Earnings Release • Feb 11, 2021
Earnings Release
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Regulated information Nazareth (Belgium)/Rotterdam (The Netherlands), 11 February 2021
Strategic and operational highlights
Rafael Padilla, CEO of Fagron: "I am incredibly proud of the nearly 3,000 Fagron colleagues who made a tremendous effort during this challenging year in which we were able to realize an excellent result despite the postponement of elective care and various periods of lockdown. Our results are not only proof of the strong resilience of our business, partly thanks to our broad diversification in terms of products and regions, but also underline our relevance as an essential link in the healthcare chain. Also thanks to our broad network of suppliers and robust supply chain we have been able to serve our customers efficiently and without disruption.
Throughout the year we were confronted in all our markets with waves of infection and related measures aimed at controlling COVID-19. These unfolded differently in the various regions, with the common factor being that demand for corona-related products kept pace with the increase in the number of cases, while elective care was scaled back. At the same time the COVID-19 pandemic demonstrated the importance of prevention and personalized treatment: a confirmation of our strategic proposition. The consequence of these developments was that Brands and Essentials were able to benefit from growth opportunities, thus offsetting the decline at Compounding Services due to reduced activity in elective care.
The pattern described above is clearly reflected in the results of the regions. Fagron Latin America, which is mainly active in Brands and Essentials, realized growth of 33.9% at constant exchange rates, despite exceedingly challenging market conditions. Fagron EMEA saw turnover growth of 4.9% at constant exchange rates. Compounding Services accounts for a larger proportion of the activities in this region, making it harder to offset the impact of the scaling back of elective care and postponement of doctor's visits. Fagron North America realized very strong turnover growth in Brands and Essentials, amply offsetting the slight decline in Compounding Services. Fagron Sterile Services in the United States once
Fagron BV Lichtenauerlaan 182 3062 ME Rotterdam The Netherlands
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1 CER = Constant exchange rates. 2 EBITDA before the non-recurring result.
again had some promising product launches, such as the launch of prefilled intravenous (IV) bags in the fourth quarter. Overall Fagron North America reported turnover growth of 11.5% at constant exchange rates – an excellent performance, certainly in combination with the strongly improved REBITDA margin.
Innovation remains a key driver of our growth and despite the unprecedented circumstances we continued to focus on this throughout the year. We brought various new products to market, including specific sterile compounds, where the high demand from intensive care units for the treatment of COVID-19 patients had led to shortages. Another focus in our development pipeline are products aimed at prevention, for example immune system boosters. In addition, Fagron is actively pursuing acquisition opportunities that develop in the current market dynamics, with a particular focus on EMEA and North America.
Fagron has demonstrated that it is a sound and versatile organization that can respond effectively to changing market conditions. The company is excellently positioned to benefit from the even stronger focus on prevention and lifestyle. Also, the accelerated outsourcing of sterile compounding by hospitals will contribute to the further growth of Fagron. Although visibility is limited due to COVID-19, which will have an impact particularly in the first quarter of 2021, we expect growth in both turnover and profitability for the full year 2021. We look ahead to the future of Fagron with great confidence."
There were no disruptions to Fagron's supply chain during the past year as a result of the COVID-19 pandemic. All facilities were fully operational in 2020. As product availability is crucial in the current situation, inventory levels are monitored closely and higher inventories kept for specific products. Fagron is well-prepared to deal with alternative sourcing scenarios, partly thanks to the company's extensive global network of approved suppliers.
There were big differences in the course of the COVID-19 pandemic in the various regions and countries during the year with both the number of cases and the policy measures taken still continuing to show a very mixed picture. The COVID-19 pandemic led to a shift in demand as elective care was scaled back. Demand for specific COVID-19-related products increased substantially, especially during the first wave. The picture for up- and downscaling of elective care and demand for COVID-related products differed from region to region. The impact of these shifts on Fagron's margin was limited throughout the year.
Although the pandemic has had a limited and non-material impact on Fagron's performance, the economic situation was uncertain. During the year Fagron maintained disciplined management of its investments and cash flow and took measures to reduce its cost base. Given the continuing uncertainty surrounding the pandemic and its impact, Fagron will continue to do so in 2021.
At the end of January 2020 Fagron completed the acquisition of the activities of German company Gako, a leading global developer, manufacturer and supplier of mixing equipment. In 2019 Gako generated turnover of € 4.5 million with an EBITDA margin of around 15%.
