RE: Free Cash Flow (FCF)1 Nov 2021 14:00
It's also worth saying, as many people who don't read the annual report won't realise it, is that "Income tax expense increased by β¬2.6 billion, primarily due to a non-cash charge of β¬2.8 billion following a decrease in the carrying value of deferred tax assets".
So again, people think it didn't generate much money, because of a low net profit figure, but there are lots of these non-cash deductions that go into which make it APPEAR lower than what most normal people would consider typically consider as profit (i.e. excluding non-cash items).