EURk Dec. 31, 2013 Dec. 31, 2012
Current assets 1,104,995 1,020,928
of which cash and cash equivalents 109,770 116,707
of which lease receivables 775,167 688,141
Non-current assets 1,533,093 1,331,364
of which lease receivables 1,374,702 1,185,787
Total assets 2,638,088 2,352,292
Current liabilities 880,293 758,164
of which financial liabilities 778,979 639,199
Non-current liabilities 1,318,333 1,243,155
of which financial liabilities 1,272,584 1,203,107
Equity 439,462 350,973
Equity ratio in percent 16.7 14.9
Total assets 2,638,088 2,352,292
As a result, our high new business volume, lease receivables of the GRENKE Consolidated Group increased 15 percent in fiscal year 2013. Lease receivables represent 81 percent of total assets and are thus by far the largest asset category. The twelve percent growth in total assets to EUR 2,638.1 million was also largely the result of the rise in lease receivables. Equity was significantly strengthened in 2013. On the one hand, this was the result of the solid income development. Retained earnings including the unappropriated surplus rose 13 percent or EUR 35.3 million to EUR 306.1 million, net of the dividend payment. On the other hand, capital increase the successfully placed in February 21, 2013 resulted in proceeds of new equity of EUR 53.7 million. With the issuance of 1,015,901 new ordinary no-par value bearer shares at a price of EUR 53.50 the share capital rose by EUR 1.3 million or seven percent to EUR 18.8 million. Capital reserves grew 87 percent, or EUR 52.6 million, to EUR 112.8 million. In total, equity expanded 25 percent, or EUR 88.5 million, to EUR 439.5 million after amounting to EUR 351.0 million in the previous year. At 16.7 percent as per the end of the report- ing year, the equity ratio has exceeded our long-term target level of 16 percent.
To finance the lease receivables, we made use of our wide range of refinancing sources. In fiscal year 2013, we added an additional asset-backed commercial paper (ABCP) programme with HSBC bank with a volume of EUR 133.3 million for the financing of French lease receivables to the four existing ABCP programmes having a volume of EUR 400.0 million. Hence, the total volume as per the end of the fiscal year amounted to EUR 533.3 million. As per the reporting date, 63 percent of this volume was utilised (previous year: 53 percent). In January 2014, one programme for the financing of German and Austrian lease receivables with a volume of EUR 40 million expired with no prolongation. The number of existing revolving credit facilities increased from four to five. Here, we have total financing volume of EUR 125.0 million. As per the reporting date, these were utilised in an amount of EUR 25.0 million. In addition, two new bonds with a total nomi- nal volume of EUR 225.0 million were issued in the reporting year and two bonds with a volume of EUR 80.8 million were repaid as scheduled. Three new promissory note loans with a total volume of EUR 45.0 million were taken, of which one is already in the redemption phase. As per the reporting date, EUR 3.3 million has been repaid. A total of six promissory note loans with a total volume of EUR 59.5 million were redeemed.
As per the reporting date, EUR 10.0 million and CHF 2.0 million of the EUR 45.0 million in available money market facilities was utilised. The CP programme with a volume of up to EUR 250.0 million was utilised in an amount of EUR 5.0 million as per the end of the reporting period. Refinancing via GRENKE BANK AG bank deposits was also used very successfully once again, with the liabilities of the deposit business increasing significantly by 22 percent to EUR 255.6 million after EUR 209.4 million.
Unused credit lines (bank credit lines plus the available volume of DIP and ABCP programmes) amounted to EUR 960.4 million as per the reporting date.
In 2013, we expanded our cooperation with the development banks of individual German states by adding LfA Förderbank Bayern as a new partner. Generally, we refinance the development funds we contract via global loans from the respective development banks. As per the reporting date, global loans totalled EUR 70.0 million (previous year: EUR 40.0 million). Of this amount, EUR 29.6 million were utilised as per the 2013 reporting date.
The GRENKE Consolidated Group uses various instruments for refinancing, the maturities of which are spread across several periods. This allows us to respond flexibly to changes in the refinancing markets. The following table shows the expected cash outflows resulting from contractual obligations as per December 31, 2013.
Payments falling due
EURk Total within 3 months 3 months to 1 year 1 – 5 years after 5 years Financial liabilities 1,945,748 280,118 415,832 1,198,235 51,562
Leases and rentals 30,001 2,462 6,967 17,339 3,234
Purchase obligations* 318,522 318,522 0 0 0
Obligations from onerous contracts** 3,710 925 2,018 768 0
Total contractual commitments 2,297,980 602,026 424,816 1,216,342 54,796 * Legally binding obligation to purchase goods and services and trade payables
** This item contains the present values of all future cash flows. The GRENKE Consolidated Group considers this to be the appropriate presentation of the cash flows that would be due for payment should these positions be closed out.
See the notes to the consolidated financial statements
In addition to the usual purchase obligations as part of ordinary business activities, interest and principal payments for financial liabilities in particular will become due in the current 2014 fiscal year. Of the EUR 696 million in financial liabilities coming due in 2014, EUR 203 million is attributable to ABS and ABCP programmes. As a matter of principle, they consist of individual short-term tranches, are generally fixed for a period of 12 months, and can be utilised on a revolving basis during this period. Thus, the amounts released by the repayment of lease receivables can be reemployed.
The largest other individual items of financial liabilities coming due in 2014, are two bonds with a volume of EUR 100.0 million each to be redeemed in January and April. The EUR 125 million bond issuance in December 2013 secured the redemption of the bond coming due in January. Furthermore, two additional bonds with a total volume of EUR 25.7 million and ten promissory note loans totalling EUR 108.7 million will mature in 2014. The promissory note loans will come due in the following months: February (EUR 10.0 million); March (EUR 34.5 million); April (EUR 6.7 million); June (EUR 26.7 million); July (EUR 12.5 million); August (EUR 15.0 million); and December (EUR 3.3 million). The liabilities will be repaid from operating cash flow, available refinancing facilities and the potential use of further refinancing activities. The GRENKE
Consolidated Group manages the use of refinancing funds based on the development of new business and the cash flow of the receivables portfolio.