Fagron completed the acquisition of Pharma Tamar in August 2020. Pharma Tamar provides a full-service offering to pharmacies and hospitals, both to those that make in-house compounds and those that outsource their compounding activities. Tamar has evolved from a supplier of raw materials into a vertically integrated full-service player on the Israeli compounding market. Pharma Tamar generated turnover of around € 8.1 million in 2019 with an EBITDA margin of around 10%.
Fagron is actively pursuing strategic acquisitions to further expand its market position in Brands & Essentials and Compounding Services, focusing on the regions EMEA and North America.
The construction of the new GMP facility in Krakow (Poland) for the repackaging of raw materials was completed at the end of 2020. The new plant will replace the existing Polish facility and is also an important step in the process to further centralize the repackaging of raw materials in EMEA. The plant is currently being audited and, as soon as the license has been granted, production will start to be transferred from the old plant to the new facility.
As of 1 September 2020, CEO Rafael Padilla temporarily assumed the role of Area Leader of the EMEA region. Within the European markets there is more focus on innovation and the development of Brands. Also, the launch of new products will be rolled out more collectively from a European platform. Fagron continues to invest in its European platform in order to further leverage its market-leading positions. At the same time, Fagron sharpened its focus in the various brands in a number of countries, which resulted in a decrease of 50 FTE in the fourth quarter of 2020. The new repackaging facility in Poland, which will become operational in the first quarter of 2021, is expected to lead to a structural annual margin improvement of € 2 million. In addition, a number of processes have been initiated to further centralize certain support functions within Europe.
| Income statement (x € 1,000) | 2020 | 2019 | Δ |
|---|---|---|---|
| Net turnover | 555,971 | 534,695 | +4.0% |
| Gross margin | 329,089 | 322,010 | +2.2% |
| As % of net turnover | 59.2% | 60.2% | |
| Operating costs | 205,162 | 205,009 | +0.1% |
| As % of net turnover | 36.9% | 38.3% | |
| EBITDA before non-recurrent result | 123,927 | 117,001 | +5.9% |
| As % of net turnover | 22.3% | 21.9% | |
| Non-recurrent result | -3,895 | -3,294 | +18.2% |
| EBITDA | 120,031 | 113,706 | +5.6% |
| As % of net turnover | 21.6% | 21.3% | |
| Depreciation and amortization | 31,293 | 29,319 | +6.7% |
| EBIT | 88,738 | 84,388 | +5.2% |
| As % of net turnover | 16.0% | 15.8% | |
| Financial result | -15,024 | -14,502 | +3.6% |
| Profit before taxes | 73,715 | 69,886 | +5.5% |
| Taxes | -13,678 | -14,199 | -3.7% |
| Net profit from continued operations | 60,037 | 55,687 | +7.8% |
| Result from discontinued operations | - | -14,147 | -100.0% |
| Net profit | 60,037 | 41,540 | +44.5% |
| Recurrent net profit3 | 62,910 | 58,082 | +8.3% |
| Net profit per share (€) | 0.83 | 0.58 | +43.1% |
| Recurrent net profit per share (€) | 0.87 | 0.81 | +7.4% |
| Average number of outstanding shares | 72,089,385 | 71,797,971 | +0.4% |
3Recurrent net profit is defined as the profit before non-recurring items and revaluation of financial deratives, corrected for taxes.
