Consolidated financial statements

Consolidated income statement

€0002023|242022|23Change absoluteChange %
Revenue3,786,8763,637,442149,4344.1 %
Changes in inventories of finished and unfinished goods77,367236,416-159,049-67.3 %
Own work capitalised5,7762,3483,428146.0 %
Other operating income44,63251,948-7,316-14.1 %
Cost of Materials(2,804,836)(2,873,077)68,2412.4 %
Staff cost(417,404)(377,523)-39,881-10.6 %
Depreciation, amortisation and impairment losses(136,628)(209,795)73,52735.0 %
Other operating expenses(406,524)(398,156)-8,368-2.1 %
Share of results of equity-accounted joint ventures1,39218,657-17,265-92.5 %
Operating profit [EBIT]151,01188,26062,75171.1 %
Finance income53,70249,3854,3178.7 %
Finance expense(107,011)(75,927)-31,084-40.9 %
Net financial items(53,309)(26,542)-26,767-100.8 %
Profit before tax97,70261,71835,98458.3 %
Income tax expense(28,349)(37,035)8,68623.5 %
Profit for the period69,35324,68344,670181.0 %
- Attributable to shareholders of the parent64,92515,81649,109310.5 %
- Attributable to non-controlling interests4,4288,867-4,439-50.1 %
Earnings per share under IFRS (basic and diluted)1.04 €0.25 €0.79316.0 %

Consolidated balance sheet

€00029 February 202428 February 2022Change absoluteChange %
A. Non-current assets
Intangible assets112,443115,098-2,655-2.3 %
Property, plant and equipment797,622819,418-21,796-2.7 %
Equity-accounted joint ventures68,98566,4602,5253.8 %
Securities18,20617,3788284.8 %
Investments in non-consolidated subsidiaries and outside companies28028000.0 %
Other assets3,3182,55975929.7 %
Deferred tax assets30,31219,81710,49553.0 %
1,031,1661,041,010-9,844-0.9 %
B. Current assets
Inventories1,170,8101,210,019-39,209-3.2 %
Trade receivables441,934471,495-29,561-6.3 %
Other assets153,368158,702-5,334-3.4 %
Current tax assets4,0373,50653115.1 %
Cash and cash equivalents88,106118,343-30,237-25.6 %
1,858,2551,962,065-103,810-5.3 %
Total assets2,889,4213,003,075-113,654-3.8 %
A. Equity
Share capital113,531113,53100.0 %
Share premium and other capital reserves540,760540,76000.0 %
Retained earnings532,438539,284-6,846-1.3 %
Equity attributable to shareholders of the parent1,186,7291,193,575-6,846-0.6 %
Non-controlling interests61,70162,994-1,293-2.1 %
1,248,4301,256,569-8,139-0.6 %
B. Non-current liabilities
Retirement and termination benefit obligations52,46553,535-1,070-2.0 %
Other provisions31,27128,3882,88310.2 %
Borrowings523,596562,868-39,272-7.0 %
Other payables15,9576,6709,287139.2 %
Deferred tax liabilities5,3916,841-1,450-21.2 %
628,680658,302-29,622-4.5 %
C. Current liabilities
Other provisions27,01819,5167,50238.4 %
Borrowings218,799257,748-38,949-15.1 %
Trade payables561,642586,991-25,349-4.3 %
Other payables164,967199,479-34,512-17.3 %
Tax liabilities39,88524,47015,41563.0 %
1,012,3111,088,204-75,893-7.0 %
Total equity and liabilities2,889,4213,003,075-113,654-3.8 %

Balance sheet structure at 29 February 2024

Consolidated cash flow statement

Profit for the period69,35324,68344,670181.0 %
Depreciation, amortisation and impairment of non-current assets136,315210,014-73,699-35,1 %
Reversal of impairment losses on non-current assets(47)(211)16477.7 %
(Gains) on disposal of non-current assets(2,162)(743)-1,419-191.0 %
Changes in non-current provisions2,004(3,982)1,97849.7 %
Share of results of equity-accounted joint ventures(1,392)(18,657)17,26592.5 %
Dividends received from equity-accounted joint ventures2,50011,500-9,000-78.3 %
Loss on net monetary position under IAS 291,9531,913402.1 %
Dividends received from non-consolidated subsidiaries35035n/a
Non-cash expenses/income and other adjustments111,78457,82653,95893.3 %
Operating cash flow before changes in working capital316,335282,34333,99212.0 %
Changes in inventories(13,535)(344,709)331,17496.1 %
Changes in receivables and current assets(13,220)(112,611)99,39188.3 %
Changes in current provisions4,156(57)4,2317391.2 %
Changes in payables (excluding borrowings)198,152155,20842,94427.7%
Changes in working capital(46,088)(259,225)213,13782.2 %
Interest received2,6851,1451,540134.5 %
Interest paid(12,910)(11,222)-1,688-15.0 %
Tax paid(19,806)(11,151)-8,655-77.6 %
Net cash from operating activities240,2161,890238,32612609.8 %
Dividends received282800.0 %
Proceeds from disposal of non-current assets5.1961,4303.766263.4 %
Purchases of property, plant and equipment and intangible assets, net of government grants(112,650)(89,236)-23,414-26.2 %
Proceeds from disposal of securities707n/a
Purchases of non-current financial assets(2,500)0-2,500n/a
Purchase of a business/of a subsidiary, net of cash acquired(1,061)(1,216)15512.7 %
Net cash (used in) investing activities(110,980)(88,994)-21,986-24.7 %
Proceeds from Schuldschein loans0235,000-235,000-100.0 %
Repayment of Schuldschein loans0(7,000)7000100.0 %
Outflows from lease liabilities(6,291)(6,361)701.1 %
Repayment of investment loan of the European Investment Bank(4,884)(4,882)-20.0 %
Proceeds from syndicated loans0140,000-140,000-100.0 %
Repayment of syndicated loans(140,000)0-140,000n/a
Proceeds from loans110,0000110,000n/a
Repayment of bank overdrafts and cash advances(39,230)(201,481)162,25180.5 %
Purchase of non-controlling interests(1,188)0-1,188n/a
Dividends paid(57,741)(48,057)-9,684-20.2 %
Net cash (used in)/from financing activities(139,334)107,219-246,553-230.0 %
Net (decrease)/increase in cash and cash equivalents(10,098)20,115-30,213-150.2 %
Effect of movement in foreign exchange rates on cash and cash equivalents(6,457)1,941-8,398-432.7 %
Effect of IAS 29 on cash and cash equivalents(13,682)(7,306)-6,376-87.3 %
Cash and cash equivalents at beginning of period118,343103,59314,75014.2 %
Cash and cash equivalents at end of period88,106118,343-30,237-25,6 %

Net debt

Net debt and gearing ratio