33. Capital Management
Capital management focuses on the active management of net working capital and liquidity.
Net working capital is composed of inventories, trade payables and receivables, and advance payments made and received and is used by Demag Cranes AG as a management parameter for capital employed:
30 September |
||
|
|
2010 |
2009 |
|
Inventories |
178,686 |
207,123 |
|
Advance payments made |
2,394 |
2,751 |
|
Trade receivables |
179,900 |
152,610 |
|
Trade payables |
–78,933 |
–62,930 |
|
Advance payments received |
–56,776 |
–89,008 |
|
Net working capital |
225,270 |
210,546 |
Other indicators and control parameters for active management of the Group’s cash resources comprise free cash flow before financing and net debt. These are also the basis for evaluation and targeted control of dividend policy, financing structure and return on capital employed:
30 September |
||
|
|
2010 |
2009 |
|
Non-current loans and borrowings |
1,325 |
105,866 |
|
Revolving credit facility, gross |
– |
105,000 |
|
Other non-current loans and borrowings |
1,325 |
866 |
|
Other financial liabilities |
– |
114 |
|
Derivative financial instruments |
– |
114 |
|
Current loans and borrowings |
105,321 |
4,408 |
|
Revolving credit facility, gross |
105,000 |
– |
|
Other non-current loans and borrowings |
321 |
4,408 |
|
Cash and cash equivalents |
–113,423 |
–103,689 |
|
Other current financial assets |
–392 |
–447 |
|
Derivative financial instruments |
– |
– |
|
Other |
–392 |
–447 |
|
Receivables from affiliated companies and other equity investments |
–216 |
–202 |
|
Loans |
–176 |
–245 |
|
Net debt |
–7,169 |
6,252 |
Explanatory notes on the dividend proposal to be submitted to the Annual General Meeting for financial year 2009/2010 are provided in the Combined Management Report, "Financial Review".
