Consolidated financial statements

2.1.1 Consolidated statement of financial position

In thousands of euro (before profit appropriation) Note 31 December 2018 31 December 2017
Assets
Property, plant and equipment 17 261,555 205,904
Intangible assets and goodwill 18 168,023 96,229
Investment property 19 643 830
Trade and other receivables 21 13,690 9,298
Equity-accounted investees 20 25,392 24,018
Deferred tax assets 16 2,099 2,998
Non-current assets   471,402 339,277
 
Inventories 22 93,555 72,010
Biological assets 23 4,314 4,714
Trade and other receivables 21 250,618 208,170
Current tax assets 16 2,072 86
Cash and cash equivalents 24 51,756 161,297
Assets held for sale 25 - 1,737
Current assets   402,315 448,014
 
Total assets   873,717 787,291
 
Equity
Share capital   1,063 1,063
Share premium   143,554 143,554
Treasury share reserve   -61 -55
Translation reserve   -6,653 -5,692
Hedging reserve   -896 -
Other reserves and retained earnings   239,990 207,878
Unappropriated result   58,590 58,554
Equity attributable to shareholders of the Company 26 435,587 405,302
Non-controlling interests 34 5,166 4,629
 
Total equity   440,753 409,931
 
Liabilities
Loans and borrowings 29 52,540 44,508
Employee benefits 15 33,496 46,910
Provisions 30 2,024 2,249
Trade and other payables 31 41,258 8,255
Deferred tax liabilities 16 13,174 9,939
Non-current liabilities   142,492 111,861
 
Bank overdrafts 24 13,307 49,690
Loans and borrowings 29 2,963 28
Provisions 30 1,372 1,132
Trade and other payables 31 267,695 206,982
Current tax liability 16 5,135 7,667
Current liabilities   290,472 265,499
 
Total liabilities   432,964 377,360
 
Total equity and liabilities   873,717 787,291

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The notes 1 to 52 are an integral part of these consolidated financial statements.

2.1.2 Consolidated statement of profit or loss

In thousands of euro Note 2018 2017
Revenue 8 2,404,663 2,218,660
Cost of raw materials and consumables 9 -1,961,255 -1,798,820
Gross profit   443,408 419,840
Other operating income 10 5,408 961
Operating income   448,816 420,801
Employee benefit expenses 15 -158,573 -151,429
Depreciation, amortisation and impairment 17 , 18 -27,988 -27,627
Net (reversal of) impairment loss on trade receivables 2 , 32 1,050 1,821
Other operating expenses 11 -187,373 -169,544
Operating expenses 11 -372,884 -346,779
Operating profit   75,932 74,022
Finance income   1,096 1,396
Finance costs   -5,481 -3,770
Net finance costs 12 -4,385 -2,374
Share of profit of equity-accounted investees, net of tax 20 2,907 3,884
Profit before tax   74,454 75,532
Income tax expense 16 -15,224 -16,229
Profit for the year   59,230 59,303
 
Profit attributable to:
Shareholders of the Company   58,590 58,554
Non-controlling interests 34 640 749
Profit for the year   59,230 59,303
 
Earnings per share in euro(1)
Basic earnings per share 13 0.58 0.56
Diluted earnings per share 13 0.58 0.56
 
(1) Earnings per share attributable to ordinary equity holders of the company

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The notes 1 to 52 are an integral part of these consolidated financial statements.

2.1.3 Consolidated statement of comprehensive income

In thousands of euro Note 2018 2017
Profit for the year   59,230 59,303
Other comprehensive income      
Items that will never be reclassified to profit or loss      
Remeasurement of defined benefit liabilities 15 , 16 12,000 5,158
Equity-accounted investees - share of other comprehensive income 20 , 26 -13 5
Related tax 16 -2,134 -990
    9,853 4,173
Items that are or may be reclassified to profit or loss      
Foreign operations - foreign currency translation differences   -1,128 -2,373
Cash flow hedges - effective portion of changes in fair value   -417 8
Cash flow hedges - reclassified to statement of profit or loss / statement of financial position   -754 -44
Related tax 16 442 299
    -1,857 -2,110
Other comprehensive income, net of tax   7,996 2,063
Total comprehensive income   67,226 61,366
 
Total comprehensive income attributable to:
Shareholders of the Company   66,586 60,617
Non-controlling interests 34 640 749
Total comprehensive income   67,226 61,366

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The notes 1 to 52 are an integral part of these consolidated financial statements.

