Financing analysis

Equity capital increased versus 31 December 2009 by € 24.8 million to € 890.3 million (31 December 2009: € 865.5m). The equity ratio stood at 32.3 (31 December 2009: 39.0) per cent at the balance sheet date.

Financial liabilities went up by € 510.1 million to € 1,299.6 million (31 December 2009: € 789.5m) of which 96.5 per cent are noncurrent. This increase is especially due to the placement of a bond with a volume of € 400 million in the first quarter and the call of the second part of a syndicated credit line amounting to € 100 million.

The investment grants and allowances carried under noncurrent liabilities totaled € 66.1 million (31 December 2009: € 68.3m) on the balance sheet date. These public funds for the expansion of our production capacity were accrued on the liabilities side of the balance sheet and will be written back through profit and loss over the period of utilization of the subsidized investments.

The other noncurrent liabilities were reduced by € 5.8 million to € 244.9 million (31 December 2009: € 250.7m). The noncurrent share of the received down payment for long-term wafer delivery contracts reported in this figure amounts to € 237.3 million (31 December 2009: € 242.9m) on the balance sheet date.