| Income statement (x € 1,000) | H2-2020 | H2-2019 | Δ |
|---|---|---|---|
| Net turnover | 277,221 | 279,296 | -0.7% |
| Gross margin | 162,532 | 166,076 | -2.1% |
| As % of net turnover | 58.6% | 59.5% | |
| Operating costs | 101,539 | 104,665 | -3.0% |
| As % of net turnover | 36.6% | 37.5% | |
| EBITDA before non-recurrent result | 60,993 | 61,411 | -0.7% |
| As % of net turnover | 22.0% | 22.0% | |
| Non-recurrent result | -2,241 | -1,897 | +18.1% |
| EBITDA | 58,751 | 59,513 | -1.3% |
| As % of net turnover | 21.2% | 21.3% | |
| Depreciation and amortization | 16,209 | 15,655 | +3.5% |
| EBIT | 42,542 | 43,858 | -3.0% |
| As % of net turnover | 15.3% | 15.7% | |
| Financial result | -7,852 | -7,457 | +5.3% |
| Profit before taxes | 34,690 | 36,401 | -4.7% |
| Taxes | -6,212 | -7,485 | -17.0% |
| Net profit from continued operations | 28,478 | 28,916 | -1.5% |
| Result from discontinued operations | - | -308 | -100.0% |
| Net profit | 28,478 | 28,609 | -0.5% |
| Recurrent net profit4 | 30,087 | 30,076 | 0.0% |
| Net profit per share (€) | 0.39 | 0.40 | -2.5% |
| Recurrent net profit per share (€) | 0.42 | 0.42 | 0.0% |
| Average number of outstanding shares | 72,103,492 | 71,855,666 | +0.3% |
| Balance sheet (x € 1,000) | 31-12-2020 | 31-12-2019 |
|---|---|---|
| Intangible fixed assets | 389,167 | 418,137 |
| Property, plant and equipment | 118,625 | 121,208 |
| Deferred tax assets | 20,811 | 18,420 |
| Financial assets | 2,340 | 4,287 |
| Operational working capital | 49,682 | 44,763 |
| Other working capital | -40,801 | -63,251 |
| Equity | 257,819 | 246,440 |
| Provisions and pension obligations | 8,175 | 11,431 |
| Financial instruments | 411 | 507 |
| Deferred tax liabilities | 2,128 | 339 |
| Net financial debt | 271,290 | 284,847 |
4Recurrent net profit is defined as the profit before non-recurring items and revaluation of financial deratives, corrected for taxes.
Consolidated turnover amounted to € 556.0 million, an increase of 4.0% (+12.3% at constant exchange rates) compared to 2019. Organic growth equaled 0.2% (+8.1% at constant exchange rates). More detailed information on turnover development by region can be found under 'Key figures by segment'.
The gross margin increased by 2.2% to € 329.1 million. The gross margin as a percentage of turnover decreased by 100 basis points to 59.2%. This decrease is mainly the result of lower turnover at Compounding Services, which has higher margins than Brands and Essentials. Also, the consolidation of the acquisitions in 2019 and 2020 and the product mix with a shift from elective care products to COVID-19 related products impacted the gross margin in 2020.
Operating costs as a percentage of turnover were 36.9% in 2020, a decline of 140 basis points compared to 38.3% in 2019.
EBITDA before the non-recurring result increased by 5.9% (+14.6% at constant exchange rates) to € 123.9 million in 2020. EBITDA before the non-recurring result as a percentage of turnover increased by 40 basis points to 22.3%.
The non-recurring result was a negative € 3.9 million and related mainly to restructuring costs and acquisition-related costs.
EBITDA increased by 5.6% to € 120.0 million. EBITDA as a percentage of turnover rose by 30 basis points to 21.6%.
Depreciation and amortization equaled € 31.3 million, an increase of 6.7% compared to € 29.3 million in 2019.
EBIT was € 88.7 million, up 5.2% compared to 2019. EBIT as a percentage of turnover increased by 20 basis points to 16.0%.
The financial result was a negative € 15.0 million compared to a negative € 14.5 million in 2019.
The effective tax rate as a percentage of the profit before taxes was 18.6% in 2020 (2019: 20.3%). The effective cash tax rate was 24.8% in 2020 (2019: 22.5%).
The net profit was € 60.0 million, an increase of 44.5% compared to € 41.5 million in 2019 (including a loss of € 14.1 million from discontinued operations).
The key movements at balance sheet level can be summarized as follows:
The operational working capital as a percentage of turnover amounted to 8.8%, up 70 basis points compared to 8.1% in 2019 but down 200 basis points compared to the figure at 30 June 2020.
Net financial debt fell by € 13.6 million to € 271.3 million in 2020. The net financial debt/REBITDA ratio was 2.06 at 31 December 2020.
