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(34)
Cash and cash equivalents of €119,092 thousand is
composed of the balance sheet accounts of cash
on hand and bank balances (€89,397 thousand)
and securities (€29,695 thousand). Only short-term,
highly liquid financial investments, subject to minimal
price fluctuations, are reported in the securities
account.
Net cash from operating activities includes restructuring
payments totaling €23,429 thousand. Moreover,
interest payments of €2,360 thousand, and
interest receipts of €5,353 thousand, are included.
Cash inflows from the disposal of SAP-SI shares
are reported under cash flow from investment
activities. Cash outflows for capital expenditures in
property, plant and equipment and intangible
assets stem primarily from renovation measures
taken in the corporate headquarters building and
the SAG-E building, as well as the purchase of
office equipment and hardware and software.
Changes in financial assets are based mainly on
regular adjustments of securities positions in order
to cover existing employee time accounts in the
case of insolvency.
Acquisitions under finance leases in the amount of
€288 thousand were undertaken in fiscal 2004.
These non-cash transactions are not reflected in
the cash flow statement.
While €2,869 thousand in liabilities from earlier
acquisitions was repaid in the previous year, the
account repayment of loans from acquisitions
and other finance liabilities contain only the repayment
of obligations under finance leases amounting
to €3,170 thousand in 2004.
Changes in value of the balance sheet account cash
and cash equivalents, stemming from the decline
in key exchange rates, are reported separately as
valuation-related changes in cash and cash equivalents
at €–1,412 thousand.
Software AG defines free cash flow as cash flow
from operating activities from which payments for
property, plant and equipment have been deducted.
Organic cash flow is the result of the elimination
of special effects according to the table below:
| |
€ thousands |
2004 |
2003 |
Net cash provided by operating activities |
28,855 |
13,510 |
Expenditures on property, plant and equipment and intangible assets |
- 6,031 |
- 6,329 |
Investment in financial assets |
- 846 |
- 1,292 |
Free cash flow |
21,978 |
5,889 |
+ Repayment of factoring |
+ 11,200 |
+ 24,600 |
+ Payments for restructuring |
+ 23,429 |
+ 18,637 |
- Tax refunds from previous periods |
- 1,930 |
0 |
+ Back taxes for previous periods |
0 |
+ 6,005 |
Organic cash flow |
54,677 |
55,131 |
|
(35) Other liquidated provisions
€18,174 thousand in unrealized income recorded in
other reserves as of December 31, 2003, were
taken to income in fiscal 2004.
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