewable energy portfolio. Apart from preparation of additional projects for solar power plants at its locations, INA signed two contracts in sustainability area - one connected with construction of a green hydrogen plant at the Rijeka Refinery, and another one connected with a biomethane production facility in Sisak. The projects will contribute to the company's green transition efforts, while INA will become the first producer of commercial green hydrogen in Croatia.

The funds needed for the green transformation have to be generated in INA's core business segments, therefore it is important to keep the operations efficient and profitable. Of course, within our green transition efforts, we will also count on the co-financing from EU funds. With the usual seasonal nature of sales, the following quarters are expected to further strengthen INA's results."

4

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Exploration and Production*

2023 Segment IFRS results (EUR mn)

Q1 2023

Q1 2024

%

582.3

Net sales revenues

153.5

122.8

(20)

412.8

EBITDA

98.2

73.4

(25)

390.1

EBITDA excl. special items **

98.2

73.4

(25)

323.1

Profit from operations

80.0

60.1

(25)

300.4

Profit from operation excl. special items **

80.0

60.1

(25)

289.9

Simplified Free Cash Flow***

85.8

55.2

(36)

100.2

CAPEX

12.4

18.2

48

  • Exploration and Production refers to the Upstream of INA, d.d. and following subsidiary: Adriagas S.r.I. Milano
  • In 2023 result was impacted by revision of decommission related cost in the amount of EUR 22.7 million, while in Q1 2023 and Q1 2024 there were no special items impacting the result
  • Simplified free cash flow = EBITDA excluding special items - CAPEX

2023

Hydrocarbon production (boe/d)

Q1 2023

Q1 2024

%

11,602

Crude oil production (boe/d)

12,150

10,951

(10)

9,676

Croatia

9,925

9,253

(7)

1,746

Egypt

1,708

1,698

(1)

180

Angola

517

-

n.a.

11,987

Natural gas production (boe/d)

12,558

11,775

(6)

3,372

Croatia - offshore

3,529

2,990

(15)

8,563

Croatia - onshore

9,029

8,588

(5)

52

Egypt

-

198

n.a.

814

Condensate (boe/d)

921

734

(20)

812

Croatia

921

728

(21)

1

Egypt

-

6

n.a.

24,403

Total hydrocarbon production

25,629

23,461

(8)

2023

Total average realised hydrocarbon price

Q1 2023

Q1 2024

%

74

Total average hydrocarbon price (USD/boe)*

76

65

(14)

* Calculated based on total sales revenue including natural gas internal selling price as well

Q1 2024 vs. Q1 2023

Key drivers

  • Lower prices, primarily gas prices, impacted sales revenues negatively by EUR 19.1 million
  • Negative effect caused by increased water cut and natural decline on main gas and oil fields partially mitigated by better well performance after successfully performed well workovers on field Žutica and production optimization on several fields onshore
  • International production higher driven by contribution from new Egypt concession East Damanhur
  • Government approved relinquishment of SZH-01 block

Capital expenditures

Q1 2024 (EUR mn)

Croatia

Exploration

4.2

Development

4.2

Other

7.3

TOTAL

15.7

Egypt

-

2.5

-

2.5

Higher CAPEX level compared to Q1 2023 due to higher Croatia onshore activities.

Main activities during Q1 2024 were related to:

Croatia Exploration:

  1. Block Sava-07: Acquisition of 40% of non-operated Working interest in the SA-07 Expl.Block; Drilling of Zbjegovača-1

and Međurić-1 wells completed, Drilling of Piljenice-1 well ongoing

  1. Drava-03:V.Rastovac-2 Du well and Obradovci-5 well; ongoing permitting activities Croatia Geothermal:
    o Preparatory activities for 3D seismic and drilling of 4 wells ongoing in exploration areas "Leščan" and "Međimurje 5";
    Croatia Development:
    o Production optimization: 9 well workovers performed Egypt:
    o Ras Qattara: Drilling of 2 development wells
    o East Bir El Nus: preparation for seismic acquisition

5

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Refining and Marketing, including Consumer Services and Retail*

2023 Segment IFRS results (EUR mn)

Q1 2023

Q1 2024

%

3,821.4

Net sales revenues

745.9

778.4

4

93.0

EBITDA

(26.9)

12.3

n.a.

93.0

EBITDA excl. special items**

(26.9)

12.3

n.a.

88.7

CCS EBITDA excl. special items**

(40.7)

16.0

n.a.

