Consolidated financial statements
2.1.1 Consolidated statement of financial position
In thousands of euro (before profit appropriation) | Note | 31 December 2017 | 31 December 2016 |
Assets | |||
Property, plant and equipment | 17 | 205,904 | 194,749 |
Intangible assets and goodwill | 18 | 96,229 | 102,181 |
Investment property | 19 | 830 | 830 |
Trade and other receivables | 21 | 9,298 | 10,952 |
Equity-accounted investees | 20 | 24,018 | 21,653 |
Deferred tax assets | 16 | 2,998 | 3,230 |
Non-current assets | 339,277 | 333,595 | |
Inventories | 22 | 72,010 | 70,024 |
Biological assets | 23 | 4,714 | 5,117 |
Trade and other receivables | 21 | 208,170 | 213,736 |
Current tax assets | 86 | 943 | |
Cash and cash equivalents | 24 | 161,297 | 152,854 |
Assets held for sale | 25 | 1,737 | - |
Current assets | 448,014 | 442,674 | |
Total assets | 787,291 | 776,269 | |
Equity | |||
Share capital | 1,063 | 1,063 | |
Share premium | 143,554 | 143,554 | |
Treasury share reserve | -55 | -1 | |
Translation reserve | -5,692 | -3,609 | |
Hedging reserve | - | 27 | |
Other reserves and retained earnings | 207,878 | 229,816 | |
Unappropriated result | 58,554 | 53,260 | |
Equity attributable to shareholders of the Company | 26 | 405,302 | 424,110 |
Non-controlling interests | 33 | 4,629 | 4,880 |
Total equity | 409,931 | 428,990 | |
Liabilities | |||
Loans and borrowings | 28 | 44,508 | 45,652 |
Employee benefits | 15 | 46,910 | 65,328 |
Provisions | 29 | 2,249 | 3,295 |
Trade and other payables | 30 | 8,255 | 7,660 |
Deferred tax liabilities | 16 | 9,939 | 9,875 |
Non-current liabilities | 111,861 | 131,810 | |
Bank overdrafts | 24 | 49,690 | 45,535 |
Loans and borrowings | 28 | 28 | 126 |
Provisions | 29 | 1,132 | 2,050 |
Trade and other payables | 30 | 206,982 | 161,326 |
Current tax liability | 7,667 | 6,432 | |
Current liabilities | 265,499 | 215,469 | |
Total liabilities | 377,360 | 347,279 | |
Total equity and liabilities | 787,291 | 776,269 | |
2.1.2 Consolidated statement of profit or loss
In thousands of euro | Note | 2017 | 2016 |
Revenue | 8 | 2,218,660 | 2,108,962 |
Cost of raw materials and consumables | 9 | -1,798,820 | -1,701,590 |
Gross profit | 419,840 | 407,372 | |
Other operating income | 10 | 961 | 3,949 |
Operating income | 420,801 | 411,321 | |
Employee benefit expenses | 15 | -151,429 | -150,542 |
Depreciation, amortisation and impairment | 17 , 18 | -27,627 | -26,044 |
Other operating expenses | 11 | -167,723 | -166,902 |
Operating expenses | 11 | -346,779 | -343,488 |
Operating profit | 74,022 | 67,833 | |
Finance income | 1,396 | 1,664 | |
Finance costs | -3,770 | -5,192 | |
Net finance costs | 12 | -2,374 | -3,528 |
Share of profit of equity-accounted investees, net of tax | 20 | 3,884 | 3,816 |
Profit before tax | 75,532 | 68,121 | |
Income tax expense | 16 | -16,229 | -14,344 |
Profit for the year | 59,303 | 53,777 | |
Profit attributable to: | |||
Shareholders of the Company | 58,554 | 53,260 | |
Non-controlling interests | 33 | 749 | 517 |
Profit for the year | 59,303 | 53,777 | |
Earnings per share in euro(1) | |||
Basic earnings per share | 13 | 0.56 | 0.50 |
Diluted earnings per share | 13 | 0.56 | 0.50 |
Underlying EBITDA | 27 | 101,446 | 93,609 |
(1) Earnings per share attributable to ordinary equity holders of the parent |
The notes 1 to 51 are an integral part of these consolidated financial statements.
