The principles and objectives applicable to financial management as at 31 March 2014 were the same as those described in the 2013 group management report. There were no significant financing activities in the reporting period. However, tranches of the corporate bonds were repaid ahead of schedule in the second quarter, as reported under Events after the reporting date.
Analysis of capital structure
Long-term borrowing consisted of two secured corporate bonds with a total volume of €975.0 million as at 31 March 2014 – as had been the case at 31 December 2013. As at the reporting date, €132.2 million (31 December 2013: €184.4 million) had been drawn down under the revolving credit facility, which includes other loan liabilities of individual Group companies outside Germany and contingent liabilities. Taking account of borrowing costs of €15.9 million, the financial debt recognised in the statement of financial position stood at €1,158.2 million (31 December 2013: €1,198.6 million). Because a proportion of cash and cash equivalents was used for repayments in the first quarter of 2014, net financial debt increased slightly during that period from €979.3 million to €1,026.7 million. As at 31 March 2014, net debt was roughly 1.4 times adjusted EBITDA for the past twelve months. >> TABLE 12
|
Net financial debt |
>>TABLE 12 |
||
|
in € million |
31/03/2014 |
31/12/2013 |
Change |
|
|
|
|
|
|
Corporate bond – fixed rate (2011/2018) – gross |
325.0 |
325.0 |
– |
|
Corporate bond – fixed rate (2013/2020) – gross |
450.0 |
450.0 |
– |
|
Corporate bond – floating rate (2013/2020) – gross |
200.0 |
200.0 |
– |
|
Liabilities to banks (gross) |
192.3 |
233.7 |
–17.7% |
|
Liabilities to non-banks (gross) |
6.8 |
6.6 |
2.3% |
|
./. Capitalised borrowing costs |
–15.9 |
–16.7 |
4.7% |
|
Financial debt |
1,158.2 |
1,198.6 |
–3.4% |
|
./. Cash and cash equivalents |
–131.4 |
–219.3 |
40.1% |
|
Net financial debt |
1,026.7 |
979.3 |
4.8% |
At €609.7 million, pension provisions were higher than they had been at the end of last year (31 December 2013: €560.1 million) owing to interest rate changes. The net obligation increased to €586.9 million (31 December 2013: €537.7 million).
The lease liabilities resulting from sale and leaseback transactions used to fund long-term leases with end customers rose to €632.7 million (31 December 2013: €617.1 million) due to further growth in the volume of financial services activities. Of this total, €401.9 million related to non-current lease liabilities and €230.8 million to current lease liabilities. Other financial liabilities also included liabilities of €324.5 million from sale and leaseback transactions used to finance the short-term rental fleet (31 December 2013: €327.5 million).
There was a small decrease in equity, which went down by 0.5 per cent to €1,602.1 million (31 December 2013: €1,610.0 million). This primarily resulted from the change in the interest rate for pensions. The equity ratio was therefore 26.4 per cent (31 December 2013: 26.7 per cent). >> TABLE 13
|
(Condensed) balance sheet, equity and liabilities |
>>TABLE 13 |
||||
|
in € million |
31/03/2014 |
in % |
31/12/2013 |
in % |
Change |
|
|
|
|
|
|
|
|
Equity |
1,602.1 |
26.4% |
1,610.0 |
26.7% |
–0.5% |
|
|
|
|
|
|
|
|
Non-current liabilities |
2,766.0 |
45.6% |
2,709.8 |
45.0% |
2.1% |
|
thereof: |
|
|
|
|
|
|
Retirement benefit obligation |
609.7 |
10.1% |
560.1 |
9.3% |
8.9% |
|
Corporate bond |
959.1 |
15.8% |
958.3 |
15.9% |
0.1% |
|
Other financial liabilities |
27.8 |
0.5% |
12.8 |
0.2% |
>100% |
|
Deferred tax liabilities |
303.3 |
5.0% |
306.2 |
5.1% |
–1.0% |
|
Lease liabilities |
401.9 |
6.6% |
403.7 |
6.7% |
–0.5% |
|
|
|
|
|
|
|
|
Current liabilities |
1,697.4 |
28.0% |
1,706.6 |
28.3% |
–0.5% |
|
thereof: |
|
|
|
|
|
|
Financial liabilities |
171.3 |
2.8% |
227.5 |
3.8% |
–24.7% |
|
Trade payables |
570.9 |
9.4% |
550.5 |
9.1% |
3.7% |
|
Lease liabilities |
230.8 |
3.8% |
213.3 |
3.5% |
8.2% |
|
|
|
|
|
|
|
|
Total equity and liabilities |
6,065.5 |
|
6,026.4 |
|
0.6% |