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Fielmann AG Interim / Quarterly Report 2019
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Interim / Quarterly Report
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Fielmann
INTERIM REPORT
AS AT 30 JUNE 2019
2 First half-year 2019
Fielmann Group: Interim report
as at 30 June 2019
Dear Shareholders, Dear Friends of the Company,
The results of the first half of 2019 are in line with our expectations. Year-on-year, Fielmann increased the number of units sold, sales revenue and profits.
Interim company report
The upturn in Germany has slowed down considerably in the current financial year. According to preliminary estimates, the German economy shrank by 0.1% in the second quarter of 2019.
The development in the eurozone is expected to stand at +0.2% in the first half-year. A weak global economy, which is reflected in an export decline, the effects of the USA's trade dispute with Europe and, in particular, China are clearly discernible. Furthermore, the continued uncertainty with regard to the Brexit scenario has a negative impact on economic development in Europe.
The unemployment rate in Germany was 4.9% as at 30 June. The size of the active labour force stood at 45.3 million, which is an increase of 0.9% compared to the previous year.
Report on the revenue, financial and assets situation
Units sold and sales revenue
Fielmann increased its units sold in the first six months by 0.3% to 4.1 million (previous year: 4.1 million). External sales including VAT grew by 7.5% to €884.4 million (previous year: €823.0 million) and consolidated sales rose by 6.6% to €758.2 million (previous year: €711.5 million).
The number of glasses sold in the second quarter amounted to 2.1 million (previous year: 2.1 million). External sales including VAT grew by 6.1% to €446.8 million (previous year: €421.3 million) and consolidated sales rose by 6.9% to €386.4 million (previous year: €361.6 million).
Earnings and investments
The pre-tax profit amounted to €127.6 million in the first half of the year (previous year: €116.1 million) and the net income was €88.3 million (previous year: €80.4 million). The EBITDA increased by 38.8% to reach €191.7 million (previous year: €138.1 million). Without taking into account the write-downs and interest on rights of usufruct from leases (IFRS 16), the EBITDA stood at €152.2 million, an increase of 10.2%.
First half-year 2019 3
From April to June, the pre-tax profit amounted to €60.5 million (previous year: €54.8 million) and the net income stood at €41.7 million (previous year: €37.9 million).
In the first six months, investments totalled €35.8 million (previous year: €31.0 million). All investments were financed from our cash flow. Fielmann opened new stores in Monza, Modena, Reggio Emilia, Bassano del Grappa and Treviso during the first half of the year, thus operating a total of 23 Italian stores as at 30 June. We plan to open at least 4 additional stores in Italy in the second half of the year.
As at 30 June, Fielmann operated a total of 743 stores (previous year: 727), 202 of which also contained hearing aid studios (previous year: 188).
The earnings per share were €1.02 (previous year: €0.94). There were no circumstances which could have diluted earnings per share during the period under review or comparable periods.
| in €000s | 30.6.2019 | 30.6.2018 |
|---|---|---|
| Consolidated net income for the period | 88,344 | 80,370 |
| Income attributable to other shareholders | -2,499 | -1,555 |
| Profits to be allocated to parent company shareholders | 85,845 | 78,815 |
| Number of shares in ‘000 units | 84,000 | 84,000 |
| Own shares in ‘000 units | -45 | -26 |
| Number of shares in ‘000 units | 83,955 | 83,974 |
| Earnings per share | 1.02 | 0.94 |
On 11 July 2019, the Annual General Meeting of Fielmann AG agreed a dividend payout of €1.90 per share for the financial year 2018 (previous year: €1.85). Fielmann paid its shareholders €159.6 million (previous year: €155.4 million), which is a ratio of 94.5%. Based on the 2018 year-end closing price, the dividend yield amounts to 3.5%.
Dr. Thies chose not to seek an extension to his Management Board contract, which expired on 30 June 2019. The Supervisory Board and Management Board would like to take this opportunity to thank Dr. Thies for his outstanding work. The existing Board Members have assumed responsibility for the Human Resources, Controlling, Organisation and IT departments.
