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Financial position

3.1 Strong cash flow trend

Operating cash flow improved 32 percent in the quarter under review to €31.7 million, up from €24.0 million in Q2 2008. Free cash flow also performed very well once again, increasing substantially to €29.8 million. This represented a rise of 30 percent from the €23.0 million generated in the second quarter of 2008. Viewed over 6 months, operating cash flow rose 32 percent over the first half of 2008, from €60.2 million to €79.2 million.

3.2 Total assets and capital expenditure

Total assets of Software AG rose from €1,001.2 million as of June 30, 2008 to €1,124.6 million as of June 30, 2009. Cash and cash equivalents grew from €59.4 million to €136.1 million. Equity increased by 27 percent, from €457.3 million to €579.4 million. The equity-toassets ratio thus improved from 45.7 percent as of mid-year 2008 to 51.5 percent as of mid-year 2009. Non-current liabilities decreased from €273.1 million to €226.0 million. This item includes financial liabilities, which declined from €167.3 million to €106.9 million. Net debt was reduced by approximately €112 million to approximately €32 million thanks to the strong cash flow of the past twelve months. Software AG is therefore well equipped for the planned acquisition of IDS Scheer AG .