Consolidated financial statements
2.1.1 Consolidated statement of financial position
€ 1,000
Note | 31 December | 31 December | 1 January | |
2015 | 2014 | 2014 *) | ||
Assets | ||||
Property, plant and equipment | 14 | 197,731 | 190,274 | 181,499 |
Intangible assets and goodwill | 15 | 89,202 | 77,348 | 61,660 |
Investment property | 16 | 822 | 5,400 | 6,014 |
Trade and other receivables | 20 , 29 | 12,494 | 5,021 | 5,503 |
Equity-accounted investees | 17 | 19,714 | 19,726 | 16,337 |
Other investments | 29 | 38 | 37 | 109 |
Deferred tax assets | 13 | 3,135 | 4,543 | 6,417 |
Non-current assets | 323,136 | 302,349 | 277,539 | |
Inventories | 18 | 83,675 | 78,856 | 88,080 |
Biological assets | 19 | 6,096 | 5,010 | 5,560 |
Trade and other receivables | 20 , 29 | 231,423 | 233,792 | 244,896 |
Current tax assets | 39 | - | 447 | |
Cash and cash equivalents | 21 | 88,293 | 77,729 | 146,804 |
Assets held for sale | 6 | 4,579 | 834 | - |
Current assets | 414,105 | 396,221 | 485,787 | |
Total assets | 737,241 | 698,570 | 763,326 | |
Equity | ||||
Share capital | 22 | 106,261 | 106,261 | 106,261 |
Share premium | 22 | 38,356 | 38,356 | 38,356 |
Treasury share reserve | 22 | -399 | -466 | -466 |
Translation reserve | 4,505 | 2,326 | - | |
Other reserves and retained earnings | 203,081 | 169,262 | 195,461 | |
Unappropriated result | 50,707 | 48,140 | - | |
Equity attributable to owners of the Company | 402,511 | 363,879 | 339,612 | |
Non-controlling interests | 31 | 4,643 | 4,363 | 4,328 |
Total equity | 22 | 407,154 | 368,242 | 343,940 |
Liabilities | ||||
Loans and borrowings, including derivatives | 25 | 52,967 | 49,749 | 125,844 |
Employee benefits | 26 | 70,474 | 74,326 | 59,512 |
Provisions | 27 | 3,475 | 7,564 | 6,876 |
Deferred tax liabilities | 13 | 8,990 | 6,861 | 8,198 |
Non-current liabilities | 135,906 | 138,500 | 200,430 | |
Loans and borrowings, including derivatives | 25 | 1,991 | 3,002 | 26,155 |
Provisions | 27 | 1,049 | 1,991 | 5,686 |
Trade and other payables | 28 | 183,152 | 181,615 | 183,082 |
Current tax liability | 7,989 | 5,220 | 4,033 | |
Current liabilities | 194,181 | 191,828 | 218,956 | |
Total liabilities | 330,087 | 330,328 | 419,386 | |
Total equity and liabilities | 737,241 | 698,570 | 763,326 | |
*) Opening balance 1 January 2014 additionally included for first time adoption IFRS , see note 3. |
2.1.2 Consolidated statement of profit or loss
€ 1,000
Note | 2015 | 2014 | |||
Revenue | 7 | 2,244,470 | 2,221,281 | ||
Cost of raw materials and consumables | 8 | -1,820,266 | -1,827,551 | ||
Gross profit | 424,204 | 393,730 | |||
Other operating income | 3,380 | 6,522 | |||
Employee benefit expenses | 9 | -148,479 | -129,001 | ||
Depreciation and amortization | 14 , 15 | -26,038 | -23,788 | ||
Other operating expenses | 10 | -189,017 | -184,899 | ||
Operating profit | 64,050 | 62,564 | |||
Finance income | 11 | 2,864 | 3,074 | ||
Finance costs | 11 | -5,426 | -7,684 | ||
Net finance costs | -2,562 | -4,610 | |||
Share of profit of equity-accounted investees, net of tax | 17 | 4,681 | 4,664 | ||
Profit before tax | 66,169 | 62,618 | |||
Income tax expense | 13 | -14,879 | -13,590 | ||
Profit for the year | 51,290 | 49,028 | |||
Attributable to: | |||||
Owners of the Company | 50,707 | 48,140 | |||
Non-controlling interests | 31 | 583 | 888 | ||
Profit for the year | 51,290 | 49,028 | |||
