82 MANAGEMENT REPORT ECONOMIC AND LEGAL ENVIRONMENT a slightly positive EBIT of 0.5 million with our ser- vice companies (previous year: 0.3 million). In financial year 2009, cash generated from opera- tions amounted to 212.5 million (previous year: 187.0 million). The change primarily resulted from the 11.3 million increase in depreciation/amortisa- tion/impairments and the 9.1 million increase in net consolidated profit. Cash used in investing ac- tivities amounting to 406.7 million (previous year: 254.8 million) was well above the previous year's level since during the reporting year a number of major investment projects were pursued and the MEDIGREIF group acquired as of 31 December 2009. Cash generated from financing activities amounting to 537.9 million (previous year: cash used in the amount of 20.0 million) was in particular attribut- able (in the amount of 444.8 million) to the capital increase. As at the balance sheet date, our net fi- nancing debt (excluding negative market values of fi- nancial derivatives) of 400.4 million (previous year: 605.8 million) roughly corresponds to 1.4 times (previous year: 2.3 times) our EBITDA. Our equity grew by 533.6 million (+60.0%) to reach 1,422.9 million. The increase of 533.6 mil- lion stems from the net consolidated profit of 131.7 million less dividends paid to shareholders and minority interests in the amount of 38.7 mil- lion and less the 4.2 million impairment require- ment for the effective portion of the interest-rate hedging instruments recognised directly in equity (cash flow hedge). Equity was moreover increased by net issuance proceeds from the capital increase in the amount of 444.8 million. The equity ratio rose from 41.5% to 49.8%. For financial year 2010, and despite a challenging environment, we expect to generate revenues of approximately 2.6 billion and a net consolidated profit of roughly 145 million within a range of plus/ minus 5%. ECONOMIC AND LEGAL ENVIRONMENT MACROECONOMIC TREND The impact of the global economic crisis in 2008 led to a global economic recession in the real economy in the current calendar year. In the US the economy contracted by 2.5%, in Japan by 5.9%, in the EU by 4.1% and in Germany by 5.0%. Particularly due to the sharp fall in its exports, Germany experienced its deepest recession in period following World War II. All over the world, governments took concerted measures to rescue the banking sector and the econ- omy. Distressed banks either had to close or accept state-controlled merger or partial nationalisation. Huge amounts of public funds were spent to keep private banks of systemic importance from going under. In return, the institutions concerned had to give the state a certain say in their management. In Germany, a bank rescue fund (Special Fund for Financial Market Stabilisation, SoFFin) was created. With these measures, it was possible to kick-start lending to the economy. The year 2009 also witnessed the launch of the largest economic stimulus packages ever, both globally and in Germany, to rescue the real economy. In Germany alone, the economic stimulus programme launched amounted to 50 billion, the biggest ever in the country's history. This programme was used to finance public investments, cuts in taxes and levies, as well as incentives for purchasing cars (German "cash-for-clunkers" premium). Together with the massive funding of the labour market through gener- ous provisions on short-time work, domestic con- sumption and domestic construction investment could be stabilised to a large extent. As a result, the drastic decline in exports was largely offset by an in- crease in domestic demand. The recession in Germa- ny for 2009 turned out to be only 5% versus the origi- nal forecast of 6%. The 5% decline (2008: growth of 1.3%) in price-ad- justed gross domestic product (GDP), the first de- crease in six years, turned out to be the largest ever recorded in the post-war era. It was largely confined to the first two quarters of financial year 2009, with the situation stabilising moderately at a low level in the further course of the year. The recessive trend was driven in particular by the decline in the con- tribution from exports (­3.4%) and investments (­12.5%), whereas public and private consumption ­ propped up by economic stimulus packages ­ pro- duced moderate growth (+1.4%). Since the economic stimulus measures were financed by debt, Germany's
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