Parent Company Financial Statements

Statement of Financial Position (amounts in € thousands)

	31.12.2018	31.12.2017
Assets
Property, plant and equipment	2,684,237	2,719,172
Intangible assets	4,799	7,042
Other non-current assets	1,041,259	691,308
Inventories	893,859	963,746
Trade and other receivables	680,347	989,901
Assets held for sale	-	-
Derivative financial instruments	-	11,514
Cash, cash equivalents and restricted cash	1,071,585	813,251
Investment in equity instruments	318	1,252
Total Assets	6,376,404	6,197,186

Equity and Liabilities
Share capital	666,285	666,285
Share premium	353,796	353,796
Retained earnings and other reserves	1,126,596	789,142
Equity attributable to equity holders of the parent	2,146,677	1,809,223
Non-controlling interests	-	-
Total Equity	2,146,677	1,809,223
Interest bearing loans and borrowings	1,657,598	909,579
Provisions and other long term liabilities	337,080	215,917
Short-term Interest bearing loans and borrowings	915,350	1,704,951
Other short-term liabilities	1,319,699	1,557,516
Total liabilities	4,229,727	4,387,963
TOTAL EQUITY AND LIABILITIES	6,376,404	6,197,186

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	8,967,702	7,233,600
Gross profit	680,006	758,145
Operating profit	475,732	597,421
Profit before Income Tax	669,577	482,391
Less : Taxes	(146,187)	(136,400)
Profit for the year	523,390	345,991
Other comprehensive income / (loss) for the year, net of tax	(31,479)	(9,711)
Total comprehensive income for the year	491,911	336,280
Basic and diluted earnings per share (in Euro per share)	1.71	1.13
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	616,485	737,422

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	1,809,223	1,590,150
Change in accounting policy	(958)	-
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017	1,808,265	1,590,150
Total comprehensive (loss) / income for the year	491,911	336,280
Dividends to shareholders of the parent	(152,816)	(106,962)
Dividends to non-controlling interests	-	-
Participation of minority shareholders in share capital increase of subsidiary	-	-
Share based payments	(1,214)	(9,714)
Transfer of grant received to tax free reserves	-	-
Acquisition of treasury shares	(683)	(10,245)
Issue of treasury shares to employees	1,214	9,714
Tax on intra-group dividends	-	-
Acquisition of non-controlling interests	-	-
Total equity at the end of the year	2,146,677	1,809,223

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	669,577	482,391
Adjustments for:
Depreciation and amortisation of tangible and intangible assets	140,753	140,001
Impairment of fixed and intangible assets	-	-
Amortisation of grants	(675)	(725)
Finance Expense	136,636	153,105
Finance Income	(9,442)	(12,834)
Share of operating profit of associates	-	-
Provisions for expenses and valuation charges	67,506	36,736
Foreign exchange (gains) / losses	(2,244)	8,483
Amortisation of long-term contracts costs	951	6,523
(Gain)/Loss from disposal of Non Current Assets	(1,161)	280
	683,106	780,236
Changes in working capital
(Increase) / decrease in inventories	68,171	(117,608)
(Increase) / decrease in trade and other receivables	8,983	57,287
Increase / (decrease) in payables	(347,508)	(412,132)
Less:
Income tax paid	2,224	(20)
Net cash generated from / (used in) operating activities	414,976	307,763
Cash flows from investing activities
Purchase of property,plant and equipment & intangible assets	(101,318)	(149,930)
Cash from sale of property, plant and equipment & tangible assets	-	-
Grants received	-	-
Interest received	9,442	12,834
Dividends received	318,795	33,724
Investment in associates - net	(21,054)	1,584
Proceeds from disposal of investments in equity instruments	-	-
Settlement of consideration of acquisition of further equity interest in subsidiary	7,000	-
Purchase of subsidiary, net of cash acquired	(39,000)	-
Net cash used in investing activities	173,865	(101,788)
Cash flows from financing activities
Interest paid	(131,965)	(162,494)
Dividends paid to shareholders of the Company	(148,767)	(104,116)
Dividends paid to non-controlling interests	-	-
Loans to affiliated companies	(3,600)	-
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	-	-
Proceeds from borrowings	440,748	283,606
Repayments of borrowings	(491,303)	(279,775)
Net cash generated from / (used in ) financing activities	(191,125)	(261,151)
Net (decrease) / increase in cash & cash equivalents	397,716	(55,176)
Cash and cash equivalents at the beginning of the year	667,599	731,258
Exchange gains / (losses) on cash and cash equivalents	5,063	(8,483)
Net (decrease) / increase in cash and cash equivalents	397,716	(55,176)
Cash and cash equivalents at end of the year	1,070,378	667,599