Stable Course of the Cash Flow in 2003. Cash Flow and Equity Capital in Austrian Manufacturing

According to WIFO estimates, Austrian manufacturing achieved a cash flow to sales ratio of 11 percent in 2003, which is comparable to the performance in 2002. The high cash flow to sales ratio in 2002 had been unexpected, given the sluggish growth prospects. A survey among major firms conducted by the Federation of Austrian Industrialists confirms the figures for 2002. For 2003, companies have reported a slight fall. International comparative data are available only for the years up to 2001. At the onset of the downturn of the international business climate, Austrian manufacturers produced a cash flow to sales ratio of 11.2 percent.