With 19,172 employees as at 30 June (previous year: 18.301), Fielmann is Germany's largest employer in the optical industry. With
Earnings per share
Dividend
Information on the bodies of the Company
Employees
4 First half-year 2019
3,346 apprentices (previous year: 2,944), Fielmann is also the largest training provider. Our apprentices are the skilled experts of the future. This year, more than 1,700 young people began their apprenticeships with the German market leader. National awards testify to the high standard of our training. In the German optical industry competition, Fielmann accounted for all national winners over the last eight years.
Forecast, opportunities and risk report
To the Company's knowledge, there is no information necessitating changes to the main forecasts or other expectations formulated in the last Group Management Report. The statements provided in the Annual Report 2018 on the opportunities and risks of the business model remain unchanged, too.
Outlook
With its Vision 2025, Fielmann is shaping the optical industry in Europe for the benefit of customers. Over the long term, Fielmann will sell one in four glasses in continental Europe and achieve external sales of €2.3 billion. Fielmann is the market leader, uses its liquidity to ensure long-term growth and will enter new markets in the coming years through organic growth and acquisitions.
With effect of 1 September of this year, Fielmann AG will acquire 70% of shares in the Slovenian optical chain Optika Clarus, thereby entering the 14th European market. Optika Clarus operates 26 optical stores in Slovenia and is the undisputed market leader with a unit sales market share of 30%. In the current financial year, Optika Clarus will open two more stores in Slovenia. In the medium term, over 30 stores in Slovenia are planned.
Balance sheet oath
We affirm that to the best of our knowledge the consolidated accounts prepared in accordance with the applicable accounting regulations convey a view of the Group's assets, finances and income that is true and fair and that business development including business results and the position of the Group are presented in the Management Report for the Group in such a way as to provide a true and fair view as well as to portray the opportunities and risks inherent in the future development of the Group accurately.
Hamburg, August 2019
Fielmann Aktiengesellschaft
The Management Board
Change to the accounting principles
The interim report of 30 June 2019 was compiled according to International Financial Reporting Standards (IFRS and IAS). The result for the comparative period takes into account the actual tax ratio of the financial year 2018.
First half-year 2019 5
IFRS 16 "Leasing" is mandatory for the reporting periods beginning as of 1 January 2019. This standard sets out the principles for the recognition, measurement and disclosure of leases in the Notes, and has an impact on the presentation of assets, financial position and earnings as well as on the scope of the disclosures required in the Notes.
Fielmann is a lessee as it uses leases to rent business premises. Leasing also plays a minor role in the field of car financing. In the reporting period, the first application of IFRS 16 at Fielmann only led to additional costs of €0.7 million. A significant increase to the balance sheet total has resulted from taking the rights of usufruct from leases (rental agreements) into account. This has an impact on the Fielmann Group's key figures. The Fielmann Group's equity ratio fell due to the significant increase to the balance sheet total by €490.2 million from 75.1% as at 31 December 2018 to 55.3% as at 30 June 2019.
Based on the operative leasing commitments as at 31 December 2018, the following reconciliation to the opening balance sheet figures of the leasing liabilities arose as at 1 January 2019:
| in €000s | Up to 1 year | Between 1 year and 5 years | More than 5 years | Total |
|---|---|---|---|---|
| Rental commitments as at 31.12.2018 | 72,828 | 218,934 | 86,120 | 377,882 |
| Present value of rental commitments as at 31.12.2018 | 72,828 | 218,893 | 82,075 | 373,796 |
| Rental income from sub-leases which cannot be terminated as at 31.12.2018 | -983 | -1,634 | -390 | -3,007 |
| Present value of rental income from sub-leases which cannot be terminated as at 31.12.2018 | -983 | -1,634 | -388 | -3,005 |
| Termination or renewal options that could be put into practice with sufficient security | 2,761 | 3,006 | 9,165 | 14,932 |
| Present value of sub-leases as at 1.1.2019 | -489 | -853 | 0 | -1,342 |
| Leasing liabilities as at 1.1.2019 | 75,095 | 221,118 | 90,852 | 387,065 |
The leasing liabilities were discounted as at 1 January 2019 using the incremental borrowing rate. The weighted average interest rate amounted to 0.63%.
