Economic and financial performance

Consolidated balance sheet

DESCRIPTION (thousands of Euro) 31/12/2018 31/12/2017
ASSETS
Non-current assets
Property, plant and equipment 1,851,646 1,556,282
Investment property 6,970 7,639
Goodwill 81,786 78,429
Trademarks and other intangible assets 46,781 46,224
Equity investments 1,853 2,162
Other non-current financial assets 7,039 6,722
Deferred tax assets 87,383 48,035
TOTAL NON-CURRENT ASSETS 2,083,458 1,745,493
Current assets
Inventories 430,757 319,735
Trade receivables 43,708 99,338
Other current assets 20,001 65,932
Tax receivables 13,803 7,123
Current financial assets 4,716 174,628
Cash and cash equivalents 81,095 97,130
TOTAL CURRENT ASSETS 594,080 763,888
TOTAL ASSETS 2,677,538 2,509,381
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 678,472 647,258
Profit (loss) for the year (26,064) 29,689
TOTAL GROUP SHAREHOLDERS’ EQUITY 694,067 718,606
Share capital pertaining to minority interests 70 72
Profit attributable to minority interests 0 (1)
TOTAL MINORITY SHAREHOLDERS’ EQUITY 70 72
TOTAL SHAREHOLDERS’ EQUITY 694,137 718,678
Non-current liabilities
Employee severance fund and other provisions regarding personnel 17,425 18,801
Deferred tax liabilities 50,858 38,287
Provisions for risks and charges 9,870 10,962
Non-current financial liabilities 940,457 983,878
Part of subsidies and grants received from government 27,673 32,420
Other non-current liabilities 41 41
TOTAL NON-CURRENT LIABILITIES 1,046,325 1,084,389
Current liabilities
Trade payables 480,484 479,997
Current financial liabilities 258,595 70,025
Current portion of medium/long-term borrowings 134,019 92,190
Other current liabilities 54,624 54,481
Tax payables 9,355 9,622
TOTAL CURRENT LIABILITIES 937,077 706,314
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,677,538 2,509,381

Consolidated income statement

DESCRIPTION (thousands of Euro) 31/12/2018 31/12/2017
REVENUES
Revenues from contracts with customers (net sales) 1,705,836 1,696,617
Rental income 1,089 1,132
Other revenues and income 43,720 29,404
TOTAL REVENUES* 1,750,645 1,727,154
Operating costs
Purchase of raw materials, finished products and changes in inventories (858,948) (802,389)
Services (416,809) (393,153)
Leases and rentals (34,401) (32,053)
Other operating costs (28,992) (25,821)
Payroll costs (303,301) (291,616)
GROSS OPERATING MARGIN 107,194 182,132
Amortisation of intangible fixed assets (1,966) (2,777)
Depreciation of tangible fixed assets (121,909) (120,489)
Write-downs of current receivables (243) (70)
Total amortisation, depreciation and write-downs (124,118) (123,336)
Provision for risks (2,753) (4,364)
OPERATING PROFIT (19,677) 54,432
Financial income 1,110 644
Financial expenses (5,144) (7,194)
Foreign exchange gains and losses (11,630) (4,872)
Total financial income and expenses (15,664) (11,422)
PROFIT (LOSS) BEFORE TAX (35,341) 43,010
Current taxes (12,378) (21,298)
Deferred/(prepaid) taxes 21,654 7,977
PROFIT (LOSS) FOR THE YEAR (26,065) 29,689
Attributable to:
Minority interests 0 (1)
GROUP (26,065) 29,689
* The data for 2017 have been reclassified to provide a better comparison.

Consolidated cash flow statement

DESCRIPTION (thousands of Euro) 31/12/2018 31/12/2017
Profit (loss) for the year (26,065) 29,689
Income taxes (9,278) 13,321
Financial income and expenses 3,635 6,550
1. Profit/(loss) for the year before income taxes, interest, dividends and capital gains/losses from transfer (31,708) 49,560
Adjustment of non-monetary revenues (10,755) (11,582)
Amortisation/depreciation 123,875 123,266
Provisions 2,996 4,434
2. Cash flow before changes in net working capital 84,408 165,678
Change in trade receivables 55,629 71,313
Change in inventories (111,022) (1,352)
Change in trade payables 22,096 61,596
Change in other short-term assets/liabilities (2,627) (4,056)
3. Cash flow after changes in net working capital 48,484 293,179
Changes in provisions, receivables and deferred tax assets (10,586) 4,122
Income taxes (paid) (12,376) (21,298)
Other changes* (30,142) 30,939
Cash flow from operating activities (A) (4,620) 306,942
Investments in intangible assets (net of disinvestments) (2,390) (2,499)
Investments in tangible assets (net of disinvestments) (389,950) (434,427)
Purchase (transfer) of other financial fixed assets 308 (565)
Capitalised interest 15,057 4,951
Change in trade payables - investment (21,609) 11,620
Cash flow from investing activities (B) (398,584) (420,920)
Opening of medium/long-term loans 89,358 529,481
Redemption of medium/long-term loans (87,336) (88,217)
Change in short-term loans 156,826 (11,618)
Purchase/Sale of government securities 166,375 (166,375)
Change in financial assets 82,879 (53,049)
Dividends (and advances on dividends) paid (1,800) (20,000)
Collected/(paid) interest (18,692) (11,501)
Changes in capital and reserves - -
Cash flow from financing activities (C) 387,610 178,721
Increase (decrease) in net cash and cash equivalents (A+-B+-C) (15,593) 64,742
Initial net cash and cash equivalents 97,130 33,582
Net exchange rate differences (441) (1,195)
Final net cash and cash equivalents 81,096 97,130
* The "other changes" do not relate to cash flows but are due to the translation effect not attributable to the individual change items.

Go back