Condensed Consolidated Balance Sheet

Condensed balance sheet, assets

€ million

30/09/2012

in (%)

31/12/2011

in (%)

Δ in %

 

 

 

 

 

 

Non-current assets

4,246

69.8%

4,160

68.6%

2.1%

thereof:

 

 

 

 

 

Goodwill

1,556

25.6%

1,538

25.4%

1.1%

Brand names

594

9.8%

594

9.8%

0.0%

Deferred tax assets

266

4.4%

262

4.3%

1.4%

Leased assets

582

9.6%

540

8.9%

7.8%

Lease receivables

254

4.2%

243

4.0%

4.6%

 

 

 

 

 

 

Current assets

1,836

30.2%

1,906

31.4%

-3.7%

thereof:

 

 

 

 

 

Inventories

714

11.7%

625

10.3%

14.2%

Trade receivables

679

11.2%

677

11.2%

0.4%

Lease receivables

122

2.0%

118

2.0%

2.8%

Cash

159

2.6%

373

6.2%

-57.5%

Total assets

6,082

 

6,066

 

0.3%

Condensed balance sheet, equity and liabilities

€ million

30/09/2012

in (%)

31/12/2011

in (%)

Δ in %

 

 

 

 

 

 

Equity

-571

-9.4%

-488

-8.0%

-17.1%

Non-current liabilities

5,067

83.3%

4,842

79.8%

4.6%

thereof:

 

 

 

 

 

Shareholder loan

664

10.9%

643

10.6%

3.3%

Corporate bond

489

8.0%

488

8.0%

0.3%

Financial liabilities

2,291

37.7%

2,290

37.7%

0.0%

Deferred tax liabilities

296

4.9%

339

5.6%

-12.8%

Lease liabilities

505

8.3%

471

7.8%

7.2%

 

 

 

 

 

 

Current liabilities

1,586

26.1%

1,711

28.2%

-7.3%

thereof:

 

 

 

 

 

Financial liabilities

88

1.5%

227

3.7%

-61.2%

Trade payables

601

9.9%

634

10.5%

-5.3%

Lease liabilities

235

3.9%

230

3.8%

2.1%

Total equity and liabilities

6,082

 

6,066

 

0.3%

Total Assets

Total assets increased by €16 million from €6,066 million as of 31 December 2011 to €6,082 million as of 30 September 2012. Non-current assets increased by €86 million to €4,246 million, primarily as a result of increases in leased assets by €42 million, goodwill by €18 million and lease receivables by €11 million. Current assets decreased by €70 million from €1,906 million on 31 December 2011 to €1,836 million as of 30 September 2012. Driven by the higher sales volume in the first nine months, trade receivables slightly increased by €3 million to €679 million and inventories grew by €89 million to €714 million as of 30 September 2012. Compared to 31 December 2011, lease receivables for current assets increased by €3 million to €122 million and cash and cash equivalents decreased by €215 million to €159 million as of 30 September 2012. This change was primarily due to the repayments of €138 million of the Revolving Credit Facility and of €28 million from the Capex Facility, both in Q2/2012.

Trade Working Capital

Related to the increase in revenues in Q1-3/2012, trade working capital, defined as inventories and trade receivables less trade payables, increased from €668 million as of 31 December 2011 to €793 million as of 30 September 2012.

Equity

Our equity decreased by €83 million to negative €571 million as of 30 September 2012 compared to negative €488 million as of 31 December 2011. This decrease was primarily due to revaluations of pension provisions effected in Q2/2012 and Q3/2012, related to the current volatility in the interest rates used by the actuary. The net income in Q1-3/2012 amounted to €34 million.

Liquidity

As of 30 September 2012 cash and cash equivalents amounted to €159 million. Compared to 31 December 2011, cash and cash equivalents decreased by €215 million mainly related to the repayment of €138 million of the Revolving Credit Facility and the half-yearly repayment of €28 million of the Capex Facility in Q2/2012. Moreover, cash inflows from operational activities were influenced by seasonally higher trade working capital and therefore did not fully offset the debt service.

Financial Debt

As of 30 September 2012, our financial debt amounted to €2,903 million, a decrease of €128 million compared to 31 December 2011. This change related mostly to the repayment of €138 million of the Revolving Credit Facility and a repayment of €28 million of the Capex Facility in Q2/2012. Cash proceeds from drawings under the Senior Facilities Agreement and other capital borrowings totalled €14 million as of 30 September 2012. Moreover, increases in our financial debt resulted from non-cash effects: The exchange rate between Euro and US Dollar fell slightly by around 0.8% (from 1.2957 on 31 December 2011 to 1.28475 on 30 September 2012). For the US Dollar tranches under the Senior Facilities Agreement this had a negative effect of €5 million. Additionally, the PIK related component of the loans under the Senior Facilities agreement increased by €21 million for capitalized interests in Q1-3/2012.

Net Financial Debt

As of 30 September 2012 net financial debt amounted to €2,744 million, an increase of €87 million compared to the level of €2,657 on 31 December 2011. Total cash inflow from operating activities and from investing activities was €39 million.

Net financial debt

€ million

30/09/2012

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)

2,403

2,530

-5.0%

Financial debt

2,903

3,030

-4.2%

./. Cash and cash equivalents

159

373

-57.5%

Net financial debt

2,744

2,657

3.3%

./. Capitalized borrowing costs

39

33

18.9%

Net financial debt after borrowing costs

2,705

2,624

3.1%

 

 

 

 

Financial debt after borrowing costs

2,864

2,997

-4.5%

 

 

 

 

Shareholder loan

664

643

3.3%

Other Financial Position

The Shareholder loan increased by €21 million reflecting accrued interest for Q1-3/2012. Our leased assets as well as our lease receivables and payables (current/non-current) accounted for mainly in connection with our Financial Services business grew by €18 million from 31 December 2011 to 30 September 2012.

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