Cash and cash equivalents totaling €218.7 million (previous year: €294.7 million) include liquid funds as well as securities with a fixed term of up to three months. The development is in relation to the deferral of maturities of the capital investments as well as to increased investments in the second half of 2018 and first half of 2019.
The financial assets, which also count as financial capital, are broken down according to the typical maturities pursuant to IAS 1. The composition of the financial assets of €389.3 million (previous year: €406.2 million) is shown in a separate table on page 7.
Explanatory notes on the cash flow statement
First half-year 2019
Explanatory notes on the financial result as at 30 June 2019
For a better representation, the item "Increase/decrease in other non-current financial assets and capital investments with a term of over three months" from the cash flow from operating activities has been divided into the items "Receipts from the disposal of securities and other investments" and "Payments for the acquisition of securities and other investments", and is now disclosed within the cash flow from investment activity.
The figures for the previous year are indicated in parentheses:
| in €000s | Expenses | Income | Balance |
|---|---|---|---|
| Result from cash and capital investments | -105 (-108) | 620 (463) | 515 (355) |
| Result from on-balance sheet and other transactions not relating to financial assets | -1,629 (-329) | 58 (53) | -1,571 (-276) |
| Interest result | -1,734 (-437) | 678 (516) | -1,056 (79) |
| Result from shares in associates | -296 (0) | 0 (0) | -296 (0) |
| Write-ups and write-downs on financial assets and similar items | 0 (0) | 0 (0) | 0 (0) |
| Financial result | -2,030 (-437) | 678 (516) | -1,352 (79) |
Explanatory notes on the segment report
In accordance with the regional structure of the internal reporting system, Segment Reporting distinguishes between the geographic regions in which the Group offers and delivers products and services.
Information on related parties (IAS 24)
The contractual relations to the related parties described in the 2018 financial report continue in almost unchanged form. All transactions are made at the customary market prices and conditions, and are of minor importance to the Fielmann Aktiengesellschaft.
After six months, the revenues amount to T€505 (previous year: T€506) and the expenses to T€1,905 (previous year: T€1,956). The balances have been offset as at the reporting date.
Other information
The amount of 45,183 units of own shares was offset from the item "Securities" (previous year: 25,918). The book value as at 30 June 2019 is T€2,684 (previous year: T€1,797). The quoted Fielmann shares were acquired within the meaning of § 71 Para. 1 No. 2 of the German Stock Corporation Act (AktG), in order to offer them to staff of Fielmann Aktiengesellschaft or its affiliated companies as employee shares.
Significant events after 30 June 2019
At the time of preparing the present report, there had been no significant events after the end of the second quarter which could have an effect on the assets, financial position and earnings of the Fielmann Aktiengesellschaft and Fielmann Group.
First half-year 2019 7
Financial calendar 2019
| Analyst's conference | 30 August 2019 |
|---|---|
| Interim report | 7 November 2019 |
| Preliminary figures 2019 | February 2020 |
| Interim report | April 2020 |
| Bloomberg code | FIE |
| Reuters code | FIEG.DE |
| Securities ID number/ISIN | DE0005772206 |
Further information:
Fielmann AG · Investor Relations
Ulrich Brockmann
Weidestraße 118 a · 22083 Hamburg
Telephone: +49 (0) 40 / 270 76-442 · Fax: +49 (0) 40 / 270 76-150
E-mail: [email protected] · Internet: www.fielmann.com
Summary of financial assets
| in €000s | 30 June 2019 | 30 June 2018 | Change |
|---|---|---|---|
| Liquid funds | 165,462 | 212,601 | -47,139 |
| Capital investments with a specific maturity of up to 3 months | 53,236 | 82,122 | -28,886 |
| Cash and cash equivalents | 218,698 | 294,723 | -76,025 |
| Non-current financial assets | 2,241 | 2,856 | -615 |
| Other non-current financial assets | 51,884 | 54,342 | -2,458 |
| Capital investments with a specific maturity of more than 3 months | 116,439 | 54,292 | 62,147 |
| Financial assets | 389,262 | 406,213 | -16,951 |
First half-year 2019
Segment reporting 1 January to 30 June 2019 The previous year's figures are stated in parentheses.
