Financing

The financial position of the Group remained stable during the first quarter.

The interest-bearing net debt increased from EUR 28 million at the end of the financial year 2008/09 to EUR 80 (130) million at the end of April 2009. The amount of sold receivables increased from EUR 175 million at the end of the financial year 2008/09 to EUR 190 (68) million at the end of April 2009. The effective net debt including as debt the sold receivables of EUR 190 (68) million equaled to EUR 270 (198) million.

Cash and liquid assets increased to EUR 54 (21) million. The available limit in the revolving credit facilities with core banks amounted to EUR 120 (200) million, and the unused limit in the securitisation programmes was EUR 45 (177) million at the end of April.

Net financial items totalled EUR -4 (-2) million during the first quarter. The higher financing cost as a result of the global financial turbulence increased the net financial items of the Group. Net gearing decreased to 31 (45)%.

Free cash flow and net working capital

In the first quarter, the operative cash flow before changes in net working capital and investments was EUR 33 (33) million. The change in net working capital produced a cash flow of EUR -69 (-148) million and the net investments amounted to EUR -16 (-5) million. The free cash flow during the first quarter was EUR -52 (-120) million. The net working capital increased from EUR -68 million at the end of the financial year 2008/09 to EUR -4 (161) million at the end of April 2009.