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

42Results of Operations, Financial Position and Net Worth: Net Worth(previous year: € 80.5 million). This rise resulted, in particular, from necessary advancework as well as from a higher level of prefabrication for the planned growth in sales revenues.Stocks of finished goods and merchandise decreased due to the high demand to€ 114.9 million (previous year: € 150.3 million).In total, the proportion of inventories in the balance sheet total decreased to 30.2%(previous year: 33.9%). In relation to the sales revenue volume, the turnover rate of inventorieswithout taking “Energy Solutions“ into account amounted to 3.4 (previous year: 3.3).business reportFinancial Position / Net Worthassets and capital structureof the gildemeister groupin %Balance Sheet total 2010: € 1,357.5 millionBalance Sheet total 2009: € 1,152.7 millionLong-termassets30.830.4EquityLong-termassets32.933.0EquityInventories30.221.99.8Long-termoutside capitalShort-termprovisionsInventories33.928.311.1Long-termoutside capitalShort-termprovisionsReceivables30.837.9Short-termliabilitiesReceivables25.927.6Short-termliabilitiesLiquidity8.2Liquidity7.3AssetsTotal equity andliabilitiesAssetsTotal equity andliabilitiesShort-term receivables and other assets rose in comparison with the previous yearby 39.7% or € 118.4 million to € 416.9 million. Trade receivables rose by € 65.5 millionto € 304.3 million. Trade receivables show revenue recognition of the “Energy Solutions”in an amount of € 146.4 million (previous year: € 56.4 million). The volume of receivablessold from the factoring contracts totalled € 93.1 million (previous year: € 43.7 million).Other assets rose to € 112.6 million (previous year: € 59.7 million); these include currentloans of “Energy Solutions” to project companies in an amount of € 28.1 million (previousyear: € 5.8 million). These loans will be repaid following settlement of invoices for thesolar park projects by the investors. The turnover rate of trade receivables amounted to5.4 (previous year: 4.9). Without taking “Energy Solutions” into account, the turnoverrate of receivables reached a value of 7.1 (previous year: 5.0).At the balance sheet date liquid funds amount to € 111.8 million (previous year:€ 84.4 million) or 8.2% of total assets (previous year: 7.3%). In the assets structure,the share of non-current assets decreased by 2.1 percentage points to 30.8% (previousyear: 32.9%).