Financial position
The principles and objectives applicable to financial management as at 30 September 2015 were the same as those described in the 2014 group management report. There were no significant financing activities in the first nine months of the year.
Analysis of capital structure
Long-term borrowing totalled €648.0 million as at 30 September 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 €970.3 million, which was higher than the figure at the end of 2014 of €909.6 million owing to drawdowns used to fund acquisitions. After deduction of cash and cash equivalents of €102.1 million, net financial debt amounted to €868.2 million, compared with €810.7 million at the end of last year. Net debt as at 30 September 2015 was 1.1 times adjusted EBITDA for the past twelve months. Overall, net debt was therefore unchanged relative to earnings as at the reporting date. > TABLE 12
|
Net financial debt |
|
|
12 |
|
in € million |
30/09/2015 |
31/12/2014 |
Change |
|
Corporate bond (2013/2020) – fixed rate (gross) |
450.0 |
450.0 |
− |
|
Liabilities to banks (gross) |
521.9 |
459.9 |
13.5% |
|
Liabilities to non-banks (gross) |
4.3 |
6.6 |
–34.7% |
|
./. Capitalised borrowing costs |
–5.9 |
–6.9 |
14.6% |
|
Financial debt |
970.3 |
909.6 |
6.7% |
|
./. Cash and cash equivalents |
–102.1 |
–98.9 |
–3.2% |
|
Net financial debt |
868.2 |
810.7 |
7.1% |
At €783.3 million, pension provisions at the end of September were at the same level as at the end of last year (31 December 2014: €787.5 million). The lease liabilities resulting from sale and leaseback transactions used to fund long-term leases with end customers rose to €802.5 million (31 December 2014: €707.7 million) on the back of the expansion of financial services activities. Of this total, €586.1 million related to non-current lease liabilities and €216.3 million to current lease liabilities. Other financial liabilities also included liabilities of €377.7 million from sale and leaseback transactions used to finance the short-term rental fleet (31 December 2014: €339.1 million). As a result of the net income for the reporting period, equity was appreciably higher than at the end of 2014, rising from €1,647.1 million to €1,766.2 million as at 30 September 2015. Positive currency effects on other comprehensive income played a part here, too. However, this increase was partly offset by the dividend distribution in the second quarter. The equity ratio was 27.0 per cent (31 December 2014: 26.9 per cent). > TABLE 13
|
(Condensed) statement of financial position – equity and liabilities |
13 |
||||
|
in € million |
30/09/2015 |
in % |
31/12/2014 |
in % |
Change |
|
Equity |
1,766.2 |
27.0% |
1,647.1 |
26.9% |
7.2% |
|
|
|
|
|
|
|
|
Non-current liabilities |
2,906.3 |
44.4% |
2,688.3 |
43.9% |
8.1% |
|
thereof: |
|
|
|
|
|
|
Retirement benefit obligation |
783.3 |
12.0% |
787.5 |
12.8% |
–0.5% |
|
Financial liabilities |
647.6 |
9.9% |
646.8 |
10.6% |
0.1% |
|
Deferred tax liabilities |
327.2 |
5.0% |
320.9 |
5.2% |
2.0% |
|
Lease liabilities |
586.1 |
9.0% |
461.7 |
7.5% |
27.0% |
|
|
|
|
|
|
|
|
Current liabilities |
1,867.0 |
28.5% |
1,793.0 |
29.3% |
4.1% |
|
thereof: |
|
|
|
|
|
|
Financial liabilities |
322.8 |
4.9% |
262.9 |
4.3% |
22.8% |
|
Trade payables |
569.4 |
8.7% |
564.6 |
9.2% |
0.9% |
|
Lease liabilities |
216.3 |
3.3% |
246.0 |
4.0% |
–12.1% |
|
|
|
|
|
|
|
|
Total equity and liabilities |
6,539.4 |
|
6,128.5 |
|
6.7% |