2.1.3 Consolidated statement of comprehensive income
In thousands of euro | Note | 2017 | 2016 |
Profit for the year | 59,303 | 53,777 | |
Other comprehensive income | |||
Items that will never be reclassified to profit or loss | |||
Remeasurement of defined benefit liabilities | 15 , 16 | 5,158 | -527 |
Equity-accounted investees - share of other comprehensive income | 20 , 26 | 5 | -1 |
Related tax | 16 | -990 | 317 |
4,173 | -211 | ||
Items that are or may be reclassified to profit or loss | |||
Foreign operations - foreign currency translation differences | -2,373 | -9,495 | |
Cash flow hedges - effective portion of changes in fair value | 8 | 657 | |
Cash flow hedges - reclassified to statement of profit or loss / statement of financial position | -44 | -621 | |
Related tax | 16 | 299 | 1,372 |
-2,110 | -8,087 | ||
Other comprehensive income, net of tax | 2,063 | -8,298 | |
Total comprehensive income | 61,366 | 45,479 | |
Total comprehensive income attributable to: | |||
Shareholders of the Company | 60,617 | 44,962 | |
Non-controlling interests | 33 | 749 | 517 |
Total comprehensive income | 61,366 | 45,479 | |
The notes 1 to 51 are an integral part of these consolidated financial statements.
2.1.4 Consolidated statement of changes in equity
2017 | |||||||||||
Attributable to shareholders of the Company | |||||||||||
In thousands of euro | Note | Share Capital | Share premium | Treasury share reserve | Translation reserve | Hedging reserve | Other reserves and retained earnings | Unap- propriated result | Total | Non- controlling interest | Total equity |
Balance as at 1 January 2017 | 1,063 | 143,554 | -1 | -3,609 | 27 | 229,816 | 53,260 | 424,110 | 4,880 | 428,990 | |
Addition from unappropriated result | - | - | - | - | - | 53,260 | -53,260 | - | - | - | |
Total comprehensive income | |||||||||||
Profit | - | - | - | - | - | - | 58,554 | 58,554 | 749 | 59,303 | |
Other comprehensive income | 16 , 26 | - | - | - | -2,083 | -27 | 4,173 | - | 2,063 | - | 2,063 |
Total comprehensive income | - | - | - | -2,083 | -27 | 4,173 | 58,554 | 60,617 | 749 | 61,366 | |
Transactions with shareholders of the Company, recognised directly in equity | |||||||||||
Contributions and distributions | |||||||||||
Dividends | 26 | - | - | - | - | - | -25,716 | - | -25,716 | -1,000 | -26,716 |
Purchase of own shares | 26 | - | - | -54 | - | - | -53,700 | - | -53,754 | - | -53,754 |
Equity-settled share-based payments | 15 | - | - | - | - | 45 | - | 45 | - | 45 | |
Total transactions with shareholders of the Company | - | - | -54 | - | - | -79,371 | - | -79,425 | -1,000 | -80,425 | |
Balance as at 31 December 2017 | 1,063 | 143,554 | -55 | -5,692 | - | 207,878 | 58,554 | 405,302 | 4,629 | 409,931 | |
2016 | |||||||||||
Attributable to shareholders of the Company | |||||||||||
In thousands of euro | Note | Share Capital | Share premium | Treasury share reserve | Translation reserve | Hedging reserve | Other reserves and retained earnings | Unap- propriated result | Total | Non- controlling interest | Total equity |
Balance as at 1 January 2016 | 106,261 | 38,356 | -399 | 4,505 | - | 203,081 | 50,707 | 402,511 | 4,643 | 407,154 | |
Addition from unappropriated result | - | - | - | - | - | 50,707 | -50,707 | - | - | - | |
Total comprehensive income | |||||||||||
Profit | - | - | - | - | - | - | 53,260 | 53,260 | 517 | 53,777 | |
Other comprehensive income | 16 , 26 | - | - | - | -8,114 | 27 | -211 | - | -8,298 | - | -8,298 |
Total comprehensive income | - | - | - | -8,114 | 27 | -211 | 53,260 | 44,962 | 517 | 45,479 | |
Transactions with shareholders of the Company, recognised directly in equity | |||||||||||
Contributions and distributions | |||||||||||
Dividends | 26 | - | - | - | - | - | -24,734 | - | -24,734 | -280 | -25,014 |
Purchase/Sale of own shares | 26 | - | - | 84 | - | - | 916 | - | 1,000 | - | 1,000 |
Adaptation par value shares | 26 | -105,198 | 105,198 | 314 | - | - | -314 | - | - | - | - |
Equity-settled share-based payments | 15 | - | - | - | - | 371 | - | 371 | - | 371 | |
Total transactions with shareholders of the Company | -105,198 | 105,198 | 398 | - | - | -23,761 | - | -23,363 | -280 | -23,643 | |
Balance as at 31 December 2016 | 1,063 | 143,554 | -1 | -3,609 | 27 | 229,816 | 53,260 | 424,110 | 4,880 | 428,990 | |
The notes 1 to 51 are an integral part of these consolidated financial statements.