The table below shows the development of net financial debt in 2020.
| (x € 1,000) | |
|---|---|
| Net financial debt on 31 December 2019 | 284,847 |
| Operational cash flow | -92,953 |
| Acquisitions and subsequent payments for acquisitions | 39,430 |
| Investments | 18,421 |
| Capital increase | -3,845 |
| Paid dividend | 5,766 |
| Net interests | 14,565 |
| Exchange rate differences | -1,790 |
| Impact IFRS 16 | 6,848 |
| Net financial debt on 31 December 2020 | 271,290 |
Net operational capex was € 18.4 million (3.3% of turnover) in 2020, a decline compared to € 22.2 million (4.1% of turnover) in 2019. Capex consisted mainly of investments in the new repackaging facility for raw materials in Poland, existing facilities in the United States and Brazil, automation of logistics processes, and software implementations.
| (x € 1,000) | H2-2020 | H2-2019 | Δ | 2020 | 2019 | Δ |
|---|---|---|---|---|---|---|
| Turnover | 277,221 | 277,444 | -0.1% | 555,971 | 528,462 | +5.2% |
| REBITDA5 | 60,993 | 61,241 | -0.4% | 123,927 | 116,018 | +6.8% |
| REBITDA-margin | 22.0% | 22.1% | 22.3% | 22.0% |
Turnover at Fagron (excluding HL Technology) increased by 5.2% (+13.6% at constant exchange rates) to € 556.0 million in 2020. Organic turnover growth equaled 0.2% (+8.1% at constant exchange rates), with all continents where Fagron is active contributing to the growth. REBITDA increased by 6.8% (+15.5% at constant exchange rates) to € 123.9 million. REBITDA as a percentage of turnover rose by 30 basis points to 22.3%.
5 EBITDA before non-recurring result.
The table below shows the turnover development and exchange rate effects at Fagron (excluding HL Technology) in 2020.
| (x € 1,000) | Impact |
|---|---|
| Turnover in 2019 | 528,462 |
| Development EMEA6 | +1,204 |
| Development Latin America | +25,175 |
| Development North America | +16,549 |
| Currency effect BRL/euro | -35,017 |
| Currency effect US\$/euro | -3,165 |
| Currency effect other | -3,893 |
| Contribution of acquisitions | +26,655 |
| Turnover in 2020 | 555,971 |
| Fagron EMEA7 | ||||||
|---|---|---|---|---|---|---|
| (x € 1,000) | H2-2020 | H2-2019 | Δ | 2020 | 2019 | Δ |
| Turnover | 129,829 | 128,324 | +1.2% | 267,379 | 257,001 | +4.0% |
| REBITDA8 | 31,264 | 32,542 | -3.9% | 64,711 | 67,133 | -3.6% |
| REBITDA-margin | 24.1% | 25.4% | 24.2% | 26.1% |
The turnover of the EMEA segment increased by 4.0% in 2020 (+4.9% at constant exchange rates) to € 267.4 million. Adjusted for the acquisition of Gako (Germany) and Pharma Tamar (Israel), organic turnover growth was 0.5% (at constant exchange rates). REBITDA decreased by 3.6% to € 64.7 million. REBITDA as a percentage of turnover decreased by 190 basis points to 24.2%.
There were significant differences within the EMEA region, which were strongly linked to the differences in activities and the impact of COVID-19 on these. This meant that a number of countries displayed good turnover growth while others faced a drop in turnover. As a result of the increased demand for COVID-19 related products the development at Brands and Essentials was positive across the board, with Brands in particular reporting strong turnover growth. The acquisitions of German company Gako in early 2020 and Pharma Tamar of Israel in the third quarter also contributed to the growth at Brands and Essentials.
6 The EMEA segment comprises the Fagron activities in Europe, South-Africa and Israel.
7 The EMEA segment comprises the Fagron activities in Europe, South-Africa and Israel.
8 EBITDA before non-recurring result.
Compounding Services saw a decrease in turnover as a result of the COVID-19 pandemic. Elective care was postponed during both the first and the second wave, and the number of doctor's visits decreased significantly. The increased demand, partly as a result of COVID-19, for sterile compounds for use in intensive care and palliative care was insufficient to offset the decline in turnover.
The registration of a number of non-sterile compounds by other parties also had a negative impact on turnover. The share of Premium Pharmaceuticals continued to increase in 2020.
The turnover of the Latin America segment increased by 2.8 % in 2020 (+33.9% at constant exchange rates) to € 129.1 million. The weaker Brazilian real and Mexican peso had a major impact on reported turnover in this segment. Organic turnover growth at constant exchange rates was 20.1%. REBITDA increased by 1.8% to € 25.8 million. REBITDA as a percentage of turnover decreased by 20 basis points to 20.0%.
Due in part to the strong demand for COVID-19-related products, Essentials in particular posted strong turnover growth, while the companies acquired in 2019 also contributed to this growth. Brands also benefited from the demand for pandemic-related products and showed strong growth, especially in the second half of the year. Thanks to its position as a market leader, its strong supplier network and flexible way of operating, Fagron is well equipped to achieve a good performance, even in challenging market conditions.