7.4

Profit/(loss) from operations

(46.9)

(9.1)

(81)

7.4

Profit/(loss) from operations excl. special items**

(46.9)

(9.1)

(81)

3.1

CCS Profit/(loss) from operations

(60.7)

(5.4)

(91)

(102.9)

Simplified Free Cash Flow***

(79.4)

(67.9)

(14)

191.6

CAPEX

38.7

83.9

117

  • Refers to Refining and Marketing including Consumer Services and Retail INA d.d. and the following subsidiaries: INA Maziva d.o.o., INA Slovenija d.o.o., HoldINA d.o.o. Sarajevo, INA Crna Gora d.o.o., INA d.o.o. Beograd, INA Kosovo d.o.o., Energopetrol d.d., INA MALOPRODAJNI SERVISI d.o.o., Croplin d.o.o.
  • In Q1 2024 and in 2023 there were no special items impacting the result
  • Simplified free cash flow = CCS EBITDA excluding special items - CAPEX

2023

Refining processing (kt)

Q1 2023

Q1 2024

%

305

Domestic crude oil

-

-

n.a.

1,350

Imported crude oil

-

-

n.a.

654

Other feedstock

31

26

(15)

2,309

Total refining throughput

31

26

(15)

Refining production (kt)

130

LPG*

-

-

n.a.

123

Naphtha

-

1

n.a.

532

Gasoline

6

7

19

172

Kerosene

-

-

n.a.

867

Diesel

1

-

n.a.

-

Heating oil

-

-

n.a.

176

Fuel oil

13

4

(67)

71

Other products**

3

8

226

2,070

Total

23

21

(10)

38

Refining loss

1

1

4

202

Own consumption

7

5

(34)

2,309

Total refining production

31

26

(15)

Refined product sales by country (kt)

2,471

Croatia

460

515

12

569

B&H

128

128

(0)

30

Slovenia

9

7

(26)

19

Italy

3

4

15

929

Other markets

114

124

9

4,019

Total

715

778

9

Refined product sales by product (kt)

186

LPG*

34

30

(11)

122

Naphtha

1

6

774

699

Gasoline

99

143

45

200

Kerosene

20

22

12

2,064

Diesel

426

448

5

123

Heating oil

39

33

(15)

187

Fuel oil

25

14

(45)

88

Bitumen

14

15

11

351

Other products***

58

65

12

4,019

Total

715

778

9

1,401

o/w Consumer services and Retail segment sales

263

298

13

5,828

Total natural gas sales (GWh)

1,788

1,612

(10)

506

Total number of service stations

507

509

0

*LPG+propylene

**Other products = Benzene concentrate, liquid sulphur, coke, motor oils, industrial lubricants, other intermediates

***Other = Benzene concentrate, vacuum gas oil, liquid sulphur, coke, crude oil, motor oils, industrial lubricants

6

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Q1 2024 vs. Q1 2023

Key drivers

  • Operation in import mode during Q1 2024 with turnaround activities and additional efficiency improvements and investment activities related to Rijeka Refinery Upgrade Project
  • Market was safely supplied via import until own refined products availability, with higher sales on captive market
  • Wholesale margins in contango environment and gas trading performance supported improved CCS result in Q1 2024 compared to Q1 2023
  • Total Consumer Services and Retail sales volumes amounted to 298 kt in Q1 2024 which is 13% above same period last year driven by higher realisation on Croatian market (+29 kt) mainly as a result of positive market trends
  • Non-fuelmargin increased by 44% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners together with INA Loyalty program support which reached over 620 thousand registered members

Capital expenditures

  • Refining and Marketing CAPEX amounted to EUR 82.9 million:
  1. Rijeka Refinery Upgrade Project - The Project achieved 87% completion overall with active works on civil and piping activities, on delayed coker unit mechanical works on the furnace are completed while HCU catalyst replacement was successfully finished. Interconnecting to the 35kV electrical network is finished and use permits

obtained

  1. CDU energy efficiency upgrade project - revamp of Crude Distillation Unit to increase energy efficiency and improve liquefied petroleum gas recovery system. All works are completed
  1. Replacement of condensing turbines with electric drives - aims to increase energy efficiency. Project on track

- main equipment installed, works completed, functional testing in progress

    1. Revitalization of LPG spherical tank 336-SE-023 - aimed to improve operations of LPG storage area. Project on track - welding completed
  • Consumer Services and Retail capital investments amounted to one million EUR in Q1 2024 related to finalization of growth projects (rent and KDR) and additional Fresh corner implementation. Network currently consists of 509 stations (of which 393 in Croatia)

Main external parameters

2023 Crude oil and gas prices

Q1 2023

Q1 2024

%

83

Brent dtd (USD/bbl)

81

83

3

18

Brent-Ural spread (USD/bbl)

30

12

(60)

3.9

(Azeri-Brent) spread (USD/bbl)

3.5

4.1

18

42

CEGH gas price (EUR/MWh)

56

28

(49)

FOB MED Products prices and crack spreads

843

Gasoline - premium unleaded 10 ppm (USD/t)

837

828

(1)

815

Diesel - ULSD 10 ppm (USD/t)

833

817

(2)

427

Fuel oil 3.5% (USD/t)

359

434

21

613

LPG (USD/t)

750

606

(19)

218

Crack spread - gasoline (USD/t)

223

199

(11)

190

Crack spread - diesel (USD/t)

219

188

(14)

(198)

Crack spread - fuel oil 3.5% (USD/t)

(255)

(195)

(24)

(12)

Crack spread - LPG (USD/t)

136

(23)

n.a.

