CROWN VAN GELDER
An analyst & press conference call will be held on 13 February 2015 at 10.00 a.m.
(in EUR x mln) | 2014 | 2013* |
Total revenue Operating result (excluding non-recurring items) Operating result (including non-recurring items) Net result (excluding non-recurring items) Net result (including non-recurring items), attributable to owners of the parent Capital expenditure Sales (ton) Production (ton) Number of employees (on average) Per depository receipt of share (in EUR) Operating cash flow Net result (attributable to owners of the parent) Dividend (2014: proposal) Closing price Equity | 162.5 3.4 3.4 3.1 3.1 3.1 207,100 208,000 280 3.70 0.71 0.35 5.30 8.74 | 159.4 (8.4) (13.4) (8.0) (13.0) 6.5 206,600 205,700 286 0.42 (3.00) - 3.67 8.01 |
Number of depository receipts | 4,356,005 | 4,356,005 |
* The comparatives figures 2013 for total revenue and operating cash flow per depository receipt of share are restated for comparison purposes.
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As a supplier of quality products in differentiated niche markets, Crown Van Gelder is and must be flexible and be able to adapt to volatile market circumstances. The 2014 results prove that, supported by market recovery and favourable developments in input costs, the introduction of our strategic ambitions defined in FOCUS 2016 is clearly beneficial to our results.
While pursuing the ambitions laid down in FOCUS 2016, we have also been in search of strategic partnerships to promote our market and competitive position. In October 2014, this resulted in the announcement of an intended public all cash offer by Andlinger & Company, which offer was launched on 28 January 2015. We have carefully considered the interest of all our stakeholders, and both the
Management and Supervisory Board have given their full recommendation for this offer. Upon successful completion of the acquisition by Andlinger, which is expected in the second quarter of 2015, Andlinger intends to delist Crown Van Gelder from Euronext Amsterdam as soon as reasonably practicable under applicable rules.
Although this signifies an important ownership change, our commitments towards clients and employees will remain unchanged. We are confident of the added value Andlinger can bring with respect to both operational excellence and sector expertise. We will remain committed to improve our performance, maintaining our commercial focus on our three target areas: high speed inkjet, label and specialty packaging.
Operating reviewResults 2014
Crown Van Gelder s (CVG) net profit in 2014 was EUR 3.1 million, which is in line with the outlook as stated in the October 2014 trading update. In 2013 a net loss of EUR 8.0 million excluding non-recurring items was realised; including an impairment charge, a net loss of EUR 13.0 million was reported in 2013.
Measures taken by management to improve CVG s commercial and operational performance clearly showed their impact. The return to profitable operations in 2014 was supported by improved market conditions, a strong increase in focus product sales and lower pulp and energy prices. Revenue amounted to EUR 162 million, compared to EUR 159 million in 2013. Sales volumes were roughly stable at 207,000 ton.
Market developments
In 2014, CVG benefited from a recovery in the European paper market, especially during the traditionally stronger first half of the year. After a sharp downward trend in the preceding two years, 2014 showed an increase of 1% in order volume in the European market for woodfree uncoated paper. Driven by a full order book, CVG s production capacity was fully utilised in 2014.
As outlined in CVG s FOCUS 2016 strategy, commercial focus is especially directed at three target areas, with better margins and growth perspectives: high speed inkjet, label and specialty packaging. The improved market conditions also supported favourable sales developments in CVG s focus
products. Focus product sales volumes were up 25% compared to the 2013 volumes, bringing the share of these products in the total sales volume to 50% (FY2013: 40%). High speed inkjet and specialty packaging showed the strongest growth. The high speed inkjet product range has been developed for high volume colour inkjet printers. Inkjet printing is applied as printing technology for transactional applications and mailings and also publishers show strong interest in book printing with inkjet
technology. In specialty packaging, paper for luxury shopping bags remains a fast growing and promising product in CVG s product range.
On average, 2014 selling prices were up by nearly 2% compared to 2013.
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Raw materials prices, energy and other costs
The development of financial results in 2014 was supported by lower pulp and energy prices.