The Compounding Services activities in Colombia, which account for a relatively small part of total turnover in Latin America, reported a decline in turnover of 5.3% (at constant exchange rates) in 2020 due to prescribers being closed for a large part of the year.
9 EBITDA before non-recurring result.
The turnover of the North America segment increased by 9.3% in 2020 (+11.5% at constant exchange rates) to € 159.5 million. Organic turnover growth was 9.2% (+11.3% at constant exchange rates). REBITDA increased by 42.0% to € 33.4 million. The REBITDA margin increased to 20.9%, up 480 basis points compared to 2019. This strong increase was due to strict cost controls, the phasing out of a number of loss-making nuclear products at AnazaoHealth, a change in the product mix and the leveraging of scale and synergy benefits following the integration of Humco.
Brands and Essentials reported strong turnover growth of 30.8% in 2020 (+33.4% at constant exchange rates) with the centralization of the sales organizations of the various brands distributed contributing to this positive development. In addition, there was an increase in demand for a number of specific COVID-19-related products.
Fagron Compounding Services (Fagron Sterile Services and AnazaoHealth) in the United States reported a decline in turnover of 4.9% (-3.0% at constant exchange rates).
Turnover at Fagron Sterile Services increased by 1.8% (+3.9% at constant exchange rates), with turnover growth hampered by the postponement of elective care and the reduction in the number of doctor's visits due to COVID-19. FSS launched 40 new products (SKUs) on the market. One important launch was prefilled IV bags. These product expansions are of strategic importance in attracting new large customers and 35 product launches are planned for 2021. Based on these, as well as the current performance, Fagron is confident of achieving its stated long-term turnover target, although there could be a delay depending on the further development of COVID-19.
AnazaoHealth reported a 9.9% decline in turnover (-8.2% at constant exchange rates), mainly as a result of the closure of clinics during a large part of the year due to COVID-19. The fact that a number of nuclear products with low margins are no longer being offered as a result of the product refocus introduced at the end of 2019 also contributed to the reduction in turnover.
10 EBITDA before non-recurring result.
The Board of Directors will propose to the General Meeting of Shareholders the distribution of a gross dividend of € 0.18 per share for 2020.
The statutory auditor, Deloitte Bedrijfsrevisoren CVBA, represented by Ine Nuyts, has confirmed that the audit procedures have been substantially completed. The audit procedures revealed no material adjustments that should be applied to the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity and consolidated cash flow statement as included in this press release.
Rafael Padilla (CEO) and Karin de Jong (CFO) will elaborate on the 2020 financial results during a conference call today. The conference call will begin at 9.30 am CET. You can dial in from 10 minutes before the start of the call using the numbers and confirmation code below:
Belgium: +32 (0)2 404 0659 Netherlands: +31 (0)20 703 8211 Spain: +34 91 419 2307 United Kingdom: +44 (0)330 336 9128 United States: +1 929 477 0402 Confirmation code: 1022323
The presentation used during the conference call will be available to download at http://investors.fagron.com from 9.00 am CET.
| 13 April | Trading update on 2021 first quarter |
|---|---|
| 10 May | General Meeting of Shareholders |
| 5 August | 2021 first-half results |
| 13 October | Trading update on 2021 third quarter |
Results and trading updates are published at 7.00 am CET.
Constantijn van Rietschoten Chief Communications Officer Tel. +31 6 53 69 15 85 [email protected]
Fagron is a leading global company active in pharmaceutical compounding, focusing on delivering personalized medicine to hospitals, pharmacies, clinics and patients in 35 countries around the world.
Belgian company Fagron NV has its registered office in Nazareth and is listed on Euronext Brussels and Euronext Amsterdam under the ticker symbol 'FAGR'. Fagron's operational activities are managed by the Dutch company Fagron BV, which is headquartered in Rotterdam.
Certain statements in this press release may be deemed to be forward-looking. Such forward-looking statements are based on current expectations and are influenced by various risks and uncertainties. Consequently, Fagron cannot provide any guarantees that such forward-looking statements will, in fact, materialize and cannot accept any obligation to update or revise any forward-looking statement as a result of new information, future events or for any other reason.
