ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG
ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG
ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG
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Cash-flow in € m<br />
17.6<br />
19.0<br />
2009 2010<br />
14.3<br />
<strong>2011</strong><br />
Fortunately, A.S. Création was able to release<br />
capital tied up in current assets in the past<br />
fiscal year. Given that a major portion of the<br />
assets of A.S. Création is tied up in inventories<br />
and trade receivables, the company has traditionally<br />
kept a close eye on these items. The<br />
analysis of the underlying figures shows that<br />
the capital tie-up in relation to sales revenues<br />
improved on balance in <strong>2011</strong>. The imputed<br />
receivables collection period declined markedly<br />
from 70 days in the previous year to 65 days<br />
in fiscal <strong>2011</strong>, while the imputed inventory<br />
turnover remained unchanged from the previous<br />
year at 4.2 times per year.<br />
In spite of these positive factors, A.S. Création’s<br />
internal financing capability was insufficient<br />
to finance the exceptionally high capital<br />
expenditures of the year <strong>2011</strong>. Accordingly, net<br />
financial liabilities (difference between interestbearing<br />
financial liabilities and cash and cash<br />
20<br />
15<br />
10<br />
5<br />
0<br />
equivalents) increased from € 16.3 million on<br />
December 31, 2010 by € 13.1 million to € 29.4<br />
million on the balance sheet date. As € 8.4<br />
million of this increase related to the use of<br />
cash and cash equivalents, the interest-bearing<br />
financial liabilities of A.S. Création rose by only<br />
€ 4.7 million in the course of <strong>2011</strong> to € 31.8<br />
million on December 31, <strong>2011</strong> (2010: € 27.1<br />
million). The increase in net financial liabilities<br />
had already been anticipated in the Group’s<br />
budget for <strong>2011</strong>.<br />
A.S. Création’s conservative financing policy,<br />
which is characterised by long-term debt at<br />
fixed interest rates as well as by repayments<br />
during the term of the loans, has proven its<br />
worth especially in the financial crisis. Unlike<br />
other companies, A.S. Création did not face a<br />
reduction in credit lines or had to renegotiate<br />
the conditions of its existing loans. Only where<br />
unused credit lines appeared to be too high<br />
were they reduced in agreement with the<br />
lending banks. The Group has a very robust and<br />
sound financial structure, which is reflected in<br />
the following balance sheet figures:<br />
• Based on equity capital of € 89.6 million<br />
as of December 31, <strong>2011</strong> (2010: € 88.8<br />
million), the equity ratio reached a high<br />
level of 56.9% (2010: 54.9%).<br />
• Equity capital and long-term debt capital<br />
are more than sufficient to finance non-<br />
GROUP MAN<strong>AG</strong>EMENT <strong>REPORT</strong><br />
45