Financial Position

In the first nine months of fiscal 2009/2010, cash flow from operating activities totaled €144 million, down 6% on last year’s figure (previous year: €154 million). EBITDA, which is a major contributor to cash flow from operating activities, fell by 8% to €164 million (previous year: €178 million). Income taxes paid led to a cash outflow of €42 million (previous year: €47 million). At €197 million, working capital for the first nine months remained largely unchanged compared to the figure recorded on September 30, 2009 (€202 million), as a result of which the cash inflow was just €5 million (previous year: €61 million). Changes relating to other assets and the remaining other liabilities as well as accruals produced an inflow of cash in the amount of €18 million. By contrast, the Group recorded a cash outflow of €36 million in the same period a year ago.

Net cash used in investing activities decreased by 12% year on year to €43 million (previous year: €49 million). The main focus was on other fixed assets and office equipment as well as reworkable service parts. There were no acquisitions-related cash outflows during the reporting period. The previous years figure includes the amount paid for the purchase of an interest in Bankberatung Organisations- und IT-Beratung für Banken AG as well as an interest in Connections Canada Inc. (CCI).

Net cash used in financing activities amounted to €71 million (previous year: €32 million). In this context, the dividend payment of €59 million (previous year: €67 million) declared at the Annual General Meeting in January of the current fiscal year had a significant impact on cash flow. Additionally, the acquisition of further minority shareholdings of €4 million in Bankberatung Organisations- und IT-Beratung für Banken AG was accounted for as an outflow under cash flow from financing activities. In the first nine months of the fiscal year a net amount of €7 million in financial loans was extinguished. In the previous year, by contrast, the net take-up of borrowings had totaled €37 million.

As a result of the above-mentioned changes in cash flow, net debt was scaled back by €35 million compared with September 30, 2009, to €115 million as of June 30, 2010.

At €101 million (previous year: €111 million), free cash flow (cash flow from operating activities less capital expenditure on intangible assets, property, plant and equipment and reworkable service parts) was €10 million lower than a year ago.