Consolidated Financial Statements

Statement of Financial Position (amounts in € thousands)

	31.12.2018	31.12.2017
Assets
Property, plant and equipment	3,268,928	3,311,893
Intangible assets	105,617	105,684
Other non-current assets	528,122	862,616
Inventories	993,031	1,056,393
Trade and other receivables	821,598	791,205
Assets held for sale	3,133	-
Derivative financial instruments	-	11,514
Cash, cash equivalents and restricted cash	1,276,366	1,018,913
Investment in equity instruments	634	1,857
Total Assets	6,997,429	7,160,075

Equity and Liabilities
Share capital	666,285	666,285
Share premium	353,796	353,796
Retained earnings and other reserves	1,310,691	1,288,578
Equity attributable to equity holders of the parent	2,330,772	2,308,659
Non-controlling interests	63,959	62,915
Total Equity	2,394,731	2,371,574
Interest bearing loans and borrowings	1,627,171	920,234
Provisions and other long term liabilities	420,148	299,938
Short-term Interest bearing loans and borrowings	1,108,785	1,900,269
Other short-term liabilities	1,446,594	1,668,060
Total liabilities	4,602,698	4,788,501
TOTAL EQUITY AND LIABILITIES	6,997,429	7,160,075

Statement of Comprehensive Income for the period (amounts in € thousands)

	1/1/2018-31/12/2018	1/1/2017-31/12/2017
Revenue from contracts with customers	9,769,155	7,994,690
Gross profit	999,386	1,087,492
Operating profit	514,212	661,783
Profit before Income Tax	368,930	519,785
Less : Taxes	(154,218)	(135,862)
Profit for the year	214,712	383,923
Profit attributable to:
Owners of the parent	211,614	381,372
Non-controlling interests	3,098	2,551
	214,712	383,923
Other comprehensive income / (loss) for the year, net of tax	(32,666)	(13,111)
Total comprehensive income for the year	182,046	370,812
Total comprehensive income/(loss) attributable to:
Owners of the parent	178,958	368,989
Non-controlling interests	3,088	1,823
	182,046	370,812
Basic and diluted earnings per share (in Euro per share)	0.69	1.25
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	711,395	851,059

Statement of Changes in Equity (amounts in € thousands)

	31.12.2018	31.12.2017
Total equity at beginning of the year 1/1/2018 (published) & 1/1/2017	2,371,574	2,141,635
Change in accounting policy	(3,303)	-
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017	2,368,271	2,141,635
Total comprehensive (loss) / income for the year	182,046	370,812
Dividends to shareholders of the parent	(152,816)	(106,962)
Dividends to non-controlling interests	(2,061)	(2,561)
Participation of minority shareholders in share capital increase of subsidiary	17	76
Share based payments	(1,214)	(9,714)
Transfer of grant received to tax free reserves	80	-
Acquisition of treasury shares	(683)	(10,245)
Issue of treasury shares to employees	1,214	9,714
Tax on intra-group dividends	(123)	(136)
Acquisition of non-controlling interests	-	(21,045)
Total equity at the end of the year	2,394,731	2,371,574

Statement of Cash Flow (amounts in € thousands)

	1/1/2018-31/12/2018	1/1/2017-31/12/2017
Cash flows from operating activities
(Loss) / Profit before Tax	368,930	519,785
Adjustments for:
Depreciation and amortisation of tangible and intangible assets	197,183	189,276
Impairment of fixed and intangible assets	3,734	2,689
Amortisation of grants	(965)	(878)
Finance Expense	149,532	169,653
Finance Income	(3,827)	(4,600)
Share of operating profit of associates	1,771	(31,228)
Provisions for expenses and valuation charges	89,103	55,594
Foreign exchange (gains) / losses	(2,194)	8,173
Amortisation of long-term contracts costs	454	6,272
(Gain)/Loss from disposal of Non Current Assets	(246)	1,685
	803,475	916,421
Changes in working capital
(Increase) / decrease in inventories	61,582	(116,523)
(Increase) / decrease in trade and other receivables	(17,694)	62,948
Increase / (decrease) in payables	(339,516)	(409,535)
Less:
Income tax paid	(4,918)	(10,375)
Net cash generated from / (used in) operating activities	502,929	442,936
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets	(156,713)	(208,732)
Cash from sale of property, plant and equipment & tangible assets	277	30
Grants received	299	110
Interest received	3,827	4,600
Dividends received	307,735	19,346
Investment in associates - net	-	(147)
Proceeds from disposal of investments in equity instruments	265	8
Settlement of consideration of acquisition of further equity interest in subsidiary	(1,298)	-
Purchase of subsidiary, net of cash acquired	(16,000)	-
Net cash used in investing activities	138,392	(184,785)
Cash flows from financing activities
Interest paid	(140,755)	(160,830)
Dividends paid to shareholders of the Company	(148,767)	(104,115)
Dividends paid to non-controlling interests	(2,061)	(2,561)
Loans to affiliated companies	-	-
Movements in restricted cash	144,445	11,873
Acquisition of treasury shares	(683)	(10,245)
Participation of minority shareholders in share capital increase of subsidiary	17	76
Proceeds from borrowings	409,694	288,000
Repayments of borrowings	(506,358)	(322,622)
Net cash generated from / (used in ) financing activities	(244,468)	(300,424)
Net (decrease) / increase in cash & cash equivalents	396,853	(42,273)
Cash and cash equivalents at the beginning of the year	873,261	924,055
Exchange gains / (losses) on cash and cash equivalents	5,046	(8,521)
Net (decrease) / increase in cash and cash equivalents	396,853	(42,273)
Cash and cash equivalents at end of the year	1,275,160	873,261