€ thousands

Note

2004

2003

Consolidated net income

77,239

7,063

Income taxes

33,049

4,201

Interest result

- 3,253

- 2,748

Depreciation

11,152

10,753

Income from sale of SAP-SI shares

- 24,539

0

Income from sale of other assets

288

399

Cash generated from operations

93,936

19,668

Changes in inventories, receivables
and other current assets

3,753

5,986

Changes in payables and other liabilities

- 48,907

14,845

Income taxes paid

- 22,920

- 29,725

Interest paid

- 2,360

- 1,223

Interest received

5,353

3,959

Net cash provided by operating activities

28,855

13,510

Cash received from the sale of tangible/
intangible assets

166

1,316

Investments in tangible/
intangible assets

- 6,031

- 6,329

Cash received from the sale of financial assets

27,371

280

Investments in financial assets

- 846

- 1,292

Net cash provided by/used in investing activities

20,660

- 6,025

Proceeds from issues of minority share capital

0

159

Repayment of loans from acquisitions
and other finance liabilities

- 3,170

- 5,533

Net cash used in financing activities

- 3,170

- 5,374

Change in cash funds from cash relevant transactions

46,345

2,111

Adjustment from currency translation

- 1,412

- 3,375

Net change in cash and cash equivalents

44,933

- 1,264

Cash and cash equivalents at the beginning of the period

74,159

75,423

Cash and cash equivalents at the end of the period

119,092

74,159