In the first nine months of the fiscal year, cash flow from operating activities reached € 124 million (previous year: € 120 million). Contributing factors were both EBITDA of € 148 million (previous year: € 121 million) and changes in working capital. These changes produced an outflow of funds of € 19 million, in which the allocation of a part of trade receivables has been included as plan assets.

Outgoing cash flow for investment activities of € 33 million (previous year: € 38 million) showed an application of funds largely featuring investment in intangible assets and property, plant and equipment. Investment was essentially undertaken in office and factory equipment (€ 19 million, previous year: € 12 million). Last year’s figure included acquisition consideration of € 19 million. As per common industry practice, reworkable service parts are now being reported for the first time under “Non-current assets”. € 6 million was invested in reworkable service parts.

Cash flow from financing activities showed a cash outflow of € 40 million (previous year: € 88 million). A major element of this was a dividend payment of € 35 million (previous year: € 20 million). The 2004 option program payout resulted in an outflow of € 7 million after tax effects.

In June 2006 the Company transferred assets into a legally registered association to create plan assets as defined by IAS 19 under a CTA. The plan assets consist of € 14 million of equity interest in a real estate property leased to third parties, trade receivables of € 30 million and cash funds of € 56 million. The association has undertaken pension obligations to the same value. This cash outgoing has been reported as a neutral change in cash funds.