21. Cash and cash equivalents

Cash and cash equivalents include the Group’s share in cash of joint operations of €187.5 million (2024: €197.9 million). Cash in joint operations is subject to project-specific funding agreements and embedded in the normal course of project activities, with distributions to the Group only available after consultation with relevant joint operation partners. From the remaining balance, an amount of €28.6 million (2024: €23.2 million) is restricted for specific VAT and wage tax payments.