Cash flow declined, with a negative cash flow for the financial year 2010/2011 of €9.8 million. At the same time, our use of credit facilities remained well within their covenants. Investments continued and reached €18.5 million compared to €19.2 million in the previous year (-3.6%).
The group’s base capital (group equity and subordinated loans) increased from €109.0 million to €112.3 million. As a percentage of the balance sheet total, the group’s base capital increased from 40.4% to 42.6%. Working capital increased with €5.2 million as result of higher unbilled amounts for client work.