Pulp is the most important raw material for CVG s papers and also the largest input cost in the paper making process. In the first half of 2014, CVG benefited from lower pulp prices due to extra pulp supply coming on stream after the commissioning of new short fibre pulp production capacity in South America. In the second half of 2014, the additional supply was fully digested by the market. Combined with stronger pulp demand from China, pulp prices increased again.
On balance, the average pulp price in EUR for CVG was around 6% lower in 2014 compared to the previous year. The related pulp cost decrease amounted to around EUR 4 million.
After a hit by strong price increases in gas in 2013, CVG kept gas prices floating in anticipation of lower price levels. During the first half of 2014, gas prices came down markedly, mainly as a result of high gas storage levels in Europe and mild weather conditions. Since July 2014, gas prices were adversely impacted by geopolitical tensions and the usual upward price trend towards the winter season. CVG decided to hedge gas prices for the remainder of 2014, albeit against substantially higher forward prices. On balance, costs for natural gas for CVG in 2014 were nearly EUR 4 million lower compared to 2013.
In order to meet its obligations under the European Emission Trading Scheme (EU-ETS), CVG has to buy approximately half of its CO2 emission allowances on the market. This results in purchasing around
80,000 ton of emission allowances annually. The company purchased the 2014 volume at relatively low
price levels. In 2014, cost of emission allowances amounted to around EUR 0.4 million (2013: EUR 0.2 million). CVG has applied for an emission allowance compensation scheme related to its own power plant facility and received a compensation of nearly EUR 0.6 million for CO2 emissions related to electricity generation for own use in 2014.
Financing
CVG has taken the necessary steps to consolidate its market position and to safeguard its financial position in a volatile business environment. The company s commercial and operational strategy is valid, although it should be taken into consideration that market conditions will remain volatile. To counteract pressure on cash flow and results, the company took additional measures to increase market
performance and operational efficiency, to lower costs and to decrease capex and working capital
requirements.
After high capital expenditure in 2013, due to the periodic revamp of the power plant, capital expenditure in 2014 amounted to around EUR 3.1 million, which was lower than depreciation costs amounting to
EUR 3.7 million. Capital expenditure was solely related to necessary replacement investments in machinery and equipment. For 2015, capex is expected to amount to approximately EUR 5 million.
Measures to reduce working capital, by focus on inventory levels and payment terms, resulted in a decrease in working capital of EUR 9.1 million in 2014. On balance, net debt of EUR 10 million at year- end 2013 turned into a net cash position of EUR 3.8 million at year-end 2014, and no current requirements to employ the overdraft facility. The solvency ratio improved to 64% by the end of 2014 (YE
2013: 56%).
The Management Board will, with the approval of the Supervisory Board, propose a cash dividend of EUR 0.35 per depository receipt of share (2013: none). The dividend proposal is amongst others based on the net profit and the strong recovery in the financial position of CVG in 2014. In this respect it should be noted that Andlinger s offer of EUR 5.50 per depository receipt is cum dividend and therefore includes any dividend distributions paid prior to the date of settlement of the offer.
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The general economic and market outlook in Europe at the start of 2015 seems to be less positive compared to last year. The outlook is affected by uncertainties regarding the future of the monetary union, deflationary pressure, geopolitical tensions and its impact on economic growth perspectives. CVG s order book is currently at a sufficient level to keep production capacity fully utilised. Despite the prevailing economic uncertainties, the company s goal is to increase sales and production volumes in
2015 to a level between 215,000 and 220,000 ton. CVG will continue to focus on growth in the high- speed inkjet, label and packaging niches and aims at 20,000 ton of extra sales in these types of products in 2015, in line with the FOCUS 2016 strategic ambitions.
In 2015, contrary to 2014, no substantial new pulp capacity will come on stream. Based on the supply and demand developments a further gradual increase in pulp prices (mainly traded in USD) is
anticipated in the first half of 2015. With the strong appreciation of the USD compared to the EUR (nearly
20% up since mid 2014) and EUR/USD currency hedges having expired at the end of 2014, CVG is now facing strong cost increases in pulp in EUR terms.
In recent months, gas prices showed high volatility. Gas forward prices for 2015 are currently slightly above the average 2014 price levels. Based on expert views, gas prices are expected to remain under pressure during the course of 2015, mainly due to high gas storage levels and increasing Liquefied Natural Gas supplies in Europe and low oil prices. CVG is closely monitoring gas price developments and has decided to keep gas prices merely floating.
