Annual Report 2012 (PDF) - Hamburg

Economic Situation Report
for the 2012 financial year
On the asset side, amortisation totalling 29.3 m EUR,
offset only by relatively small investments and appreciation,
resulted in a 7.2 m EUR (1.7 %) reduction in intangible assets
to 402.9 m EUR; this is covered by equity capital along with
medium and long-term investment capital. Current assets
declined by 29.0 m EUR (55.0 %) to 23.7 m EUR. Reduced liquidity
resulting from loan amortisation led to a lower balance
on deposit at credit institutions (– 24.9 m EUR) along
with reduced receivables from affiliated companies (in particular
from the HGV Cash Pool).
On the liabilities of the balance sheet, pension provisions
increased by 3.0 m EUR to 61.3 m EUR. The lower
balance sheet total is reflected here in reduced liabilities.
Whilst liabilities to credit institutions in particular declined by
30.8 m EUR to 204.0 m EUR (previous year: 234.8 m EUR) as
a result of the repayment of loans, liabilities to associated
companies also declined by 12.6 m EUR to 55.4 m EUR due
to the lower profit transfer in 2012 along with the reduction
of the group’s internal Cash Pool.
With unchanged equity capital (63.8 m. EUR), the lower
balance sheet total logically results in a slight increase
in the equity ratio to 14.9 % (previous year: 13.7 %). Equity
capital, along with medium and long-term investment capital,
balanced 79.1 % (previous year: 83.4 %) of medium and
long-term fixed investments.
Employees
Excluding the Executive Board and apprentices/trainees,
FHG’s average workforce in 2012 consisted of 697 employees
(previous year: 658). The increase is primarily attributable
to the transfer of 18 group employees from the Ground-
STARS subsidiary to FHG itself, reflected in an appropriate
reduction in expenditure for services.
In addition to these figures, an average of 39 apprentices
and trainees were employed by FHG throughout the
year. In the course of 2012, eight of them completed their
traineeship or apprenticeship and 13 new apprentices and
trainees were taken on, chosen from around 1,250 applicants.
The FHG Group deliberately trains beyond its own
needs in seven different occupations, in this way fulfilling
its social obligations.
Furthermore, the leadership training programme initiated
a number of years ago continues for around 70 employees
of the FHG Group, and other employee groups within
FHG and subsidiaries receive targeted training.
Events occurring after the accounting date
There have been no developments of special significance
to FHG’s or the Group’s commercial situation since the accounting
date.
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