Consolidated statement of cash flow

	Note	2023	2022
Operating activities
Result before income tax		(37.7)	(0.7)
Adjustments to reconcile profit before tax to net cash flows
Amortisation/impairment	16	64.4	-
Depreciation/impairment	17/18	35.5	-
Other losses	11	0.5	-
Provisions and employee benefit expenses	6/28	2.6	-
Finance income and expenses	10	103.9	-
Changes in foreign currency (excluding movement in currency translation reserve)	10	1.4	-

Working capital adjustments
Financial assets	19	0.5	-
Trade receivables and Unbilled services	21	43.5	-
Other receivables	22	(6.7)	-
Trade and other payables	30	(69.0)	0.7
Cash generated from operations, before income tax paid		138.9	0.0

Income tax paid		(27.0)	-
Interest paid		(69.4)	-
Interest received		2.3	-

Net cash flows from operating activities		44.8	-

Investing activities
Acquisition of subsidiary, net of cash acquired	15	(1,715.4)	-
Investment in intangible assets	16	(29.3)	-
Investment in property, plant and equipment	17	(5.9)	-
Net cash flows used in investing activities		(1,750.6)	-

Financing activities
Proceeds from issuance of shares	15	1,748.0
Proceeds from borrowings	27	161.0
Repayments of borrowings (incl. lease liability)	27/18	(69.9)
Transaction costs in relation to refinancing	27	(42.0)
Dividends paid to non-controlling interest		(1.1)
Net cash flows from/ (used in) financing activities		1,796.0	-

Net movement in cash and cash equivalents		90.2	-

Cash, cash equivalents and bank overdrafts at beginning of the year	23	0.0	-
Exchange gains/(losses) on cash and cash equivalents from operations

Cash and cash equivalents at 31 December	23	90.2	0.0

TMF Group Holding B.V. ("TMF Group") presents its cash flows from operating activities using the indirect method. TMF Group has reconciled profit before tax to net cash flows from operating activities by making adjustments for amortisation expenses, depreciation expenses, impairment expenses, provisions and employee benefits expenses, finance income and expenses, changes in foreign currency excluding movement in currency translation reserves and other losses. Working capital adjustments included in the statement of cash flows relate to financial assets, trade receivables, unbilled services, other receivables, trade payables and other payables.

TMF Group has elected to classify interest received and interest paid (including interest on lease liabilities and interest arising from revenue contracts, if there is any) as cash flows from operating activities.

TMF Group has classified cash flows arising from costs incurred to obtain a contract as cash flow from operating activities. Costs incurred to fulfil a contract that meet the criteria for capitalisation in as per IFRS 15 or are expensed as incurred are presented as cash flows from operating activities.

TMF Group includes in the cash flow from investing activities net of cash acquired for acquisition of subsidiary, investment in intangible assets, investment in property, plant and equipment and disposal of intangible assets and property, plant and equipment.

Cash related to business combinations is included in cash flow from operating activities if related to transaction costs or cash flow from investing activities if this relates to net cash acquired with the subsidiary.

Following cash flows are included in the cash flow from financing activities of TMF Group: proceeds from issuance of shares, cash payments to owners to acquire or redeem the entity’s shares, proceeds from borrowings, repayments of borrowings (including lease liability), transaction costs in relation to refinancing of loans and dividends paid to non-controlling interest.

In the statement of cash flows, TMF Group classifies cash payments for the principal portion of the lease liability within financing activities, cash payments for the interest portion of the lease liability as cash flows from operating activities and short-term lease payments, payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability within operating activities.