Interpump Group — Interim / Quarterly Report 2023

Aug 4, 2023

Informazione Regolamentata n. 0159-26-2023		Data/Ora Inizio Diffusione 04 Agosto 2023 13:07:39	Euronext Star Milan
Societa'	:	INTERPUMP GROUP
Identificativo Informazione Regolamentata	:	180102
Nome utilizzatore	:	INTERPUMPN03 - Cugnasca
Tipologia	:	1.2
Data/Ora Ricezione	:	04 Agosto 2023 13:07:36
Data/Ora Inizio Diffusione	:	04 Agosto 2023 13:07:39
Oggetto	:	IP - 2Q-1H2023 Financial Results
Testo del comunicato

Interpump Group board approved 2Q-1H2023 Financial Results

INTERPUMP APPROVES THE CONSOLIDATED RESULTS FOR 1H2023

Chairman Fulvio Montipò:

«The results for 1H2023 confirm the ability of the Group to interpret the dynamics of our reference markets in the best possible way, even in a domestic and international context that remains difficult. Given this, based on information available, it is legitimate to imagine organic growth in 2023 that significantly exceeds our expectations at the start of the year, along with a solid and stable income performance and EBITDA up compared to 2022»

DATA FOR 2Q2023:

Net sales: €592.2 million, +10.2% compared with 2Q2022 (+7.5% at unchanged perimeter and +9.1% with the same exchange rates as well)

EBITDA: €145.7 million, +14.3% compared with 2Q2022 and an EBITDA margin of 24.6% compared with 23.7% in the same period of 2022

Consolidated net profit: €82.4 million, +12.2% compared with 2Q2022

DATA FOR 1H2023:

Net sales: €1,184.5 million, +15.4% compared with 1H2022 (+13.2% at unchanged perimeter and +13.7% with the same exchange rates as well)

EBITDA: €295.4 million, +22.2% compared with 1H2022 and an EBITDA margin of 24.9% compared with 23.6% in the same period of 2022

Consolidated net profit: €168.5 million, +20.7% compared with 1H2022

Net financial position: €578.3 million compared with €541.8 million at 31 December 2022 (in the period: investment of €82.1 million, dividends of €32.7 million and acquisitions of €52.7 million)

Sant'Ilario d'Enza (RE), 4 August 2023 – The Board of Directors of Interpump Group S.p.A., meeting today under the chairmanship of Fulvio Montipò, approved the Half-year Financial Report at 30 June 2023 on the consolidated results of the Group.

CONSOLIDATED RESULTS FOR 2Q2023

Net sales

Net sales totaled €592.2 million in 2Q2023, an increase of 10.2% from €537.6 million in the corresponding period of 2022 (+7.5% growth at unchanged perimeter¹ ). At operating division level within the Group, Hydraulics grew by 9.2% (+7.1% at unchanged perimeter), while Water-Jetting grew by 12.9% (+8.7% at unchanged perimeter).

Turnover by business sector and geographical area was as follows:

	Rest of	North	Pacific	Rest of the
Italy	Europe	America	Area	World
83,233	158,546	114,030	46,270	36,179
18,250	56,402	47,367	18,738	13,174
101,483	214,948	161,397	65,008	49,353
75,077	144,959	106,062	41,583	33,592
14,440	44,658	53,520	13,912	9,809
89,517	189,617	159,582	55,495	43,401
+10.9%	+9.4%	+7.5%	+11.3%	+7.7%
+26.4%	+26.3%	-11.5%	+34.7%	+34.3%
+13.4%	+13.4%	+1.1%	+17.1%	+13.7%

¹ With respect to the results for the corresponding period in 2022, the change in perimeter relates to Draintech, Eurofluid, Indoshell Automotive System India, I.Mec and the Waikato Group. Draintech and Eurofluid were acquired in the prior year and consolidated from June and November 2022 respectively; accordingly, they represent a change in reporting perimeter for the entirety of 2Q2023. Indoshell Automotive System India was purchased in February and 31 March was designated as the effective acquisition date. As such, this operation also influenced the income statement for the entirety of 2Q2023. I.Mec and the Waikato Group were acquired at the end of April and in May respectively; accordingly, only their June results were included in the 2Q2023 consolidation. The first three companies are consolidated by the Hydraulics division of the Group, while the last two are consolidated by the Water-Jetting division.

