The 9% rise in cash flow from operating activities again shows the continued positive financial position during the last fiscal year. Compared to the previous year, cash flow was up €16 million to €196 million (2006/2007: €180 million). As in the previous year, this was largely due to an increase in EBITDA (Glossary)  of 12% to €260 million (2006/2007: €233 million). The main cash outflows were interest payments of €13 million (2006/2007: €9 million), income tax payments of €56 million (2006/2007: €37 million) and a reduced figure for accruals of €6 million (2006/2007: rise of €36 million). A slight fall of €3 million in working capital (Glossary)  (2006/2007: up €40 million) and a reduction of €10 million in other assets and liabilities (2006/2007: up €4 million) helped support this increase in cash flow from operating activities.

Cash outflows from investing activities amounted to €72 million (2006/2007: €66 million). Cash outflow for investments in intangible assets and property, plant and equipment was €67 million (2006/2007: €52 million). As in previous years, the main focus of this investment activity was on other fixed assets and office equipment and on the Outsourcing (Glossary)  business. Investments in reworkable service (Glossary)  parts almost remained unchanged. We further expanded our Outsourcing business by acquiring an interest in Prosystems IT GmbH. This acquisition resulted in a net cash outflow of €2 million. In September 2008, we acquired a share in Bankberatung Organisations- und IT-Beratung für Banken AG in order to strengthen our consultancy activities in the Banking (Glossary)  segment. This deal produced an increase of €1 million in cash and cash equivalents, since the purchase price of €5 million was not paid until the beginning of October 2008. In total, acquisitions accounted for a net cash outflow of €2 million (2006/2007: €10 million).

At €116 million, cash flow from financing activities remained at almost the same level as the previous year (2006/2007: €119 million). The dividend paid out to shareholders was €88 million (2006/2007: €46 million), and we spent €43 million on the repurchase of our own shares (treasury shares) (2006/2007: €44 million). Borrowings rose by €16 million, whereas in the preceding year €21 million of borrowings were repaid.

The Group’s net debt (Glossary)  (bank liabilities less cash and cash equivalents) increased to €194 million (2006/2007: €182 million), roughly corresponding to net cash from operating activities in the year under review.

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.