|
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.