PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

36Results of Operations, Financial Position and Net Worth: Results of Operationsbusiness reportFinancial Position / Net Worth(previous year: 48.9%); this development arose mainly from the increased proportionof the material-intensive “Energy Solutions” in total operating revenue. It accounted for16.2% (previous year: 10.9%). Gross income improved by € 21.6 million (3.7%) to€ 605.4 million; the gross profit margin amounted to 44.1% (previous year: 51.1%)caused by the rise in the materials ratio.Employee expenses fell by € 12.9 million to € 333.2 million (previous year:€ 346.1 million). The employee expenses ratio improved to 24.3% (previous year: 30.3%).More detailed information can be found in the “Employees” chapter on page 66 et seq.The balance of other expenses and income amounted to € 197.7 million (previousyear: € 176.8 million). Other operating expenses decreased by € 10.2 million to€ 253.1 million (previous year: € 263.3 million). The decrease was achieved througheffective cost reduction management. Expenses for rentals and leases decreased mainlythrough the discharge of leasing agreements to € 25.2 million (previous year:€ 29.1 million). Other operating income declined to € 55.4 million (previous year:€ 86.5 million); this includes essentially the dissolution of provisions as well as currencygains. Further details on the breakdown of other operating expenses and income canbe found in the Notes to the Consolidated Financial Statements on page 156 et seq.Depreciation amounted to € 29.5 million (previous year: € 29.1 million).The net financial costs changed due to the noticeably worse interest conditions by€ –13.4 million to € –38.1 million (previous year: € –24.7 million).The tax ratio amounted to 34.2% (previous year: 33.8%); tax expense amounted to€ 2.2 million (previous year: € 2.4 million).The earnings margins, which are determined on the basis of total operating revenue,have developed as follows: The gross profit margin amounted to 44.1% (previous year:51.1%). The ebitda margin reached 5.4% (previous year: 5.4%) and the ebit margin3.3% (previous year: 2.8%). The ebt margin decreased slightly to 0.5% (previous year:0.6%). Taking the tax expenses into consideration, the annual net income marginamounted to 0.3% (previous year: 0.4%).development of margins at the gildemeister groupin %20102009Gross profit44.151.1ebitdaebitebt0.50.63.32.85.45.4Taxes on profit– 0.2– 0.2Annual profit0.30.4-10 0 10 20 30 40 50