Hornbach-Baumarkt-AG Group

GROUP MANAGEMENT REPORT Financial Situation 53
Cash flow statement
Cash flow statement (abridged) 2012/2013 2011/2012
€ million
Cash flow from operating activities 94.9 103.8
of which: funds from operations 1) 108.0 144.0
of which change in working capital 2) (13.1) (40.2)
Cash flow from investing activities (113.3) (92.7)
Cash flow from financing activities (68.6) (30.7)
Cash-effective change in cash and cash equivalents (87.0) (19.6)
(Differences due to rounding up or down to nearest € million)
1)
2)
Consolidated earnings after taxes, plus depreciation of non-current assets and changes in provisions, minus gains/plus losses on the disposal of non-current assets, plus/minus
other non-cash expenses/income
Difference between "Change in inventories, trade receivables and other assets" and "Change in trade payables and other liabilities”
The inflow of funds from operating activities reduced from
€ 103.8 million in the previous year to € 94.9 million in the
2012/2013 financial year. Here, the inflow of funds from
operations decreased from € 144.0 million to € 108.0 million.
This reduction was chiefly due to the weaker like-for-like sales
performance and the resultant deterioration in cost ratios. The
change in working capital (changes in inventories, trade
receivables and other assets plus changes in trade payables
and other liabilities) resulted in an outflow of funds of
€ 13.1 million, as against an outflow of funds of
€ 40.2 million in the previous year. The outflow of
€ 13.1 million was largely due to reductions in other liabilities,
as well as to the building up of inventories for the Group’s
expansion. The higher outflow of funds in the previous year
largely resulted from a balance sheet date factor involving the
earlier settlement of supplier liabilities.
The outflow of funds for investing activities increased from
€ 92.7 million to € 113.3 million. Here, the increase in investments
by € 12.8 million to € 116.6 million was opposed by a
lower volume of proceeds from disposals of non-current assets,
amounting to € 3.3 million (previous year: € 11.1 million).
As in the previous year, no DIY megastores with garden centers
were disposed of in the framework of sale and leaseback
transactions in the 2012/2013 financial year.
The outflow of funds for financing activities totaled
€ 68.6 million in the 2012/2013 financial year, compared with
an outflow of € 30.7 million in the previous year. This figure
includes the scheduled and premature redemption of noncurrent
financial debt amounting to € 45.5 million. Current
financial loans decreased by € 4.8 million (previous year:
outflow of € 0.02m). Gross financial debt reduced from
€ 431.9 million in the previous year to € 382.1 million in the
year under report.
Rating
Since 2004, the creditworthiness of the HORNBACH-
Baumarkt-AG Group has been rated by the leading international
rating agencies Standard & Poor’s and Moody’s Investors
Service. Upon completion of this report, both agencies
had in their most recent publications confirmed their ratings
at “BB+” with a stable outlook in the case of Standard &
Poor’s and “Ba2” with a positive outlook at Moody’s.