6.38

Indicative refining margins (USD/bbl)*

6.17

8.19

33

Foreign exchange

1.08

EUR/USD average

1.07

1.09

2

1.11

EUR/USD closing

1.09

1.08

(1)

5.17

3m Term SOFR average (%)

4.79

5.32

11

3.43

3m EURIBOR (%) average

2.64

3.92

49

* Indicative refinery margin calculation revised in 2024 with updated natural gas and CO2 inputs.

7

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Condensed Consolidated Statement of Profit or Loss

For the period ended 31 March 2023 and 2024 (in EUR millions)

2023

Note

Q1 2023

Q1 2024

%

3,896.3

Revenue from contracts with customers

1

760.8

801.8

5

74.3

Other operating income

14.9

6.4

(57)

3,970.6

Total operating income

775.7

808.2

4

(20.4)

Changes in inventories of finished products and work in progress

(22.8)

(29.2)

28

(1,291.2)

Costs of raw materials and consumables

2

(38.0)

(36.0)

(5)

(192.6)

Depreciation, amortisation and impairment (net)

3

(43.7)

(39.8)

(9)

(220.6)

Other material costs

3

(51.7)

(71.4)

38

(74.0)

Service costs

3

(16.4)

(16.9)

3

(255.3)

Staff costs

5

(60.3)

(67.1)

11

(1,584.8)

Costs of other goods sold

4

(553.0)

(542.8)

(2)

(14.8)

Impairment charges (net)

3

(4.6)

(0.5)

(89)

(44.5)

Provision for charges and risks (net)

3

(3.1)

(1.0)

(68)

58.0

Capitalised value of own performance

11.2

16.7

49

(3,640.2)

Operating expenses

(782.4)

(788.0)

1

330.4

Profit/(Loss) from operations

(6.7)

20.2

n.a.

21.4

Finance income

4.7

5.1

9

(53.3)

Finance costs

(15.0)

(12.1)

(19)

(31.9)

Net (loss)/income from financial activities

6

(10.3)

(7.0)

(32)

Share of net profit/(loss) of joint ventures accounted for using

6.7

the equity method

6

-

0.9

n.a.

305.2

Profit/(Loss) before tax

(17.0)

14.1

n.a.

(54.9)

Income tax gain/(expense)

7

2.8

(2.2)

n.a.

250.3

Profit/(Loss) for the period

(14.2)

11.9

n.a.

Attributable to:

250.0

Owners of the Company

(14.2)

11.9

n.a.

0.3

Non-controlling interests

-

-

n.a.

Earnings per share

25.0

Basic and diluted earnings/(loss) per share (EUR per share)

(1.4)

1.2

n.a.

8

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Condensed Consolidated Statement of Financial Position

At 31 December 2023 and 31 March 2024 (in EUR millions)

Note

31 December 2023

31 March 2024

%

Assets

Non-current assets

Intangible assets

9

69.9

95.7

37

Property, plant and equipment

10

1,674.3

1,741.9

4

Investment property

23.1

23.0

(0)

Right-of-use assets

10

47.8

45.0

(6)

Investments in associates and joint venture

129.3

133.7

3

Other investments

0.9

0.9

(0)

Other non-current financial asset

74.0

74.8

1

Deferred tax

112.4

115.0

2

Long-term marketable securities

2.5

2.5

-

Non-current financial assets

98.6

101.0

2

Other non-current asset

27.6

26.7

(3)

Total non-current assets

2,260.4

2,360.2

4

Current assets

Inventories

11

345.4

498.5

44

Trade receivables, net

12

319.2

300.9

(6)

Other current financial asset

18.4

24.6

34

Corporative income tax receivables

2.8

2.9

4

Other current assets

34.0

58.1

71

Derivative financial instruments

9.9

13.0

31

Cash and cash equivalents

150.9

81.0

(46)

Current assets

880.6

979.0

11

Assets held for sale

0.9

0.9

(0)

Total current assets

881.5

979.9

11

Total assets

8

3,141.9

3,340.1

6

Equity and liabilities

Capital and reserves

Share capital

13

1,200.0

1,200.0

-

Legal reserves

39.9

39.9

-

Fair value reserves

73.9

75.8

3

Other reserves

207.5

207.7

0

(Accumulated losses)/Retained earnings

118.1

130.0

10

Equity attributable to the owners of the Company

1,639.4

1,653.4

1

Non-controlling interests

3.2

3.2

0

Total equity

1,642.6

1,656.6

1

Non-current liabilities

Long-term debts

264.1

264.1

0

Long-term lease liabilities

35.7

33,4

(6)

