Consolidated financial statements extract for the period ended 31 December 2019

Consolidated financial statements extract for the period ending 31 December 2019

CONSOLIDATED BALANCE SHEET - ASSETS

In thousands of euros

31/12/2019

31/12/2018

Goodwill

28 487

32 728

Intangible assets

34 213

30 161

Property, plant and equipment

63 883

53 993

Right-of-use assets (IFRS 16)

19 614

-

Financial assests

4 381

2 908

Deffered tax assets

18 889

18 013

Trade receivables from financing activities > 1 year

37 920

21 710

Other non current assets

5 574

4 572

NON-CURRENT ASSETS (A)

212 961

164 085

Inventory

191 577

178 949

Trade receivables

93 587

123 573

Trade receivables from financing activities < 1 year

21 615

12 844

Other assets

35 538

33 372

Cash and cash equivalents

28 740

24 110

CURRENT ASSETS (B)

371 057

372 848

TOTAL ASSETS (A+B)

584 018

536 933

2

Consolidated financial statements extract for the period ending 31 December 2019

CONSOLIDATED BALANCE SHEET - LIABILITIES

In thousands of euros

31/12/2019

31/12/2018

Share capital

4 078

4 078

Share premiums

81 627

91 720

Consolidated reserves and income

179 013

161 539

SHAREHOLDERS' EQUITY BEFORE MINORITY INTERESTS (A)

264 718

257 337

Minority interests (B)

(372)

(347)

TOTAL EQUITY

264 346

256 990

Long-term birrowigs

132 834

46 084

Non-current lease liabilities (IFRS 16)

14 780

-

Deferred tax liabilties

7 266

6 068

Provisions

6 828

5 055

NON-CURRENT LIABILITIES (C)

161 708

57 207

Trade payables

70 748

86 284

Other current liabilities

26 251

24 846

Current borrowings

46 269

102 053

Current lease liabilities (IFRS 16)

5 147

-

Provisions

9 549

9 553

CURRENT LIABILITIES (D)

157 964

222 736

LIABILITIES AND SHAREHOLDERS' EQUITY (A+B+C+D)

584 018

536 933

3

Consolidated financial statements extract for the period ending 31 December 2019

PROFIT AND LOSS STATEMENT - continuing operations, including IAS 29 & IFRS 16

In thousands of euros

31/12/2019

31/12/2018

Continuing operations

Sales and revenue

609 828

100,0%

555 905

100,0%

Cost of sales

(468 760)

-76,9%

(424 155)

-76,3%

Selling expenses

(34 502)

-5,7%

(32 653)

-5,9%

General and administrative expenses

(60 667)

-9,9%

(54 745)

-9,8%

Research and development expenditures

(10 000)

-1,6%

(8 747)

-1,6%

Exchange gains and losses

(2 022)

-0,3%

(2 000)

-0,4%

CURRENT OPERATING INCOME

33 877

5,6%

33 605

6,0%

Other operating income and expenses

(4 637)

-0,8%

(4 485)

-0,8%

OPERATING INCOME FROM CONTINUING OPERATIONS

29 240

4,8%

29 121

5,2%

Share of profit of affiliates

0,0%

(147)

0,0%

OPERATING INCOME after share of profit of affiliates

29 240

4,8%

28 974

5,2%

Cost of net financial debt

(3 587)

-0,6%

(1 580)

-0,3%

Exchange gains and losses

(58)

0,0%

(290)

-0,1%

Other financial income and expenses

1 149

0,2%

(1 825)

-0,3%

PROFIT BEFORE TAXES FROM CONTINUING OPERATIONS

26 744

4,4%

25 279

4,5%

Income tax

(7 287)

-1,2%

(7 350)

-1,3%

NET PROFIT FROM CONTINUING OPERATIONS

19 457

17 929

Discontinued operations

NET PROFIT FROM DISCONTINUED OPERATIONS

5 944

NET PROFIT

19 457

3,2%

23 873

4,3%

attributable to equity holders of the parent

19 417

23 803

attributable to minority interests

40

70

4

Consolidated financial statements extract for the period ending 31 December 2019

CONSOLIDATED CASH FLOW STATEMENT

In thousands of euros

31/12/2019

31/12/2018

Net income for continuing operations

19 457

17 929

Depreciation and amortization

20 284

15 853

Change in provisions (except for current assets)

