2009 - Jaarverslag

WORKING CAPITALDue to the tight cash management, working capital decreased by€ 105 million to € 157 million in 2009.in millions of eurosBalance at end of 2008 262.0 (90 days)Divestments – 6.2Organic decrease in 2009 – 96.0Exchange-rate differences – 2.8Total at end of 2009 157.0 (67 days)INVESTMENTSThe tight cash management also had consequences for investments.Investment activity was very restrained in 2009.in millions of eurosIn tangible fixed assets, mainly plant and machinery 13.1In development costs and other intangible fixed assetswhich were capitalised, mainly at Xennia Technology 4.217.3The corresponding depreciation and amortisation charges amountedto € 33.9 million and € 8.8 million respectively.CASH FLOWS AND FINANCINGThe positive cash flow of € 134 million from operating and investingactivities made it possible to reduce the interest-bearing debt by€ 136 million. The working capital reduction made a particularlysignificant contribution.in millions of euros 2009 2008Result after tax 23.1 51.0Depreciation 33.9 30.7Amortisation 8.8 11.6Other items, mainly tax accrual 7.5 29.3Cash flow before reduction in working capital 73.3 122.6Decreases/increase in working capital 95.5 – 35.8Interest paid/taxes – 24.0 – 38.1Cash flow from operating activities 144.8 48.7Investments – 17.3 – 48.0Divestments 26.4 12.8Acquisitions/participating interests – 18.7 – 88.1Other items – 0.9 0.0Cash flow from operatingand investing activities 134.3 – 74.6The ratio of net interest bearing debt to EBITDA (bank definition)amounted to 2.36 at the end of 2009 (covenant = 3.0 maximum).Group equity amounted to € 384.9 million with a solvency of 51.4%.Protective clothing for German power giantAnother 5,000 employees of power giant Energie Baden-Württemberg AG (EnBW) have also been doing their work in protectiveclothing based on TenCate Tecasafe ® for several years now. The inherently flame-retardant material was selected after thoroughresearch. The project was accelerated thanks to the good contacts with fabric manufacturer TenCate Protective Fabrics.The company delivered a total of 150,000 pieces of clothing, ranging from coats to coveralls and from jackets to trousers.The order is a good example of end-user marketing: the development of specifications in collaboration with the end user.While the clothing has been laundered countless times, the excellent fabric properties have not suffered a bit.Annual Report 2009 29