---------------------------------- --------- ------------ --------- ---------- ---------
Total 352,611 104,976 - 247,635 352,611
---------------------------------- --------- ------------ --------- ---------- ---------
Liabilities:
Loans payable short--term (49,046) - (49,046) - (49,046)
Accounts payable trade (8,803) - (8,803) - (8,803)
Accrued expenses (6,720) - (3,850) (2,870) (6,720)
Provisions (18,095) - - (18,095) (18,095)
Misc current liabilities (753) - - (753) (753)
Misc long--term liabilities (43) - (43) - (43)
Misc non--financial liabilities (51,960) - - (51,960) (51,960)
---------------------------------- --------- ------------ --------- ---------- ---------
Total (135,420) - (61,742) (73,678) (135,420)
---------------------------------- --------- ------------ --------- ---------- ---------
Capital Management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern in order to
provide returns to shareholders and other stakeholders and to
maintain an optimal capital structure that strikes the appropriate
balance between risk and the cost of capital.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce
debt.
The Group from time to time uses debt as a natural hedging
instrument, where amounts are borrowed in the same foreign currency
as it holds assets (for instance debtors) denominated in the same
foreign currency. However, these borrowings have always been lower
than the balance of cash and cash equivalents in any period.
Accordingly, the Group has maintained a net cash positive position.
This is a different approach to others in the photovoltaic industry
where being heavily indebted (particularly in China) has become the
norm. The directors believe that the Group's policy of not carrying
any net debt has significantly reduced the Group's risk, which is
particularly important during the current extremely difficult
market conditions.
The Group's capital (plus its cash and cash equivalents) is set
out in the following Table. The group is not subject to any
externally imposed capital requirements.
2012 2011
EUR'000 EUR'000
Bank and other borrowings
- current (see note 19) 5,284 49,046
Less cash and cash equivalents
(see note 10) 94,680 71,664
Total net cash 89,396 22,618
Total equity 94,851 217,191
The Group has no net borrowings and therefore has negligible
gearing. Accordingly, the leverage ratio has no meaning and has not
been calculated.
31. Calculation of fair value
There are no publicly traded financial instruments (e.g.
publicly traded derivatives and securities held for trading and
available for sale securities) nor any other financial instruments
held at fair value.
32. Contingent liabilities
The Group did not assume any contingent liabilities for third
parties. No material litigation or risks from violation of third
parties' rights or laws that could materialise in 2013 or beyond
are pending at the time of approval of these financial
statements.
33. Other financial obligations
Lease agreements (operating leases)
The leases primarily relate to rented buildings and have terms
of no more than ten years. Financial obligations resulting from
operating leases become due as follows:
As at 31 December
-------------------
2012 2011
EUR'000 EUR'000
--------
Less than one year 1,854 1,947
Two to five years 2,969 4,281
Longer than five years 1,578 2,050
----------------------- --------- --------
6,401 8,278
----------------------- --------- --------
The land and buildings used by the Group, with the exception of
land with an area of approximately 31,000m(2) in the Chemical Park
at Bitterfeld, are rented. The contracts have durations of up to
ten years. In some cases there are options to extend the rental
period.
Equipment purchase commitments
Orders to the amount of EUR0.1 million had been made on 31
December 2012 (2011: EUR1.5 million).
34. Related party disclosures
Related parties as defined by IAS24 comprise the senior
executives of the Group and also companies that these persons could
have a material influence on as related parties as well as other
group companies. During the reporting year, none of the
shareholders had control over or a material influence in the parent
Company.
Transactions between the Company and its subsidiaries have been
eliminated on consolidation.
The remuneration of the directors, who are the key management
personnel of the Group, is set out in the audited part of the
Directors' Remuneration Report.
35. Dividends
No Dividends were paid in 2012 (2011: EUR8,120,249, EUR0.02 per
share).
36. Post balance sheet events
There are no significant post balance sheet events.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KMGZFGMLGFZG
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