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Net asset position:
Total assets increased during the year under report,
from EUR 253.9 million to EUR 290.4 million. On the
assets side, on the other hand, the increase owed
particularly to the significant EUR 32.1 million
increase in cash and cash equivalents. Other assets
were also EUR 4.2 million higher on the year. Fixed
assets were down only marginally, by EUR 0.3 million.
Investments totalling to EUR 16.4 million were offset
of EUR 16.7 million in depreciation. Fixed assets
amounted to 49.0% of total assets (previous year:
56.2%). The average depreciation rate remains
unchanged at 11.7%.
On the liabilities side, the EUR 36.5 million increase
in total assets is largely the result of the EUR 36.6
million increase in equity as a result of net profit, to
its current level of EUR 143.4 million. As a result, the
equity ratio increased from 42.1% to 49.4%.
Provisions increased, for the most part due to income
tax provisions for the current fiscal year, and due as
well to the increased rent provisions for the Northern
Complex by a total of EUR 7.5 million. Opposite
effects were experienced through the reduction in
liabilities by a total of EUR 7.4 million, with this
amount largely due to cyclical effects relating to
advance payments received and liabilities to financial
institutions.
For the remainder, we refer to the explanations on
the net asset position of Koelnmesse GmbH.
B. Situation of the Koelnmesse consolidated companies
Financial situation:
Cash and cash equivalents total to EUR 128.2 million
(previous year: EUR 96.1 million). They include, for
one, cash funds according to the cash flow state-
ment. This totals to EUR 113.2 million (previous year:
EUR 76.1 million). The reason for the increase was
particularly the positive cash flow from ongoing
business operations in the amount of EUR 56.5
million (previous year: EUR 21.3 million). This was
offset by EUR 14.3 million in outlays for investments
(previous year: EUR 3.1 million) and by EUR 4.8
million in loan repayments (previous year: EUR 5.0
million). In addition to cash and cash equivalents,
there are also bank deposits with a term of more
than 3 months from conclusion of contract; these
funds were EUR 5.0 million lower and stood at EUR
15.0 million.
Koelnmesse was in a position to meet its payment
obligations at all times throughout the year 2015.
Construction and modernisation measures within the
scope of the project Koelnmesse 3.0 can lead to
medium-term financing requirements at Koelnmesse
GmbH. Due to the very high level of cash and cash
equivalents and to the currently exceedingly very
attractive opportunities for borrowing, the company
assumes that sufficient liquidity will be available over
the next two years.
Thanks to repayments of loans amounting to EUR 4.2
million, the consolidated companies’ liabilities to
financial institutions fell to EUR 4.2 million. These
concern a loan of Koelnmesse GmbH from the
financing of Hall 5, which was continuously serviced
and will be repaid in full in 2016.
The capital structure is characterised by an equity
ratio that has increased steeply by 7.3 percentage
points.