Koenig & Bauer AG Financial Statements For 2011

Solid finances and a strong cash flow
Despite bigger inventories, cash flows from operating activities surged to €83.9m (2010: €30.1m) following a jump in customer prepayments and a drop in trade receivables. This covered higher outflows for investing activities and boosted the free cash flow to €57.8m. Liquid assets soared to €145.6m while bank loans were trimmed to €35.9m, giving a net financial position of €109.7m at the end of the December, over twice the figure for 2010 (€47.9m). A comfortable level of liquidity and access to adequate credit lines document KBA’s solid financial profile, as does the high ratio of equity to the bigger balance sheet total, which in 2011 was 38.2 percent.