Condensed Consolidated Balance Sheet

Condensed balance sheet, assets

€ million

31/03/2012

in (%)

31/12/2011

in (%)

Δ in %

 

 

 

 

 

 

Non-current assets

4,146

68.0%

4,160

68.6%

-0.4%

thereof:

 

 

 

 

 

Goodwill

1,540

25.3%

1,538

25.4%

0.2%

Brand names

594

9.8%

594

9.8%

0.0%

Deferred tax assets

247

4.0%

262

4.3%

-5.8%

Leased assets

542

8.9%

540

8.9%

0.4%

Lease receivables

244

4.0%

243

4.0%

0.7%

 

 

 

 

 

 

Current assets

1,947

32.0%

1,906

31.4%

2.2%

thereof:

 

 

 

 

 

Inventories

691

11.3%

625

10.3%

10.5%

Trade receivables

704

11.5%

677

11.2%

4.0%

Lease receivables

120

2.0%

118

2.0%

1.6%

Cash

302

5.0%

373

6.2%

-19.2%

Total assets

6,093

 

6,066

 

0.4%

Total Assets

Total assets increased by €26 million from €6,066 million as of 31 December 2011 to €6,093 million as of 31 March 2012. Mainly due to the higher EBIT in Q1/2012 and the utilisation of existing deferred tax assets, the non-current assets decreased by €15 million. Current assets increased by €41 million from €1,906 million to €1,947 million. With the higher revenues realised in Q1/2012 trade receivables increased by €27 million, inventories by €66 million and sales tax receivables by €11 million compared to 31 December 2011. Other current assets decreased by €52 million and included a decrease of €72 million in cash and cash equivalents and an increase of €11 million in the sales tax receivables due to higher revenues.

Trade Working Capital

Trade working capital, defined as inventories and trade receivables less trade payables, increased from €668 million as of 31 December 2011 to €775 million as of 31 March 2012. This increase of 16% was driven by higher volume as well as by higher inventories and trade receivables at the end of the reporting period.

Equity

With negative €487 million as of 31 March 2012 our equity remained relatively stable compared to €488 as of 31 December 2011. The net income for the period amounted to €16 million. Other comprehensive income (loss) recognized in equity changed by €15 million mainly due to changes in the defined benefit obligation and related assets in accordance with IAS 19.

Liquidity

As of 31 March 2012 cash and cash equivalents amounted to €302 million compared to €373 million as of 31 December 2011, which was mainly related to business operations including tax and interest payments and the investment in 51 per cent of the outstanding shares in our UK dealer Linde Creighton Ltd.

Condensed balance sheet, equity and liabilities

€ million

31/03/2012

in (%)

31/12/2011

in (%)

Δ in %

 

 

 

 

 

 

Equity

-487

-8.0%

-488

-8.0%

0.1%

Non-current liabilities

4,846

79.5%

4,842

79.8%

0.1%

thereof:

 

 

 

 

 

Shareholder loan

650

10.7%

643

10.6%

1.1%

Corporate bond

488

8.0%

488

8.0%

0.1%

Financial liabilities

2,281

37.4%

2,290

37.7%

-0.4%

Deferred tax liabilities

321

5.3%

339

5.6%

-5.3%

Lease liabilities

466

7.7%

471

7.8%

-1.0%

 

 

 

 

 

 

Current liabilities

1,734

28.5%

1,711

28.2%

1.3%

thereof:

 

 

 

 

 

Financial liabilities

247

4.1%

227

3.7%

8.7%

Trade payables

620

10.2%

634

10.5%

-2.2%

Lease liabilities

229

3.8%

230

3.8%

-0.5%

Total equity and liabilities

6,093

 

6,066

 

0.4%

Financial Debt

As of 31 March 2012 financial debt amounted to €3,043 million, an increase of €13 million compared to 31 December 2011. From 31 December 2011 to 31 March 2012 the exchange rate between US Dollar and Euro changed by 3% (from 1.2957 to 1.3354). For the US Dollar denominated debt of our senior facilities agreement this change had a positive effect of €18 million, which resulted in a decrease of our debt position. The PIK related part of the loans under the senior facilities agreement increased financial debt. The amount for capitalized interests in the first quarter was €7 million. Additionally, net proceeds from borrowings under the senior facilities agreement and other capital borrowings amounted to €24 million between 31 December 2011 and 31 March 2012.

Net Financial Debt

As of 31 March 2012 net financial debt amounted to €2,741 million. For the period from 31 December 2011 to 31 March 2012 net financial debt increased by €84 million. In the first quarter the cash outflow from operating activities and investing activities was €74 million in total. The foreign exchange rate impact on the US Dollar loan tranches was positive. The major outflows from financing activities were interest payments.

Net financial debt

€ million

31/03/2012

31/12/2011

Change

 

 

 

 

Corporate bond - fixed rate (2011/2018) - gross

325

325

Corporate bond - floating rate (2011/2018) - gross

175

175

Liabilities to banks (gross)

2,543

2,530

0.5%

Financial debt

3,043

3,030

0.4%

./. Cash and cash equivalents

302

373

-19.2%

Net financial debt

2,741

2,657

3.2%

./. Capitalized borrowing costs

31

33

-6.3%

Net financial debt after borrowing costs

2,711

2,624

3.3%

 

 

 

 

Financial debt after borrowing costs

3,012

2,997

0.5%

 

 

 

 

Shareholder loan

650

643

1.1%

Other Financial Position

The shareholder loan increased by €7 million reflecting accrued interest for the first quarter of 2012. Our leased assets as well as our lease receivables and payables (current/non-current) accounted mainly in connection with our Financial Services business increased slightly by €1 million as of 31 March 2012.

to pagetop