Consolidated financial statements

2.1.1 Consolidated statement of financial position

In thousands of euro (before profit appropriation) Note 31 December 2016 31 December 2015
Assets
Property, plant and equipment 17 194,749 197,731
Intangible assets and goodwill 18 102,181 89,202
Investment property 19 830 822
Trade and other receivables 21 10,952 12,532
Equity-accounted investees 20 21,653 19,714
Deferred tax assets 16 3,230 3,135
Non-current assets   333,595 323,136
 
Inventories 22 70,024 83,675
Biological assets 23 5,117 6,096
Trade and other receivables 21 213,736 231,423
Current tax assets   943 39
Cash and cash equivalents* 24 152,854 133,065
Assets held for sale 25 - 4,579
Current assets   442,674 458,877
 
Total assets   776,269 782,013
 
Equity
Share capital   1,063 106,261
Share premium   143,554 38,356
Treasury share reserve   -1 -399
Translation reserve   -3,609 4,505
Hedging reserve   27 -
Other reserves and retained earnings   229,816 203,081
Unappropriated result   53,260 50,707
Equity attributable to owners of the Company 26 424,110 402,511
Non-controlling interests 33 4,880 4,643
 
Total equity   428,990 407,154
 
Liabilities
Loans and borrowings 28 45,652 52,967
Employee benefits 15 65,328 70,474
Provisions 29 3,295 3,475
Trade and other payables 30 7,660 -
Deferred tax liabilities 16 9,875 8,990
Non-current liabilities   131,810 135,906
 
Bankoverdrafts* 24 45,535 46,565
Loans and borrowings 28 126 198
Provisions 29 2,050 1,049
Trade and other payables 30 161,326 183,152
Current tax liability   6,432 7,989
Current liabilities   215,469 238,953
 
Total liabilities   347,279 374,859
 
Total equity and liabilities   776,269 782,013
 
* The comparative figures as at 31 December 2015 have been adjusted. For further details, see Note 2.

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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 2016 2015
Revenue 8 2,108,962 2,244,470
Cost of raw materials and consumables 9 -1,701,590 -1,820,266
Gross profit   407,372 424,204
Other operating income 10 3,949 3,380
Operating income   411,321 427,584
Employee benefit expenses 15 -150,542 -148,479
Depreciation and amortisation 17 , 18 -26,044 -26,038
Other operating expenses 11 -166,902 -189,017
Operating expenses 11 -343,488 -363,534
Operating profit   67,833 64,050
Finance income   1,664 2,864
Finance costs   -5,192 -5,426
Net finance costs 12 -3,528 -2,562
Share of profit of equity-accounted investees, net of tax 20 3,816 4,681
Profit before tax   68,121 66,169
Income tax expense 16 -14,344 -14,879
Profit for the year   53,777 51,290
 
Profit attributable to:
Owners of the Company   53,260 50,707
Non-controlling interests 33 517 583
Profit for the period   53,777 51,290
 
Earnings per share in euro *)
Basic earnings per share 13 0.50 0.48
Diluted earnings per share 13 0.50 0.48
 
Underlying EBITDA 27 93,609 90,391
 
*) Earnings per share attributable to ordinary equity holders of the parent

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2.1.3 Consolidated statement of comprehensive income

In thousands of euro Note 2016 2015
Profit for the period   53,777 51,290
Other comprehensive income      
Items that will never be reclassified to profit or loss      
Remeasurement of defined benefit liabilities 15 , 16 -527 7,303
Equity-accounted investees - share of other comperhensive income 20 , 26 -1 15
Related tax 16 317 -2,452
    -211 4,866
Items that are or may be reclassified to profit or loss      
Foreign operations – foreign currency translation differences   -9,495 2,737
Cash flow hedges - effective portion of changes in fair value   657 -
Cash flow hedges - reclassified to statement of profit or loss / statement of financial position   -621 -
Related tax 16 1,372 -558
    -8,087 2,179
Other comprehensive income, net of tax   -8,298 7,045
Total comprehensive income   45,479 58,335
 
Total comprehensive income attributable to:
Owners of the Company   44,962 57,752
Non-controlling interests 33 517 583
Total comprehensive income   45,479 58,335

