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CONSOLIDATED BALANCE SHEETS Consolidated balance sheets December 31, sek m Note 2015 2014 ASSETS Non-current assets Property, plant and equipment 13 6,446 6,088 Goodwill 14 10,910 10,485 Other intangible assets 14 1,317 1,316 Participations in joint ventures/associated companies 6 2,696 3,605 Financial non-current assets 15–16, 28 225 213 Deferred tax assets 17 706 823 Total non-current assets 22,300 22,530 Current assets Inventories 18 3,758 3,733 Current operating receivables 19–20 4,768 4,801 Current tax assets 619 622 Interest-bearing receivables 21 393 240 Cash and cash equivalents 23 2,552 1,141 Total current assets 12,090 10,537 TOTAL ASSETS 34,390 33,067 EQUITY AND LIABILITIES Equity 25 Share capital 2,620 2,620 Other capital contributions 226 226 Other reserves –427 231 Profit brought forward 13,600 12,469 Net profit for the year 2,603 2,221 Total 18,622 17,767 Non-controlling interests 12 0 9 Total equity 18,622 17,776 Non-current liabilities Interest-bearing non-current liabilities 26 5,302 4,223 Other non-current liabilities 29 138 131 Pension obligations 30 596 605 Other provisions 31 121 89 Deferred tax liabilities 17 358 264 Total non-current liabilities 6,515 5,312 Current liabilities Interest-bearing current liabilities 26 4,077 4,493 Current tax liabilities 649 634 Other current liabilities 29,32 4,256 4,614 Other provisions 31 271 238 Total current liabilities 9,253 9,979 TOTAL EQUITY AND LIABILITIES 34,390 33,067 Contingent liabilities 33 28 43 Pledged assets 33 0 0 82 Annual Report 2015 Trelleborg AB
CONSOLIDATED BALANCE SHEETS Net debt sek m 2015 2014 Non-current interest-bearing investments and receivables 152 140 Current interest-bearing receivables 393 240 Cash and cash equivalents 2,552 1,141 Total interest-bearing assets 3,097 1,521 Interest-bearing non-current liabilities –5,302 –4,223 Interest-bearing current liabilities –4,077 –4,493 Total interest-bearing liabilities –9,379 –8,716 Net debt –6,282 –7,195 Change in net debt: Net debt at January 1 –7,195 –5,637 Net cash flow for the year 1,144 –890 Exchange rate differences –231 –668 Net debt at year-end –6,282 –7,195 2015 2014 Group Net debt/equity ratio, % 34 40 Net debt/EBITDA, multiples 1.4 1.9 EBITDA/net interest income, multiples 28.9 24.4 Continuing operations, including items affecting comparability Net debt/EBITDA, multiples 1.4 1.9 EBITDA/net interest income, multiples 28.9 24.8 Net debt and financing The Group’s net debt for the year declined to sek 6,282 m (7,195) at year-end, representing a decrease of sek 913 m. Net debt was impacted by a positive net cash flow, comprising largely dividends of sek 1,357 m from TrelleborgVibracoustic in December 2015, and negative exchange rate differences totaling sek 231 m. Dividends are recognized largely as an interest-bearing asset among cash and cash equivalents. The net debt/equity ratio at year-end was 34 percent (40). The net debt/EBITDA ratio for continuing operations including items affecting comparability was 1.4 (1.9) and the EBITDA/net interest income ratio was 28.9 (24.8) at year-end. Trelleborg’s credit facilities During 2015, Trelleborg extended the major portions of its eur 750 m and usd 625 m general corporate purposes syndicated loan by one year. As a result, 95 percent of the eur tranche and 90 percent of the usd tranche of this syndicated loan are now scheduled to mature in December 2020 with the remainder being due in December 2019. In order to finance the planned acquisition of the CGS Group, Trelleborg implemented a new eur 725 m and usd 300 m loan facility during 2015. This loan has a tenor of one year which may be extended at Trelleborg’s sole discretion by a maximum of one further year through the successive exercise of two extension options. The syndicated loan facility and the new credit facilities for the CGS acqusition provide Trelleborg with ample financial flexibility going forward. Net debt SEK M 0 -1,000 -2,000 -3,000 -4,000 -5,000 -6,000 -7,000 -8,000 2011 2012 2013 2014 2015 Annual Report 2015 Trelleborg AB 83
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Trelleborg continues to generate va
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INTERVIEW WITH THE PRESIDENT AND CE
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TRELLEBORG SHARE 2015 Stock market
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TRELLEBORG SHARE 2015 Trelleborg AB
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THE GROUP IN BRIEF Target Average a
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THE GROUP IN BRIEF Key figures, con
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BUSINESS AREA TRELLEBORG COATED SYS
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BUSINESS AREA TRELLEBORG INDUSTRIAL
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BUSINESS AREA TRELLEBORG OFFSHORE &
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BUSINESS AREA TRELLEBORG SEALING SO
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BUSINESS AREA TRELLEBORG WHEEL SYST
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JOINT VENTURE trend in Brazil, comb
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VALUE-GENERATING BUSINESS DEVELOPME
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Page 83: CONSOLIDATED BALANCE SHEETS Comment
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Page 97 and 98: NOTES - GROUP 8 Expenses by nature
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Page 107 and 108: PARENT COMPANY INCOME AND CASH-FLOW
Page 109 and 110: PARENT COMPANY NOTES 36 Employees a
Page 111 and 112: PARENT COMPANY NOTES 51 Equity Rest
Page 113 and 114: Auditor’s Report for Trelleborg A
Page 115 and 116: Ten-year overview 1 Trelleborg Grou
Page 117 and 118: FINANCIAL DEFINITIONS AND GLOSSARY
Page 119 and 120: ADDRESSES Trelleborg AB is a public
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