Cash Flow Statement - Bechtle AG Quarterly Statement as of 31 March 2026

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in €k
	01.01– 31.03.2026	01.01– 31.03.2025
Operating activities
Earnings before taxes	61,635	55,300
Adjustment for non-cash expenses and income
Financial earnings	3,544	1,856
Depreciation and amortisation of intangible assets and property, plant and equipment	42,248	38,555
Gains and losses on disposal of intangible assets and property, plant and equipment	56	368
Other non-cash expenses and income	2,183	−5,098
Changes in net assets
Changes in inventories	−180,292	−34,500
Changes in trade receivables	158,972	109,170
Changes in trade payables	−7,268	−161,695
Changes in deferred income	13,645	28,391
Changes in other net assets	−57,454	−21,754
Income taxes paid	−26,550	−31,600
Cash flow from operating activities	10,719	−21,007

Investing activity
Cash paid for acquisitions less cash acquired	−27,810	−490
Divestments	0	1,626
Cash paid for investments in intangible assets and property, plant and equipment	−29,794	−28,774
Cash received from the sale of intangible assets and property, plant and equipment	2,375	3,293
Cash paid for acquisitions of time deposits and securities	0	−37,613
Cash received from the sale of time deposits and securities, and from redemptions of non-current assets	69,697	50,000
Interest payments received	2,709	4,402
Cash flow from investing activities	17,177	−7,556

Financing activity
Cash paid for the repayment of financial liabilities	−18,736	−41,379
Cash received from the assumption of financial liabilities	1,007	5,973
Interest paid	−4,169	−3,814
Outflow for the repayment of finance leases	−19,273	−18,946
Cash flow from financing activities	−41,171	−58,166

Exchange-rate-related changes in cash and cash equivalents	2,472	−1,179
Changes in cash and cash equivalents	−10,803	−87,908
Cash and cash equivalents at the beginning of the period	378,771	643,115
Cash and cash equivalents at the end of the period	367,968	555,207

Consolidated Cash Flow Statement