7. Espectroscopía óptica de UGSs y BCUs Fermi
7.1.2. Comparación con XBCs
The statement of cash flows shows how the Group’s cash and cash equivalents change due to cash inflows and out- flows over the course of the reporting period. IAS 7 State- ments of Cash Flows distinguishes between cash flows from operating, investing and financing activities.
The cash and cash equivalents reported in the statement of cash flows include all of the liquid assets recognised in the balance sheet, namely cash-in-hand, cheques and bank bal- ances, provided that they are available within three months without material changes in value.
The cash generated by the Group’s operating activities amounted to EUR 58.3 million in financial year 2014 (2013: EUR 46.9 million). The considerable year-on-year improvement in net income for the period to EUR 10.8 million (2013: EUR -16.2 million) stands in contrast with a decline in non-cash depre- ciation, amortisation and impairment losses (EUR -6.6 million) and a EUR 6.4 million increase in tax payments. The cash out- flows attributable to the expansion-related further increase in inventory levels and the rise in NOS inventories in the BONITA segment totalling EUR 27.9 million were more than compensated for by the simultaneous rise in liabilities for
Investing activities led to a cash outflow of EUR 26.5 million for the TOM TAILOR GROUP in financial year 2014, which was comparable with the previous year (EUR 26.0 million). Invest- ments of EUR 21.2 million (2013: EUR 26.9 million) were made in the reporting period to increase selling spaces for the three segments, TOM TAILOR wholesale, TOM TAILOR Retail and BONITA.
Since they do not affect cash flows, the additions to leased intangible assets and items of property, plant and equipment classified as finance leases were offset against the change (also non-cash) in financial liabilities to which the liabilities under finance leases are assigned.
In the reporting period, net cash used in financing activities amounted to EUR 42.1 million as against EUR 27.0 million in the previous year. The regular repayment of long-term loans in the amount of EUR 15.0 million, the reduced drawdown of available bank lines of credit and the repayment of pur- chase price liabilities totalling EUR 7.0 million led to an outflow of cash in 2014.
As at 31 December 2014, financing activities also included unused lines of credit amounting to EUR 76.6 million (2013: EUR 65.4 million).
The effects of changes in cash and cash equivalents due to exchange rates were largely attributable to the Swiss subsidi- aries and were reported separately as the “Effect of exchange rate changes on cash and cash equivalents”.
g. sEgMENT rEPOrTiNg
Operating Segments 2014 (2013)
Wholesale Retail
EUR thousand TOM TAILOR TOM TAILOR BONITA Total
Consoli- dation Group Third-party revenue 331,721 275,529 324,883 600,411 — 932,132 (302,448) (254,070) (350,731) (604,801) (—) (907,249) Intersegment revenue 157,526 — — — – 157,526 — (90,632) (—) (—) (—) (– 90,632) (—) Revenue 489,247 275,529 324,883 600,411 – 157,526 932,132 (393,080) (254,070) (350,731) (604,801) (– 90,632) (907,249) Earnings before interest, taxes, depreciation
and amortisation (EBITDA) 35,845 25,285 24,715 50,000 – 1,572 84,273
(26,315) (25,521) (12,006) (37,528) (289) (64,131)
Material non-cash expenses/income 6,842 4,641 5,496 10,137 — 16,979
(17,779) (1,885) (5,734) (7,619) (—) (25,398)
Information about Regions 2014 (2013)
EUR thousand Germany
International markets Group Revenue 601,467 330,665 932,132 (590,702) (316,547) (907,249) Non-current assets 416,842 56,201 473,043 (433,501) (73,842) (507,343)
In accordance with the management approach under IFRS 8, the segments correspond to the TOM TAILOR GROUP’s busi- ness activities. The TOM TAILOR GROUP’s business activi- ties are classified based on the distribution structure and by brands into the TOM TAILOR wholesale, TOM TAILOR Retail and BONITA segments. This segmentation corresponds to the in- ternal management and reporting and reflects the different risk and earnings structures of the business areas.
In the wholesale segment, TOM TAILOR products are distrib- uted by resellers through franchise stores, shop-in-shops and multi-label stores (B2B).
In the Retail segment, the collections of the different prod- uct lines are sold directly to end customers via own stores (centre stores, city stores, flagship stores and outlets) and an e-shop (B2C). The e-partnerships in the e-business, which reach end customers via a reseller, are the only exception. This business is assigned to the Retail segment based on internal management and reporting. In the Retail segment a distinc- tion is made between the TOM TAILOR and BONITA brands. In principle, the recognition and measurement methods used for the consolidated financial statements are also applied to the segment information.
TOM TAILOR’s Management Board has specified the use of EBITDA and revenue, which are used for management and reporting, as performance indicators.
Net interest income and tax income and expenses are only considered at overall Group level for management purposes. The assets and liabilities of each segment are not disclosed, in accordance with the management approach under IFRS 8, since this information is not reported at segment level. Intersegment income, expenses and earnings are eliminated in consolidation.
Intragroup revenue is eliminated on an arm’s length basis. The non-cash items mainly comprise changes in provisions, the measurement of currency forwards and impairment loss- es on inventories and trade receivables.
The information on segment revenue by regions shown above is classified by customer location. Non-current assets by re- gion are composed of intangible assets and items of property, plant and equipment.
H. OTHEr DisCLOsurEs
AND EXPLANATiONs
researCH and deVelopMent
Research and development costs reported under expenses amounted to EUR 10,180 thousand (2013: EUR 10,750 thou- sand). They relate to the development of the collections.
ContinGent liabilities and otHer
FinanCial obliGations
a) Contingent Assets and Liabilities
As at the reporting date, there were no contingent assets and liabilities that have a material effect on the Group’s net assets, financial position and results of operations.
b) Other Financial Obligations
The Group’s other financial obligations mainly consisted of the following rental agreements and operating leases:
Other Financial Obligations in 2014
31 December 2014 EUR thousand Within one year Between one and five years More than
five years Total
Leases 102,819 296,713 102,464 501,996 of which Nordport logistics centre 1,513 1,765 — 3,278 Receivables from sublease: Nordport logistics centre –1,513 –1,765 — – 3,278
Other operating leases 2,441 3,148 11 5,600
Other 21,600 71,485 81,000 174,085
125,347 369,581 183,475 678,403
Other Financial Obligations in 2013
31 December 2013 EUR thousand Within one year Between one and five years More than
five years Total
Leases 98,899 299,672 106,565 505,136 of which Nordport logistics centre 1,513 3,278 — 4,791 Receivables from sublease: Nordport logistics centre –1,513 – 3,278 — – 4,791
Other operating leases 2,460 3,497 237 6,194
Other 9,571 75,620 97,100 182,291
109,417 375,511 203,902 688,830
Financial obligations from rental agreements were largely attributable to the leasing of retail and outlet stores.
Other financial obligations primarily consist of minimum pur- chase obligations under an existing logistics outsourcing con- tract and a new logistics outsourcing contract entered into in 2013 with a term until 2024.
As at 31 December 2014, the Group had obligations to pur- chase goods in 2015 amounting to EUR 81.2 million (2013: EUR 95.8 million) resulting from binding purchase orders placed with suppliers by the reporting date.