Cash Flow Statement

Cash and cash equivalents include cash on hand, credit balances at banks, and other short-term deposits.

The remaining purchase price still outstanding for the sale and leaseback transaction executed at HORNBACH-Baumarkt-AG as of 06.30.2008 (DIY store in Betrange/Luxembourg), amounting to € 6,739k, has not been included under proceeds from disposal of non-current assets or under changes in other assets in the current 2008/2009 financial year. These items also do not include the purchase price not yet received for the sale of land not required for operations executed on 05.31.2008 by way of the disposal of three Austrian real estate companies (€ 15,769k).

The cash flow from operating activities was reduced by income tax payments of € 19,523k (2007/2008: € 21,974k) and interest payments of € 53,274k (2007/2008: € 51,318k) and increased by interest received amounting to € 13,482k (2007/2008: € 10,535k).

The non-cash income/expenses item for the current year mainly relates to deferred taxes, unrecognized exchange gains/losses, impairment losses on non-current assets held for sale, and personnel expenses in connection with the valuation of share options.

Statement of Recognized Income and Expenses