As at 31 December 2014, the subscribed capital of Franz Haniel & Cie. GmbH remained unchanged at EUR 1,000 million. All shares are fully paid-in and held either directly or indirectly by the Haniel family.
Changes in equity are shown in the statement of changes in equity.
Treasury shares with a nominal amount of EUR 1 million (previous year: EUR 0 million) were acquired during the financial year. The non-controlling interests in the equity of consolidated subsidiaries relate primarily to TAKKT AG, which is domiciled in Stuttgart. In the previous year, non-controlling interests also had an interest of EUR 1,126 million in Celesio AG, which was disposed of in the financial year.
The changes in the scope of consolidation during the financial year relate to the disposal of the Celesio division.
Haniel reduced its holding in TAKKT AG by 20.16 per cent during the previous year. Haniel received consideration in the amount of EUR 149 million for the shares in TAKKT AG sold. The transaction increased the carrying amount of the non-controlling interests by EUR 55 million. The difference between the consideration received and the carrying amount attributable to the shares sold was recognised in the equity attributable to the shareholders of Franz Haniel & Cie. GmbH. As at the reporting date, Haniel held a 50.25 per cent interest in TAKKT AG, the holding company of the TAKKT division.
The following table contains the financial information on the TAKKT division recognised in Haniel’s consolidated financial statements.
|EUR million||31 Dec. 2014||31 Dec. 2013|
|of which attributable to non-controlling interests||174||146|
|Profit after taxes||66||53|
|of which attributable to non-controlling interests||33||20|
|Other comprehensive income||9||-3|
|of which attributable to non-controlling interests||38||18|
|Cash flow from operating activities||101||78|
|Cash flow from investing activities||-13||-9|
|Cash flow from financing activities||-90||-68|
|Dividends paid to non-controlling interests||10||6|
During the previous year, the Celesio and ELG divisions acquired non-controlling interests of fully consolidated subsidiaries for a purchase price of EUR 3 million. The carrying amounts of the non-controlling interests amounted to EUR 2 million. This resulted in a EUR 1 million decrease in retained earnings attributable to the shareholders of Franz Haniel & Cie. GmbH.
The total amount of accumulated other comprehensive income changed as follows:
|EUR million||As at
1 Jan. 2014
|Changes in the scope of consolidation||Changes in shares in companies already consolidated||Other comprehensive income||Currency translation effects||As at
31 Dec. 2014
|Remeasurements of defined benefit plans||-288||201||-81||1||-167|
|Pro-rata other comprehensive income not to be reclassified to profit or loss from investments accounted for at equity||-131||1||-100||-230|
|Other comprehensive income not to be reclassified to profit or loss||-347||153||0||-157||1||-350|
|Derivative financial instruments||-23||2||15||-6|
|Financial assets available for sale||0||0|
|Currency translation effects||-318||145||167||-1||-7|
|Share of other comprehensive income of investments accounted for at equity||-132||-107||-239|
|Other comprehensive income to be reclassified to profit or loss||-467||147||0||71||-1||-250|
|Accumulated other comprehensive income||-814||300||0||-86||0||-600|
|of which attributable to non-controlling interests||-242||223||9||-10|
|of which attributable to shareholders of Franz Haniel & Cie. GmbH||-572||77||-95||-590|
|EUR million||As at
1 Jan. 2013
|Changes in the scope of consolidation||Changes in shares in companies already consolidated||Other comprehensive income||Currency
31 Dec. 2013
|Remeasurements of defined benefit plans||-293||10||-24||19||-288|
|Pro-rata other comprehensive income not to be reclassified to profit or loss from investments accounted for at equity||-137||6||-131|
|Other comprehensive income not to be reclassified to profit or loss||-349||9||0||-21||14||-347|
|Derivative financial instruments||-56||33||-23|
|Financial assets available for sale||21||-21||0|
|Currency translation effects||-179||-126||-13||-318|
|Share of other comprehensive income of investments accounted for at equity||-131||-1||-132|
|Other comprehensive income to be reclassified to profit or loss||-331||0||0||-122||-14||-467|
|Accumulated other comprehensive income||-680||9||0||-143||0||-814|
|of which attributable to non-controlling interests||-177||5||-6||-64||-242|
|of which attributable to shareholders of Franz Haniel & Cie. GmbH||-503||4||6||-79||-572|
The accumulated other comprehensive income presented contains a total amount of EUR 2 million (previous year: EUR -446 million) that is attributable to assets and liabilities held for sale. This includes EUR 0 million (previous year: EUR -157 million) that may not be reclassified to profit or loss.
The aim of the Haniel Group’s capital management is, for one, to safeguard financial flexibility, provide scope for value-enhancing investments, and maintain sound ratios in the statement of financial position. The Group seeks to achieve investment-grade credit ratings. Another aim of capital management is to ensure that the capital employed in the Haniel Group is used to increase value.
|/ Total assets||6,446||13,387|
|Equity ratio (in %)||61.6||34.0|
|(Financial liabilities, including held for sale||1,469||4,401|
|- Cash and cash equivalents, including held for sale)||111||558|
|(Operating profit, including discontinued operations||258||593|
|+ Result from investments accounted for at equity, including discontinued operations||14||100|
|+ Other investment result, including discontinued operations)||1||30|
|/ (Finance costs, including discontinued operations||221||340|
|- Other net financial income, including discontinued operations)||8||22|
|Interest cover ratio||1.3||2.3|
In order to manage the capital employed from yield perspectives, the Group uses the Haniel value added (HVA) and the Return on capital employed (ROCE) as value-based performance indicators. They show whether the profits generated with the capital employed cover the cost of capital.
|+ Result from investments accounted for at equity||14||96|
|+ Other investment result||24|
|+ Other net financial income||9||26|
|- Income tax expenses||59||35|
|+ Profit after taxes from discontinued operations before finance costs||726||330|
|- Current provisions||103||122||269|
|- Trade payables and similar liabilities||151||125||2,470|
|- Income tax liabilities||18||12||69|
|- Other current liabilities||226||200||922|
|- Deferred tax liabilities||51||50||94|
|- Non-interest bearing liabilities held for sale||8||3,103||74|
|Average capital employed (current and previous year divided by two)||7,832||10,173|
|x Weighted average cost of capital (in %)||8.1||8.1|
|Cost of capital||634||824|
|- Cost of capital||634||824|
|Haniel value added (HVA)||273||-217|
|/ Average capital employed||7,832||10,173|
|Return on capital employed (ROCE, in %)||11.6||6.0|
In addition, investment projects are assessed using uniform DCF methods; risk-appropriate minimum rates of return are specified for each division and each strategic business unit.