| in € million | Germany | Switzerland | Austria | Other | Consolidation | Consolidated value |
|---|---|---|---|---|---|---|
| Sales revenues from the segment | 640.3 (603.3) | 88.7 (83.4) | 44.9 (41.8) | 25.6 (22.1) | -41.3 (-39.1) | 758.2 (711.5) |
| Sales revenues from other segments | 41.1 (39.0) | 0.2 (0.1) | ||||
| External sales revenues | 599.2 (564.3) | 88.7 (83.4) | 44.7 (41.7) | 25.6 (22.1) | 758.2 (711.5) | |
| Cost of materials | 156.8 (146.8) | 18.4 (17.6) | 10.2 (10.0) | 7.3 (6.7) | -36.0 (-34.3) | 156.7 (146.8) |
| Personnel costs | 253.4 (238.8) | 35.8 (33.5) | 16.3 (15.4) | 9.7 (7.8) | 315.2 (295.5) | |
| Scheduled depreciation | 47.2 (18.0) | 7.3 (2.2) | 3.2 (0.8) | 5.0 (1.0) | 62.7 (22.0) | |
| Expenses in the financial result | 1.5 (0.4) | 0.3 (0.1) | 0.2 (0.0) | 0.4 (0.2) | -0.4 (-0.3) | 2.0 (0.4) |
| Income in the financial result | 0.9 (0.6) | 0.2 (0.2) | -0.4 (-0.3) | 0.7 (0.5) | ||
| Earnings before tax – in segments excl. investment income | 107.9 (98.8) | 14.1 (12.1) | 8.2 (6.6) | -2.6 (-1.4) | 0.0 (0.0) | 127.6 (116.1) |
| Taxes on income and earnings | 34.4 (32.2) | 2.5 (2.4) | 1.4 (1.0) | 1.0 (0.2) | 39.3 (35.8) | |
| Consolidated net income for the period | 73.5 (66.7) | 11.6 (9.7) | 6.8 (5.6) | -3.6 (-1.6) | 0.0 (0.0) | 88.3 (80.4) |
| Non-current segment assets excluding financial instruments and deferred tax assets | 563.5 (279.6) | 80.4 (30.8) | 40.5 (5.8) | 62.2 (17.8) | 746.6 (334.0) | |
| Additions to non-current segment assets excluding financial instruments and deferred tax assets | 315.5 (24.7) | 55.7 (3.9) | 37.9 (0.2) | 43.5 (2.2) | 452.6 (31.0) | |
| Shares in associates | 4.9 (0.0) | 4.9 (0.0) | ||||
| Deferred tax assets | 10.6 (10.4) | 0.3 (0.3) | 0.8 (2.2) | 11.7 (12.9) |
Statement of the overall result
| For the period from 1 January to 30 June in €000s | 2019 | 2018 | Change |
|---|---|---|---|
| Consolidated net income for the period | 88,344 | 80,370 | 7,974 |
| Items which are reclassified under certain conditions and reported in the profit and loss account | |||
| Earnings from foreign exchange conversion, reported under equity | 670 | 320 | 350 |
| Items which will not be reclassified and reported in the profit and loss statement in future | |||
| Valuation of employee benefits in accordance with IAS 19 | -778 | -115 | -663 |
| Other profit/loss after tax | -108 | 205 | -313 |
| Overall result | 88,236 | 80,575 | 7,661 |
| of which attributable to minority interests | 2,499 | 1,555 | 944 |
| of which attributable to parent company shareholders | 85,737 | 79,020 | 6,717 |
First half-year 2019
Cash flow statement
| Cash flow statement according to IAS 7
for the period from 1 January to 30 June in €000s | 2019 | 2018 | Change |
| --- | --- | --- | --- |
| Earnings before taxes (EBT) | 127,636 | 116,137 | 11,499 |
| -/+ Profit shares of associates | 296 | 0 | 296 |
| + Statement-related interest expenditure from leases | 1,197 | 0 | 1,197 |
| + Statement-related other expenditure in the final result | 537 | 437 | 100 |