Earnings per share *) | |||||
Basic earnings per share | 12 | € 0.48 | € 0.46 | ||
Diluted earnings per share | 12 | € 0.48 | € 0.46 | ||
*) Basic earnings per share attributable to ordinary equity holders of the parent |
2.1.3 Consolidated statement of comprehensive income
€ 1,000
Note | 2015 | 2014 | |||
Profit for the year | 51,290 | 49,028 | |||
Other comprehensive income | |||||
Items that will never be reclassified to profit or loss | |||||
Remeasurement of defined benefit liability (net of tax) | 13 | 4,851 | -11,705 | ||
4,851 | -11,705 | ||||
Items that are or may be reclassified to profit or loss | |||||
Foreign operations – foreign currency translation differences (net of tax) | 13 | 2,179 | 2,326 | ||
Equity-accounted investees - share of other comprehensive income (net of tax) | 17 | 15 | -64 | ||
2,194 | 2,262 | ||||
Other comprehensive income, net of tax | 7,045 | -9,443 | |||
Total comprehensive income | 58,335 | 39,585 | |||
Total comprehensive income attributable to: | |||||
Owners of the Company | 57,752 | 38,670 | |||
Non-controlling interests | 583 | 915 | |||
Total comprehensive income | 58,335 | 39,585 | |||
2.1.4 Consolidated statement of changes in equity
2015
€ 1,000
Attributable to owners of the Company | ||||||||||
Note | Share Capital | Share premium | Treasury share reserve | Translation reserve | Other Reserves and retained earnings | Unap- propriated result | Total | Non- controlling interest | Total equity | |
Balance as at 1 January 2015 | 106,261 | 38,356 | -466 | 2,326 | 169,262 | 48,140 | 363,879 | 4,363 | 368,242 | |
Addition from unappropiated result | - | - | - | - | 48,140 | -48,140 | - | - | - | |
Total comprehensive income | ||||||||||
Profit | - | - | - | - | - | 50,707 | 50,707 | 583 | 51,290 | |
Other comprehensive income | - | - | - | 2,179 | 4,866 | - | 7,045 | - | 7,045 | |
Total comprehensive income | - | - | - | 2,179 | 4,866 | 50,707 | 57,752 | 583 | 58,335 | |
Transactions with owners of the Company | ||||||||||
Contributions by and distributions to owners of the Company: | ||||||||||
Dividends | 22 | - | - | - | - | -18,707 | - | -18,707 | -400 | -19,107 |
Purchase/sale of own shares | 22 | - | - | 67 | - | -101 | - | -34 | - | -34 |
Aqcuisition minority interest | - | - | - | - | -654 | - | -654 | 97 | -557 | |
Equity-settled share-based payments | 9 , 24 | - | - | - | - | 275 | - | 275 | - | 275 |
Total transactions with owners of the Company | - | - | 67 | - | -19,187 | - | -19,120 | -303 | -19,423 | |
Balance as at 31 December 2015 | 106,261 | 38,356 | -399 | 4,505 | 203,081 | 50,707 | 402,511 | 4,643 | 407,154 | |
2014
€ 1,000
Attributable to owners of the Company | ||||||||||
Note | Share Capital | Share premium | Treasury share reserve | Translation reserve | Other Reserves and retained earnings | Unap- propriated result | Total | Non- controlling interest | Total equity | |
Balance as at 1 January 2014 | 106,261 | 38,356 | -466 | - | 195,461 | - | 339,612 | 4,328 | 343,940 | |
Total comprehensive income | ||||||||||
Profit | - | - | - | - | - | 48,140 | 48,140 | 888 | 49,028 | |
Other comprehensive income | - | - | - | 2,326 | -11,796 | - | -9,470 | 27 | -9,443 | |
Total comprehensive income | - | - | - | 2,326 | -11,796 | 48,140 | 38,670 | 915 | 39,585 | |
Transactions with owners of the Company | ||||||||||