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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

2016
    Attributable to owners 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 2016   106,261 38,356 -399 4,505 - 203,081 50,707 402,511 4,643 407,154
Addition from unappropiated result   - - - - - 50,707 -50,707 - - -
 
Total comprehensive income
Profit   - - - - - - 53,260 53,260 517 53,777
Other comprehensive income 16 , 26 - - - -8,114 27 -211 - -8,298 - -8,298
Total comprehensive income   - - - -8,114 27 -211 53,260 44,962 517 45,479
 
Transactions with owners of the Company, recognised directly in equity
Contributions and distributions
Dividends 26 - - - - - -24,734 - -24,734 -280 -25,014
Purchase/sale of own shares 26 - - 84 - - 916 - 1,000 - 1,000
Adaptation par value shares 26 -105,198 105,198 314 - - -314 - - - -
Equity-settled share-based payments 15 - -   - - 371 - 371 - 371
Total transactions with owners of the Company   -105,198 105,198 398 - - -23,761 - -23,363 -280 -23,643
Balance as at 31 December 2016   1,063 143,554 -1 -3,609 27 229,816 53,260 424,110 4,880 428,990
 
 
2015
    Attributable to owners 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 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 16 , 26 - - - 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, recognised directly in equity
Contributions and distributions
Dividends 26 - - - - - -18,707 - -18,707 -400 -19,107
Purchase/sale of own shares 26 - - 67 - - -101 - -34 - -34
Equity-settled share-based payments 15 - - - - - 275 - 275 - 275
Acquisition of non-controlling interest without a change in control   - - - - - -654 - -654 97 -557
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

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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 2016 2015*
Cash flows from operating activities
Profit for the year   53,777 51,290
Adjustments for:
Depreciation 17 20,378 20,199
Amortisation 18 5,666 5,385
Change in fair value of biological assets (unrealised) 23 49 107
Impairment losses on intangible assets and goodwill 18 - 454
Net impairment loss on trade receivables 31 899 4,573
Net finance costs 12 3,528 2,562
Share of profit of equity-accounted investees, net of tax 20 -3,816 -4,681
Gain on sale of property, plant and equipment / investment property   -780 -32
Gain on sale of participating interests 7 -786 -1,097
Gain on sale of assets held for sale 25 -900 -164
Equity-settled share-based payment expenses 15 371 275
Tax expense 16 14,344 14,879
    92,730 93,750
Changes in:
Inventories & biological assets   11,955 -4,964
Trade and other receivables   13,160 1,142
Trade and other payables   -14,776 -3,397
Provisions and employee benefits   -3,061 -8,082
Cash generated from operating activities   100,008 78,449
Interest paid   -2,628 -4,400
Taxes paid   -15,957 -12,110
Net cash from operating activities   81,423 61,939
 
Cash flows from investing activities
Interest received   1,664 2,433
Dividends received from equity-accounted investees 20 2,766 5,753
Proceeds from sale of property, plant and equipment / investment property   2,266 1,059
Proceeds from sale of participating interests, net of cash disposed   968 1,097
Proceeds from sale of assets held for sale 25 5,575 1,000
Acquisition of subsidiary, net of cash acquired 6 -19,133 -14,048
Acquisition of property, plant and equipment 17 -31,617 -24,271
Acquisition of intangible assets 18 -2,049 -995
Net cash used in investing activities   -39,560 -27,972
 
Cash flows from financing activities
Proceeds from purchase and sale of treasury shares   1,471 213
Proceeds from sale of treasury shares relating to employee participation plan   2,115 1,095
Repurchase of treasury shares relating to participation plan   -2,683 -3,184
Payment of financial lease   -141 -311
Acquisition of non-controlling interest   - -654
Dividend paid 26 -24,734 -18,707
Net cash used in financing activities   -23,972 -21,548
 
Net increase in cash and cash equivalents   17,891 12,419
Cash and cash equivalents at 1 January 24 86,500 75,194
Effect of movements in exchange rates on cash held   2,928 -1,113
Cash and cash equivalents as at 31 December 24 107,319 86,500
 
* Adjusted for comparison purposes

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