PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

38Results of Operations, Financial Position and Net Worth: Financial PositionFinancial PositionThe changes in the group’s financial position were positive in the reporting year. Thefree cash flow was positive, as announced, and amounted to € 45.2 million (previousyear: € –100.5 million).business reportFinancial Position / Net Worthcash flow 2010 2009€ million € millionCash flow from operating activity 74.6 – 75.2Cash flow from investment activity – 40.3 – 56.5Cash flow from financing activity – 8.3 – 42.3Changes in cash and cash equivalents 27.4 – 173.5Liquid funds at the start of the reporting period 84.4 257.9Liquid funds at the end of the reporting period 111.8 84.4Cash flow from running operations (cash received) was positive in the reportingyear at € 74.6 million (previous year: € –75.2 million). Earnings before tax (ebt) of€ 6.5 million (previous year: € 7.1 million) and depreciation of € 29.5 million (previousyear: € 29.1 million) contributed to this cash flow. The rise in trade payables of€ 122.5 million and the prepayments received of € 53.2 million had a positive impacton cash flow. The rise in trade receivables (€ +61.0 million) as well as interest payments(€ 33.2 million) and income tax (€ 12.3 million) reduced cash flow; the rise in tradereceivables resulted in particular from the revenue recognition of several major projectsin the “Energy Solutions” segment at year-end.Cash flow from investment activity (outflow of funds) decreased by € 16.2 millionto € –40.3 million (previous year: € –56.5 million). Investment in property, plant andequipment was € 22.2 million (previous year: € 18.7 million) and in intangible assets was€ 11.5 million (previous year: € 7.8 million). Payments for investments in financial assetsamounted to € 11.0 million (previous year: € 31.3 million); these included the equity interestin mg Finance (33%) and Younicos (5%); the former parent company of CellstromGmbH, as well as a 50% equity interest in dmg / Mori Seiki Australia Pty. Ltd. Furtherdetails can be found in the “Investments” chapter on page 47 et seq.Cash flow from financing activities (cash outflows) was € –8.3 million and aroseout of the decrease in financial debt (€ –3.7 million) and the payment of a dividend forfinancial year 2009 (€ –4.6 million).