Non-cash expenses and income include depreciation/revaluation (including financial assets) of EUR 604.3 million. Taking the change in working capital into consideration, the cash flows from operating activities are EUR 562.8 million compared with EUR 202.0 million in the first half of the previous year; this represents an increase of 178.6%. A total of EUR –287.3 million in cash flows from investing activities (which include EUR –5.5 million in investments in other financial assets) and EUR –0.7 million in cash flows from financing activities lead to a change in cash and cash equivalents (excluding net exchange differences) of EUR 274.8 million. The cash flows from financing activities include the renewed utilization of a EUR 150 million refinancing facility made available by Oesterreichische Kontrollbank, OeKB.
A total of EUR 188.4 million in funds from deferrals of social security contributions, non-wage costs, and taxes had a positive impact on the cash flows from operating activities. But the reduction in the factoring volume on account of lower revenue had a slightly higher countervailing effect.
Because investments were postponed to preserve liquidity, the cash flows of EUR –290.3 million from additions to other intangible assets, property, plant and equipment are substantially lower than they were in the same period the previous year (EUR –387.0 million).
Thanks to the excellent cash flows, net financial debt of EUR 3,775.0 million as of March 31, 2020, fell substantially to EUR 3,491.0 million as of September 30, 2020.
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