Economic and financial performance

The tables below are taken from the 2019 Consolidated Financial Statements approved by the Shareholders' Meeting on 28 February 2020.

Consolidated balance sheet

DESCRIPTION (thousands of Euro) 31/12/2019 31/12/2018
ASSETS
Non-current assets
Property, plant and equipment 1,972,540 1,851,646
Investment property 6,820 6,970
Goodwill and investment property with indefinite useful life 83,541 81,786
Trademarks and other intangible assets 45,877 46,781
Right of use (leases) 40,983 -
Equity investments 1,808 1,853
Other non-current financial assets 2,981 7,039
Deferred tax assets 109,213 87,383
TOTAL NON-CURRENT ASSETS 2,263,765 2,083,458
Current assets
Inventories 434,785 430,757
Trade receivables 74,779 43,708
Other current assets 34,887 20,001
Tax receivables 15,132 13,803
Other current financial assets 6,770 4,716
Cash and cash equivalents 32,680 81,098
TOTAL CURRENT ASSETS 599,033 594,080
Assets held for sale 869 -
TOTAL ASSETS 2,863,666 2,677,538
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders' equity
Share capital 33,000 33,000
Share premium reserve 1,500 1,500
Legal reserve 7,159 7,159
Other reserves 665,509 678,472
Profit (loss) for the year 43,215 (26,064)
TOTAL GROUP SHAREHOLDERS’ EQUITY 750,383 694,067
Share capital and reserves pertaining to non-controlling interests 65 70
Loss attributable to non-controlling interests (2) 0
TOTAL NON-CONTROLLING SHAREHOLDERS’ EQUITY 64 70
TOTAL SHAREHOLDERS’ EQUITY 750,447 694,137
Non-current liabilities
Employee severance fund and other provisions regarding personnel 18,285 17,425
Deferred tax liabilities 70,086 50,858
Provisions for risks and charges 2,817 9,870
Non-current financial liabilities 1,127,482 940,457
Non-current leasing liabilities 31,279 -
Deferred revenues from capital grants 23,768 27,673
Other non-current liabilities 41 41
TOTAL NON-CURRENT LIABILITIES 1,273,758 1,046,325
Current liabilities
Trade payables 451,189 480,484
Current financial liabilities 103,598 258,595
Current portion of medium/long-term borrowings 209,054 134,019
Current leasing liabilities 9,003 -
Other current liabilities 56,966 54,624
Tax payables 9,650 9,355
TOTAL CURRENT LIABILITIES 839,461 937,077
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,863,666 2,677,538

Consolidated income statement

DESCRIPTION (thousands of Euro) 31/12/2019 31/12/2018
REVENUES
Revenues from contracts with customers (net sales) 1,919,460 1,705,836
Rental income 1,017 1,089
Other revenues and income 27,857 43,720
TOTAL REVENUES 1,948,335 1,750,645
Operating costs
Purchase of raw materials, finished products and changes in inventories (898,371) (859,948
Services (412,192) (416,809)
Leases and rentals (25,196) (34,401)
Other operating costs (29,623) (28,992)
Personnel costs (324,318) (303,301)
GROSS OPERATING MARGIN 258,635 107,194
Amortisation, depreciation and write-downs (151,413) (124,118)
Provision for risks (2,446) (2,753)
OPERATING PROFIT 104,776 (19,677)
Financial income 334 1100
Financial expenses (29,190) (5,144)
Foreign exchange gains and losses (20,499) (11,630)
Total financial income and expenses (49,355) (15,664)
PROFIT (LOSS) BEFORE TAX 55,421 (35,341)
Current taxes (16,678) (12,378)
Deferred/(prepaid) taxes 4,469 21,654
PROFIT (LOSS) FOR THE YEAR 43,213 (26,065)
Attributable to:
Minority interests (2) 0
GROUP 43,215 (26,065)

Consolidated cash flow statement

DESCRIPTION (thousands of Euro) 31/12/2019 31/12/2018
Profit (loss) for the year 43,213 (26,065)
Income taxes 12,208 (9,278)
Financial income and expenses 28,689 3,635
1. Profit/(loss) for the year before income taxes, interest, dividends and capital gains/losses from sale 84,110 (31,708)
Adjustment of non-monetary revenues (11,563) (10,755)
Amortisation/depreciation 150,874 123,875
Provisions 2,985 2,996
2. Cash flow before changes in net working capital 226,406 84,408
Change in trade receivables (31,070) 55,629
Change in inventories (4,028) (111,022)
Change in trade payables (10,749) 22,096
Change in short-term assets/liabilities (4,329) (2,627)
3. Cash flow after changes in net working capital 176,230 48,484
Change in reserves and prepayd tax-receivable (7,311) (10,586)
Income taxes (paid) (16,678) (12,376)
Interest paid on leasing liabilities (1,647) -
Other changes* (14,257) (30,142)
Cash flow from operating activities (A) 136,337 (4,620)
Disposals of tangible and intangible fixed assets 2,579 (5,055)
Investments in tangible and intangible fixed assets (241,184) (397,395)
Purchase (sale) of other financial fixed assets 45 308
Capitalised interest 9,235 15,057
Change in trade payables – investment (7,645) (21,609)
Cash flow from investing activities (B) (236,970) (398,585)
Opening of medium/long-term loans 365,596 89,358
Redemption of medium/long-term loans (129,245) (87,336)
Change in short-term loans (125,782) 156,826
Purchase/Sale of government securities 0 166,375
Change in financial assets (11,075) 82,879
Interest received/(paid) (37,924) (1,800)
Dividends (and interim dividends) paid (1,600) (18,692)
Capital payments for leasing liabilities (9,253) -
Cash flow from financing activities (C) 50,718 387,610
Increase (decrease) in cash and cash equivalents (A+-B+-C) (49,915) (15,593)
Initial net cash and cash equivalents 81,094 97,130
Net exchange rate differences 1,501 (441)
Final net cash and cash equivalents 32,680 81,096
* The “other changes” do not relate to cash flows but are due to the translation effect, not attributable to the individual change items.

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