ANIM.MI IT Equity☆

Every bar is a figure as filed. The blue bars are the reported subtotals (Pretax income → Net income), drawn from zero at exactly the number in the filing — never a sum computed here. The coloured steps between them are the filed component lines, applied as decreases (the taxonomy stores expenses as positive magnitudes) or, for “Other non-operating”, exactly as signed in the filing.

Residuals. Whatever part of a reported subtotal-to-subtotal gap the served lines do not name is drawn as its own hatched step and labelled a residual. Stretching a neighbouring step to make the arithmetic close — what a conventional waterfall does — would put a number on screen that nobody filed.

Skipped rungs. This filer does not tag revenue, gross profit, operating income for this period (banks, insurers and REITs routinely skip gross profit and operating income), so the bridge jumps straight between the subtotals that exist and the unnamed part of that jump is the residual above.

The ghost. Each dashed outline is the same step in the prior period (2024), anchored at this period’s running level so the reader sees whether the step grew or shrank. It contributes nothing to this period’s arithmetic.

Reconciliation.

Every figure is a filed cash-flow line, summed over the fiscal years listed below. The taxonomy stores payments as positive magnitudes, so each use is applied here as a decrease. Nothing is annualised, inflation-adjusted or imputed.

The window. Operating cash flow is the anchor, so the bridge covers exactly the 5 fiscal years that serve it (2020, 2021, 2023, 2024, 2025). A year the store has no operating cash flow for is outside the window entirely — its capex and buybacks are not summed either.

Partial legs. Stock issued (2/5 years) — the filer did not tag that line in every window year, so the bar sums only the years that did and UNDERSTATES the full window. The unfiled years are absent, never estimated.

Debt is netted. Long-term debt issued less repaid is shown as one net step, because a refinancing that issues and repays the same amount is not two events of capital allocation. Short-term / commercial-paper movement is a different tag and is not included — it lands in the remainder.

The remainder is not free cash flow. It is what the named lines do not account for: net purchases and sales of investment securities (the largest piece for a cash-rich filer), short-term-debt movement, other financing and investing items, FX, and the change in the cash balance itself. Calling it “cash retained” would assert a reconciliation this bridge has not done.

A blank cell means the filer did not tag that line for that year — never a zero.