Unfortunately, that cannot be assumed. The cash flow statement for the comparison period follows the reporting method in effect at the time, where the company’s figures were reported as an investment company until the end of April; therefore, the debt load of subsidiaries was not yet recorded on the group balance sheet at that time. As a reminder, the income statement developed as follows in H1’23 due to the change in reporting method.
Consequently, pro forma figures (i.e., figures that assume the current reporting method had been in place since the beginning of 2023) provide a better point of comparison for evaluating the development of the numbers.
