Cash Flow Statement - Bechtle AG Interim Report as at 30 June 2026

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in €k
	01/04 – 30/06/2026	01/04 – 30/06/2025	01/01 – 30/06/2026	01/01 – 30/06/2025
Operating activities
Earnings before tax	80,201	66,778	141,836	122,078
Adjustment for non-cash expenses and income
Net financial result	3,854	1,588	7,398	3,444
Amortisation of intangible assets and depreciation of property, plant and equipment	42,690	38,309	84,938	76,864
Gains and losses on disposal of intangible assets and property, plant and equipment	48	206	104	574
Other non-cash expenses and income	7,077	1,623	9,260	−3,475
Changes in net assets
Change in inventories	−47,037	7,477	−227,329	−27,023
Change in trade receivables	−44,225	−6,864	114,747	102,306
Change in trade payables	−14,631	14,441	−21,899	−147,254
Change in deferred income	−14,316	−20,370	−671	8,021
Changes in other net assets	−108,122	−31,554	−165,576	−53,308
Income taxes paid	−17,994	−26,418	−44,544	−58,018
Cash flow from operating activities	−112,455	45,216	−101,736	24,209

Investing activities
Cash payments for acquisitions, net of cash acquired	0	−208	−27,810	−698
Divestments	0	0	0	1,626
Cash payments for investments in intangible assets and property, plant and equipment	−33,146	−28,750	−62,940	−57,524
Cash received from the sale of intangible assets and property, plant and equipment	3,287	3,102	5,662	6,395
Cash payments for purchases of time deposits and securities	−3,615	37,613	−3,615	0
Cash received from the sale of time deposits and securities, and from repayments of non-current assets	4,663	23,367	74,360	73,367
Interest received	1,310	4,468	4,019	8,870
Cash flow from investing activities	−27,501	39,592	−10,324	32,036

Financing activities
Repayments of financial liabilities	−29,498	−3,739	−48,234	−45,118
Cash received from incurring financial liabilities	451,008	972	452,015	6,945
Dividend payment	−88,200	−88,200	−88,200	−88,200
Interest paid	−6,611	−5,778	−10,780	−9,592
Repayments of lease liabilities	−20,850	−19,224	−40,123	−38,170
Cash flow from financing activities	305,849	−115,969	264,678	−174,135

Effects of exchange rate changes on cash and cash equivalents	5	−1,779	2,477	−2,958
Changes in cash and cash equivalents	165,898	−32,940	155,095	−120,848
Cash and cash equivalents at the beginning of the period	367,968	555,207	378,771	643,115
Cash and cash equivalents at the end of the period	533,866	522,267	533,866	522,267

For further information see Notes, in particular VI. Explanatory Notes to the Cash Flow Statement

Consolidated Cash Flow Statement