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## Financial review continued 

## Statement of financial position 

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Balance sheet total was US$708.1 million at 31 December 2012 (31 December 2011: US$349.4 million). Cash and cash equivalents increased by US$198.8 million or 175.1% to US$312.4 million at 31 December 2012 (31 December 2011: US$113.6 million). 

This increase was mainly caused by the net cash inflows from operating activities of US$52.4 million from the convertible bond in the amount of US$196.6 million and cash inflows from the sale of employee stock purchase plan shares in the amount of US$4.1 million. The cash inflows were partly offset by cash outflows for investing activities in the amount of US$54.3 million. 

Other current assets increased from US$117.7 million at 31 December 2011 by US$133.4 million to US$251.1 million at 31 December 2012. The increase of 113.3% is mainly driven by higher inventory balances (+US$89.8 million) and higher trade receivables (+US$36.2 million). 

Total non-current assets increased 22.5% to US$144.6 million; investments into tangible and intangible assets were US$68.6 million. These were partly offset by depreciation, amortisation and impairment charges in the amount of US$33.3 million. Deferred tax assets decreased by US$8.5 million due to the usage of net loss carry forwards. 

Current liabilities increased by net US$62.2 million of which US$55.8 million relate to increased trade and other payables, which mainly stand in relation to the increased inventory balance. 

Non-current liabilities increased by US$178.6 million. The amount at 31 December 2012 mainly includes US$164.6 million (31 December 2011: nil), which represents the fair value of the convertible bond liability and US$11.8 million (31 December 2011: nil) financing costs relating to the new licence agreement. For further information, please refer to note 12 and note 18 to the consolidated financial statements respectively. 

Shareholders’ equity increased from US$264.6 million at 31 December 2011 by US$118.0 million to US$382.6 million at 31 December 2012. US$36.6 million of this increase relates to the convertible bond. US$69.5 million relate to our net profit (adjusted by expenses for share-based payments). The equity ratio was 54.0% (31 December 2011: 75.7%). 

