Financial position

Group solvency stated as a percentage of total assets rose from 55.6% at year-end 2018 to 58.6% at year-end 2019. The improved solvency is, on the one hand, attributable to the positive result for the financial year, and on the other hand, to a reduction in total assets, mainly due to the sale of the French shareholding in 2019. Provisions also fell slightly by € 0.5 million due to the sale of the shareholding in 2019. The annual repayments have led to a reduction in the long-term liabilities.

Current assets -/- current liabilities as at 31 December (x € 1,000)

The change in working capital, with stocks, receivables and current liabilities all falling, was € 50.6 million on balance, almost the same as the level at year-end 2018. As a result of deliveries in the order book for which the required materials had already been purchased in advance, stocks were significantly depleted. The falling prices of zinc and steel also reduced the value of the stocks as at the balance sheet date. The positive cash flow in 2019 resulted in a significant increase in cash and cash equivalents of € 10.1 million.

The positive cash flow from operations in 2019 was € 13.5 million (2018: € 13.3 million positive). The increase in the cash flow from operations of € 0.2 million is primarily attributable on balance to a lower net revenue result of € 3.2 million, the effect of the sale of the shareholding in Métal Déployé amounting to a total of € 2.9 million and a positive change in working capital, not including banking institutions, amounting in total to € 6.3 million. The use of financial resources associated with the sale of stocks has been substantially reduced, as is seen in the lower debt position.

Cash flows (x € 1,000)

The cash flow from investment activities has fallen by € 1.0 million with, in addition to the divestment in Métal Déployé, an increase in investments of € 0.5 million.

At € 0.2 million, the cash flow from financing activities is relatively low (2018: 8.5 million), mainly due to the rise in short-term liabilities of € 6.0 million. One of the participating interests temporarily requires additional short-term financing for the investment projects initiated in 2019. It is expected that the operating cash flows will be adequate to keep the liquidity requirement within the available credit margin. In addition, the dividend payment in 2019 was € 2.5 million less than in 2018 and this has had a positive effect on the cash flow from financing activities. The total cash flow has developed positively by € 9.9 million on balance, by comparison with an almost neutral development over the course of 2018.

The financial position and the operating cash flow are adequate to continue the activities without additional financing. Roto B.V. complies amply with the agreements made with the credit institution.

The quick ratio, cash and cash equivalents plus receivables in relation to current liabilities was 1.14 at the end of the financial year (year-end 2018: 0.82). The substantive increase is attributable to the release of cash and cash equivalents from the lower stocks position of € 9.9 million. The balance of receivables and current liabilities remained virtually unchanged.

Financial position

Group solvency stated as a percentage of total assets rose from 55.6% at year-end 2018 to 58.6% at year-end 2019. The improved solvency is, on the one hand, attributable to the positive result for the financial year, and on the other hand, to a reduction in total assets, mainly due to the sale of the French shareholding in 2019. Provisions also fell slightly by € 0.5 million due to the sale of the shareholding in 2019. The annual repayments have led to a reduction in the long-term liabilities.

Current assets -/- current liabilities as at 31 December (x € 1,000)

The change in working capital, with stocks, receivables and current liabilities all falling, was € 50.6 million on balance, almost the same as the level at year-end 2018. As a result of deliveries in the order book for which the required materials had already been purchased in advance, stocks were significantly depleted. The falling prices of zinc and steel also reduced the value of the stocks as at the balance sheet date. The positive cash flow in 2019 resulted in a significant increase in cash and cash equivalents of € 10.1 million.

The positive cash flow from operations in 2019 was € 13.5 million (2018: € 13.3 million positive). The increase in the cash flow from operations of € 0.2 million is primarily attributable on balance to a lower net revenue result of € 3.2 million, the effect of the sale of the shareholding in Métal Déployé amounting to a total of € 2.9 million and a positive change in working capital, not including banking institutions, amounting in total to € 6.3 million. The use of financial resources associated with the sale of stocks has been substantially reduced, as is seen in the lower debt position.

