Cash flow and working capital
The Group’s operating cash flow before financial and tax items turned clearly positive in the first quarter and amounted to EUR 19.8 (-12.1) million. Cash conversion was 148.2 percent. Operating cash flow improved in all divisions due to better profitability and improved working capital management. The Group’s free cash flow improved to EUR 12.2 (-18.5) million.
The Group’s working capital improved to EUR -41.4 (-21.3) million at the end of March. Working capital also improved from the level of EUR -30.8 million at the end of December 2017. The amount of POC receivables decreased to EUR 240.4 (268.3) million and trade receivables to EUR 269.9 (298.6) million at the end of March. There was good development also in old overdue trade receivables. At the end of March, working capital was still tied by certain risk projects mainly in divisions Industrial Solutions and Germany.