Capítulo 1. Marco teórico de la Cooperación internacional
1.4. La eficacia de la ayuda: Declaración de París sobre la Eficacia de la Ayuda al
4.2.1. Inventories
As of June 30, 2013, there were no inventories recognised at net realisable value, as in the previous year. There were no impairments to inventories reported in the 2012 / 2013 fiscal year, as in the previous year.
4.2.2. Trade receivables
Composition:in EUR thousand June 30, 2013 June 30, 2012
Gross receivables 15,820 13,341
Less valuation allowances -939 -885
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Trade receivables mostly relate to receivables from customers from the delivery of goods and the provision of services. Receivables do not carry interest and are generally due within one year. The additions to the valuation allowances for trade receivables totalled EUR 54 thousand in the fiscal year (previous year: EUR 60 thousand). Valuation allowances and reversals of valuation allowances changed as follows:
in EUR thousand Specific allowance
As of June 30, 2011 1,176
Additions through profit or loss 60
Utilisation / reversal 351
As of June 30, 2012 885
Additions through profit or loss 54
Utilisation / reversal 0
As of June 30, 2013 939
One merchandise credit insurance policy existed as of the reporting date. In the previous year, this insurance policy covered EUR 3,874 thousand of receivables. The deductible in the event of a receivables default is 15 % to 25 %. The merchandise credit insurance policy was terminated as of June 30, 2013.
The term structure of the trade receivables on June 30, 2013 was as follows:
in EUR thousand Of which overdue and unimpaired Carrying
amount of receiva-
bles
Of which
impaired Of which unim- paired
Of which not over-
due
Up to
3 months 3 months Between and 6 months Between 6 months and 12 months More than 12 months overdueTotal
As of
30 / 06 / 2013 15,820 939 14,881 12,306 2,373 187 12 3 2,575 As of
30 / 06 / 2012 13,341 885 12,456 10,447 1,940 42 16 11 2,009 On the balance sheet date, receivables of EUR 2,575 thousand (previous year: EUR 2,009 thousand) were overdue and had not been written down. Of the overdue unimpaired receivables, receivables in an amount of EUR 2,345 thousand (previous year: EUR 1,957 thousand) had been received at the time when this annual report was prepared. The non-overdue receivables have retained their value in the management‘s assessment.
A payment plan relating to EUR 539 thousand of receivables was subsequently concluded with one Group customer. As of the balance sheet date, EUR 431 thousand of receivables still existed, of which EUR 102 thousand carried a term of more than one year.
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The carrying amounts of the gross trade receivables (before specific valuation adjustments) are denominated in the following currencies:
in EUR thousand June 30, 2013 June 30, 2012
Receivables in EUR 14,873 12,784
Receivables in BRL 947 557
15,820 13,341
4.2.3. Other current receivables
Composition:in EUR thousand June 30, 2013 June 30, 2012
Value added tax 835 538
Advances to commercial representatives 204 204
Prepaid expenses 166 119
Deferred bonus payments 47 47
Creditors in debit 15 11
Industrial product tax (Brazil) 162 70
Other 20 15
1,449 1,004
All other current receivables are due within one year. No overdue items are included.
4.2.4. Income tax claims
Composition:
in EUR thousand June 30, 2013 June 30, 2012
Trade tax 12 5
Corporate tax 0 21
12 26
The trade tax receivables relate to the 2011 / 2012 fiscal year.
4.2.5. Cash and cash equivalents
The cash and cash equivalents comprise current account balances and cash in hand (EUR 199 thousand; previous year: EUR 171 thousand). From the management‘s perspective, all of these funds are designated for fulfilling payment obligations and consequently act as a liquidity reserve. Their function as a means of payment is adequately reflected by special features that are unique to the company.
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The cash and cash equivalents are denominated in the following currencies:
in EUR thousand June 30, 2013 June 30, 2012
Cash and cash equivalents in EUR 138 151
Cash and cash equivalents in BRL 39 1
Cash and cash equivalents in CZK 22 19
199 171
4.3. Equity
For details of the changes in equity please refer to the statement of changes in equity. Composition:
in EUR thousand June 30, 2013 June 30, 2012
Subscribed capital 4,125 4,125
Share premium account 15,999 15,999
Retained earnings 1,007 1,007
Balance sheet profit 1,196 1,157
Reserve for hedging cash flows -73 -48
Adjustment item from currency translation 367 104
Equity due to shareholders Equity 22,621 22,344
Minority interests -22 -14
22,599 22,330
4.3.1. Subscribed capital and authorised capital
KROMI Logistik AG‘s subscribed capital totalled EUR 4,124,900 on June 30, 2013 (previous year: EUR 4,124,900). It comprises 4,124,900 no par value bearer shares (previous year: 4,124,900). All of the shares are ordinary shares and carry an equal participating interest in the company‘s share capital. No differing share classes exist. One share grants the holder one vote at the General Meeting. By way of a resolution by the General Meeting on December 8, 2009 the Managing Board was authorised, subject to the consent of the Supervisory Board, for the period through to December 20, 2014 to increase the share capital of the company by up to a total of EUR 2,062 thousand through one or more issues of new no par value bearer shares against cash and / or non-cash capital contributions (Authorised Capital).
All of the shares had been fully paid in on the balance sheet date.
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4.3.2. Share premium account
The share premium account comprises a differential amount arising from the formation of the company (spin-off for transfer on January 1, 2002) of EUR 10 thousand, to the extent that the net assets at their carrying amounts exceeded the nominal amount of the issued shares, as well as EUR 12,653 thousand from the premium from the issue of new shares as part of the IPO in March 2007 after deducting the costs of procuring equity within the meaning of IAS 32, as well as EUR 3,336 thousand from the premium from the issue of new shares as part of the capital increase less the associated income tax relief, implemented after deducting the costs of procuring equity within the meaning of IAS 32, less the associated income tax relief.
4.3.3. Retained earnings
Retained earnings relate to the adjustments from the first-time application of IFRS as of January 1, 2002 totalling EUR 7 thousand and from the addition to other retained earnings of EUR 1,000 thousand from the profits from the 2007 / 2008 fiscal year as approved by the General Meeting on December 9, 2008.
4.3.4. Cash flow hedging reserve
This reserve item includes the negative fair values of interest-rate swaps which were designated as hedging instruments, and which are effective as such, less related deferred tax.
4.3.5. Adjustment item for currency conversion
The differences in the equity of the foreign subsidiaries resulting from changes in the exchange rate between the date of first-time consolidation and the balance sheet date and the differences from the translation of the income statement are disclosed separately under the “Adjustment item for currency conversion“ item.
4.3.6. Minority interests
Minority interests are carried at the proportionate amount of the identifiable net assets of the respective subsidiary. Negative minority interests are carried as a result of the losses incurred that exceed the minority interests in equity.
4.3.7. Information about capital management
The Group‘s capital structure mostly comprises current liabilities from ongoing business, and equity. Equity is almost entirely due to the parent company‘s shareholders, and mostly comprises shares issued, the capital reserves, revenue reserves and the other earnings. The equity ratio stood at 60.4 % as of June 30, 2013 (previous year: 62.2 %).
KROMI Logistik AG pursues the objective of sustainably securing its capital over the long term, and of generating an appropriate return on capital employed. It actively pursues this objective by constantly monitoring its margins per customer, and through additional key indicators. In this context, the Group‘s balance sheet equity is only used as a passive control ratio, whereas revenues and EBIT are used as active control ratios.
The Group‘s activities were financed from existing bank balances and the utilisation of credit lines during the year under review. A property acquisition in the previous year was financed using a long- term (non-current) loan.
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