The Group achieved organic growth² of 9.1%, with Hydraulics and Water-Jetting up by 8.7% and 10.6% respectively.

Profitability

EBITDA totaled €145.7 million in 2Q2023, up by 14.3% compared with €127.5 million in the corresponding period of 2022 (+11.6% at unchanged perimeter) and representing 24.6% of sales (also 24.6% at unchanged perimeter), compared with 23.7% in 2Q2022.³

The following table sets out EBITDA by business sector:

		% on		% on
	2Q2023	total	2Q2022	total	Increase/
	€/000	revenues	€/000	revenues	Decrease
		4		4
Hydraulics	102,983	23.5%	88,114	21.9%	+16.9%
Water-Jetting	42,704	27.5%	39,377	28.7%	+8.4%
Total	145,687	24.6%	127,491	23.7%	+14.3%

EBIT totaled €119.4 million in 2Q2023, up by 20.6% from €99.0 million and representing 20.2% of sales, compared with 18.4% in the corresponding period of 2022.

2Q2023 closed with a consolidated net profit of €82.4 million, up by 12.2% compared with €73.4 million in 2Q2022.

² Same scope of consolidation and exchange rates.

³ In February this year, the Group received the balance of the insurance reimbursement - €9 million - due following the fire in May 2022 that seriously damaged one of the plants operated by I.M.M., the Romanian subsidiary. This amount was recognized as "Other operating income" in accordance with the matching principle, commencing from the date of collection: €3.6 million in 1Q2023 and €5.4 million in 2Q2023. For completeness, the overall accounting impact of this 2022 event was €2.3 million in non-recurring costs, of which €1.6 million in inventory writedowns. The Group expects the full recovery of activities very soon.

⁴ Total sales include those to other Group companies in the other sector, while the sales analyzed previously are exclusively those external to the Group (see note 2 in the explanatory notes). For comparability, the percentage is calculated on total sales, rather than the net sales shown earlier.

CONSOLIDATED RESULTS FOR 1H2023

Net sales

Net sales totaled €1,184.3 million in 1H2023, an increase of 15.4% compared with €1,026.3 million in the corresponding period of 2022 (+13.2% growth at unchanged perimeter⁵ ). At operating division level within the Group, Hydraulics grew by 15.2% (+13.2% at unchanged perimeter), with Water-Jetting also growing by 15.2% (+13.1% at unchanged perimeter).

Turnover by business sector and geographical area was as follows:

(€/000)	Italy	Rest of Europe	North America	Pacific Area	Rest of the World	Total
1H2023
Hydraulics	168,665	322,926	232,903	89,929	70,319	884,742
Water-Jetting	32,358	110,998	93,648	33,412	29,376	299,792
Total	201,023	433,924	326,551	123,341	99,695	1,184,534
1H2022
Hydraulics	143,210	280,576	198,880	79,676	63,780	766,122
Water-Jetting	27,180	85,514	98,732	27,682	21,062	260,170
Total	170,390	366,090	297,612	107,358	84,842	1,026,292
2023/2022 percentage changes
Hydraulics	+17.8%	+15.1%	+17.1%	+12.9%	+10.3%	+15.5%
Water-Jetting	+19.1%	+29.8%	-5.1%	+20.7%	+39.5%	+15.2%
Total	+18.0%	+18.5%	+9.7%	+14.9%	+17.5%	+15.4%
2023/2022 percentage changes
Hydraulics	+14.4%	+10.9%	+17.1%	+12.9%	+9.2%	+13.2%
Water-Jetting	+13.7%	+28.7%	-5.8%	+11.8%	+38.9%	+13.1%
Total	+14.3%	+15.0%	+9.5%	+12.6%	+16.6%	+13.2%

