KBA Reports Jump in Sheetfed, Web Press Orders

Bigger inventories for scheduled shipments reduce cash flow
The quarterly loss and bigger inventories reduced cash flows from operating activities to –€41.3m, well below the 2009 figure of €19.2m. The free cash flow came to –€43.4m, against €13.5m twelve months earlier. Funds shrank from €76.1m at the end of December to €38.8m at the end of March. While bank loans totalling €55.5m were higher than at the end of last year (€48.3m), net debt was a manageable €16.7m. This is well within the long-term credit lines available and should improve significantly along with the cash flow as sales pick up in the second half-year. Group equity represented 38% of the balance sheet total, well above the industry average.