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Haniel Group: Assets and liabilities

The acquisition of the Bekaert Textiles division in 2015 led to significantly higher recognised investments of the Haniel Group. In addition, financial assets and cash increased through the reduction of the Metro investment and the issue of the exchangeable bond linked to Metro shares. The equity ratio continues to remain high, underscoring Haniel’s investment potential.

 

Higher total assets
The Haniel Group’s total assets increased from EUR 6,446 million as at 31 December 2014 to EUR 6,847 million as at 31 December 2015. This increase resulted from non-current assets, which increased from EUR 4,784 million to EUR 5,237 million. In particular, the acquisition of the new division Bekaert Textiles led to an increase in property, plant and equipment and intangible assets. In addition, the reduction of the Metro investment resulted in a lower carrying amount of investments. This aspect was more than compensated for in non-current assets. This is because Haniel invested a portion of the financial assets received from the reduction in the shareholding and the issue of the exchangeable bond linked to Metro shares in non-current financial assets.

By contrast, the Group’s current assets declined slightly from EUR 1,662 million to EUR 1,610 million as at 31 December 2015. The primary cause was the decline in the ELG division’s inventories and trade receivables as a result of lower raw materials prices and a lower output tonnage. The first-time inclusion of the Bekaert Textiles division and an increase in cash and cash equivalents as a result of the reduction of the Metro investment and the issue of the exchangeable bond linked to Metro shares had a counter effect.

Consolidated statement of financial position

Equity ratio remains high
The equity of the Haniel Group increased from EUR 3,973 million as at 31 December 2014 to EUR 4,169 million as at 31 December 2015. This was in particular due to the profit after taxes as well as positive measurement effects from pensions and foreign currency translation. The equity ratio declined slightly from 62 per cent to 61 per cent because not only did equity increase, but so, too, did total assets. The continuing high level of the equity ratio underscores the investment potential of the Haniel Group. Non-current liabilities remained virtually constant at EUR 1,573 million. By contrast, current liabilities increased from EUR 899 million to EUR 1,105 million as at 31 December 2015. This was due to the increased financial liabilities: at the ELG division, the decline in inventories and trade receivables resulted in a lower financing requirement and hence a reduction in current financial liabilities. However, this reduction was countered by the issue of the exchangeable bond linked to Metro shares. This exchangeable bond is presented under current financial liabilities because it is convertible at any time by the bondholders.

Increase in recognised investments
The Haniel Group’s recognised investments increased from EUR 357 million in the previous year to EUR 1,104 million during the 2015 financial year. This is attributable first and foremost to the acquisition of the new Bekaert Textiles division as well as to higher investments of the Haniel Holding Company in non-current financial assets. The acquisition of Post-Up Stand and BiGDUG by the TAKKT division also contributed to the increase. The previous year’s figure for recognised investments included acquisitions to only a minor extent.