Key Financial Statements*

Key Figures*

(x €1,000) 2012 2011 2010 2009 2008
Operating Revenues
Net turnover 907,246 893,152 853,689 758,946 783,830
Cash flow ** -91 7,943 27,895 29,671 35,582
Operational result (EBITDA) 24,455 9,953 42,090 42,441 49,813
Operating profit (EBIT) -7,093 -21,533 20,526 23,844 29,536
Group result after taxation -31,639 -23,543 6,331 11,075 15,305
Net profit attributable to equity holders of Hertel -32,939 -21,787 5,660 10,156 13,877
 
Fixed Assets
Property, plant and equipment 94,831 109,583 111,883 98,868 71,210
Intangible assets 65,694 74,883 84,118 50,127 47,004
Depreciation 21,140 20,343 19,120 16,436 14,548
Amortisation 10,408 11,143 2,444 2,160 5,729
Capex in property, plant and equipment 12,964 20,179 23,477 22,160 33,006
 
Equity
Equity per 1/1 before dividend 62,262 94,814 84,654 71,345 66,164
Dividend paid 0 0 0 0 0
Equity per 31/12 before dividend 167,881 62,262 94,814 84,654 74,055
Average capital invested *** 281,374 263,250 231,534 179,240 144,477
Balance sheet total 526,291 521,783 521,954 379,424 315,854
 
Subordinated loans per 31/12 783 31,053 14,523 16,117 14,567
Equity and subordinated loans per 31/12 168,664 93,315 109,337 100,771 88,622
 
Key Indicators
EBITDA / net turnover 2.7% 1.1% 4.9% 5.6% 6.4%
Net profit / net turnover -3.6% -2.4% 0.7% 1.3% 1.8%
EBITDA / average capital invested 8.7% 3.8% 18.2% 23.7% 34.5%
Net profit / eq. after div. per 1/1 -19.6% -35.0% 6.0% 12.0% 18.7%
Solvency **** 34.5% 20.1% 22.7% 28.0% 30.2%

* for the years prior to 2009 the numbers are based on Dutch GAAP
** Cash flow = profit for the period + depreciation of (in)tangible fixed assets
*** Average capital invested = total assets - cash and cash equivalents - current liabilities corrected for interest bearing debt
**** Solvency includes subordinated loans and netting of cash and cash equivalents


Profit & Loss

(x €1,000) 2012 2011
Continuing operations
Revenue 907,246 893,152
Purchased services and materials -355,418 -372,966
Gross profit 551,828 520,186
 
Other operating income 18,976 11,873
 
Personnel expenses -471,385 -450,788
Depreciation and amortisation expenses -31,548 -31,486
Other operating expenses -74,964 -71,318
Results from operating activities -7,093 -21,533
 
Finance income 763 666
Finance costs -17,114 -3,027
Foreign exchange result -762 -40
Net finance costs -17,113 -2,401
 
Share of results of associates (net of income tax) 204 -112
Profit before income tax -24,002 -24,046
 
Income tax expense -7,637 503
Profit from continuing operations -31,639 -23,543
 
Profit attributable to:
Equity holders of Hertel -32,939 -21,787
Non-controlling interest 1,300 -1,756
Profit for the period -31,639 -23,543




Balance Sheet

(x €1,000) 2012 2011
Assets
Property, plant and equipment 94,831 109,583
Intangible assets 65,694 74,883
Investments in associates 3,146 1,990
Other investments 6,254 5,414
Trade and other receivables 12 1,046
Deferred tax assets 8,940 9,987
Total non-current assets 178,877 202,903
 
Inventories 6,152 16,460
Current tax assets 1,273 1,662
Trade and other receivables 270,710 200,284
Construction work in progress 29,500 42,013
Cash and cash equivalents 38,001 57,593
Total current assets 345,636 318,012
Assets classified as held for sale 1,778 868
Total assets 526,291 521,783
 
Equity
Issued and paid up share capital 18,698 6,464
Share premium 133,357 9,419
Reserves -3,363 -5,838
Retained earnings 12,821 45,690
Total equity attributable to equity holders of the company 161,513 55,735
Non-controlling interest 6,368 6,527
Total equity 167,881 62,262
 
Liabilities
Subordinated loans 470 30,029
Loans and borrowings 136,450 5,729
Derivatives 0 1,113
Contingent liabilities 9,898 15,815
Employee benefits liabilities 4,110 714
Pensions and early retirements 3,266 3,642
Trade and other payables 0 2,555
Provisions 7,579 10,002
Deferred tax liabilities 7,223 8,248
Total non-current liabilities 168,996 77,847
 
Subordinated loans 313 1,024
Loans and borrowings 3,407 179,867
Accrued taxes on income 3,751 3,048
Contingent liabilities 1,249 183
Trade and other payables, including derivatives 158,290 169,889
Construction work in progress 11,340 21,243
Provisions 11,064 6,420
Total current liabilities 189,414 381,674
Total liabilities 358,410 459,521
Total equity and liabilities 526,291 521,783


Cash Flow

(x €1,000) 2012 2011
Operating activities:
Profit before taxes -24,002 -24,046
Non-cash adjustments to reconcile profit before taxes to net cash flows:
Depreciation 21,140 20,343
Impairment loss on property, plant and equipment 448 559
Amortisation and imparement of intangible assets 9,961 10,584
Gain on disposal of property, plant and equipment -77 -571
Finance income -763 -666
Finance costs 17,114 3,027
Share of profit of an associate -204 112
Net gain on sale of Sealings -11,863 -5,152
Movement in provisions and pensions 6,020 1,224
 
Working capital adjustments:
Increase in trade and other receivables -4,478 -11,931
Increase in inventories 7,365 -795
Increase in trade and other payables -9,280 931
Increase in construction work in progress 1,066 8,620
  12,447 2,239
 
Interest received 601 666
Income tax paid -4,465 -7,570
Net cash flows from operating activities 8,583 4,665
 
Investing activities
Proceeds from sale of property, plant and equipment 3,189 1,769
Purchase of property, plant and equipment -12,964 -20,179
Divestment of subsidiaries, net of cash sold 763 9,710
Acquisition of other activities 0 -185
Disposal of other activities 0 190
Movement in associates and other investments -799 326
Bank balances of subsidiaries of which control is lost -689 0
Net cash flows used in investing activities -10,500 -8,369
 
Cash flows from financing activities
Interest paid -17,114 -12,758
Dividends paid -275 -172
Shares issued 31,299 1,424
Receipt of subordinated loan 18,700 0
Payments on contingent liabilities -5,191 -3,020
Receipt of borrowings 0 45,666
Repayment of borrowings -46,092 0
Net cash from (used in) financing activities -18,673 31,140
 
Net increase in cash and cash equivalents -20,590 18,106
Net foreign exchange difference 998 -1,082
Cash and cash equivalents at 1 January 57,593 40,569
Cash and cash equivalents at 31 December 38,001 57,593

* These financial statements have been audited by Ernst & Young Accountants LLP, who have provided an unqualified audit opinion.