Hornbach-Baumarkt-AG Group

54 GROUP MANAGEMENT REPORT Asset Situation
Asset Situation
Equity ratio rises to 51.4%
Balance sheet of the HORNBACH-Baumarkt-AG Group
(abridged version)
€ million 2.28.2013 2.29.2012 Change
Non-current assets 740.5 686.9 7.8%
Current assets 857.0 941.2 (8.9)%
Assets 1,597.4 1,628.1 (1.9)%
Shareholders' equity 821.7 792.0 3.7%
Non-current liabilities 438.6 471.6 (7.0)%
Current liabilities 337.1 364.5 (7.5)%
Equity and liabilities 1,597.4 1,628.1 (1.9)%
(Differences due to rounding up or down to nearest € million)
Total assets at the Group fell year-on-year by € 30.7 million, or
minus 1.9%, to € 1,597.4 million. This decrease was chiefly
due to the reduction in cash and cash equivalents from
€ 404.3 million to € 317.2 million, which in turn mainly resulted
from the Group’s expansion and repayment of financial
debt. This was opposed above all by the expansion-related
increase in property, plant and equipment and inventories.
The equity of the Group as stated in the balance sheet amounted
to € 821.7 million at the end of the financial year
(2011/2012: € 792.0 million). The equity ratio rose from
48.6% in the previous year to 51.4%.
Non-current and current assets
Non-current assets amounted to € 740.5 million at the balance
sheet date (2011/2012: € 686.9 million), and thus accounted
for around 46% of total assets (2011/2012: 42%).
Property, plant and equipment and investment property rose
by € 57.8 million (8.9%) from € 650.3 million to
€ 708.1 million. Additions of € 113.9 million to property, plant
and equipment were countered by depreciation of
€ 50.4 million and disposals of assets amounting to
€ 0.9 million. Adjustments to account for exchange rate
movements led property, plant and equipment and investment
property to decrease by € 3.5 million. Furthermore, application
of IFRS 5 required real estate classified as held for sale
amounting to a net total of € 1.3 million to be reclassified out
of property, plant and equipment and investment property to
current assets.
Non-current income tax receivables involve a claim to payment
of a corporate income tax credit with a present value of
€ 6.4 million (2011/2012: € 8.0 million). This item was capitalized
in the 2007/2008 and 2010/2011 financial years due
to legislative amendments (SEStEG).
Current assets decreased by 8.9% from € 941.2 million to
€ 857.0 million, equivalent to around 54% of total assets
(2011/2012: 58%). Here, the growth-driven increase in inventories
was offset by a reduction in cash and cash equivalents.
Inventories rose from € 475.7 million to € 481.6 million. Further
measures to optimize capital committed nevertheless
enabled the inventory turnover rate to be maintained consistently
high at 4.0. Receivables and other assets (including
income tax receivables) amounted to € 57.1 million
(2011/2012: € 61.2 million).