|
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.