CROWN VAN GELDER 
By Press release
Velsen, 8 February 2013 (before market opening)An analyst and press meeting will be held on 8 February 2013 at 10.30 a.m. The analyst & press presentation and audio webcast will be made available on www.cvg.nl
ANNUAL RESULTS CROWN VAN GELDER 2012 STRONG INCREASE IN SALES VOLUME, ESPECIALLY OF NBD PRODUCTS DRIVES OPERATING RESULTS (EXCL. NON RECURRING ITEMS) NET PROFIT OF EUR 1.2 MILLION IN 2012 (EXCLUDING NON-RECURRING CHARGES OF (NET) EUR 25.4 MILLION) STRATEGIC FOCUS 2016 AIMS AT FURTHER INCREASE IN ADDED VALUE PRODUCTS RESULTING IN SUSTAINABLE GROWTH 2013 OUTLOOK YET UNCERTAIN KEY FIGURES(in EUR x mln) | 2012 | 2011 |
Total revenue Operating result (excluding non-recurring items) Operating result (including non-recurring items) Net result (excluding non-recurring items) Net result (including non-recurring items), attributable to owners of the parent Capital expenditure Sales (ton) Production (ton) Number of employees (on average) Per depository receipt of share (in EUR) Operating cash flow Net result (attributable to equity holders of the parent) Dividend (2012: proposal) Closing price Equity | 166.9 0.7 (19.7) 1.2 (24.2) 4.9 216,200 215,000 282 2.03 (5.57) - 5.55 11.02 | 162.3 (5.2) 5.2 (3.5) 4.3 3.8 203,100 203,900 292 1.04 0.98 - 3.60 16.63 |
Number of depository receipts | 4,356,005 | 4,356,005 |
Today we proudly present FOCUS 2016 , a strategic outline containing our plans and ambitions for the next four years. The New Business Development programme, which we initiated in 2006, successfully drove the introduction of a broad and modern range of new products. Going forward we will profile CVG as a speciality supplier focussing on digital inkjet, label and packaging. The partnership agreement with HP, that we concluded this week, will accelerate our growth in digital inkjet papers. These differentiating niche products will enable CVG to realise sustainable growth and create value for Crown Van Gelder
and all its stakeholders.
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Operating reviewResults 2012
Crown Van Gelder s (CVG) net profit in 2012 was EUR 1.2 million, excluding non-recurring and non cash items amounting to EUR 25.4 million (net) in total, charged to the 2012 bottom-line results. The results are in line with the preliminary results published on 24 January 2013. Net result (excluding non-recurring
items) showed strong improvement in 2012, compared to a net loss of EUR 3.5 million in 2011. A return
to profitable operations in 2012 was driven by a higher sales volume and a strong increase in NBD sales, supported by lower pulp costs.
CVG s sales volume increased by around 6% in 2012 to around 216,000 ton, outperforming the market average in the woodfree uncoated (WFU) sector in which CVG operates. The order intake in this market was down 9% in 2012. Total revenues increased to EUR 166.9 million (2011: EUR 162.3 million).
Market developments
In the first half of 2012 CVG benefited from a recovery in the European paper market. Market sentiment improved substantially from the lacklustre conditions in the second half of 2011. The traditional summer holiday softness in order intake in 2012 was less pronounced than in previous years, but order volume
after the holiday period was more subdued than usual. The structural decline in demand for graphical
papers and uncertainties regarding the further economic outlook had an adverse impact on market sentiment. Despite these adverse market developments, CVG s production capacity was fully utilised and CVG s sales volume for the full year 2012 rose by 6% to 216,200 ton, clearly outperforming market trends.
Especially sales growth in newly developed (NBD) products has contributed to the strong performance of
CVG. The company had its full focus on the commercialisation of these products which offer better selling margins than traditional graphical papers. The total NBD sales volume in 2012 amounted to around 67,000 ton, up nearly 30% compared to 2011.
CVG has further expanded its customer base in specialty paper for high-speed digital colour inkjet printers. Sales in digital printing papers showed solid growth, giving a further boost in CVG s leading position in this market. CVG collaborates with the leading manufacturers of digital inkjet printers. These printers enable printers to produce statements, direct mail, books and magazines fully digital. This week, CVG and HP have signed a partnership agreement under which both companies will collaborate in the worldwide "ColorPRO" marketing and quality program for inkjet papers. This agreement will strengthen CVG's leading position in the market for digital inkjet printing.