2.1.4 Consolidated statement of changes in equity

2018
    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 31 December 2017   1,063 143,554 -55 -5,692 - 207,878 58,554 405,302 4,629 409,931
IFRS 9 adjustment 2 - - - - - -97 - -97 - -97
Balance as at 1 January 2018   1,063 143,554 -55 -5,692 - 207,781 58,554 405,205 4,629 409,834
Addition from unappropriated result   - - - - - 58,554 -58,554 - - -
 
Total comprehensive income
Profit   - - - - - - 58,590 58,590 640 59,230
Other comprehensive income 16 , 26 - - - -961 -896 9,853 - 7,996 - 7,996
Total comprehensive income   - - - -961 -896 9,853 58,590 66,586 640 67,226
 
Transactions with shareholders of the Company, recognised directly in equity
Contributions and distributions
Dividends 26 - - - - - -30,053 - -30,053 -400 -30,453
Purchase of own shares 26 - - -6 - - -6,023 - -6,029 - -6,029
Equity-settled share-based payments   - -   - - -122 - -122 - -122
Tax movements directly in equity   - - - - - -   - 297 297
Total transactions with shareholders of the Company   - - -6 - - -36,198 - -36,204 -103 -36,307
Balance as at 31 December 2018   1,063 143,554 -61 -6,653 -896 239,990 58,590 435,587 5,166 440,753
 
 
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   - -   - - 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

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The notes 1 to 52 are an integral part of these consolidated financial statements.

2.1.5 Consolidated statement of cash flows

In thousands of euro Note 2018 2017
Cash flows from operating activities
Profit for the year   59,230 59,303
Adjustments for:
Depreciation 17 21,638 19,360
Amortisation 18 6,917 6,332
(Reversal) impairment losses on plant and equipment 17 -567 1,935
Change in fair value of biological assets (unrealised) 23 -13 -5
Net (reversal of) impairment loss on trade receivables 32 -1,050 -1,821
Net finance costs 12 4,385 2,374
Share of profit of equity-accounted investees, net of tax 20 -2,907 -3,884
Gain on sale of property, plant and equipment   -520 -517
Gain on sale of participating interests 10 -411 -261
Gain on sale of assets held for sale 7 -4,509 -
Equity-settled share-based payment expenses 15 316 556
Expenses related to post-employment defined benefit plans 15 1,649 936
Expenses related to long term incentive plans 15 1,217 1,940
Income tax expense   15,224 16,229
    100,599 102,477
Changes in:
Inventories & biological assets   -14,328 -2,064
Trade and other receivables   -625 5,703
Trade and other payables   22,781 44,482
Provisions and employee benefits   -4,503 -16,877
Cash generated from operating activities   103,924 133,721
Interest paid   -1,334 -1,462
Income taxes paid   -20,495 -15,924
Net cash from operating activities   82,095 116,335
 
Cash flows from investing activities
Interest received   1,426 1,085
Dividends received from equity-accounted investees 20 2,124 2,431
Proceeds from sale of property, plant and equipment / investment property   2,238 1,657
Proceeds from sale of participating interests, net of cash disposed   411 261
Proceeds from sale of assets held for sale 7 5,650 -
Acquisition of subsidiaries, net of cash acquired   -81,046 -537
Acquisition of property, plant and equipment 17 -43,226 -36,560
Acquisition of intangible assets 18 -820 -1,403
Payments of settlement of derivatives   -754 -
Net cash used in investing activities   -113,997 -33,066
 
Cash flows from financing activities
Proceeds from purchase and sale of treasury shares 29 -5,879 -53,558
Proceeds from sale of treasury shares relating to employee participation plan 29 1,503 2,335
Repurchase of treasury shares relating to employee participation plan 29 -2,192 -3,151
Payment of financial lease 29 -1,115 -130
Proceeds from borrowings 29 1,608 -
Repayment of borrowings 29 -5,928 -
Payments of settlement of derivatives 29 -81 -
Dividend paid 26 , 29 -29,477 -25,672
Net cash used in financing activities   -41,561 -80,176
 
Net increase/decrease in cash and cash equivalents   -73,463 3,093
Cash and cash equivalents at 1 January(1)   111,607 107,319
Effect of movements in exchange rates on cash held   305 1,195
Cash and cash equivalents as at 31 December(1) 24 38,449 111,607
 
(1) Net of bank overdrafts

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The notes 1 to 52 are an integral part of these consolidated financial statements.