Non-cash expenses and income include depreciation (including financial assets) in the amount of EUR 165.9 million, less non-cash income in the amount of EUR 145.8 million from the aforementioned initial full consolidation of voestalpine Tubulars GmbH, voestalpine Tubulars GmbH & Co KG, and CNTT Chinese New Turnout Technologies Co., Ltd. Taking the change in working capital into consideration, cash flows from operating activities amounted to EUR 216.8 million in comparison to EUR 230.2 million in the first quarter of the preceding year; this represents a decline of about 6%. After the deduction of EUR 325.0 million in cash flows from investing activities and taking into account cash flows from financing activities amounting to EUR –45.7 million, the resulting change in cash and cash equivalents (without net exchange differences) amounts to EUR –153.9 million.
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