(23) Cash Flow from Operating Activities

Cash flow from operating activities amounts to 49,941 thousand euros (prior year: 41,993 thousand euros) and is derived indirectly from earnings before tax. The indirect method considers financial results, depreciation, amortisation, other non-cash income and expenses, and changes in key balance sheet items and other net assets.

The other non-cash income and expenses mainly comprise changes to provisions and valuation allowances. In 2008, this also includes a gain of 466 thousand euros from the disposal of the TomTech subsidiary.

Changes to balance sheet items are adjusted for assets and liabilities assumed (delivered) in acquisitions (deconsolidation) and currency translation effects.