Cash flow from operating activities remained largely unchanged year on year at €73 million for the first quarter of 2008/2009 (previous year: €72 million). Within this context, the rise in EBITDA by 11% to €69 million (previous year: €62 million) provided the basis for operating cash flow. Income tax payments resulted in a reduction in funds by €12 million (previous year: €8 million). Compared to September 30, 2008, working capital was scaled down significantly by €32 million to €221 million. The associated inflow of cash in the amount of €32 million was comparable to that recorded in the same period a year ago (previous year: €36 million). The net change in other assets and the remaining other liabilities as well as provisions produced a cash outflow of €15 million (previous year: €17 million)

At €19 million, net cash used in investing activities was considerably higher than for the same period a year ago (previous year: €13 million). This year-on-year increase was attributable mainly to the €5 million payment made at the beginning of the current fiscal year for an ownership interest acquired in Bankberatung Organisations- und IT-Beratung für Banken AG during fiscal 2007/2008. The emphasis of investment spending was on intangible assets and other fixed assets and office equipment.

Financing activities resulted in a slight cash outflow of €1 million. By contrast, net cash used in financing activities during the first quarter of the previous fiscal year had stood at €15 million mainly due to treasury share purchases.

Cash flow from operating activities was used mainly for the purpose of scaling back net debt to €141 million.