⁵ With respect to the results for the corresponding period in 2022, the change in perimeter relates to Draintech, Eurofluid, Indoshell Automotive System India, I.Mec and the Waikato Group. Draintech and Eurofluid were acquired in the prior year and consolidated from June and November 2022 respectively; accordingly, they represent a change in reporting perimeter for the entirety of 1H2023. Indoshell Automotive System India was purchased in February and 31 March was designated as the effective acquisition date. As such, this operation only had a financial impact in 1Q2023, but also affected the income statement throughout 2Q2023. I.Mec and the Waikato Group were acquired at the end of April and in May respectively; accordingly, only their June results were included in the 2Q2023 consolidation.

Organic growth at Group level was 13.7%, comprising 13.8% by the Hydraulics division and 13.2% by the Water-Jetting division.

Profitability

In the first half, EBITDA totaled €295.4 million, up by 22.2% compared with €241.7 million in the corresponding period of 2022 (+19.7% growth at unchanged perimeter). As a percentage of sales, EBITDA was 24.9% (same incidence at unchanged perimeter) compared with 23.6% in the comparative period of the prior year.

The following table sets out EBITDA by business sector:

		% on			% on
	1H2023	total	1H2022	total	Increase/
	€/000	sales4	€/000	sales4	Decrease
Hydraulics	211,710	23.9%	167,305	21.8%	+26.5%
Water-Jetting	83,640	27.6%	74,395	28.4%	+12.4%
Total	295,350	24.9%	241,700	23.6%	+22.2%

EBIT totaled €244.0 million in 1H2023, up by 27.3% compared with €191.6 million in 1H2022 and representing 20.6% of sales (18.7% in the corresponding period of the prior year).

Consolidated net profit for the period increased from €139.5 million to €168.5 million, representing 20.7% growth.

Basic earnings per share rose from EUR 1.304 in 1H2022 to EUR 1.558 in 1H2023.

Capital employed at 30 June 2023 amounted to €2,354.9 million, compared with €2,170.7 million at 31 December 2022. This phenomenon is principally explained by the rise in trade receivables linked to the significant growth in sales recorded during the period, as well as by continuation of the investment program launched at the end of 2021 to expand the productive capacity of the Group.

Financial situation

Net liquidity generated by operations totaled €216.9 million (€196.9 million in 1H2022). Free cash flow in 1H2023 was €44.0 million (€12.0 million in 1H2022). Despite the dedication of substantial resources to the expansion of productive capacity, as mentioned above, the significant rise in FCF reflects the commitment of the Group to return cash generation to more optimal levels, following the exceptional activities and efforts made in the prior year. In particular, the extraordinary growth in sales recorded in 2022, combined with the difficulty of sourcing raw materials and production components, had a major effect on operating capital with large increases in trade receivables on the one hand and, on the other, in inventories to guarantee the continuity of both production and customer service.

The net financial position at 30 June 2023 was €578.3 million, compared with €541.8 million at 31 December 2022⁶ . Most resources were dedicated to development activities, with expenditure totaling €134.8 million: €82.1 million spent on investments and €52.7 million on acquisitions. During the first semester, dividend payments totaled €32.7 million while €1.9 million was collected from the sale of treasury shares to the beneficiaries of stock option plans.

Significant acquisitions during the period included:

• 1. Indoshell Automotive System India P.L.: company specialized in the casting of ferrous and non-ferrous metals - 85% of the capital⁷ was purchased by the Group on 20 February 2023;
• 1. I.Mec S.r.l.: company specialized in the production of mechanical sifters, being vibrating devices for the granulometric selection of materials - 70% of the capital⁸ was purchased by the Group on 20 April 2023;
• 1. Waikato Group: leader in the New Zealand and Australian markets for mechanized milking Interpump purchased total control of this group on 18 May 2023.

