The Group cash flow (Glossary)  statement shows the origin and use of cash resources in fiscal 2006/2007, and the previous year, and distinguishes between cash flow from operating activities and from investing and financing activities. Cash flow from operating activities is derived indirectly from EBITA (Glossary) . Cash funds take into account cash and cash equivalents as well as bank liabilities repayable at any time.

The 16% rise in cash flow from operating activities highlights the positive direction of growth during the last fiscal year. Compared to the previous year, cash flow was up €25 million to €180 million (2005/2006: €155 million). This was largely due to a 15% increase in EBITDA to €233 million (2005/2006: €203 million), although a rise of €26 million in the figure for accruals (2005/2006: €46 million) also had a positive impact. The main contrary factors were income tax payments of €37 million (2005/2006: €28 million) and a build-up of working capital (Glossary)  totaling €40 million (2005/2006: €55 million), largely on account of the increase in trade receivables.

Cash flow from investment activities amounted to €66 million (2005/2006: €133 million). For the year under review, this outflow was thus covered entirely by cash flow from operating activities. The previous year’s figure was marked, above all, by a one-off cash outflow of €84 million, due to a transfer to Wincor Nixdorf Pension Trust e.V. (allocation to plan assets). Cash outflow for investments in intangible assets and property, plant and equipment was €52 million (2005/2006: €50 million). As in previous years, the main focus of this investment activity was on other fixed assets and office equipment. Acquisitions accounted for a further cash outflow of €10 million (2005/2006: 1 million). In addition to the purchase of minority interests in Wincor Nixdorf Services NV, Zaventem, Belgium, in the amount of €8 million, we took over property, plant and equipment and personnel liabilities, in the course of an outsourcing (Glossary)  agreement, to the value of €2 million. Investments in reworkable service parts remained at €6 million, the same level as fiscal 2005/2006.

Compared to the previous year, there was a marked increase of €119 million in cash flow from financing activities (2005/2006: €27 million). This outflow was almost entirely covered by cash flow from operating activities. The dividend paid out in 2006/2007 was €46 million (2005/2006: €35 million). A further outflow of €21 million was attributable to repayment of financial loans (2005/2006: €2 million). As in the previous fiscal year, a total of €8 million was expended on the settlement of the share-based payment program and payments in connection with minority interests. In addition, we spent €44 million on the repurchase of own shares (treasury shares). The figures for 2005/2006 had been affected in the opposite direction by an inflow of cash from loans totaling €18 million.

As a result of the cash flows described above, Group net debt (Glossary)  (bank liabilities less cash and cash equivalents) was reduced from €200 million in the previous year to €182 million in 2006/2007.

Mainly on account of its positive cash flow from operating activities, Wincor Nixdorf Group was and remains in a position to meet its payment obligations at any time, and does therefore not see a need to commission a rating.