Other non-current liabilities

2.7

2.6

(4)

Employee benefits obligation

6.9

6.9

-

Provisions

412.7

421.8

2

Deferred tax liability

2.3

2.3

0

Total non-current liabilities

724.4

731.1

1

Current liabilities

Bank loans and current portion of long-term debt

102.5

241.6

136

Current portion of long-term lease liabilities

13.3

12.9

(3)

Other current financial liabilities

2.4

9.9

313

Trade payables

15

324.4

337.1

4

Taxes and contributions

184.4

161.8

(12)

Corporate tax liabilities

31.7

36.6

15

Other current liabilities

51.5

73.1

42

Derivative financial instruments

12.1

26.2

117

Employee benefits obligation

0.5

0.5

-

Provisions

52.1

52.7

1

Total current liabilities

774.9

952.4

23

Total liabilities

14

1,499.3

1,683.5

12

Total equity and liabilities

3,141.9

3,340.1

6

9

Q1 2024 REPORT

INA GROUP CONSOLIDATED

Condensed Consolidated Cash Flow Statement (Indirect method)

For the period ended 31 March 2023 and 2024 (in EUR millions)

2023

Note

Q1 2023

Q1 2024

%

250.3

Profit/(loss) for the period:

(14.2)

11.9

n.a.

Adjustments for:

Depreciation, amortisation and impairment of property, plant and equipment and

192.6

ROU asset (net)

43.7

39.8

(9)

54.9

Income tax (benefit)/expense recognised in profit and loss

(2.8)

2.2

n.a.

14.8

Impairment charges (net)

4.6

0.5

(89)

(18.9)

Loss/(Gain) on sale of property, plant and equipment

(0.2)

(0.3)

50

6.9

Foreign exchange (gain)/loss

7.2

1.5

(79)

(2.6)

Interest income

(0.6)

(0.6)

-

5.4

Interest expense

0.8

1.5

88

(6.7)

Share of loss/(gain) of joint ventures accounted for using the equity method

-

(0.9)

n.a.

2.5

Other finance (income)/expense recognised in profit

(0.6)

(1.0)

67

(30.5)

Increase/(decrease) in provision

(1.0)

0.1

n.a.

19.8

Decommissioning interests and other provision

3.8

5.6

47

2.8

Net (gain)/loss on derivative financial instruments and hedge transactions

(9.4)

17.4

n.a.

(5.1)

Other non-cash items

-

-

n.a.

486.2

Operating cash flow before working capital changes

16

31.3

77.7

148

Movements in working capital

17

38.1

Decrease/(Increase) in inventories

58.5

(154.6)

n.a.

15.1

Decrease/(Increase) in receivables and prepayments

16.3

(17.9)

n.a.

70.2

(Decrease)/Increase in trade and other payables

(117.0)

9.1

n.a.

609.6

Cash generated from operations

(10.9)

(85.7)

686

(165.9)

Taxes paid

(0.8)

(0.5)

(38)

443.7

Net cash inflow/(outflow) from operating activities

(11.7)

(86.2)

637

Cash flows used in investing activities

(300.6)

Capital expenditures, exploration and development costs

(61.9)

(97.1)

57

(16.8)

Payments for intangible assets

(1.8)

(7.7)

328

35.5

Proceeds from sale of non-current assets

0.2

0.3

50

(92.7)

Investment in securities

-

-

n.a.

43.3

Proceeds from sale securities

-

-

n.a.

Dividends received from companies classified as non current financial assets

1.4

and from other companies

-

-

n.a.

7.2

Interest received and other financial income

2.3

0.9

(61)

1.2

Loans and deposits given (net)

0.1

0.1

0

(321.5)

Net cash used in investing activities

18

(61.1)

(103.5)

69

Cash flows from financing activities

1,059.2

Proceeds from borrowings

-

294.2

n.a.

(1,027.3)

Repayment of borrowings

(64.0)

(158.9)

148

(13.5)

Payment of lease liabilities

(3.3)

(3.4)

3

(14.7)

Interest paid

2.7

(15.5)

n.a.

(200.0)

Dividends paid

-

-

n.a.

(196.3)

Net cash from financing activities

(64.6)

116.4

n.a.

(74.1)

Net increase/(decrease) in cash and cash equivalents

(137.4)

(73.3)

(47)

226.6

At the beginning of the period

226.6

150.9

(33)

(1.6)

Effect of foreign exchange rate changes

(0.1)

3.4

n.a.

150.9

At the end of period

89.1

81.0

(9)

-

Overdrafts

1.7

-

n.a.

150.9

Cash and cash equivalents in statement of financial position

90.8

81.0

(11)

10

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INA dd published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 12:41:25 UTC.