DATEV’s liquidity and financing structure remains solid and balanced.
Equity totaled 186.0 million euros at the end of the reporting period (2015: 181.7 million euros). While debt increased slightly compared to the previous year, totaling 290.5 million euros at the end of the reporting period (2015: 279.2 million euros), the debt/ equity ratio remained unchanged on December 31, 2016, at 39%.
Provisions decreased by 1.7 million euros to 77.4 million euros (2015: 79.1 million euros). This year-over-year decline was primarily due to lower tax provisions as a result of higher advance payments. Other provisions increased, whereby lower provisions for personnel expenses stood in contrast to an increase in provisions for third-party services.
Total liabilities increased by 12.9 million euros to 213.0 million euros (2015: 200.1 million euros). This increase was caused by higher trade payables, particularly from software and maintenance agreements. In contrast, liabilities to financial institutions declined as a result of the scheduled repayment of building loans granted for the construction of the DATEV IT Campus 111.
At 49.2 million euros, cash flow from investing activities was significantly lower than the previous year’s value (2015: 72.4 million euros). This decrease was primarily the result of a decline in payments for investments in the new office building. The payment of the cooperative refund as well as loan repayments led to cash outflows from financing activities totaling 50.9 million euros (2015: 34.6 million euros). Positive cash flow from operating activities totaled 97.9 million euros (2015: 107,3 million euros) and almost completely covered the payments for investments and financing. Cash and cash equivalents declined slightly at the end of the reporting period to 10.2 million euros (2015: 12.4 million euros).