Financial position

The total assets of the Wilo Group as at 31 December 2016 climbed by 7.3 percent or EUR 83.4 million year on year to EUR 1,220.1 million. Non-current assets increased by 14.5 percent or EUR 69.0 million to EUR 545.3 million. This was due in particular to capital expenditure on intangible assets and property, plant and equipment in the amount of EUR 109.5 million. Investments in property, plant and equipment in the amount of EUR 77.9 million primarily related to measures for new manufacturing technologies and the construction and expansion of new and existing sales and production locations. A further EUR 31.6 million was invested in intangible assets, of which EUR 17.2 million relates to capitalised development costs plus capitalised borrowing costs of EUR 1.3 million. In addition, WILO SE’s acquisition of the shares in GVA Gesellschaft für Verfahren der Abwassertechnik mbH & Co. KG resulted in cash outflow of EUR 3.5 million. The acquisition resulted in derivative goodwill of EUR 1.2 million. Amortisation of intangible assets and depreciation of property, plant and equipment amounted to EUR 51.0 million in the year under review. Positive exchange rate effects also resulted from the remeasurement of intangible assets and property, plant and equipment originally held in foreign currency in the amount of EUR 2.7 million. Intangible assets and property, plant and equipment increased by EUR 61.9 million in net terms.

The carrying amount of current assets rose by EUR 14.4 million year on year to EUR 674.8 million as at 31 December 2016. The slight increase in business activities meant that inventories increased by 4.2 percent to EUR 208.5 million, while current trade receivables rose by 2.9 percent to EUR 262.0 million. Working capital increased by 2.9 percent to a total of EUR 332.9 million. Cash amounted to EUR 178.3 million as at 31 December 2016 and was thus EUR 12.5 million higher than at the end of the previous year.

The Wilo Group’s equity increased by 16.5 percent or EUR 92.7 million year on year to EUR 653.6 million as at 31 December 2016. This increase was mainly due to the consolidated net income of EUR 76.0 million for the 2016 financial year. The sale of treasury shares worth EUR 21.2 million and the positive effects from the translation of subsidiaries’ separate financial statements prepared in local currencies amounting to EUR 5.1 million also had a positive impact on equity. The contrary effects included the increase in actuarial losses from pension obligations after deferred taxes of EUR 5.6 million and the scheduled dividend distribution to shareholders of WILO SE of EUR 4.0 million for the previous year. The equity ratio improved substantially from 49.3 percent to 53.6 percent.

As at 31 December 2016, non-current liabilities primarily consisted of financial liabilities in the amount of EUR 119.2 million and pension and similar obligations of EUR 85.0 million. Pension obligations increased by EUR 8.9 million in the year under review, largely as a result of the decrease in the discount rate from 2.32 percent to 1.67 percent as at 31 December 2016. Deferred tax liabilities likewise increased, rising by EUR 8.9 million to EUR 35.7 million. This was primarily due to capitalised development costs, for which corresponding deferred taxes were recognised.

The carrying amount of current liabilities rose by EUR 24.2 million year on year to EUR 315.1 million as at 31 December 2016. This was primarily due to lower current financial liabilities, which fell by EUR 27.6 million to EUR 18.1 million. The reason for this was the scheduled redemption of the senior note of USD 40.0 million, which matured in 2016.

The net assets of the Wilo Group were as follows as at 31 December 2016 and 2015:


Financial position

EUR million 2016 % 2015 %
Non-current assets 545.3 44.7 476.3 41.9
Inventories 208.5 17.1 200.1 17.6
Current trade receivables 262.0 21.5 254.7 22.4
Cash 178.3 14.6 165.8 14.6
Other current assets 26.0 2.1 39.8 3.5

Total assets

Equity

1,220.1

653.6

100.0

53.6

1,136.7

560.9

100.0

49.3

Non-current liabilities 251.4 20.6 236.5 20.8
Current trade payables 142.2 11.6 139.8 12.3
Other current liabilities 172.9 14.2 199.5 17.6
Total equity and liabilities 1,220.1 100.0 1,136.7 100.0

 

Order report

WILO SE
Corporate Communications
Nortkirchenstraße 100
44263 Dortmund
T +49 231 4102-0
F +49 231 4102-7363

Contact

WILO SE
Corporate Communications
Nortkirchenstraße 100
44263 Dortmund
T +49 231 4102-0
F +49 231 4102-7363