In the event of differences between the English translation and the Dutch original of this press release, the latter prevails.
| (x € 1,000) | 2020 | 2019 |
|---|---|---|
| Operating income | 557,159 | 536,681 |
| Turnover | 555,971 | 534,695 |
| Other operating income | 1,188 | 1,985 |
| Operating expenses | 468,420 | 452,293 |
| Trade goods | 226,883 | 212,685 |
| Services and other goods | 82,359 | 81,995 |
| Employee benefit expenses | 125,259 | 124,695 |
| Depreciation and amortization | 31,293 | 29,319 |
| Other operating expenses | 2,627 | 3,600 |
| Operating profit | 88,738 | 84,388 |
| Financial income | 753 | 1,682 |
| Financial expenses | -15,776 | -16,183 |
| Profit before income tax | 73,715 | 69,886 |
| Taxes | 13,678 | 14,199 |
| Net profit for the year from continued operations | 60,037 | 55,687 |
| Net profit (loss) for the year from discontinued operations | -14,147 | |
| (attributable to equity holders of the company) | ||
| Profit for the period | 60,037 | 41,540 |
| Attributable to: | ||
| Equity holders of the company (net result) | 59,601 | 41,056 |
| Non-controlling interest | 436 | 485 |
| Earnings (loss) per share attributable to owners of the parent during the period |
||
| Profit (loss) per share (in euros) | 0.83 | 0.57 |
| From continued operations | 0.83 | 0.77 |
| From discontinued operations | - | -0.20 |
| Diluted profit (loss) per share (in euros) | 0.82 | 0.56 |
| From continued operations | 0.82 | 0.75 |
| From discontinued operations | - | -0.19 |
| (x € 1,000) | 2020 | 2019 |
|---|---|---|
| Net result for the financial year | 60,037 | 41,540 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Remeasurements of post-employment benefit obligations | 1,035 | -540 |
| Tax relating to items that will not be reclassified | -259 | 135 |
| Items that may be subsequently reclassified to profit or loss |
||
| Currency translation differences | -49,024 | 556 |
| Other comprehensive income for the year net of tax | -48,248 | 151 |
| Total comprehensive income for the year | 11,788 | 41,692 |
| Attributable to: | ||
| Equity holders of the company | 11,352 | 41,207 |
| Non-controlling interest | 436 | 485 |
| Total comprehensive income for the year | 11,788 | 41,692 |
| Total comprehensive income for the year attributable to equity holders of the company: |
||
| From continued operations | 11,352 | 55,354 |
| From discontinued operations | -14,147 | |
| Total comprehensive income for the equity holders | 11,352 | 41,207 |
The unrealised currency translation differences of -€ 49.0 million are primarily the result of the weakening of the Brazilian real compared to the euro as of 31 December 2020.
| (x € 1,000) | 2020 | 2019 |
|---|---|---|
| Non-current assets | 530,943 | 562,052 |
| Goodwill | 364,654 | 389,326 |
| Intangible fixed assets | 24,513 | 28,811 |
| Property, plant and equipment | 86,188 | 87,606 |
| Lease assets | 32,437 | 33,601 |
| Financial assets | 2,340 | 4,287 |
| Deferred tax liabilities | 20,811 | 18,420 |
| Current assets | 221,883 | 239,189 |
| Inventories | 79,794 | 77,479 |
| Trade receivables | 42,140 | 44,588 |
| Other receivables | 15,702 | 10,438 |
| Cash and cash equivalents | 84,248 | 106,684 |
| Total assets | 752,826 | 801,240 |
| Equity | 257,819 | 246,440 |
| Shareholders' equity (parent) | 253,107 | 242,028 |
| Non-controlling interest | 4,712 | 4,413 |
| Non-current liabilities | 294,751 | 363,029 |
| Provisions | 3,394 | 5,653 |
| Pension obligations | 4,781 | 5,778 |
| Deferred tax liabilities | 2,128 | 339 |
| Borrowings | 256,900 | 322,619 |
| Lease liabilities | 27,548 | 28,189 |
| Financial instruments | 451 | |
| Current liabilities | 200,256 | 191,771 |
| Borrowings | 64,440 | 34,119 |
| Lease liabilities | 6,650 | 6,604 |
| Trade payables | 72,252 | 77,303 |
| Tax liabilities for the current year | 8,635 | 9,736 |