Selling prices showed an average decrease of 3% in 2012, compared to the same period last year. This could be attributed to the unrelenting tough competition in our markets, where lower pulp prices quickly translate into lower selling prices.
Under the prevailing economic conditions, CVG s results could be adversely affected by customer insolvencies. As in the previous year, the company incurred small insolvency losses in 2012.
Raw materials prices, energy and other costs
Pulp is the most important raw material for CVG s papers and also the largest input cost in the papermaking process. In the first months of 2012, CVG could still benefit from lower pulp prices, which
had come down from record high levels mid 2011. During the first half of 2012 pulp demand increased again on the back of a better market outlook and stock replenishment at pulp consumers, after a reduction in stocks in the preceding period. This resulted in a sharp increase in pulp prices, especially of short fibre pulp which is the most relevant for CVG s products. On balance, the average pulp price for
CVG in 2012 dropped in EUR by around 9% compared to the previous year.
Energy costs for 2012 remained practically stable as energy prices were fixed at the same level as in
2011.
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Employee benefit costs decreased by EUR 0.4 million, mainly due to a lower staff level and lower pension costs. Other operating costs increased by EUR 1.0 million due to higher maintenance and consulting expenses.
Capital Expenditure
In 2012 capital expenditure amounted to EUR 4.9 million, which is below the company s depreciation costs. This level is also below earlier expectations, due to a capex shift from late 2012 to early 2013.
Expenditure in 2012 comprised necessary replacement investments in machinery and equipment. In 2013 capital expenditure is expected to be around EUR 9 million, which includes a major part of expenditure of the periodic revamp of the power plant which took place late 2012 but will be paid after full commissioning of this project in March 2013. Capital expenditure and working capital requirements
can be financed through operating cash flow and available credit lines.
Impairment charge and tax asset write-off
Although CVG showed a positive operational performance in 2012, the recovery from the economic downturn in Europe takes longer than initially anticipated. The general economic developments have a strong impact on the European paper industry, which is still dominated by overcapacity and strong
competition. At the same time, CVG is confronted with continuing high raw material costs and a strong
increase in energy prices in 2013. In these unfavourable market conditions it is expected that it will be extremely difficult to fully pass on raw material and energy cost increases to customers.
Triggered by the prolonged below-target return on capital employed, the annual impairment test required by IFRS regulations led to an impairment charge on fixed assets of around EUR 20.4 million (net) in the
2012 results.
Management also concluded that the tax asset on the balance sheet might not be fully recoverable through future taxable profits, taking into consideration the unfavourable market conditions impacting performance. Therefore a (non-recurring) write-off of EUR 5 million was included in the 2012 net result.
The impairment charge and tax asset write-off are non-cash items in the 2012 results.
The Supervisory Board will propose to shareholders to pass the 2012 dividend, due to the adverse 2012 bottom line financial results. The scheduled capital expenditure and various uncertainties regarding the development of results in 2013 also played a role in this decision.
Strategic review
Together with this press release CVG has published its strategic outline for the years up to 2016 in
Focus 2016 .
CVG has been quite successful in the development of new products under the New Business Development programme since its start early 2006. The company has executed thorough market studies on the future prospects of its existing and recently developed product portfolio.
As from 2013 the company directs its focus on niche products with considerable growth perspectives that can generate more added value to both the customer and the company.
CVG will further build on its core strengths, especially its customer orientation, innovative strengths and flexibility of operations. The strategy for the years up to 2016 will be directed on the following four priorities:
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1) Commercial focus on digital inkjet, label and packaging. CVG s ambition is focused on strengthening the leading position on the market for digital inkjet applications, to further increase our sizeable label market share and to expand our packaging position. These niche products offer our customers
higher added value as well as an attractive selling margin for the company. Our target is an extra sales volume in these products of 60,000 ton in 2016.
2) Increase in production efficiency. By continuing to improve our processes, we achieve a higher net production output at lower cost while simultaneously improving our environmental performance. We expect to be able to increase our production volume in the years up to 2016 to 235,000 ton.
3) Investment in sustainable employability. We continue to invest in our people s training, health and safety, reaping the benefits of keeping our people fit and committed to our company.
4) Partnerships with other market players. Whenever possible, we enter into partnerships with companies that complement our strategic, technological or commercial abilities.
A good return on capital employed contributes to business continuity and is therefore vital to all of CVG s stakeholders. Although we have been unsuccessful in achieving our return targets in recent years, the broadening of our product range, our strategic plans for the next few years and our ambitions are aimed at returning to an adequate rate of return and resuming attractive dividend payments to our
shareholders. We aim at achieving a ROCE target of at least 10%.
