|
Condensed balance sheet, assets | |||||
|
€ million |
30/06/2012 |
in (%) |
31/12/2011 |
in (%) |
Δ in % |
|
|
|
|
|
|
|
|
Non-current assets |
4,187 |
69.4% |
4,160 |
68.6% |
0.6% |
|
thereof: |
|
|
|
|
|
|
Goodwill |
1,551 |
25.7% |
1,538 |
25.4% |
0.8% |
|
Brand names |
594 |
9.8% |
594 |
9.8% |
0.0% |
|
Deferred tax assets |
248 |
4.1% |
262 |
4.3% |
-5.4% |
|
Leased assets |
559 |
9.3% |
540 |
8.9% |
3.5% |
|
Lease receivables |
250 |
4.1% |
243 |
4.0% |
2.9% |
|
|
|
|
|
|
|
|
Current assets |
1,850 |
30.6% |
1,906 |
31.4% |
-2.9% |
|
thereof: |
|
|
|
|
|
|
Inventories |
710 |
11.8% |
625 |
10.3% |
13.5% |
|
Trade receivables |
681 |
11.3% |
677 |
11.2% |
0.7% |
|
Lease receivables |
123 |
2.0% |
118 |
2.0% |
3.6% |
|
Cash |
182 |
3.0% |
373 |
6.2% |
-51.3% |
|
Total assets |
6,038 |
|
6,066 |
|
-0.5% |
|
Condensed balance sheet, equity and liabilities | |||||
|
€ million |
30/06/2012 |
in (%) |
31/12/2011 |
in (%) |
Δ in % |
|
|
|
|
|
|
|
|
Equity |
-532 |
-8.8% |
-488 |
-8.0% |
-9.2% |
|
Non-current liabilities |
4,983 |
82.5% |
4,842 |
79.8% |
2.9% |
|
thereof: |
|
|
|
|
|
|
Shareholder loan |
657 |
10.9% |
643 |
10.6% |
2.2% |
|
Corporate bond |
489 |
8.1% |
488 |
8.0% |
0.2% |
|
Financial liabilities |
2,302 |
38.1% |
2,290 |
37.7% |
0.5% |
|
Deferred tax liabilities |
303 |
5.0% |
339 |
5.6% |
-10.7% |
|
Lease liabilities |
496 |
8.2% |
471 |
7.8% |
5.2% |
|
|
|
|
|
|
|
|
Current liabilities |
1,587 |
26.3% |
1,711 |
28.2% |
-7.3% |
|
thereof: |
|
|
|
|
|
|
Financial liabilities |
103 |
1.7% |
227 |
3.7% |
-54.8% |
|
Trade payables |
637 |
10.6% |
634 |
10.5% |
0.5% |
|
Lease liabilities |
230 |
3.8% |
230 |
3.8% |
-0.2% |
|
Total equity and liabilities |
6,038 |
|
6,066 |
|
-0.5% |
Total Assets
Total assets decreased by €29 million from €6,066 million as of 31 December 2011 to €6,038 million as of 30 June 2012. Non-current assets increased by €27 million to €4,187 million primarily as a result of an increase of €19 million in leased assets and a €7 million increase in lease receivables. Current assets decreased by €56 million from €1,906 million to €1,850 million as of 30 June 2012. Driven by the higher sales volumes, trade receivables increased by €4 million to €681 million and inventories increased by €85 million to €710 million as of 30 June 2012. Lease receivables increased by €4 million to €123 million and cash and cash equivalents decreased by €192 million to €182 million as of 30 June 2012 due to the repayment of €138 million of the Revolving Credit Facility and a repayment of €28 million of the Capex Facility in Q2/2012.
Trade Working Capital
Corresponding to the increase in revenue in Q1-2/2012, trade working capital, defined as inventories and trade receivables less trade payables, increased from €668 million as of 31 December 2011 to €754 million as of 30 June 2012.
Equity
Our equity decreased to negative €532 million as of 30 June 2012, a decrease of €45 million compared to negative €488 million as of 31 December 2011. This decrease was primarily due to a revaluation of the pension provisions caused by a change in the interest rate used by the actuary. The net income for the period amounted to €26 million.
Liquidity
As of 30 June 2012 cash and cash equivalents amounted to €182 million. Compared to 31 December 2011 cash and cash equivalents had decreased by €192 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.
Financial Debt
As of 30 June 2012 our financial debt amounted to €2,917 million, a decrease of €113 million compared to 31 December 2011. This change related mainly to the repayment of €138 million of the Revolving Credit Facility and a repayment of €28 million of the Capex Facility in Q2/2012. The repayment effects were partly compensated by the strengthening of the US Dollar.
From 31 December 2011 to 30 June 2012 the exchange rate between Euro and US Dollar fell by approximately 2.3% (from 1.2957 to 1.2658). For the US Dollar tranches under the Senior Facilities Agreement, this had a negative effect of €14 million. The PIK related portions of the loans under the Senior Facilities Agreement increased our financial debt. The amount for capitalised interests in Q1-2/2012 was €15 million. Net proceeds from borrowings under the Senior Facilities Agreement and other capital borrowings totalled €25 million between 31 December 2011 and 30 June 2012.
Net Financial Debt
As of 30 June 2012 net financial debt amounted to €2,735 million, an increase of €79 million compared to the level on 31 December 2011. Total cash inflow from operating activities and from investments totalled €8 million. The foreign exchange rate impact on the US Dollar loan tranches in the first six months of 2012 was negative.
|
Net financial debt | |||
|
€ million |
30/06/2012 |
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) |
2,417 |
2,530 |
-4.5% |
|
Financial debt |
2,917 |
3,030 |
-3.7% |
|
./. Cash and cash equivalents |
182 |
373 |
-51.3% |
|
Net financial debt |
2,735 |
2,657 |
3.0% |
|
./. Capitalized borrowing costs |
29 |
33 |
-12.6% |
|
Net financial debt after borrowing costs |
2,707 |
2,624 |
3.2% |
|
|
|
|
|
|
Financial debt after borrowing costs |
2,889 |
2,997 |
-3.6% |
|
|
|
|
|
|
Shareholder loan |
657 |
643 |
2.2% |
Other Financial Position
The shareholder loan increased by €14 million reflecting accrued interest for the first six months of 2012. Our leased assets as well as our lease receivables and payables (current/non-current) mainly in connection with our Financial Services business grew slightly by €6 million from 31 December 2011 to 30 June 2012.