The consolidated cash flow statement has been drawn up in accordance with IAS 7 “Cash Flow Statements”.
Cash and cash equivalents include not only cash (€9,536k) and marketable securities (€68k) but also bank liabilities repayable at any time (€15,586k) as these could be considered in the management of cash.
The increase in working capital is a result of the following changes:
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€k |
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Sept.30, 2006 |
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Sept.30, 2005 |
Increase/reduction in inventories |
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–88,888 |
|
432 |
Increase/reduction in advances received from customers |
|
49,796 |
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–12,932 |
Increase in trade receivables |
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–51,536 |
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–11,541 |
Increase in trade payables |
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18,325 |
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3,746 |
Increase in deferred income |
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17,819 |
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10,075 |
Increase in working capital |
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–54,484 |
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–10,220 |
Overall, the EBITDA of €202,995k, the increase in accruals of €45,550k and the increase in working capital to €54,484k essentially resulted in cash flow from operating activities of €154,646k.
The change in consolidation group resulted in a €0.2 million (previous year: decrease of €10.7 million) increase in working capital as well as a €0.1 million (previous year: €0.5 million) increase in cash and cash equivalents. Please see our explanatory notes on the Consolidation Group.