Cash flow from operating activities declined by 10.3% from EUR 1,282.2 million in the business year 2015/16 to EUR 1,150.4 million in the business year 2016/17. Including non-cash expenses and income, profit after tax increased significantly while net working capital turned negative in the past business year, from EUR 113.9 million in the previous year to EUR –98.6 million. Despite comprehensive countermeasures, working capital rose on the back of considerably higher raw materials and selling prices as of the end of March 2017 compared to the prior-year reporting date. In contrast, the capital allocated to investments in the business year 2016/17 was much lower than in 2015/16. This led to a corresponding decrease in cash flow from investing activities to EUR –1,049.8 million in the past business year, compared to EUR –1,230.0 million in the previous year. After cash outflow from financing activities exceeded cash inflow by EUR 366.7 million in the business year 2016/17, the closing balance of cash and cash equivalents as of March 31, 2017, came to EUR 503.3 million (March 31, 2016: EUR 774.8 million).