Financial position
The principles and objectives applicable to financial management as at 31 March 2015 were the same as those described in the 2014 group management report. There were no significant financing activities in the reporting period.
Analysis of capital structure
Long-term borrowing totalled €648.0 million as at 31 March 2015 and, as had been the case at the end of 2014, comprised a corporate bond due to mature in 2020 and the drawdowns under the revolving credit facility classified as long term.
The total financial debt recognised came to €930.1 million, which was slightly higher than the figure at the end of 2014 of €909.6 million. After deduction of cash and cash equivalents of €83.4 million, net financial debt amounted to €846.7 million, compared with €810.7 million at the end of last year. Net debt as at 31 March 2015 was roughly 1.1 times adjusted EBITDA for the past twelve months. > TABLE 12
Net financial debt |
|
|
12 |
in € million |
31/03/2015 |
31/12/2014 |
Change |
Corporate bond (2013/2020) – fixed rate (gross) |
450.0 |
450.0 |
− |
Liabilities to banks (gross) |
480.3 |
459.9 |
4.4% |
Liabilities to non-banks (gross) |
6.4 |
6.6 |
–3.7% |
./. Capitalised borrowing costs |
–6.5 |
–6.9 |
4.9% |
Financial debt |
930.1 |
909.6 |
2.2% |
./. Cash and cash equivalents |
–83.4 |
–98.9 |
15.7% |
Net financial debt |
846.7 |
810.7 |
4.4% |
At €938.4 million, pension provisions had risen by €150.9 million compared with the end of last year (31 December 2014: €787.5 million), owing to a further fall in interest rates during the period under review.
The lease liabilities resulting from sale and leaseback transactions used to fund long-term leases with end customers at Group level rose to €734.7 million (31 December 2014: €707.7 million) due to an increase in financial services activities. Of this total, €532.9 million related to non-current lease liabilities and €201.8 million to current lease liabilities. Other financial liabilities also included liabilities of €355.3 million from sale and leaseback transactions used to finance the short-term rental fleet (31 December 2014: €339.1 million). The Group’s equity was slightly less than at the end of 2014, falling from €1,647.1 million to €1,631.5 million as at 31 March 2015. Positive currency effects and the level of net income largely offset the negative effects resulting from defined benefit obligations (€111.5 million). The equity ratio was 25.4 per cent (31 December 2014: 26.9 per cent). > TABLE 13
(Condensed) statement of financial position – equity and liabilities |
13 |
||||
in € million |
31/03/2015 |
in % |
31/12/2014 |
in % |
Change |
Equity |
1,631.5 |
25.4% |
1,647.1 |
26.9% |
–1.0% |
|
|
|
|
|
|
Non-current liabilities |
2,975.1 |
46.4% |
2,688.3 |
43.9% |
10.7% |
thereof: |
|
|
|
|
|
Retirement benefit obligation |
938.4 |
14.6% |
787.5 |
12.8% |
19.2% |
Financial liabilities |
646.5 |
10.1% |
646.8 |
10.6% |
–0.0% |
Deferred tax liabilities |
323.4 |
5.0% |
320.9 |
5.2% |
0.8% |
Lease liabilities |
532.9 |
8.3% |
461.7 |
7.5% |
15.4% |
|
|
|
|
|
|
Current liabilities |
1,812.0 |
28.2% |
1,793.0 |
29.3% |
1.1% |
thereof: |
|
|
|
|
|
Financial liabilities |
283.6 |
4.4% |
262.9 |
4.3% |
7,9 % |
Trade payables |
608.7 |
9.5% |
564.6 |
9.2% |
7.8% |
Lease liabilities |
201.8 |
3.1% |
246.0 |
4.0% |
–18.0% |
|
|
|
|
|
|
Total equity and liabilities |
6,418.6 |
|
6,128.5 |
|
4.7% |