| - Statement-related income in the final result | -678 | -516 | -162 |
| + Write-downs on tangible assets and intangible assets | 24,454 | 22,040 | 2,414 |
| + Write-downs on rights of usufruct from leases | 38,289 | 0 | 38,289 |
| - Taxes on income paid | -40,822 | -35,630 | -5,192 |
| +/- Other non-cash income/expenditure | -1,047 | 5,898 | -6,945 |
| +/- Increase/decrease in accruals | 506 | -3,891 | 4,397 |
| -/+ Profit/loss on disposal of tangible assets as properties kept as financial investments and intangible assets | -48 | -3,255 | 3,207 |
| -/+ Increase/decrease in inventories, trade debtors and other assets not attributable to investment or financial operations | -402,602 | -18,672 | -383,930 |
| +/- Increase/decrease in trade creditors and other liabilities not attributable to investment or financial operations | 408,069 | 9,825 | 398,244 |
| - Interest paid | -302 | -339 | 37 |
| + Interest received | 461 | -271 | 732 |
| = Cash flow from operating activities | 155,946 | 91,763 | 64,183 |
| Receipts from the disposal of tangible assets | 154 | 79 | 75 |
| - Payments for tangible assets | -21,453 | -25,809 | 4,356 |
| - Payments for intangible assets | -14,304 | -5,020 | -9,284 |
| + Receipts from the disposal of financial assets | 74 | 70 | 4 |
| - Payments for financial assets | 0 | -220 | 220 |
| + Receipts from the disposal of securities and other investments | 73,522 | 95,638 | -22,116 |
| - Payments for the acquisition of securities and other investments | -70,758 | -29,877 | -40,881 |
| = Cash flow from investment activities | -32,765 | 34,861 | -67,626 |
| Payments to company owners and non-controlling shareholders | -2,390 | -1,622 | -768 |
| +/- Sale/Acquisition of own shares | -1,951 | -1,577 | -374 |
| + Receipts from loans raised | 59 | 0 | 59 |
| - Repayment of loans | -141 | -593 | 452 |
| - Payments for liabilities from leases | -38,715 | 0 | -38,715 |
| = Cash flow from financing activities | -43,138 | -3,792 | -39,346 |
| Changes in cash and equivalents | 80,043 | 122,832 | -42,789 |
| +/- Changes in cash and equivalents due to exchange rates | 98 | -240 | 338 |
| + Cash and equivalents at the beginning of the period | 138,557 | 172,131 | -33,574 |
| = Cash and equivalents at the end of the period | 218,698 | 294,723 | -76,025 |
| in €000s | Subscribed capital | Capital reserves |
|---|---|---|
| Position as at 1 January 2019 | 84,000 | 92,652 |
| Net profit for the year | ||
| Other profit | ||
| Overall result | ||
| Dividends/profit shares¹ | ||
| Share-based remuneration | ||
| Own shares | ||
| Position as at 30 June 2019 | 84,000 | 92,652 |
| in €000s | Subscribed capital | Capital reserves |
| --- | --- | --- |
| Position as at 1 January 2018 | 84,000 | 92,652 |
| Net profit for the year | ||
| Other profit | ||
| Overall result | ||
| Dividends/profit shares¹ | ||
| Share-based remuneration | ||
| Own shares | ||
| Position as at 30 June 2018 | 84,000 | 92,652 |
Dividends paid and share of profit allocated to other shareholders
Consolidated equity of the parent company's shareholders