All three operations reflect the strategy of the Group to grow via diversification and the mitigation of risk. In particular, the Indian company strengthens the ability of Interpump to procure iron castings, which are fundamental for the "valves" sector and important for many other sectors within the Group. The other two acquisitions accelerate the growth of the Group in the area of flow handling technologies, as used in the food processing, pharmaceuticals and cosmetics industries, which commenced in 2015 with the acquisition of Bertoli. In particular, the acquisition of Waikato strengthens the presence of the Group in the Pacific Area.

⁶ At period end, the Group had commitments for the acquisition of stakes in subsidiaries totaling €72.7 million, compared with €62.8 million at 31 December 2022.

⁷ "Put and call" mechanisms have already been established at a fixed price, so that Interpump Group can purchase the residual equity interest from April 2027

⁸ "Put and call" mechanisms have already been established, so that the counterparties can purchase and sell the residual equity interest from April 2026.

At 30 June 2023 Interpump S.p.A. held 1,914,863 treasury shares in the portfolio corresponding to 1.762% of share capital, acquired at an average unit cost of EUR 38.7871.

UPDATE ON IMPLEMENTATION OF THE ESG PLAN FOR 2023-2025

In relation to the ESG Plan approved on 5 October 2022, a number of actions envisaged for the current year were completed during the first semester. These seek to embed the fundamental ESG principles within the Group's strategies and create, during the period 2023-24, an organizational framework that recognizes the underlying core values:

1. G.1, revision of the Code of Ethics: the principles of sustainability defined in the ESG Plan have been incorporated and the new version has been adopted by all Interpump Group companies;

	ESG PLAN 2023-25
	ACTIONS 2023	Notes
E.1	Definition of a carbon neutrality strategy
E.4	Pilot project in the circular economy field
Preparation of supplier rating model, applying S.5 environmental and social criteria
G.1	Establishment of a Board Sustainability Committee	Shareholders' Meeting, 28 April 2023
G.2	Revision of the Code of Ethics	Board of Directors, 10 November 2022
G.3	Succession plan formalization	Shareholders' Meeting, 28 April 2023: • Separation of Chairman and CEO roles • Appointment of Chief Executive Director
G.59	Annual update of information required GRI 207-4 on Country-by-Country Reporting
G.69	Communication of ESG Plan implementation

1. G.2, established of a Board Sustainability Committee: this committee comprises the Chief Executive Officer of the Group and two independent directors

In addition, via Contarini Leopoldo and Interpump Hydraulics, the Group has expressed close solidarity with approximately 50 employees who suffered personally from the extreme weather phenomena that hit the Emilia-Romagna Region in May. The payroll for the following month included net "one-time" gifts to them, totaling about € 215 thousand.

⁹ This objective is addressed annually during the Plan period.

EVENTS OCCURRING AFTER THE END OF 1H2023

No atypical or unusual transactions have been carried out subsequent to 30 June 2023 that would call for changes to the consolidated financial statements at 30 June 2023.

BUSINESS OUTLOOK

The results for 1H2023 confirm the ability of the Group to interpret the dynamics of our reference markets in the best possible way in a domestic and international context that remains difficult. Given this, based on current conditions, we can imagine organic growth in 2023 that significantly exceeds our expectations at the start of the year¹⁰, with solid and stable profitability surpassing that achieved in 2022.

S. Ilario d'Enza (RE), 4 August 2023 For the Board of Directors

The Chairman Fulvio Montipò

Mauro Barani, the manager responsible for drafting the company's accounting documents, declares - pursuant to art. 154-(2), subsection 2, TUF - that the accounting disclosures in this press release correspond to the contents of the underlying documents, the accounting books and the accounting entries.

* * *

¹⁰ See please Group press release

This press release contains, or may contain, forward-looking statements that are based on current expectations and projections made by the Interpump Group with regard to future events. By their nature, these are inherently subject to a degree of risk and uncertainty. Such declarations relate to events and depend on circumstances that may or may not occur in the future and, as such, it would be inappropriate to rely on them unduly. Actual results may differ significantly from those envisaged in such declarations for many reasons, including the constant volatility and further deterioration of the capital and financial markets, changes in macroeconomic conditions and economic growth, other changes in business conditions, changes in regulations and in the institutional context (in both Italy and other countries), and a large number of additional factors, the majority of which are beyond the control of the Group.

