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 |