CVG will pursue higher selling prices for deliveries as from 15 March 2015, to compensate for the strong cost increases of pulp.
The development of CVG s results in 2015 will depend on the general economic prospects in Europe, the demand for paper, especially for focus products, EUR/USD exchange rate developments, pulp and gas price developments and the magnitude of selling price increases to counter higher costs levels. Although the ultimate impact of all these factors is yet uncertain CVG expects, based on current insights, a postive net result in 2015.
On 28 January 2015 Andlinger launched a recommended public offer at an offer price of EUR 5.50 in cash per Depository Receipt and per Participation Right and EUR 27.50 in cash per Non-Listed Share in Crown Van Gelder N.V. The offer price is cum dividend . Further information is available in the Offer Memorandum and in the press release dated 28 January 2015, available on the company website. The transaction is expected to be concluded by Q2 2015, and if successfully closed Andlinger intends to delist CVG from Euronext Amsterdam as soon as practicable under applicable rules.
In relation to the public offer an extraordinary general meeting of shareholders (EGM) will be held on 19
March 2015. Documentation regarding the EGM is available on the company website.
Crown Van Gelder will publish a trading update on 19 May 2015 (before market opening). The 2015 half year results will be presented on 24 July 2015 (before market opening).
For more information, please contact:
Henk van der Zwaag, CFO, tel. + 31 (0)251 262 201.
Website: www.cvg.nl
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Profile:
Crown Van Gelder N.V. is a speciality paper manufacturer with around 280 staff, based in Velsen (The
Netherlands). The company develops, produces and sells high-quality niche products in the woodfree uncoated and single-coated paper sectors. The product portfolio includes a market-leading product range of Crown Letsgo high-speed colour inkjet papers designed to print forms, statements, direct mail, brochures and books, paper products suited as food packaging materials, and a product portfolio for customised solutions for self-adhesive labels and base paper grades that are coated, metallised or extruded with a polyethylene coating. Crown Van Gelder N.V. is listed on Euronext Amsterdam.
Appendices:
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated cash flow statement
- Consolidated statement of changes in equity
The 2014 annual accounts have yet not been drawn up. Therefore the 2014 consolidated income statement, statement of comprehensive income, financial position, cash flow and changes in equity have not been audited.
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2014 | 2013* | |
Total revenue | 162,513 | 159,418 |
Distribution costs Raw materials, consumables and energy | (9,941) (109,237) | (9,453) (116,889) |
Change in inventories of finished goods | 213 | (634) |
Employee benefits costs | (21,930) | (21,601) |
Depreciation and amortisation | (3,735) | (4,732) |
Other expenses | (14,514) | (14,527) |
Total operating expenses | (159,144) | (167,836) |
Operating result before impairment | 3,369 | (8,418) |
Impairment on Property, plant and equipment | - | (5,000) |
Operating result after impairment | 3,369 | (13,418) |
Finance income | - | 1 |
Finance costs | (126) | (342) |
Net finance costs | (126) | (341) |
Share of after tax result of associate | 296 | 325 |
Result before tax | 3,539 | (13,434) |
Income tax | (391) | 422 |
Result for the year | 3,148 | (13,012) |
Result for the year attributable to: Owners of the parent | 3,102 | (13,047) |
Non-controlling interests | 46 | 35 |
Result for the year | 3,148 | (13,012) |
* The comparative figures for total revenue and distribution costs are restated for comparison purposes.
