Cash flow

Cash flow from operating activities rose significantly by 19.8% from EUR 934.6 million in the business year 2013/14 to EUR 1,119.9 million in the year under review. Besides the higher profit for the period, the cash outflow related to net working capital was substantially lower compared to the same period in the previous year. The outflow of financial resources, however, rose significantly as a result of increased investment activities, so that the cash flow from investing activities went from EUR –782.7 million to EUR –928.0 million. The Group’s financing measures in the business year 2014/15 resulted in a cash flow of EUR –289.6 million (previous year: EUR –695.6 million). In addition to dividend payments, servicing of the hybrid capital was primarily the reason for a decrease in funds, while the largest item under cash inflows results from the issue of corporate bond 2014.