Page 17 - Annual Report 2019

Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes

15.4
EBITDA
20.8

19.2
Cash flows from
operating activities 18.4

-14.3 Cash flows from
4.5 investing activities

-13.0 Cash flows from
-5.7 financing activities

22.9
Cash as of 31 December
30,9
2019 2018

Fig. 6: Cash flow development in the Hoftex Group in EUR million

Net assets
Total assets of the Hoftex Group fell to EUR 182.8 million as of 31 December 2019. This is
EUR 11.5 million less than the previous year’s value of EUR 194.3 million.

With low intangible fixed assets of EUR 2.4 million (prior year: 2.8 million), tangible assets rose
from EUR 98.1 million to EUR 102.7 million. Investments of EUR 15 million were primarily
related to the construction of the new Tenowo GmbH administrative building and technical centre at
the nonwoven location in Mittweida, investments in further efficiency gains in production
at the Lincolnton, USA location and expansion and replacement investments for widening
the industrial business sector at the Hof location. Scheduled depreciation and amortisation totalled
EUR 11.3 million during the year under review (prior year: EUR 10.5 million).

In current assets, there was a release of funds for inventories in the amount of EUR 8.0 million.
This was chiefly attributable to the sale of all shares of Hoftex CoreTech GmbH, with economic effect
as of 31 August 2019, the movable fixed assets owned by Hoftex GmbH and current assets to the buyer.

Receivables and other assets rose slightly from EUR 23.2 million to EUR 23.6 million. Other assets
increased by EUR 1.8 million. Trade receivables declined by EUR 1.3 million.

Cash equivalents decreased from EUR 30.9 million to EUR 22.9 million. The decline is mainly due
to the first cash repayment of the Schuldscheindarlehen of EUR 9 million.

The Hoftex Group’s equity rose from EUR 105.8 million to EUR 107.8 million as of 31 December 2019.
This increase was due to the consolidated net income earned plus offsetting of currency
differences not affecting net income with equity, with the dividend payment of EUR 1.4 million
having an adverse effect. The balance-sheet equity ratio is 59% compared to 54.5% in the
previous year.

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