| Other reserves | ||||
|---|---|---|---|---|
| Retained earnings | Foreign exchange reserves | Valuation reserves IAS 19 | Reserves for own shares | Reserves for share-based remuneration |
| 514,391 | 18,726 | -2,254 | -733 | 2,227 |
| 85,845 | 670 | -778 | ||
| 85,845 | 670 | -778 | ||
| -1,951 | 14 | |||
| 600,236 | 19,396 | -3,032 | -2,684 | 2,241 |
Consolidated equity of the parent company's shareholders
| Other reserves | ||||
|---|---|---|---|---|
| Retained earnings | Foreign exchange reserves | Valuation reserves IAS 19 | Reserves for own shares | Reserves for share-based remuneration |
| 501,459 | 16,803 | -2,244 | -220 | 2,365 |
| 78,815 | 320 | -115 | ||
| 78,815 | 320 | -115 | ||
| -1,577 | -70 | |||
| 580,274 | 17,123 | -2,359 | -1,797 | 2,295 |
| Total | Total | Non-controlling interests | Equity |
|---|---|---|---|
| 17,966 | 709,009 | 207 | 709,216 |
| 85,845 | 2,499 | 88,344 | |
| -108 | -108 | -108 | |
| -108 | 85,737 | 2,499 | 88,236 |
| -2,390 | -2,390 | ||
| 14 | 14 | 14 | |
| -1,951 | -1,951 | -1,951 | |
| 15,921 | 792,809 | 316 | 793,125 |
| Total | Total | Non-controlling interests | Equity |
| --- | --- | --- | --- |
| 16,704 | 694,815 | 195 | 695,010 |
| 78,815 | 1,555 | 80,370 | |
| 205 | 205 | 205 | |
| 205 | 79,020 | 1,555 | 80,575 |
| -1,622 | -1,622 | ||
| -70 | -70 | -70 | |
| -1,577 | -1,577 | -1,577 | |
| 15,262 | 772,188 | 128 | 772,316 |
First half-year 2019
Consolidated profit and loss account
| For the period from 1 April to 30 June | II. Quarter 2019 in €000s | II. Quarter 2018 in €000s | Change from previous year in % |
|---|---|---|---|
| 1. Consolidated sales | 386,438 | 361,626 | 6.9 |
| 2. Changes in inventories | -1,200 | 2,042 | -158.8 |
| Total consolidated sales | 385,238 | 363,668 | 5.9 |
| 3. Other operating income | 5,958 | 5,769 | 3.3 |
| 4. Cost of materials | -83,578 | -80,435 | 3.9 |
| 5. Personnel costs | -157,378 | -148,119 | 6.3 |
| 6. Write-downs on rights of usufruct from leases | -19,104 | 0 | |
| 7. Other write-downs | -12,831 | -10,989 | 16.8 |
| 8. Other operating expenses | -56,834 | -75,240 | -24.5 |
| 9. Interest expenditure from leases | -636 | 0 | |
| 10. Other expenses in the financial result | -460 | -175 | 162.9 |
| 11. Income in the financial result | 100 | 281 | -64.4 |
| 12. Result before taxes | 60,475 | 54,760 | 10.4 |
| 13. Taxes on income and earnings | -18,769 | -16,864 | 11.3 |
| 14. Net income for the quarter | 41,706 | 37,896 | 10.1 |
| 15. Income attributable to minority interests | -1,297 | -511 | 153.8 |
| 16. Profits to be allocated to parent company shareholders | 40,409 | 37,385 | 8.1 |
| Earnings per share in € (diluted/basic) | 0.48 | 0.45 |
Consolidated profit and loss account
| For the period from 1 January to 30 June | 2019 in €000s | 2018 in €000s | Change from previous year in % |
|---|---|---|---|
| 1. Consolidated sales | 758,196 | 711,476 | 6.6 |
| 2. Changes in inventories | 6,438 | 15 | |
| Total consolidated sales | 764,634 | 711,491 | 7.5 |
