✓ audited

Financial position

Financing and cash flows

  • Financing principles remain unchanged
  • “A” ratings confirmed
  • High cash flow from operating activities once again in 2012
  • Expenses increase for investments and acquisitions

Our value-based financing principles are aimed at securing liquidity at all times, limiting the risks associated with financing and optimizing our cost of capital. We preferably meet our external financing needs on international capital markets.