* * *

Pursuant to art. 65-(2) (subsection 2) of Consob resolution 11971/1999 as modified and supplemented, the Half-Yearly Financial Report at 30 June 2023 will be made available to the public at the registered office and may also be consulted on the "Financial Statements and Reports" page of the "Investor relations" section of the corporate website www.interpumpgroup.it, as well as on the website of the authorized repository .

* * *

The corporate website will also provide access to several slides presenting the results for 1H2023 that will be illustrated today at 4 p.m. CET during a conference call and audio webcast with the financial community.

Media Relations: Investor Relations: Moccagatta Associati Elisabetta Cugnasca Tel. +39 02 8645.1695 Tel. +39 0522-904433 segreteria@moccagatta.it ecugnasca@interpumpgroup.it

Consolidated income statement for 2Q2023

(€/000)	2023	2022
Revenues	592,189	537,612
Cost of sales	(384,530)	(348,424)
Gross industrial margin	207,659	189,188
Other operating income	12,368	7,400
Distribution expenses	(43,175)	(40,253)
General and administrative expenses	(55,719)	(51,083)
Other operating costs	(1,743)	(6,249)
EBIT	119,390	99,003
Financial income	7,057	8,433
Financial charges	(19,384)	(6,082)
Equity method contribution	179	(304)
Profit for the period before taxes	107,242	101,050
Income taxes	(24,819)	(27,605)
Consolidated profit for the period	82,423	73,445
Attributable to:
Shareholders of Parent	81,461	72,719
Minority shareholders of subsidiaries	962	726
Consolidated profit for the period	82,423	73,445
Basic earnings per share	0.762	0.689
Diluted earnings per share	0.758	0.685

Consolidated statement of comprehensive income for 2Q2023

(€/000)	2023	2022
Consolidated profit (A)	82,420	73,445
Other comprehensive income (losses) which will subsequently be reclassified to consolidated profit or loss
Gains (losses) on translating the financial statements of foreign companies	8,426	25,850
Gains (losses) from companies accounted for using the equity method	(364)	679
Applicable taxes	-	-
Total other consolidated income (losses) which will subsequently be reclassified to consolidated profit or loss, net of the tax effect (B)	8,062	26,529
Comprehensive consolidated profit for the period (A) + (B)	90,482	99,974
Attributable to:
Shareholders of Parent	90,089	98,184
Minority shareholders of subsidiaries	393	1,790
Comprehensive consolidated profit for the period	90,482	99,974

Consolidated income statement for 1H2023

(€/000)	2023	2022
Revenues	1,184,534	1,026,292
Cost of sales	(765,502)	(666,379)
Gross industrial margin	419,032	359,913
Other operating income	22,700	14,954
Distribution expenses	(85,366)	(77,097)
General and administrative expenses	(109,359)	(98,913)
Other operating costs	(3,022)	(7,209)
EBIT	243,985	191,648
Financial income	12,950	15,157
Financial charges	(35,519)	(15,224)
Equity method contribution	329	(140)
Profit for the period before taxes	221,745	191,441
Income taxes	(53,291)	(51,928)
Consolidated profit for the period	168,454	139,513
Attributable to:
Shareholders of Parent	166,579	138,124
Minority shareholders of subsidiaries	1,875	1,389
Consolidated profit for the period	168,454	139,513
Basic earnings per share	1.558	1.304
Diluted earnings per share	1.551	1.292

Consolidated statement of comprehensive income for 1H2023

(€/000)	2023	2022
Consolidated profit (A)	168,454	139,513
Other comprehensive income (losses) which will subsequently be reclassified to consolidated profit or loss
Gains (losses) on translating the financial statements of foreign companies	(2,334)	36,382
Gains (losses) from companies accounted for using the equity method	(261)	449
Applicable taxes	-	-
Total other consolidated income (losses) which will subsequently be reclassified to consolidated profit or loss,
net of the tax effect (B)	(2,595)	36,831
Comprehensive consolidated profit for 1H (A) + (B)	165,859	176,344
Attributable to:
Shareholders of Parent	164,704	173,983
Minority shareholders of subsidiaries	1,155	2,361
Comprehensive consolidated profit for the period	165,859	176,344