2.1.5 Consolidated statement of cash flows
In thousands of euro | Note | 2017 | 2016 |
Cash flows from operating activities | |||
Profit for the year | 59,303 | 53,777 | |
Adjustments for: | |||
Depreciation | 17 | 19,360 | 20,378 |
Amortisation | 18 | 6,332 | 5,666 |
Impairment losses on plant and equipment | 17 | 1,935 | - |
Change in fair value of biological assets (unrealised) | -5 | 49 | |
Net (reversal of) impairment loss on trade receivables | 31 | -1,596 | 899 |
Net finance costs | 2,374 | 3,528 | |
Share of profit of equity-accounted investees, net of tax | -3,884 | -3,816 | |
Gain on sale of property, plant and equipment / investment property | -517 | -780 | |
Gain on sale of participating interests | - | -786 | |
Gain on sale of assets held for sale | - | -900 | |
Equity-settled share-based payment expenses | 556 | 371 | |
Income taxes expense | 16,229 | 14,344 | |
100,087 | 92,730 | ||
Changes in: | |||
Inventories & biological assets | -2,064 | 11,955 | |
Trade and other receivables | 5,478 | 13,160 | |
Trade and other payables | 44,482 | -14,776 | |
Provisions and employee benefits | -14,013 | -3,061 | |
Cash generated from operating activities | 133,970 | 100,008 | |
Interest paid | -1,462 | -2,628 | |
Income taxes paid | -15,924 | -15,957 | |
Net cash from operating activities | 116,584 | 81,423 | |
Cash flows from investing activities | |||
Interest received | 1,085 | 1,664 | |
Dividends received from equity-accounted investees | 2,431 | 2,766 | |
Proceeds from sale of property, plant and equipment / investment property | 1,669 | 2,266 | |
Proceeds from sale of participating interests, net of cash disposed | - | 968 | |
Proceeds from sale of assets held for sale | - | 5,575 | |
Acquisition of subsidiary, net of cash acquired | -537 | -19,133 | |
Acquisition of property, plant and equipment | 17 | -36,560 | -31,617 |
Acquisition of intangible assets | 18 | -1,403 | -2,049 |
Net cash used in investing activities | -33,315 | -39,560 | |
Cash flows from financing activities | |||
Proceeds from purchase and sale of treasury shares | 28 | -53,558 | 1,471 |
Proceeds from sale of treasury shares relating to employee participation plan | 28 | 2,335 | 2,115 |
Repurchase of treasury shares relating to employee participation plan | 28 | -3,151 | -2,683 |
Payment of financial lease | 28 | -130 | -141 |
Dividend paid | 26 , 28 | -25,672 | -24,734 |
Net cash used in financing activities | -80,176 | -23,972 | |
Net increase/decrease in cash and cash equivalents | 3,093 | 17,891 | |
Cash and cash equivalents at 1 January(1) | 107,319 | 86,500 | |
Effect of movements in exchange rates on cash held | 1,195 | 2,928 | |
Cash and cash equivalents as at 31 December(1) | 24 | 111,607 | 107,319 |
(1) Net of bank overdrafts |
The notes 1 to 51 are an integral part of these consolidated financial statements.