SUMMARY OF FINANCIAL DATA
INCOME STATEMENT
| Income Statement (in € m) | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|
| Sales | 456.2 | 541.2 | 673.1 | 538.4 | 575.9 |
| Gross Profit | 68.3 | 30.5 | 36.8 | 31.2 | 42.6 |
| Other Income & Write-Offs | -13.5 | -59.3 | -4.7 | -14.3 | -26.2 |
| Administrative & General Expenses | -31.8 | -25.1 | -32.2 | -36.6 | -42.5 |
| Income from Associates | 10.2 | 27.4 | 28.4 | 31.9 | 30.8 |
| EBITDA | 26.4 | 49.8 | 49.9 | 49.4 | 58.1 |
| Depreciation | 8.5 | 7.8 | 10.4 | 10.6 | 16.3 |
| Financial Results | -32.1 | -32.6 | -37.1 | -32.8 | -26.8 |
| PreTax Earnings | 0.9 | -58.3 | -2.4 | -8.3 | -11.2 |
| Tax | -6.2 | 6.7 | -8.2 | -16.1 | -6.4 |
| Net Earnings to Shareholders | -32.7 | -42.6 | -10.3 | -25.8 | -43.0 |
BALANCE SHEET
| Balance Sheet (in € m) | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|
| Fixed Assets (incl. Blocked Deposits) | 531.2 | 531.6 | 569.5 | 588.3 | 586.3 |
| Inventory | 36.8 | 33.3 | 39.2 | 26.9 | 19.1 |
| Assets for sale | 12.1 | 12.7 | 6.7 | 6.1 | 404.4 |
| Receivables from Clients | 627.1 | 641.6 | 549.0 | 429.4 | 404.8 |
| Blocked Deposits (short-term) | 0.0 | 0.0 | 0.0 | 0.0 | 49.0 |
| Cash Equivalent | 103.8 | 85/7 | 73.5 | 65.7 | 71.1 |
| Total Assets | 1,311.0 | 1,305.0 | 1,237.9 | 1,116.4 | 1,534.7 |
| Long-Term Debt | 419.2 | 420.5 | 471.9 | 475.7 | 515.4 |
| Other Long-Term Liabilities | 85.8 | 89.6 | 72.3 | 67.5 | 57.3 |
| Suppliers & Other Short-Term Liabilities | 456.2 | 527.6 | 462.8 | 365.7 | 407.4 |
| Short-Term Debt | 172.4 | 151.5 | 121.2 | 119.7 | 75.7 |
| Liabilities from Assets for Sale | 0.0 | 0.0 | 0.0 | 0.0 | 400.7 |
| Shareholder Funds | 177.4 | 115.8 | 109.8 | 87.8 | 78.3 |
| Total Liabilities | 1,311.0 | 1,305.0 | 1,237.9 | 1,116.4 | 1,534.7 |
CASH FLOW
| Cash Flow (in € m) | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|
| Pre Tax Earnings | 0.9 | -58.3 | -2.4 | -10.2 | -11.2 |
| Depreciation | 8.5 | 7.8 | 10.4 | 10.6 | 16.3 |
| Other Operating Cash Flows | 37.4 | 59.6 | 17.4 | 14.0 | 22.3 |
| Change in Working Capital | -41.7 | -13.4 | -57.8 | -33.9 | 64.0 |
| Operating Cash Flow | 5.1 | -4.3 | -32.4 | -19.5 | 91.3 |
| Net Movement in Investments | 25.4 | -19.6 | -30.7 | -31.7 | -25.0 |
| Dividend Received | 20.6 | 25.8 | 29.8 | 41.1 | 45.5 |
| Net Investment Cash Flow | 46.1 | 6.3 | -0.9 | 9.4 | 20.5 |
| Free Cash Flow | 51.1 | 1.9 | -33.3 | -10.1 | 111.7 |
| Financing Cash Flow | -23.6 | -19.6 | 21.1 | 2.3 | -112.2 |
| Total Cash Flow | 27.5 | -17.7 | -12.2 | -7.8 | -0.5 |
KEY FINANCIAL INDICATORS
The following table illustrates some key financial ratios, on a consolidated basis:
| Key Financial Indicators | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|
| Debt / Equity | 6.39 | 10.27 | 10.28 | 11.71 | 18.61 |