Consolidated statement of financial position - 1H2023

(€/000)	30/06/2023	31/12/2022
ASSETS
Current assets
Cash and cash equivalents	304,834	358,275
Trade receivables	498,151	433,812
Inventories	726,454	683,819
Tax receivables	42,191	45,133
Other current assets	36,710	33,983
Total current assets	1,608,340	1,555,022
Non-current assets
Property, plant and equipment	739,042	681,095
Goodwill	779,790	754,944
Other intangible assets	72,421	61,863
Other financial assets	2,791	2,961
Tax receivables	4,410	5,051
Deferred tax assets	65,974	66,184
Other non-current assets	3,373	2,648
Total non-current assets	1,667,801	1,574,746
Assets held for sale	1,291	1,291
Total assets	3,277,432	3,131,059

EMARKET SDIR
CERTIFIED

(€/000)	30/06/2023	31/12/2022
LIABILITIES
Current liabilities
Trade payables	319,732	312,222
Payables to banks	39,584	30,928
Interest-bearing financial payables (current portion)	270,880	288,456
Tax liabilities	43,978	60,662
Other current liabilities	174,849	111,553
Provisions for risks and charges	13,230	13,329
Total current liabilities	862,253	817,150
Non-current liabilities
Interest-bearing financial payables	572,667	580,675
Liabilities for employee benefits	21,000	20,088
Deferred tax liabilities	57,171	56,947
Tax liabilities	352	355
Other non-current liabilities	46,587	76,745
Provisions for risks and charges	13,466	12,989
Total non-current liabilities	711,243	747,799
Total liabilities	1,573,496	1,564,949
SHAREHOLDERS' EQUITY 7
Share capital	55,620	55,584
Legal reserve	11,323	11,323
Share premium reserve	43,965	39,444
Remeasurement reserve for defined benefit plans	(5,320)	(5,320)
Translation reserve	16,504	18,379
Other reserves	1,568,642	1,434,138
Group shareholders' equity	1,690,734	1,553,548
Non-controlling interests	13,202	12,562
Total shareholders' equity	1,703,936	1,566,110
Total shareholders' equity and liabilities	3,277,432	3,131,059

Consolidated cash flow statement - 1H2023

(€/000)	2023	2022
Cash flows from operating activities
Profit before taxes	221,745	191,441
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets	(1,465)	(3,208)
Amortization and depreciation	49,744	48,585
Costs recognized in the income statement relative to stock options
that do not involve monetary outflows for the Group	2,582	2,395
Losses (profits) from investments	(329)	140
Net change in risk provisions and allocations to employee
benefit provisions	(245)	1,454
benefit provisions Expenditures for tangible assets to be leased	(10,727)	(2,998)
Proceeds from the disposal of leased tangible assets	2,879	6,567
Net financial charges (revenues)	22,569	90
Other	(4)	-
	286,749	244,466
(Increase) decrease in trade receivables and other current assets	(45,862)	(88,036)
(Increase) decrease in inventories	(33,130)	(96,742)
Increase (decrease) in trade payables and other current liabilities	(407)	61,825
Interest paid	(13,417)	(2,461)
Realized exchange differences	(3,349)	552
Taxes paid	(53,114)	(45,666)
Net cash from operating activities	137,470	73,938
Cash flows from investing activities
Payments for the purchase of investments, net of cash received and
excluding treasury shares assigned	(36,105)	(31,743)
Capital expenditure on property, plant and equipment	(80,191)	(48,498)
Proceeds from the sale of property, plant and equipment	674	855
Increase in intangible assets	(2,581)	(3,337)
Financial income received	1,245	232
Other	(391)	(1,148)
Net cash (used in) investing activities	(117,349)	(83,639)
Cash flows from financing activities
Disbursements (repayments) of loans	(37,970)	82,690
Disbursals (repayments) of shareholder loans	(567)	(568)
Dividends paid	(32,679)	(29,870)
Disbursements for purchase of treasury shares	-	(94,793)
Proceeds from the sale of treasury shares to stock option beneficiaries	1,975	8,017
Change in other financial assets	(262)	86
Payment of finance lease installments (principal)	(10,217)	(10,032)
Net cash generated by (used in) financing activities	(79,720)	(44,470)
Net increase (decrease) in cash and cash equivalents
	(59,599)	(54,171)

