Cash flow. |
|
€m |
||
|
9 months |
9 months |
||
|
||||
Cash flow from operating activities |
154 |
159 |
||
Cash flow from investment activities |
–49 |
–53 |
||
Cash flow from financing activities |
–32 |
–78 |
||
Change in liquidity |
73 |
28 |
||
Cash and cash equivalents at the end of the period1 |
71 |
16 |
||
In the first nine months of fiscal 2008/2009, cash flow from operating activities was €5 million lower at €154 million (previous year: €159 million). Despite a fall of 6% to €178 million (previous year: €189 million), EBITDA provided the basis for cash flow from operating activities. Income taxes paid of €47 million (previous year: €40 million) and interest paid of €7 million (previous year: €9 million) resulted in an cash outflow. Another key factor in cash flow from operating activities was the reduction in working capital by €61 million (previous year: €44 million). Changes in other assets and other liabilities as well as accruals again resulted in a cash outflow of €36 million (previous year: €30 million).
At €49 million (previous year: €53 million), cash flow from investing activities was slightly down on last year’s figure. The main focus of investments was on intangible assets and other fixed assets and office equipment. Acquisition activities produced a cash outflow of €8 million (previous year: €2 million). A payment of €5 million was made at the beginning of the current fiscal year for the purchase of an interest in Bankberatung Organisations- und IT-Beratung für Banken AG, which was acquired in fiscal 2007/2008. Wincor Nixdorf expanded its business in North America by acquiring a 51% interest in Connections Canada Inc. (CCi). Wincor Nixdorf also took over a business unit of Siemens in the Philippines, thus strengthening its presence in the Asia/Pacific/Africa region.
Cash flow from financing activities resulted in an outflow of €32 million (previous year: €78 million). One of the major factors here was the dividend payment of €67 million (previous year: €88 million including a special dividend). In addition, the Group took out financial loans amounting to net €37 million (previous year: €54 million). In the previous fiscal year, €44 million had been used to repurchase treasury shares.
As of June 30, 2009, the cash flows outlined above brought the level of net debt down to €156 million (Sept. 30, 2008: €194 million).
