Balance sheet structure

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in EUR million

31 Dec 2014

As % of the balance sheet total

31 Dec 2013

As % of the balance sheet total

Comparative period 2013 was adjusted in accordance with IAS 8 (please refer to Note (1) of the Consolidated Financial Statements).

Current assets

2,047.3

24.6

1,221.2

15.7

Property, plant and equipment

2,246.1

27.0

2,308.1

29.6

Goodwill

1,189.5

14.3

1,522.5

19.5

Other intangible assets

2,570.1

30.9

2,590.3

33.2

Other assets

263.4

3.2

158.5

2.0

ASSETS

8,316.4

100.0

7,800.6

100.0

 

 

 

 

 

Current liabilities

1,537.5

18.5

1,442.3

18.5

Long-term debt

3,385.0

40.7

3,737.7

47.9

Employee benefit obligation

200.9

2.4

164.3

2.1

Non-current provisions

867.5

10.4

881.4

11.3

Other long-term liabilities

107.4

1.3

115.8

1.5

Stockholders’ equity

2,218.0

26.7

1,459.1

18.7

LIABILITIES AND STOCKHOLDERS’ EQUITY

8,316.4

100.0

7,800.6

100.0

Total assets increased by 6.6% year-on-year to EUR 8,316.4 mn as at 31 December 2014 due to the higher level of cash and cash equivalents resulting from the capital increase that was concluded in November 2014.

Higher cash and cash equivalents were also the main reason for current assets rising by 67.6% to EUR 2,047.3 mn in the year under review. Accounts receivable fell by 12.3 % year-on-year, as a result of lower revenues as well as a change in revenue accounting estimates relating to the introduction of a new fixed-line billing system interface. Non-current assets fell by 4.7% to EUR 6,269.1 mn, mainly due to a reduction in goodwill following the impairment at Mobiltel in Bulgaria. This was only partially offset by the increase in deferred taxes and investments in associations following the merger of mobilkom liechtenstein and Telecom Liechtenstein, in which the Telekom Austria Group now holds a 24.9% equity interest.

Current liabilities increased by 48.0% to EUR 340.8 mn in 2014, largely as a result of maturing loans. Long-term debt declined due to the reclassification of maturing loans as well as the early repayment of loans by 9.4% to EUR 3,385.0 mn. Employee benefit obligations increased by EUR 36.6 mn following the reduction in the interest rate applied in their valuation.

Dividend payments for the 2014 reporting year amounted to EUR 56.0 mn compared with EUR 22.2 mn in the previous year; this was due to first-time payments to the creditors of the EUR 600 mn hybrid bond. The rise in equity from EUR 1,459.1 mn to EUR 2,218.0 mn was primarily attributable to the successful completion of the capital increase in November 2014, which more than compensated the reduction in retained earnings. This also entailed an increase in the equity ratio as at 31 December 2014 to 26.7% after 18.7% as at 31 December 2013.

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