Contributions by and distributions to owners of the Company: | ||||||||||
Dividends | 22 | - | - | - | - | -14,419 | - | -14,419 | -880 | -15,299 |
Purchase/sale of own shares | 22 | - | - | - | - | -46 | - | -46 | - | -46 |
Equity-settled share-based payments | 9 , 24 | - | - | - | - | 62 | - | 62 | - | 62 |
Total transactions with owners of the Company | - | - | - | - | -14,403 | - | -14,403 | -880 | -15,283 | |
Balance as at 31 December 2014 | 106,261 | 38,356 | -466 | 2,326 | 169,262 | 48,140 | 363,879 | 4,363 | 368,242 | |
2.1.5 Consolidated statement of cash flows
€ 1,000
Note | 2015 | 2014 | |
Cash flows from operating activities | |||
Profit for the year | 51,290 | 49,028 | |
Adjustments for: | |||
Depreciation | 14 | 20,199 | 18,039 |
Amortisation | 15 | 5,385 | 4,307 |
Impairment losses on intangible assets and goodwill | 15 | 454 | - |
Impairment losses on property, plant and equipment | 14 | - | 1,442 |
Change in fair value of biological assets | 19 | 107 | -176 |
Impairment loss on trade receivables | 6,683 | 4,746 | |
Net finance costs | 11 | 2,562 | 4,610 |
Share of profit of equity-accounted investees, net of tax | 17 | -4,681 | -4,664 |
Gain on sale of property, plant and equipment | -32 | - | |
Gain on sale of investments | 6 | -1,097 | -200 |
Gain on sale of assets held for sale | -164 | - | |
Equity-settled share-based payment transactions | 9 , 24 | 275 | 62 |
Tax expense | 13 | 14,879 | 13,590 |
95,860 | 90,784 | ||
Changes in: | |||
Inventories & biological assets | 18 , 19 | -6,084 | 11,770 |
Trade and other receivables | 20 | 1,184 | 20,883 |
Trade and other payables | 28 | 2,346 | -7,515 |
Provisions and employee benefits | 26 , 27 | -11,572 | -15,021 |
Cash generated from operating activities | 81,734 | 100,901 | |
Interest paid | -7,685 | -8,475 | |
Taxes paid | -12,110 | -13,219 | |
Net cash from operating activities | 61,939 | 79,207 | |
Cash flows from investing activities | |||
Interest received | 2,433 | 2,514 | |
Dividends received | 17 | 5,753 | 2,146 |
Proceeds from sale of property, plant and equipment | 14 | 1,059 | 1,129 |
Proceeds from sale of investments | 6 | 1,097 | 2,908 |
Proceeds from sale of assets held for sale | 6 | 1,000 | - |
Acquisition of subsidiary, net of cash acquired | 5 | -14,048 | -17,374 |
Acquisition of property, plant and equipment | 14 | -24,271 | -20,387 |
Acquisition of intangible assets | 15 | -995 | -1,681 |
Net cash used in investing activities | -27,972 | -30,745 | |
Cash flows from financing activities | |||
Proceeds from new borrowings | - | 48,613 | |
Proceeds from purchase and sale of treasury shares | 213 | 39 | |
Proceeds from sale of treasury shares relating to employee participation plan | 1,095 | 247 | |
Repurchase of treasury shares relating to participation plan | -3,184 | -823 | |
Repayment of borrowings | - | -137,981 | |
Payment of financial lease | -311 | -332 | |
Acquistion of non-controlling interest | -654 | - | |
Dividend paid | 22 | -18,707 | -14,419 |
Net cash used in financing activities | -21,548 | -104,656 | |
Net increase/decrease in cash and cash equivalents | 12,419 | -56,194 | |
Cash and cash equivalents at 1 January | 21 | 75,194 | 130,230 |
Effect of movements in exchange rates on cash held | -1,113 | 1,158 | |
Cash and cash equivalents at 31 December | 21 | 86,500 | 75,194 |