Technologies · Systems · Solutions - Dürr

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Cash flow from financing activities in 2004 were determined primarily by the restructuring
of the Group’s financing (corporate bond and syndicated loan). In continuing
operations, cash flow from financing activities amounted to € –25.3 million after
€ –55.1 million in the previous year. The issue of the corporate bond resulted in a net
inflow of € 186.9 million. Parallel to this, early repayments amounting to € 141.3 million
(previous year: € 30.8 million) were made on long-term financial liabilities, and
short-term liabilities to banks were reduced by € 52.1 million (previous year: increase
of € 2.6 million). The outflow for interest payments amounted to € 15.0 million (previous
year: € 21.1 million). In discontinued operations, cash flows from financing activities
amounted to € 2.2 million (previous year: € –14.7 million).
At € 30.7 million at the end of 2004, the purchase volume of our factoring program
was € 6.9 million higher than the previous year’s figure. Of that total, € 25.5 million
were from continuing operations, and € 5.2 million from discontinued operations.
Capital expenditures
Capital expenditures on property, plant and equipment and intangible assets in continuing
operations increased in 2004 to € 41.3 million (previous year: € 24.5 million).
This figure includes capitalized goodwill amounting to € 14.1 million, which resulted
from the purchase of the remaining shares in Schenck Australia Pty. Ltd. and Carl
Schenck AG (squeeze-out). After adjustment for this item, capital expenditures amounted
to € 27.2 million. More information is contained in the notes to the consolidated
financial statements on page 102. At € 15.5 million, capital expenditures on property,
plant and equipment were moderately higher than the previous year’s figure
(€ 13.4 million). At € 3.3 million, the expansion of our production facilities in Chemnitz,
Germany, was the largest single item. Capital expenditures on intangible assets
increased in continuing operations to € 25.8 million (previous year: € 11.1 million).
This was primarily due to the above-mentioned stock purchases and to the purchase
of technical and business software. We capitalized development expenditures amounting
to € 4.4 million in 2004 (previous year: € 2.1 million).
Capital expenditures on property, plant and equipment and intangible assets
Amounts in €m
12.7%
12.1%
36.7%
18.0%
17.1%
3.4%
2004 2004 2003
Paint Systems 8.5 8.6
Final Assembly Systems 8.1 6.5
Ecoclean 1.6 1.3
Measuring Systems 17.4 5.6
Corporate Center 5.7 2.5
Continuing operations 41.3 24.5
Discontinued operations 6.0 6.3
Group 47.3 30.8
of which goodwill 14.1 4.4
of which other capital expenditures 33.2 26.4