Dividends from subsidiaries
The cash a holding company receives from the businesses it controls, out of which it usually pays its own distribution.
How to read the number
It explains the gap between group profit and the parent's ability to pay: the money must first travel up to the top of the ownership chain.
When the metric lies
Part of the flow stops with minority holders of the subsidiaries and with joint ventures, so consolidated profit includes amounts that will never reach the parent.
Also known as: upstream dividends