KBA on Target With Nine-Month Figures

Continued solid finances and balance sheet
The increase in sheetfed sales planned in the fourth quarter has led to a temporary rise in working capital. However, the improvement in earnings and drop in trade receivables increased cash flow from operating activities to €66.1m (2011: €64.6m). The free cash flow climbed from €40.7m to €49.9m and raised funds to €193.4m accordingly. This process is supported by active cash management and objectives linked to financial figures. After deducting reduced bank loans totalling €30.7m, KBA continues to have a very good net financial position of €162.7m. At 37.6% the group’s equity ratio was also significantly above the industry average.