Asset and capital structure is largely unchanged
Total assets increased as of September 30, 2007 by 8.4 percent to 1,728.1 million EUR. This resulted from the growth-related increased requirements for working capital and the acquisitions made in the reporting year.
Non-current assets increased in fiscal year 2006/07 by 98.5 million EUR to 734.9 million EUR. Together with investments (which clearly exceeded amortization/depreciation) and the increments resulting from corporate acquisitions in the Baltic States and the acquisition of the Buch&Kunst Group, the capitalization of goodwill in the amount of 40.4 million EUR also had an impact. As of September 30, 2007, non-current assets amounted to 42.6 percent of total assets (previous year computation date: 39.8 percent).
Fig. 16 | Assets (in EUR mill.)
|Other current assets||227.7||13.2||188.5||11.8|
|Cash and cash equivalents||166.9||9.6||224.6||14.1|
Current assets were up 35.3 million EUR to 993.2 million EUR. This corresponds to a 3.7 percent increase. Inventories increased growth-related by nearly 10 percent to 598.6 million EUR. Inventories thus accounted for 34.6 percent of total assets following the previous year's 34.3 percent. Trade accounts receivable sank by 0.4 million EUR to 49.5 million EUR. The increase in financial assets was largely due to increased receivables from supplier rebates.
As of September 30, 2007, equity totaled 639.2 million EUR as compared to 591.0 million EUR on September 30, 2006. The DOUGLAS Group's equity ratio remained unchanged from the previous year at around 37 percent.
Fig. 17 | Equity and liabilities (in EUR mill.)
|Equity and liabilities||1,728.1||100.0||1,594.3||100.0|
Net debt – i.e. the balance of cash and cash equivalents and liabilities to banks – as of September 30, 2007 totaled 206.8 million EUR following 145.2 million EUR on the same date last year. This resulted from growth-related increased capital requirements.
The DOUGLAS Group's financial standing is being assessed very positively by the banks. The revolving credit facility agreed in September with a banking syndicate has a minimum term of five years and allows the drawing of up to 500 million EUR credit. This financing structure was agreed under very attractive conditions and necessitated no external credit rating. More detailed information on the revolving credit facility is found in the notes on page 134.