In the first three months of fiscal 2005/2006, cash flow from ordinary activities was € 63 million (previous year: € 65 million), with € 47 million of this coming from EBITDA (previous year:
41 million). Working capital reduced to a lower level than this time last year, with the effect that incoming cash flow from ordinary activities remained marginally below last year’s level.

The € 6 million of outgoing cash flow on investment activities (previous year: € 17 million) was spent largely on capital investment in property, plant and equipment, mainly office and factory equipment. Last year’s figure included € 1 million of acquisition expenditure in addition to € 4 million on property, plant and equipment and € 2 million on intangible assets.

Cash flow from financing activities showed outgoings of € 47 million (previous year: inflow of
€ 9 million), mainly the result of loan repayments of € 52 million during Q1 of the current fiscal year.