|
Condensed balance sheet, assets *) | |||||||
|
€ million |
31/03/2013 |
in % |
31/12/2012 |
in % |
Change | ||
| |||||||
|
|
|
|
|
|
| ||
|
Non-current assets |
4,238.6 |
67.6% |
4,231.0 |
68.1% |
0.2% | ||
|
thereof: |
|
|
|
|
| ||
|
Goodwill |
1,472.8 |
23.5% |
1,473.2 |
23.7% |
0.0% | ||
|
Brand names |
594.1 |
9.5% |
593.9 |
9.6% |
0.0% | ||
|
Deferred tax assets |
262.6 |
4.2% |
264.9 |
4.3% |
-0.9% | ||
|
Leased assets |
209.2 |
3.3% |
191.3 |
3.1% |
9.3% | ||
|
Rental assets |
387.1 |
6.2% |
395.1 |
6.4% |
-2.0% | ||
|
Lease receivables |
272.7 |
4.3% |
267.1 |
4.3% |
2.1% | ||
|
|
|
|
|
|
| ||
|
Current assets |
2,030.5 |
32.4% |
1,982.2 |
31.9% |
2.4% | ||
|
thereof: |
|
|
|
|
| ||
|
Inventories |
611.7 |
9.8% |
549.9 |
8.9% |
11.2% | ||
|
Trade receivables |
627.1 |
10.0% |
625.5 |
10.1% |
0.3% | ||
|
Lease receivables |
125.6 |
2.0% |
132.1 |
2.1% |
-4.9% | ||
|
Cash |
534.2 |
8.5% |
562.4 |
9.1% |
-5.0% | ||
|
Total assets |
6,269.1 |
|
6,213.2 |
|
0.9% | ||
Total Assets
Total assets increased by €55.9 million from €6,213.2 million as of 31 December 2012 to €6,269.1 million as of 31 March 2013. Our non-current assets increased by €7.5 million from €4,231.0 million to 4,238.6 million. Current assets increased by €48.4 million from €1,982.2 million to €2,030.5 million. Main driver for this movement was the increase in inventories by €61.8 million from to €611.7 million as at March 31, 2013. Our current assets included a decrease of €28.2 million in cash and cash equivalents.
Trade Working Capital
Trade working capital, defined as inventories and trade receivables less trade payables, increased from €529.3 million as of 31 December 2012 to €611.6 million as of 31 March 2013. This increase of 15.5% was primarily driven by a temporary increase in inventories at the end of the reporting period.
Equity
With €723.1 million as of 31 March 2013 our equity increased by 9.5% compared to €660.7 as of 31 December 2012. The net income for the period amounted to €28.6 million, an increase of €12.1 million compared to the corresponding prior year period. Other comprehensive income (loss) recognized in equity increased by €48.6 million mainly due to changes in the defined benefit obligation and related assets in accordance with IAS 19.
Liquidity
As of 31 March 2013 cash and cash equivalents amounted to €534.2 million compared to €562.4 million as of 31 December 2012. Cash inflows from operational business were influenced by higher trade working capital and therefore did not fully offset the debt service in the first three months of 2013.
|
Condensed balance sheet, equity and liabilities *) | |||||||
|
€ million |
31/03/2013 |
in % |
31/12/2012 |
in % |
Change | ||
| |||||||
|
|
|
|
|
|
| ||
|
Equity |
723.1 |
11.5% |
660.7 |
10.6% |
9.5% | ||
|
Non-current liabilities |
3,906.9 |
62.3% |
3,929.0 |
63.2% |
-0.6% | ||
|
thereof: |
|
|
|
|
| ||
|
Corporate bond |
1,150.0 |
18.3% |
489.5 |
7.9% |
>100.0% | ||
|
Financial liabilities |
1,158.8 |
18.5% |
1,811.2 |
29.2% |
-36.0% | ||
|
Deferred tax liabilities |
307.5 |
4.9% |
308.8 |
5.0% |
-0.4% | ||
|
Lease liabilities |
337.0 |
5.4% |
329.2 |
5.3% |
2.4% | ||
|
|
|
|
|
|
| ||
|
Current liabilities |
1,639.1 |
26.1% |
1,623.5 |
26.1% |
1.0% | ||
|
thereof: |
|
|
|
|
| ||
|
Financial liabilities |
49.8 |
0.8% |
51.8 |
0.8% |
-3.9% | ||
|
Trade payables |
627.3 |
10.0% |
646.0 |
10.4% |
-2.9% | ||
|
Lease liabilities |
160.2 |
2.6% |
145.8 |
2.3% |
9.9% | ||
|
Total equity and liabilities |
6,269.1 |
|
6,213.2 |
|
0.9% | ||
Financial Debt
As of 31 March 2013 financial debt amounted to €2,358.6 million, an increase of €6.1 million compared to 31 December 2012. In February 2013 we issued a corporate bond resulting in net proceeds of €649.0 million to refinance bank facilities under the existing Senior Facilities Agreement. The total repayments of our existing bank facilities amounted to €636.0 million from which a significant part was denominated in US dollars. In addition, the PIK related part of loans under the Senior Facilities Agreement increased financial debt. The repayments of other borrowings amounted to €8.3 million in Q1/2013.
Net Financial Debt
As of 31 March 2013 net financial debt amounted to €1,824.4 million. For the period from 31 December 2012 to 31 March 2013 net financial debt increased by €34.3 million. In the first quarter 2013 the free cash flow resulted in an outflow of €4.7 million. Our debt service resulted in interest payments of €20.1 million and additional financing costs of €11.1 million due to the issuance of a new corporate bond.
|
Net financial debt | |||
|
€ million |
31/03/2013 |
31/12/2012 |
Change |
|
|
|
|
|
|
Corporate bond - fixed rate (2011/2018) - gross |
325.0 |
325.0 |
– |
|
Corporate bond - floating rate (2011/2018) - gross |
175.0 |
175.0 |
– |
|
Corporate bond - fixed rate (2013/2020) - gross |
450.0 |
0.0 |
– |
|
Corporate bond - floating rate (2013/2020) - gross |
200.0 |
0.0 |
– |
|
Liabilities to banks (gross) |
1,245.5 |
1,882.1 |
-33.8% |
|
Liabilities to non-banks (gross) |
4.6 |
4.5 |
2.6% |
|
./. Capitalized borrowing costs |
-41.5 |
-34.1 |
-21.6% |
|
Financial debt |
2,358.6 |
2,352.4 |
0.3% |
|
./. Cash and cash equivalents |
-534.2 |
-562.4 |
-5.0% |
|
Net financial debt |
1,824.4 |
1,790.1 |
1.9% |
Other Financial Position
Our leased assets as well as our lease receivables and payables (current/non-current) accounted mainly in connection with our Financial Services business decreased by €5.4 million as of 31 March 2013 compared to 31 December 2012.