(€/000)	2023	2022
Net increase (decrease) in cash and cash equivalents	(59,599)	(54,171)
Translation differences for cash held by non-EU companies	(2,498)	3,638
Opening cash and cash equivalents of companies consolidated
on a line-by-line basis for the first time	-	-
Cash and cash equivalents at the beginning of the period	327,347	341,255
Cash and cash equivalents at the end of the period	265,250	290,722

Cash and cash equivalents consist of the following:

	30/06/2023 €/000	31/12/2022 €/000
Cash and cash equivalents as per the consolidated statement of financial position	304,834	358,275
Bank payables (overdrafts and subject to collection advances) Cash and cash equivalents as per the consolidated cash flow statement	(39,584) 265,250	(30,928) 327,347

Statement of changes in consolidated equity - 1H2023

				Remeasurement
			Share	reserve for			Group	Non
	Share	Legal	premium	defined benefit	Translation	Other	shareholders'	controlling
	capital	reserve	reserve	plans	reserve	reserves	equity	interests	Total
At 1 January 2022	55,327	11,323	66,472	(8,170)	6,013	1,197,234	1,328,199	11,465	1,339,664
Recognition in income statement of fair value
of stock options granted and exercisable	-	-	2,395	-	-	-	2,395	-	2,395
Purchase of treasury shares	(1,082)	-	(93,711)	-	-	-	(94,793)	-	(94,793)
Sale of treasury shares to stock option beneficiaries	324	-	7,693	-	-	-	8,017	-	8,017
Purchase of residual interests in subsidiaries	-	-	-	(1)	-	(175)	(176)	(274)	(450)
Dividends paid	-	-	-	-	-	(29,006)	(29,006)	(864)	(29,870)
Dividends resolved	-	-	-	-	-	(652)	(652)	(335)	(987)
Comprehensive profit (loss) for 1H2022	-	-	-	-	35,859	138,124	173,983	2,361	176,344
Balances at 30 June 2022	54,569	11,323	(17,151)	(8,171)	41,872	1,305,525	1,387,967	12,353	1,400,320
Recognition in income statement of fair value
of stock options granted and exercisable	-	-	2,600	-	-	-	2,600	-	2,600
Sale of treasury shares to stock option beneficiaries	1,015	-	53,995	-	-	-	55,010	-	55,010
Purchase of residual interests in subsidiaries	-	-	-	(74)	-	240	166	(260)	(94)
Dividends paid	-	-	-	-	-	(652)	(652)	(646)	(1,298)
Dividends resolved	-	-	-	-	-	652	652	335	987
Comprehensive profit (loss) for 2H2022	-	-	-	2,925	(23,493)	128,373	107,805	780	108,585
At 31 December 2022	55,584	11,323	39,444	(5,320)	18,379	1,434,138	1,553,548	12,562	1,566,110
Recognition in income statement of fair value
of stock options granted and exercisable	-	-	2,582	-	-	-	2,582	-	2,582
Sale of treasury shares to stock option beneficiaries	36	-	1,939	-	-	-	1,975	-	1,975
Dividends paid	-	-	-	-	-	(32,075)	(32,075)	(419)	(32,494)
Dividends resolved	-	-	-	-	-	-	-	(96)	(96)
Comprehensive profit (loss) for 1H2023	-	-	-	-	(1,875)	166,579	164,704	1,155	165,859
Balances at 30 June 2023	55,620	11,323	43,965	(5,320)	16,504	1,568,642	1,690,734	13,202	1,703,936