(Unaudited)
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Items that may be reclassified subsequently to profit or loss: Net gains / (losses) on cash flow
hedges 47 (47) Income tax effect (12) 12
35 (35)
Other comprehensive income for the
year, net of tax 35 (35)
Total comprehensive income for the year attributable to:
Owners of the parent 3,137 (13,082) Non-controlling interests 46 35
(Unaudited)
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (x EUR 1,000) (before profit appropriation) | ||||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | 31 December 2014 | 31 December 2013* | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | 14,076 157 515 4,318 1,947 | 21,013 38,660 | 14,312 502 1,229 5,130 2,056 | 23,229 39,189 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | 20,796 13,961 95 3,808 | 21,013 38,660 | 23,055 15,953 - 181 | 23,229 39,189 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | - 13,163 142 - 6,254 | 21,013 38,660 | 9,909 9,399 431 83 5,209 | 23,229 39,189 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | - 13,163 142 - 6,254 | 59,673 | 9,909 9,399 431 83 5,209 | 62,418 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | - 13,163 142 - 6,254 | 38,005 55 | 9,909 9,399 431 83 5,209 | 34,868 42 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | - 13,163 142 - 6,254 | 38,060 2,054 19,559 | 9,909 9,399 431 83 5,209 | 34,910 2,477 25,031 |
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | 38,060 2,054 19,559 | 34,910 2,477 25,031 | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities | 21,613 59,673 | 27,508 62,418 | ||
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Deferred tax assets Other assets Current assets Inventories Trade and other receivables Derivative financial instruments Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Tax accrual Current liabilities Interest-bearing liabilities Trade creditors Taxation and social security contributions Derivative financial instruments Other short-term liabilities Total liabilities Total equity and liabilities |
* The comparative figures for intangible assets and trade and other receivables are restated for comparison purposes.
(Unaudited)
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CONSOLIDATED CASH FLOW STATEMENT (x EUR 1,000) | ||||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 2014 | 2013* | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | - 3,735 | 3,369 3,735 9,084 | 5,000 4,732 | (13,418) 9,732 5,809 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 1,992 2,259 3,764 1,069 | 3,369 3,735 9,084 | (2,108) 8,632 (1,095) 380 | (13,418) 9,732 5,809 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (206) - - | 3,369 3,735 9,084 | (287) 1 - | (13,418) 9,732 5,809 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (206) - - | 16,188 (206) | (287) 1 - | 2,123 (286) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (3,071) (368) 16 1,010 | 16,188 (206) | (6,469) (250) 15 450 | 2,123 (286) |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (3,071) (368) 16 1,010 | 15,982 (2,413) (9,942) | (6,469) (250) 15 450 | 1,837 (6,254) 4,337 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | (33) (9,909) | 15,982 (2,413) (9,942) | (36) 4,373 | 1,837 (6,254) 4,337 |
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 15,982 (2,413) (9,942) | 1,837 (6,254) 4,337 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 3,627 181 | (80) 261 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December | 3,808 | 181 | ||
Cash flow from Operating activities Operating result after impairment Adjustments for: Impairment Depreciation and amortisation Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes paid Net cash flow from / (used in) operating activities Cash flow from Investing activities Investments in Property, plant and equipment Investments in Intangible assets Disposals of Property, plant and equipment Dividends received Net cash flow from / (used in) investing activities Cash flow from Financing activities Dividends paid Interest-bearing liabilities Net cash flow from / (used in) financing activities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
* The comparative figures for Investments in Intangible assets and Other items are restated for comparison purposes
(Unaudited)
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR x 1,000) | |||||||
Subscribed and paid up capital | Retained earnings | Other reserves | Result for the year | Total | Non- control- ling interests | Total equity | |
As at 1 January 2013 Result for the year Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2013 | 8,712 - - | 63,498 - - | - - (35) | (24,260) (13,047) - | 47,950 (13,047) (35) | 43 35 - | 47,993 (13,012) (35) |
As at 1 January 2013 Result for the year Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2013 | - - - - 8,712 | - - (24,260) - 39,238 | (35) - - - (35) | (13,047) - 24,260 - (13,047) | (13,082) - - - 34,868 | 35 - - (36) 42 | (13,047) - - (36) 34,910 |
As at 1 January 2014 Result for the year Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2014 | 8,712 - - | 39,238 - - | (35) - 35 | (13,047) 3,102 - | 34,868 3,102 35 | 42 46 - | 34,910 3,148 35 |
As at 1 January 2014 Result for the year Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests As at 31 December 2014 | - - - - 8,712 | - - (13,047) - 26,191 | 35 - - - - | 3,102 - 13,047 - 3,102 | 3,137 - - - 38,005 | 46 - - (33) 55 | 3,183 - - (33) 38,060 |
(Unaudited)
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