Condensed Consolidated Balance Sheet

Condensed balance sheet, assets *)

€ million

31/03/2013

in %

31/12/2012

in %

Change

*)

2012 key figures were adjusted due to the retrospective application of IAS 19R (2011)

 

 

 

 

 

 

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

*)

2012 key figures were adjusted due to the retrospective application of IAS 19R (2011)

 

 

 

 

 

 

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.

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