| Other current taxes, remuneration and social security | 22,938 | 22,106 |
| Other current payables | 24,930 | 41,847 |
| Financial instruments | 411 | 56 |
| Total liabilities | 495,007 | 554,800 |
| Total equity and liabilities | 752,826 | 801,240 |
| (x € 1,000) | Share capital & share |
Other reserves |
Treasury shares |
Retained earnings |
Total | Non controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as of 31 December 2018 |
507,670 | -244,085 | -18,823 | -38,921 | 205,841 | 3,875 | 209,716 |
| Profit for the period | 41,056 | 41,056 | 485 | 41,540 | |||
| Other comprehensive income |
98 | 98 | 53 | 151 | |||
| Total comprehensive income for the period |
98 | 41,056 | 41,154 | 538 | 41,692 | ||
| Capital increase | 2,472 | 2,472 | 2,472 | ||||
| Declared dividends | -8,621 | -8,621 | -8,621 | ||||
| Share-based payments |
1,182 | 1,182 | 1,182 | ||||
| Balance as of 31 December 2019 |
510,142 | -242,805 | -18,823 | -6,486 | 242,028 | 4,413 | 246,440 |
| Profit for the period | 59,601 | 59,601 | 436 | 60,037 | |||
| Other comprehensive income |
-48,112 | -48,112 | -137 | -48,248 | |||
| Total comprehensive income for the period |
-48,112 | 59,601 | 11,489 | 300 | 11,788 | ||
| Capital increase | 3,845 | 3,845 | 3,845 | ||||
| Declared dividends | -5,774 | -5,774 | -5,774 | ||||
| Share-based payments |
1,520 | 1,520 | 1,520 | ||||
| Balance as of 31 December 2020 |
513,987 | -289,397 | -18,823 | 47,340 | 253,107 | 4,712 | 257,819 |
Consolidated cash flow statement
| (x € 1,000) | 2020 | 2019 |
|---|---|---|
| Operating activities | ||
| Profit before income taxes from continued operations | 73,715 | 69,886 |
| Profit before income taxes from discontinued operations | -14,147 | |
| Taxes paid | -18,268 | -15,741 |
| Adjustments for financial items | 15,024 | 14,502 |
| Total adjustments for non-cash items | 32,692 | 22,785 |
| Total changes in working capital | -10,209 | -110 |
| Total cash flow from operating activities | 92,953 | 77,175 |
| Investment activities | ||
| Capital expenditure | -18,421 | -22,174 |
| Proceeds from sold shareholdings | 3,140 | |
| Investments in existing shareholdings (subsequent payments) and in new holdings |
-32,877 | -24.554 |
| Total cash flow from investment activities | -51,299 | -43,588 |
| Financing activities | ||
| Capital increase | 3,845 | 2,472 |
| Dividends | -5,766 | -8,609 |
| New borrowings | 63,582 | 418,315 |
| Reimbursement of borrowings | -100,207 | -401,723 |
| Interest received | 753 | 1,682 |
| Interest paid | -15,318 | -16,623 |
| Total cash flow from financing activities | -53,111 | -4,486 |
| Total net cash flow for the period | -11,457 | 29,102 |
| Cash and cash equivalents – start of the period | 106,684 | 77,579 |
| Gains or losses on currency translation differences | -10,980 | 3 |
| Cash and cash equivalents – end of the period | 84,248 | 106,684 |
| Changes in cash and cash equivalents | -11,457 | 29,102 |
| Net cash flow from discontinued operations | ||
| Total cash flow from operating activities | -21,610 | |
| Total cash flow from investment activities | ||
| Total cash flow from financing activities | ||
| Total net cash flow from discontinued operations | -21,610 |
| (x € 1,000) | 2020 | 2019 |
|---|---|---|
| Operating Profit (EBIT) | 88,738 | 84,388 |
| Depreciation and amortisation | 31,293 | 29,319 |
| EBITDA | 120,031 | 113,706 |
| EBITDA | 120,031 | 113,706 |
| Non-recurrent result | 3,895 | 3,294 |
| EBITDA before non-recurrent result | 123,927 | 117,001 |
| Net financial debt | ||
| Non-current financial debt | 256,900 | 322,619 |
| Non-current lease liabilities | 27,548 | 28,189 |
| Current financial debt | 64,440 | 34,119 |
| Current lease liabilities | 6,650 | 6,604 |
| Cash and cash equivalents | 84,248 | 106,684 |
| Net financial debt | 271,290 | 284,847 |
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