Koenig & Bauer AG Reports Good Start to the 2011 Business Year

Bigger cash flow and healthy finances
Despite bigger inventories in preparation for scheduled shipments, cash flows from operating activities rocketed from –€41.3m twelve months earlier to €40.1m, the free cash flow from –€43.4m to €36.3m. This was largely attributable to higher earnings, a rise in customer prepayments and a drop in trade receivables. Funds totalled €127.5m at the end of March, up from €91m at the end of December 2010. Net liquidity of €83.6m was very much better than twelve months earlier (–€16.7m), and KBA has access to ample credit lines. At the end of the quarter equity was worth an above-average 38.2 percent of a higher balance sheet total.