| Debt / (Equity + Liabilities) | 0.86 | 0.91 | 0.91 | 0.92 | 0.95 |
| Net Debt / EBITDA | 18.44 | 9.76 | 10.42 | 10.73 | 8.95 |
| Interest Cover (EBITDA / Net Financing Cost) | 0.82 | 1.53 | 1.34 | 1.51 | 2.16 |
| Current Ratio | 1.14 | 1.16 | 1.14 | 1.09 | 1.13 |
| Quick Ratio | 1.18 | 1.09 | 1.08 | 1.03 | 1.05 |
| Gross Profit Margin | 15.0% | 5.6% | 5.5% | 5.8% | 7.4% |
| EBITDA Margin | 5.8% | 9.2% | 7.4% | 9.2% | 10.1% |
| EBIT Margin | 7.2% | -4.7% | 5.2% | 4.5% | 2.7% |
| Pretax Margin | 0.2% | -10.8% | -0.4% | -1.6% | -2.0% |
| Net Margin | -7.2% | -7.9% | -1.5% | -4.8% | -7.5% |
| (avg) Return on Equity | -16.6% | -29.1% | -9.2% | -26.1% | -51.7% |
| (avg) Return on Assets | -2.4% | -3.3% | -0.8% | -2.2% | -3.2% |
Share Capital Changes
The par value of the Company’s paid-up share capital amounts to €43,296,455 and is split into 144,321,516 common registered shares, each with a face value of €0.30.
Besides the par value, the Company’s paid-up equity capital includes share premium reserves amounting to €146,651,670 thereby bringing the total of the Company’s paid up capital to €189,948,125.
The following changes in the Company’s nominal share capital have taken place since incorporation:
| Authorising General Assembly | Shares issued | Par Value (in drachmas / €) | Issue Price (in drachmas / €) | Reserves Capitalisation (in drachmas / €) | Rights Issue (in drachmas / €) | Total Par Value of Share Capital (in drachmas / €) | New Total of Shares |
|---|---|---|---|---|---|---|---|
| Incorporation | 10,010 | 10,000 | 10,000 | 100,100,000 | 100,100,000 | 10,010 | |
| 30.06.1992 | 90,090 | 1,000 | 100,100,000 | 100,100 | |||
| 01.06.1994 | 394,900 | 1,000 | 1,000 | 394,900,000 | 495,000,000 | 495,000 | |
| 01.06.1994 | 2,805,000 | 150 | 495,000,000 | 3,300,000 | |||
| 01.06.1994 | 1,000,000 | 150 | 1,500 | 150,000,000 | 645,000,000 | 4,300,000 | |
| 16.05.1997 | 1,720,000 | 150 | 1,200 | 258,000,000 | 903,000,000 | 6,020,000 | |
| 25.11.1998 | 180 | 180,600,000 | 1,083,600,000 | 6,020,000 | |||
| 05.08.1999 | 9,030,000 | 180 | 1,600 | 1,625,400,000 | 2,709,000,000 | 15,050,000 | |
| 15.06.2000 | 3,010,000 | 180 | 541,800,000 | 3,250,800,000 | 18,060,000 | ||
| 15.06.2000 | 18,540,000 | 180 | 1,900 | 3,337,200,000 | 6,588,000,000 | 36,600,000 | |
| 26.06.2001 | €0.55 | €796,177.54 | €20,130,000 | 36,600,000 | |||
| 31.01.2003 | 36,600,000 | €0.55 | €20,130,000 | €40,260,000 | 73,200,000 | ||
| 26.06.2007 | €0.58 | €2,196,000 | €42,456,000 | 73,200,000 | |||
| 23.08.2007 | 4,454,850 | €0.58 | €7.60 | €33,856,860 | €45,039,813 | 77,654,850 | |
| 03.09.2018 | €0.30 | - €21,743,358 | €23,296,455 | 77,654,850 | |||
| 26.09.2019 | 66,666,666 | €0.30 | €0.30 | €20,000,000 | €43,296,454 | 144,321,516 | |
| TOTAL | 144,321,516 | €0.30 | €43,296,454 |