Group Management Report Products Safety and Health Environment Human Resources Social Commitment Consolidated Financial Statements 63
which is reported under current debt. Further significant
liabilities as of the balance sheet date related to the liabilities
from leasing obligations reported for the first time amounting
to € 42.9 million.
The total non-current liabilities were affected on the one
hand by the increase in pension provisions due to the further
decline in the discount rate used to discount the corresponding
obligations. On the other hand, the deferred
taxes reported on the liabilities side of the balance sheet
decreased. In total, non-current liabilities increased by
€ 8.3 million to € 425.3 million (previous year: € 417.0 million).
The total current liabilities reported in the balance sheet
as of December 31, 2019, decreased from € 460.2 million
to € 438.6 million. This was partly due to the lower current
financial liabilities from promissory note loans, which were
only partially offset by the first-time recognition of liabilities
from lease obligations. On the other hand, trade payables
The net financial debt, comprising the balance of cash
and cash equivalents, short-term financial assets, current
marketable securities, loans granted, debt, and employee
benefit obligations, was reduced to € 57.7 million at the
end of 2019, after net debt of € 95.6 million in the previous
Principles and Goals of Our Financing Strategy
We generally aim to finance our operating business activities
from the cash flow from operating activities. The same
applies to the need for capital expenditure, which caters to
the continual expansion of business activities.
As a result, our financing strategy is oriented to keeping
the cash and cash equivalents generated within the Group
centralized. In addition, a financing framework is sought that
enables ALTANA to flexibly and quickly carry out acquisi-
tions and even large investment projects beyond the accustomed
To successfully implement these goals, we manage nearly all
of the Group’s internal financing centrally via ALTANA AG.
To this end, cash pools are set up for the important currency
At the end of 2019, ALTANA’s liabilities still totaled
€ 48.0 million due to the issuance of promissory note loans.
The loans will be repaid by 2020. Furthermore, there is a
general syndicated credit facility of € 250.0 million. The term
of this credit facility will last until 2022 and had not been
utilized on the balance sheet date.
This financing structure offers ALTANA the flexibility it
needs to appropriately take advantage of short-term or
investment-intensive growth opportunities. The distribution
of the maturities of the financing instruments we use
enables us to optimally control repayment of liabilities with
inflows from operating cash flow.
Off-balance-sheet financing instruments result from
purchasing commitments and guarantees for pension plans.
Details on the existing financing instruments are provided
in the online Consolidated Financial Statements.
2018 2019 Δ %
in € million
Cash flow from
operating activities 296.2 386.3 30
Cash flow from
investing activities (195.7) (228.8) - 17
Cash flow from
financing activities (135.9) (134.6) 1
In the course of 2019, cash and cash equivalents increased
by € 24.9 million to € 264.6 million (previous year: € 239.7
million). At € 386.3 million, cash inflow from operating