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.

Download table Expand

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

Download table Expand

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

Download table Expand

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

Download table Expand



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

Download table Expand

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

Download table Expand