The solid progression of business in the fiscal year ended is reflected in the cash flows from operating activities. Net cash from operating activities improved further year on year, increasing by €22 million to €155 million (previous year: €133 million). Growth within this area was driven to a large extent by the rise in EBITDA by €35 million to €203 million (previous year: €168 million).

Alongside net profit, cash flow from operating activities is influenced mainly by changes in working capital. Working capital comprises inventories, trade payables and trade receivables, prepayments received and deferred income. Owing to solid business in fiscal 2005/2006, we added to working capital in the period under review. This resulted in a cash outflow of €54 million. Despite this increase, working capital in relation to net sales remains unchanged year on year at 12%.

Net cash used in investment activities amounted to €133 million (previous year: €55 million net cash used). In fiscal 2005/2006, Wincor Nixdorf created plan assets within the meaning of IAS 19 by transferring assets to a registered society (so-called “eingetragener Verein”) as part of a contractual trust arrangement. The plan assets comprise interests in a property that has a third-party tenant as well as interests in a management company in the amount of €15 million, trade receivables in the amount of €30 million and cash totaling €84 million. In cash flow from investment activities, the cash outflow is reported as a transfer to Wincor Nixdorf Pension Trust e.V.

Investments in intangible assets and property, plant and equipment amounted to €56 million (previous year: €38 million). The main emphasis was on investments in other fixed assets and office equipment, which totaled €31 million (previous year: €27 million).

In the previous year, net cash used in investing activities included investments in acquisitions amounting to €19 million. In the period under review, reworkable service parts are reported as non-current assets, as is customary in our industry. We invested €6 million in reworkable service parts. Cash flow from investment activities includes a cash inflow of €6 million attributable to funds received for the assumption of staff-related liabilities in connection with an acquisition.

Net cash used in financing activities totaled €27 million (previous year: €130 million). This figure includes the payment of dividends amounting to €35 million (previous year: €20 million) as well as payments made in connection with the 2004 share-based payment program (less tax effects) in the amount of €7 million. We took out financial loans amounting to €18 million in fiscal 2005/2006 and made principal repayments of €2 million.

Based on its positive cash flow from operating activities, the Wincor Nixdorf Group was and continues to be capable of discharging its payment obligations. In view of these circumstances, Wincor Nixdorf has not seen the need to commission a rating.