Cash flow from operating activities remained largely unchanged year on year at €140 million in the first half of fiscal 2008/2009 (previous year: €142 million). Within this context, the rise in EBITDA by 5% to €129 million (previous year: €123 million) provided the basis for operating cash flow. Tax payments of €31 million (previous year: €27 million) and interest payments of €6 million (previous year: €5 million) resulted in an outflow of funds. Cash flow from operating activities also benefited significantly from the reduction of working capital by €89 million (previous year: €88 million). Changes in other assets and other liabilities as well as provisions resulted in a cash outflow of €43 million in the first half of the fiscal year (previous year: €43 million).

At €32 million (previous year: €33 million), net cash used in investing activities was slightly down on last year’s figure. This figure includes the payment of a consideration of €5 million at the beginning of the current fiscal year for the acquisition of a majority share in Bankberatung Organisations- und IT-Beratung für Banken AG in fiscal 2007/2008. Beyond this, the main focus of investments was on intangible assets and other fixed assets and office equipment.

Financing activities resulted in a cash outflow of €51 million (previous year: €98 million). Within this context, the dividend payment of €67 million decided at the Annual General Meeting in January of the current fiscal year had a significant impact on cash flow. In addition, the Group took out financial loans totaling €21 million (previous year: €35 million). In the previous fiscal year, an amount of €88 million, including a special dividend, had been distributed to shareholders. Additionally, treasury share purchases had totaled €44 million in the previous fiscal year.

As of March 31, 2009, the cash flows outlined above led to a reduction of net debt to €153 million.