Non-cash expenses and income include depreciation (including financial assets) in the amount of EUR 325.3 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 547.7 million in comparison to EUR 533.4 million in the first half of the preceding year; this represents an increase of about 3%. After the deduction of EUR 665.7 million in cash flows from investing activities and taking into account cash flows from financing activities amounting to EUR –9.0 million (mainly borrowings, capital increase, and dividends), the resulting change in cash and cash equivalents (without net exchange differences) amounts to EUR –127.0 million.
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