342

5 278

Unrealised foreign exchange gains and losses

914

(1 560)

Change in deferred taxes

(288)

(1 803)

Gains and losses from disposals of fixed assets

(609)

(946)

Interests on bank borrowings

3 587

1 593

Share of profit in affiliates

-

147

GROSS CASH FLOWS FROM OPERATIONS

43 687

36 491

Change in operating working capital

(3 904)

(71 038)

Change in receivables from financing activities

(19 375)

(2 714)

Total of operating cash flows from continued operations

20 408

(37 261)

Operating cash flows from discontinued activities

-

201

CASH FLOWS FROM OPERATING ACTIVITIES

20 408

(37 060)

Purchases of fixed assets

(31 149)

(22 177)

Proceeds from the sales of fixed assets, net of tax

4 442

2 988

Dividends received

-

849

Impact of changes in scope of consolidation

-

(14 913)

Total of investing cash flows from continued operations

(26 707)

(33 253)

Investing cash flows from discontinued activities

-

16 130

CASH FLOWS FROM INVESTING ACTIVITIES

(26 707)

(17 123)

Dividends paid to shareholders

(6 495)

(6 507)

Loans issues

94 513

51 948

Borrowings repayments

(78 155)

(7 776)

Lease liabilities repayments

(6 857)

Treasury shares

(104)

(709)

Total of financing cash flows from continued operations

2 902

36 956

Financing cash flows from discontinued activities

-

-

CASH FLOWS FROM FINANCING ACTIVITIES

2 902

36 956

NET CHANGE IN CASH AND CASH EQUIVALENTS

(3 397)

(17 227)

Opening cash and cash equivalents

4 885

22 809

Effect of exchange rate changes from continued operations

624

(697)

Closing cash and cash equivalents

2 112

4 885

NET CHANGE IN CASH AND CASH EQUIVALENTS

(3 397)

(17 227)

5

Consolidated financial statements extract for the period ending 31 December 2019

STATEMENT OF CHANGES IN EQUITY

In thousands of euros

Actuarial

Share

Consolidated

Profit for the

Treasury

Translation

gains and

Minority

Capital

Free shares

losses on

Group share

Total

premiums

reserves*

period

shares **

differences

Interests

employee

benefits

Balance at 31 December 2017

4 078

91 720

171 270

17 610

(13 611)

-

(31 026)

(1 316)

238 725

(398)

238 326

Change in capital of the parent company

-

-

Appropriation of 2017 net income

17 610

(17 610)

-

-

Dividends paid by the parent company

(6 511)

(6 511)

(6 511)

Net income for the period

23 803

23 803

70

23 873

Net income / (expense) recognised

(162)

(131)

(293)

0

(293)

directly in equity

Total consolidated comprehensive

23 803

(162)

(131)

23 510

70

23 580

income

Treasury shares

(708)

392

(316)

(316)

Other changes***

1 929

1 929

(19)

1 910

Balance at 31 December 2018

4 078

91 720

184 298

23 803

(14 319)

392

(31 188)

(1 447)

257 337

(347)

256 990

Change in capital of the parent company

-

-

Appropriation of 2018 net income

(3 192)

26 995

(23 803)

-

-

Dividends paid by the parent company

(6 901)

406

(6 495)

(6 495)

Net income for the period

19 417

19 417

40

19 457

Net income / (expense) recognised

(6 873)

(994)

(7 867)

(7 867)

directly in equity

Total consolidated comprehensive

19 417

(6 873)

(994)

11 550

40

11 590

income

Treasury shares

(105)

461

356

356

Other changes***

1 970

1 970

(65)

1 905

Balance at 31 December 2019

4 078

81 627

211 699

21 387

(14 424)

853

(38 061)

(2 441)

264 718

(372)

264 346

* : Consolidated reserves primarily consist of retained earnings.

**: For the three periods, the amount of treasury shares has been disclosed at the book value, and the correction in consolidated reserves.

***: Other changes include hyperinflation effects in Argentina

6

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