We have reformulated our dividend policy as part of Focus 2016: CVG intends to distribute a dividend of
50% of its net profit fully in cash. Dividend payments will depend on the need to fund replacement investments ( free cash flow ), keeping in mind the company s continuity and its credit limit.
In order to further optimise its market approach and customer relations, CVG has restructured its sales organisation, effective as of 1 January 2013. This altered structure will contribute to a stronger commercial focus and a clearer business profile as a supplier of quality products in differentiated niche markets.
CVG s order book is at a satisfactory level to keep production capacity fully utilised and the company s goal for sales and production volumes in 2013 is at least 220,000 ton. As reported earlier, current high pulp price levels and increased energy costs necessitate higher selling prices, and further selling price increases will be actively sought for.
As of 2013, CVG will focus on the niches in digital inkjet, label and packaging, which will contribute to the results. Our target for 2013 is an extra sales volume in these niche products of 20,000 ton.
The general sales market outlook for 2013 will also depend on the development of the European economy, which is currently rather subdued. At the same time, developments in commodity markets are influenced by a more positive economic outlook in other parts of the world, especially North America and China.
Although a slight decline in pulp demand is forecasted from developed countries, overall pulp demand is expected to increase on the back of increasing pulp demand from China and expansion of tissue capacity. Due to closures of pulp mills and conversion of pulp mills to dissolving pulp, pulp supply in the first half of 2013 is expected to become tighter. As a consequence, the upward pressure on pulp prices
is likely to persist. In the second half of 2013 downward pressure on pulp prices can be expected under the influence of new capacity expansions of short fibre in South America.
At the end of 2012, energy contracts with prices well below market price levels came to a conclusion. As from January 2013, CVG is confronted with market prices for natural gas which are around 25% higher than 2012 prices. For the time being, the company has decided to keep gas prices floating in anticipation of possibly lower market prices for gas in future, given the current economic outlook in Europe.
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The development of CVG s results in 2013 will (among others) depend on the general economic prospects in Europe, the demand for paper, selling price, pulp price, energy price and exchange rate developments. The ultimate impact of these factors is yet uncertain. Given all these uncertainties, CVG is not in the position to give an outlook for the development of results in 2013.
Crown Van Gelder will publish a trading update on 16 May 2013 (before market opening) when the AGM
will be held and will present the 2013 half year results on 26 July 2013 (before market opening).
For more information, please contact:
Henk van der Zwaag, CFO, tel. + 31 (0)251 262 201.
Internet site: www.cvg.nl
Profile:
Crown Van Gelder N.V. is a specialist paper manufacturer with around 280 staff. The company develops, produces and sells high-quality speciality products in the woodfree uncoated and single-
coated paper sectors. The product portfolio includes customised solutions for self-adhesive labels and
base paper grades that are coated, metallised or provided with a (polyethylene) PE coating, and paper products suited as packaging materials for use in combination with foodstuffs, and a series of speciality paper products designed to print forms, direct mail, envelopes, books, and manuals. Crown Van Gelder N.V. is listed on NYSE Euronext Amsterdam.
Appendices:
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated cash flow statement
- Consolidated statement of changes in equity
The 2012 annual accounts have yet not been drawn up. Therefore the 2012 consolidated income statement, statement of comprehensive income, financial position, cash flow and changes in equity have not been audited.
