flender pte ltd H3DH-25-C Helical gear reducers H3

Flender/Flender Gear Units/Helical gear reducers H3

ear end 2 was thus 2 per centagainst turnover compared to 1 per cent atyear end 1. However, working capital as apercentage of turnover fluctuates appreciablyduring the year, and the appreciable diffe-rence between the figures for 1 and 2is thus primarily attributable to the high levelof activity towards the end of 2. Shareholders equity and provisions Shareholders equity In 2, the shareholders equity was increas- ed via non-cash contribution of DKK 5million from the acquisition of minorityinterest in TAIM NEG Micon Elica .., andby DKK 1 million from the conversion ofbonds to shares. Costs associated with theseincreases of capital totalled DKK 0.3 million. Provisions Provisions for deferred tax at the end of 2amounted to DKK 7 million and is exclusivelyrelated to foreign subsidiaries. Provisions for usual guarantee and service obligations concerning turbines sold amount-ed to DKK 3 million at the end of 2.An addition of DKK 1 million in provisions,primarily concerning the gearbox problem,should be added. Total provisions amounted to DKK 5 million in 2 compared to DKK 5 million in1. NEG Micon continuously evaluateswhether the provisions made are sufficient,and no cause for adjustment has been found in this regard. Long-term creditors In connection with the financing of capitalinvestments, long-term debt increased in2 by DKK 7 million, net. Cash flow statement Cash flow from operations amounted to DKK3 million in 2, while cash flow for invest-ment activities totalled DKK 2 million, net. Cash flows from financing activities in 2 totalled DKK 1 million, of which DKK 5million stems from capital increases, while theremainder is principally attributable to theraising of long-term loans. In total, cash flow from operations and finan- cing amounted to DKK 1 million, whileinvestments during the corresponding periodtotalled DKK 2 million. As result, thetotal cash flow for 2 amounted toDKK -9 million, net. Currency and interest The overall policy of the Group is to establish