KBA Q1 Report: Earnings Hit by Behind-Schedule Sales

High liquidity and good equity

Even though inventories have swelled in preparation for upcoming deliveries, cash flows from operating activities improved to –€11.4m compared to 2012 (–€23.1m) resulting from higher customer down payments and a reduction in trade receivables. After deducting cash flows for investing activities the free cash flow came to –€14.8m, also significantly above last year (2012: –€30m). Along with ample credit lines, funds came to €189m at the end of March (End of 2012: €206.3m). Less reduced bank loans of €29.2m, net liquidity was a considerable €159.8m and KBA’s equity ratio was a solid 35.8 percent.