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
The notes 1 to 51 are an integral part of these consolidated financial statements.

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.