Nabaltec_E_GB2016

T R O P E R T N E M E G A N A M D E T A D I L O S N O C FINANCIAL REPORT 39 Liquid funds in the amount of EUR 9.7 million were made available to the subsidiary through the reporting date (2015: EUR 9.4 million). The interest rates and contractual terms conform to the standards for mid-sized companies. Nabaltec also uses various interest rate hedging instruments with a mid- to long-term interest rate lock period (e.g. interest rate swaps) on a case-by-case basis in connection with variable-interest outside financing. Funding to finance growth and investments will be secured by means of loans against bor- rower’s notes. All bilateral bank loans were amortized as scheduled in 2016. 2.3.2.1 CAPITAL STRUCTURE Consolidated shareholders’ equity was EUR 57.8 million as of 31 December 2016, nearly the same as the year before (EUR 58.1 million). The Group’s internal financing capacity, with consolidated earnings of EUR 5.3 million, was offset in 2016 by a EUR 1.2 million dividend payout and changes in shareholders’ equity with no effect on profit and loss, consisting primarily of actuarial losses from the pension reserve. While total assets increased somewhat, to EUR 202.7 million (2015: EUR 201.9 million), the equity ratio decreased slightly, from 28.8% to 28.5%. This continues to represent a solid capital base by industry standards. Net non-current liabilities increased in the reporting year from EUR 101.6 million to EUR 111.5 mil- lion. This number includes the loans against borrower’s notes, with a net total of EUR 71.3 million, and pension reserves in the amount of EUR 38.1 million. The EUR 10.1 million increase in pension reserves over the year before is due above all to a decrease in the interest rate and an increase in pension commitments. Current liabilities decreased from EUR 42.2 million to EUR 33.4 million in the reporting year. This change was attributable above all to the decrease in accounts payable to banks. STRUCTURE OF EQUITY & LIABILITIES (IN %) 16.5 current liabilities 55.0 non-current liabilities 20.9 current liabilities 50.3 non-current liabilities 28.5 shareholders’ equity 28.8 shareholders’ equity  12/31/2016  12/31/2015 Other Off-balance Sheet Financing Instruments Nabaltec has, to a minor extent, concluded lease agreements with terms of up to five years. Nabaltec also makes use of factoring on a continuous basis for trade receivables, in part as a way of minimizing default risks. Nabaltec Group does not use any other instruments which can be categorized as financial engineering. Equity ratio at 28.5% 2.3.2.2 INVESTMENTS Nabaltec Group made EUR 19.0 million in investments last year, compared to EUR 13.0 million the year before (in each case including investment grants offsetting part of the total). Invest- ments were made primarily in infrastructure projects and technical equipment and machinery for capacity expansion, process optimization and replacement investments. Nabaltec invested a total amount of EUR 19.0 million in 2016 2.3.2.3 CASH FLOW Nabaltec Group’s operating cash flow was up 29.9% from the year before, to EUR 26.1 million (2015: EUR 20.1 million). This improvement, which was significantly higher than the growth in earnings, was attributable above all to positive changes in working capital in the amount of EUR 6.9 million. Annual Report 2016 | Nabaltec AG ||||

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