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

Results of Operations, Financial Position and Net Worth: Financial Position 39Within the total financing, gildemeister had sufficient liquidity to year-end 2010.Liquid funds amounted to € 111.8 million (previous year: € 84.4 million). Free cash lineswere € 156.4 million (previous year: € 89.9 million). We had additional open lines of credit(guaranteed bills outstanding, bills of exchange, factoring) available of € 131.3 million(previous year: € 130.7 million). The portfolio of receivables sold through factoringagreements amounted to € 93.1 million (previous year: € 49.1 million). Significant financialliabilities in foreign currency are explained in the notes to the consolidated financialstatements on page 181 et seq.A detailed cash flow statement is given in the notes to the consolidated financialstatements on page 127. The main key figures pertaining to the analysis of the financialposition are summarised in the “Multiple Year Overview” on page 215.cash flow analysis 2010(cash flow-statement)in € millionFixed assetsOther intangible assetsFinancial assetsbusiness reportFinancial Position / Net WorthDepreciation22.27.329.5Investments22.3 16.711.0 50.0composition of thecash flow statement 2010in € million– 40.3– 8.3Cash flow from operating activityCash flow from investment activityCash flow from financing activity74.6Soundfinancial frameworkgildemeister covers its capital requirements with the operating cash flow and bytaking up short and long-term financing. The essential components of this are syndicatedloans, borrowers’ notes and factoring agreements.We have drawn on a syndicated loan of € 175.0 million with a term until June 2011.A further syndicated loan has a volume of € 211.9 million with a term until the end of 2012.This loan has a tranche of € 57.0 million as well as a second tranche of € 154.9 million,which can first be drawn on in June 2011 and serves to redeem the loan of € 175.0 millionthat matures in June 2011.In addition, gildemeister has taken out borrowers’ notes for a total of € 201.5 million,which are due in May 2013. As of year-end 2010, the banks consented to a one-timeadjustment of a covenant in a waiver request for these loans.