| 3. Other operating income | 9,702 | 11,499 | -15.6 |
| 4. Cost of materials | -156,693 | -146,831 | 6.7 |
| 5. Personnel costs | -315,233 | -295,456 | 6.7 |
| 6. Write-downs on rights of usufruct from leases | -38,289 | 0 | |
| 7. Other write-downs | -24,454 | -22,040 | 11.0 |
| 8. Other operating expenses | -110,679 | -142,605 | -22.4 |
| 9. Interest expenditure from leases | -1,197 | 0 | |
| 10. Other expenses in the financial result | -833 | -437 | 90.6 |
| 11. Income in the financial result | 678 | 516 | 31.4 |
| 12. Result before taxes | 127,636 | 116,137 | 9.9 |
| 13. Taxes on income and earnings | -39,292 | -35,767 | 9.9 |
| 14. Consolidated net income for the period | 88,344 | 80,370 | 9.9 |
| 15. Income attributable to minority interests | -2,499 | -1,555 | 60.7 |
| 16. Profits to be allocated to parent company shareholders | 85,845 | 78,815 | 8.9 |
| Earnings per share in € (diluted/basic) | 1.02 | 0.94 |
First half-year 2019 14
Consolidated balance sheet
Assets
| Position as at 30 June 2019 in €000s | Position as at 31 December 2018 in €000s | |
|---|---|---|
| A. Non-current fixed assets | ||
| I. Intangible assets | 43,949 | 33,987 |
| II. Goodwill | 47,644 | 47,509 |
| III. Tangible assets | 262,989 | 262,253 |
| IV. Investment property | 13,423 | 13,639 |
| V. Rights of usufruct from leases | 378,630 | 0 |
| VI. Shares in associates | 4,922 | 5,218 |
| VII. Other financial assets | 2,241 | 2,315 |
| VIII. Deferred tax assets | 11,674 | 12,276 |
| IX. Other financial assets | 51,884 | 61,574 |
| X. Receivables from leases | 1,140 | 0 |
| 818,496 | 438,771 | |
| B. Current assets | ||
| I. Inventories | 151,758 | 136,307 |
| II. Trade debtors | 48,672 | 38,579 |
| III. Other financial assets | 52,943 | 55,473 |
| IV. Non-financial assets | 20,016 | 19,241 |
| V. Tax assets | 7,933 | 8,062 |
| VI. Financial assets | 116,439 | 109,803 |
| VII. Cash and cash equivalents | 218,698 | 138,557 |
| 616,459 | 506,022 | |
| 1,434,955 | 944,793 | |
| Liabilities | Position as at 30 June 2019 in €000s | Position as at 31 December 2018 in €000s |
| A. Equity | ||
| I. Subscribed capital | 84,000 | 84,000 |
| II. Capital reserves | 92,652 | 92,652 |
| III. Profit reserves | 600,236 | 514,391 |
| IV. Other reserves | 15,921 | 17,966 |
| Consolidated equity of the parent company's shareholders | 792,809 | 709,009 |
| V. Non-controlling interests | 316 | 207 |
| 793,125 | 709,216 | |
| B. Non-current liabilities | ||
| I. Accruals | 29,962 | 25,482 |
| II. Financial liabilities | 1,277 | 1,363 |
| III. Deferred tax liabilities | 11,868 | 12,135 |
| IV. Liabilities from leases | 302,575 | 0 |
| 345,682 | 38,980 | |
| C. Current liabilities | ||
| I. Accruals | 44,810 | 48,784 |
| II. Financial liabilities | 120 | 115 |
| III. Liabilities from leases | 77,920 | 0 |
| IV. Trade creditors | 77,218 | 56,337 |
| V. Other financial liabilities | 22,153 | 21,843 |
| VI. Non-financial liabilities | 64,970 | 58,544 |
| VII. Income tax liabilities | 8,957 | 10,974 |
| 296,148 | 196,597 | |
| 1,434,955 | 944,793 |