Annual Report 2010 - Frauenthal Holding AG

56 Annual Report 2010
Operating Review
the Automotive Components Division, which are reported under “Other operating income”.
eBitda by business segments
Industrial Honeycombs 13,724 9,007 4,718
Automotive Components 9,909 -24,521 34,431
Wholesale Plumbing Supplies 11,752 9,822 1,930
Other -1,063 -283 -780
Frauenthal group 34,322 -5,975 40,297
as % of revenue 6.36 % -1.31 % 7.68 %
aSSetS and FinanCeS
The total assets of the Frauenthal Group grew from EUR 254.7m in 2009 to EUR 290.9m. This increase mainly stemmed from
a EUR 22.1m rise in trade receivables caused by the growth in our business, and a EUR 10.2m gain in inventories. Trade receivables
jumped by EUR 12.5m in Automotive Components and by EUR 5m in Industrial Honeycombs. The use of an ABS facitliy
in connection with sales to a major truck manufacturer added EUR 13.9m to receivables (2009: EUR 8m). Inventories grew by
EUR 4.5m in Automotive Components, driven by output growth. The seasonal nature of the Wholesale Plumbing Supplies Division’s
business resulted in an increase in inventories of EUR 2.9m. In Industrial Honeycombs Division’s business was responsible
for EUR 2.7m of the rise in inventories.
BILANZENTWICKLUNG
EUR ’000 2010 2009 Change
EUR ’000
organic
growth
Non-current assets 136,269 -174 136,095
Inventories 61,863 10,189 72,052
Other current assets 56,617 26,144 82,761
total assets 254,749 36,159 290,908
Equity 72,063 17,439 89,502
Long-term borrowings 104,605 4,770 109,375
Short-term borrowings 78,081 13,950 92,031
total equity and liabilities 254,749 36,159 290,908
The increase in working capital was financed by a EUR 12.7m rise in trade payables to EUR 49.8m. Despite 18.7 % Group
revenue growth there were no additional liquidity needs as at year end. Net borrowings were down by EUR 2.2m at the end
of reporting period. The growth in long-term borrowings is chiefly attributable to deferred tax liabilities and provisions for
termination benefits.
The Frauenthal Group’s equity grew by EUR 17.4m to EUR 89.5m as a result of the profit for the year. In order to strengthen
the equity base no dividend was paid in 2010, and in consequence the equity ratio rose to 30.8 % from 28.3 % in 2009.
2009
2010