Cash flows (x € 1,000)

The cash flow from investment activities has fallen by € 1.0 million with, in addition to the divestment in Métal Déployé, an increase in investments of € 0.5 million.

At € 0.2 million, the cash flow from financing activities is relatively low (2018: 8.5 million), mainly due to the rise in short-term liabilities of € 6.0 million. One of the participating interests temporarily requires additional short-term financing for the investment projects initiated in 2019. It is expected that the operating cash flows will be adequate to keep the liquidity requirement within the available credit margin. In addition, the dividend payment in 2019 was € 2.5 million less than in 2018 and this has had a positive effect on the cash flow from financing activities. The total cash flow has developed positively by € 9.9 million on balance, by comparison with an almost neutral development over the course of 2018.

The financial position and the operating cash flow are adequate to continue the activities without additional financing. Roto B.V. complies amply with the agreements made with the credit institution.

The quick ratio, cash and cash equivalents plus receivables in relation to current liabilities was 1.14 at the end of the financial year (year-end 2018: 0.82). The substantive increase is attributable to the release of cash and cash equivalents from the lower stocks position of € 9.9 million. The balance of receivables and current liabilities remained virtually unchanged.

Financial position

Group solvency stated as a percentage of total assets rose from 55.6% at year-end 2018 to 58.6% at year-end 2019. The improved solvency is on the one hand attributable to the positive result for the financial year, and on the other hand, to a reduction in total assets, mainly due to the sale of the French shareholding in 2019. Provisions also fell slightly by € 0.5 million due to the sale of the shareholding in 2019. The annual repayments have led to a reduction in the long-term liabilities.

Current assets -/- current liabilities as at 31 December (x € 1,000)

The change in working capital, with stocks, receivables and current liabilities all falling, was € 50.6 million on balance, almost the same as the level at year-end 2018. As a result of deliveries in the order book for which the required materials had already been purchased in advance, stocks were significantly depleted. The falling prices of zinc and steel also reduced the value of the stocks as at the balance sheet date. The positive cash flow in 2019 resulted in a significant increase in cash and cash equivalents of € 10.1 million.

The positive cash flow from operations in 2019 was € 13.5 million (2018: € 13.3 million positive). The increase in the cash flow from operations of € 0.2 million is primarily attributable on balance to a lower net revenue result of € 3.2 million, the effect of the sale of the shareholding in Métal Déployé amounting to a total of € 2.9 million and a positive change in working capital, not including banking institutions, amounting in total to € 6.3 million. The use of financial resources associated with the sale of stocks has been substantially reduced, as is seen in the lower debt position.

Cash flows (x € 1,000)

The cash flow from investment activities has fallen by € 1.0 million with, in addition to the divestment in Métal Déployé, an increase in investments of € 0.5 million.

At € 0.2 million, the cash flow from financing activities is relatively low (2018: 8.5 million), mainly due to the rise in short-term liabilities of € 6.0 million. One of the participating interests temporarily requires additional short-term financing for the investment projects initiated in 2019. It is expected that the operating cash flows will be adequate to keep the liquidity requirement within the available credit margin. In addition, the dividend payment in 2019 was € 2.5 million less than in 2018 and this has had a positive effect on the cash flow from financing activities. The total cash flow has developed positively by € 9.9 million on balance, by comparison with an almost neutral development over the course of 2018.

The financial position and the operating cash flow are adequate to continue the activities without additional financing. Roto B.V. complies amply with the agreements made with the credit institution.

The quick ratio, cash and cash equivalents plus receivables in relation to current liabilities was 1.14 at the end of the financial year (year-end 2018: 0.82). The substantive increase is attributable to the release of cash and cash equivalents from the lower stocks position of € 9.9 million. The balance of receivables and current liabilities remained virtually unchanged.