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CONSOLIDATED INCOME STATEMENT (x EUR 1,000)2012 | 2011 | |||
Total revenue | 166,868 | 162,292 | ||
Costs related to revenue Raw materials, consumables and energy | (7,929) (115,558) | (7,347) (116,837) | ||
Change in inventories of finished goods | (335) | (1,472) | ||
Employee benefits costs | (21,359) | (21,743) | ||
Settlement DB pension plan | - | 10,403 | ||
Depreciation and amortisation | (6,113) | (6,248) | ||
Other expenses | (14,916) | (13,863) | ||
Total operating expenses | (166,210) | (157,107) | ||
Operating result | 658 | 5,185 | ||
Impairment on fixed assets | (20,400) | - | ||
Operating result after impairment | (19,742) | 5,185 | ||
Finance income | 13 | 3 | ||
Finance costs | (171) | (433) | ||
Net finance costs | (158) | (430) | ||
Share of after tax result of associate | 380 | 408 | ||
Result before tax | (19,520) | 5,163 | ||
Tax expense | (4,704) | (845) | ||
Result for the year | (24,224) | 4,318 | ||
Result for the year attributable to: Equity holders of the parent | (24,260) | 4,272 | ||
Non-controlling interests | 36 | 46 | ||
NET RESULT | (24,224) | 4,318 |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (x EUR 1,000)2012 | 2011 | |||
Result for the year | (24,224) | 4,318 | ||
Net gains / (loss) on cash flow hedges | (264) | 171 | ||
Income tax effect | 66 | (43) | ||
(198) | 128 | |||
Actuarial losses in respect of the pension scheme | - | (5,345) | ||
Income tax effect | - | 1,336 | ||
- | (4,009) | |||
Other comprehensive income for the year, net of tax | (198) | (3,881) | ||
Total comprehensive income for the year, net of tax | (24,422) | 437 | ||
Total comprehensive income for the year attributable to: | ||||
Equity holders of the parent | (24,458) | 391 | ||
Non-controlling interests | 36 | 46 | ||
Total comprehensive income for the year, net of tax | (24,422) | 437 |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (x EUR 1,000) (before profit appropriation) | ||||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 31 December 2012 | 31 December 2011 | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 17,002 808 1,354 5,119 2,165 | 26,448 45,793 | 38,114 1,262 1,375 10,172 2,274 | 53,197 48,678 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 31,687 13,845 261 | 26,448 45,793 | 29,006 19,241 431 | 53,197 48,678 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 5,536 10,494 19 5,298 | 26,448 45,793 | 9,961 10,185 105 5,839 | 53,197 48,678 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 5,536 10,494 19 5,298 | 72,241 | 9,961 10,185 105 5,839 | 101,875 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 5,536 10,494 19 5,298 | 47,950 43 | 9,961 10,185 105 5,839 | 72,408 53 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 5,536 10,494 19 5,298 | 47,993 2,901 21,347 | 9,961 10,185 105 5,839 | 72,461 3,324 26,090 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 47,993 2,901 21,347 | 72,461 3,324 26,090 | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities | 24,248 72,241 | 29,414 101,875 | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accruals Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities |
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CONSOLIDATED CASH FLOW STATEMENT (x EUR 1,000) | ||||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 2012 | 2011 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 20,400 6,113 - | (19,742) 26,513 2,312 | - 6,248 (9,582) | 5,185 (3,334) 3,119 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 5,396 (2,681) 309 (712) | (19,742) 26,513 2,312 | (2,122) 2,773 2,272 196 | 5,185 (3,334) 3,119 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (239) 13 (8) | (19,742) 26,513 2,312 | (429) 4 (36) | 5,185 (3,334) 3,119 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (239) 13 (8) | 9,083 (234) | (429) 4 (36) | 4,970 (461) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (4,948) - 400 | 9,083 (234) | (3,756) (26) 375 | 4,970 (461) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (4,948) - 400 | 8,849 (4,548) (4,471) | (3,756) (26) 375 | 4,509 (3,407) (1,001) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (46) (4,425) | 8,849 (4,548) (4,471) | - (1,001) | 4,509 (3,407) (1,001) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 8,849 (4,548) (4,471) | 4,509 (3,407) (1,001) | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (170) 431 | 101 330 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 261 | 431 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR x 1,000) | |||||||
Subscribed and paid up capital | Retained earnings | Other reserves | Result for the year | Total | Non- control- ling interests | Total equity | |
As at 1 January 2011 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Settlement DB pension plan As at 31 December 2011 | 8,712 - - | 84,792 - - | (8,578) - (3,881) | (12,909) 4,272 - | 72,017 4,272 (3,881) | 83 46 - | 72,100 4,318 (3,881) |
As at 1 January 2011 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Settlement DB pension plan As at 31 December 2011 | - - - - - 8,712 | - - (12,909) - (12,657) 59,226 | (3,881) - - - 12,657 198 | 4,272 - 12,909 - - 4,272 | 391 - - - - 72,408 | 46 - - (76) - 53 | 437 - - (76) - 72,461 |
As at 1 January 2012 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2012 | 8,712 - - | 59,226 - - | 198 - (198) | 4,272 (24,260) - | 72,408 (24,260) (198) | 53 36 - | 72,461 (24,224) (198) |
As at 1 January 2012 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2012 | - - - - 8,712 | - - 4,272 - 63,498 | (198) - - - - | (24,260) - (4,272) - (24,260) | (24,458) - - - 47,950 | 36 - - (46) 43 | (24,422) - - (46) 47,993 |
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