SUMMARY OF FINANCIAL DATA
INCOME STATEMENT
| Income Statement (in € m) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Sales | 462.7 | 592.2 | 402.7 | 453.5 | 651.5 |
| Gross Profit | 53.2 | 31.6 | 20.9 | 36.8 | 82.3 |
| Other Income & Write-Offs | -17.1 | -15.7 | -6.5 | -5.1 | -19.7 |
| Administrative & General Expenses | -33.3 | -33.8 | -41.0 | -31.9 | -34.9 |
| Income from Associates | 21.8 | 31.2 | 47.4 | 32.4 | 38.2 |
| EBITDA | 62.3 | 51.0 | 58.2 | 60.8 | 105.3 |
| Depreciation | 15.3 | 17.0 | 12.6 | 18.3 | 23.0 |
| Financial Results | -24.3 | -22.3 | -20.7 | -20.8 | -24.7 |
| PreTax Earnings | 7.1 | 0.0 | 18.5 | 16.7 | 38.0 |
| Net Earnings | 6.1 | -12.4 | 39.9 | 10.4 | 30.4 |
BALANCE SHEET
| Balance Sheet (in € m) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Fixed Assets (incl. Restricted Deposits) | 598.5 | 487.1 | 464.3 | 502.0 | 465.4 |
| Inventory | 39.6 | 25.8 | 21.3 | 31.9 | 47.9 |
| Assets for sale | 0.0 | 150.3 | 85.1 | 65.4 | 0.0 |
| Receivables from Clients | 489.7 | 419.2 | 419.2 | 526.5 | 645.8 |
| Restricted Deposits (short-term) | 32.7 | 13.9 | 1.9 | 0.5 | 0.8 |
| Cash Equivalent | 50.5 | 100.2 | 84.8 | 76.5 | 70.2 |
| Total Assets | 1,211.0 | 1,196.4 | 1,076.5 | 1,202.8 | 1,230.0 |
| Long-Term Debt | 510.7 | 383.2 | 292.6 | 267.5 | 268.9 |
| Other Long-Term Liabilities | 63.6 | 55.7 | 184.2 | 232.1 | 232.9 |
| Suppliers & Other Short-Term Liabilities | 440.5 | 386.5 | 292.1 | 417.6 | 476.3 |
| Short-Term Debt | 104.1 | 112.4 | 90.2 | 83.8 | 94.2 |
| Liabilities from Assets for Sale | 0.0 | 148.3 | 62.4 | 42.1 | 0.0 |
| Shareholder Funds | 92.0 | 110.4 | 154.9 | 159.7 | 157.6 |
| Total Liabilities | 1,211.0 | 1,196.4 | 1,076.5 | 1,202.8 | 1,230.0 |
CASH FLOW
| Cash Flow (in € m) | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Pre Tax Earnings | 2.9 | -13.6 | 46.3 | 17.1 | 47.0 |
| Depreciation | 15.3 | 17.0 | 12.6 | 18.3 | 23.0 |
| Other Operating Cash Flows | 1.0 | 1.3 | -60.6 | -11.1 | -4.6 |
| Change in Working Capital | -89.1 | 45.1 | -12.8 | 26.0 | -102.3 |
| Operating Cash Flow | -69.9 | 49.9 | -14.4 | 50.3 | -36.8 |
| Net Movement in Investments | -2.1 | 40.5 | 111.2 | -1.0 | 15.5 |
| Dividend Received | 38.9 | 31.7 | 46.7 | 36.2 | 38.7 |
| Net Investment Cash Flow | 36.7 | 72.2 | 157.9 | 35.2 | 54.3 |
| Free Cash Flow | -33.2 | 122.1 | 143.5 | 85.5 | 17.4 |
| Financing Cash Flow | -3.6 | -89.8 | -163.4 | -97.7 | -31.5 |
| Total Cash Flow | -36.8 | 32.3 | -19.9 | -12.2 | -14.1 |
KEY FINANCIAL INDICATORS
The following table illustrates some key financial ratios, on a consolidated basis:
| Key Financial Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Debt / Equity | 12.16 | 9.84 | 5.95 | 6.53 | 6.81 |
| Debt / (Equity + Liabilities) | 0.92 | 0.91 | 0.86 | 0.87 | 0.87 |
| Net Debt & Equipment Leasing / EBITDA | 7.45 | 6.59 | 4.22 | 3.64 | 2.25 |
| Interest Cover (EBITDA / Net Financing Cost) | 2.57 | 2.29 | 2.81 | 2.92 | 4.27 |
| Current Ratio | 1.12 | 1.12 | 1.38 | 1.27 | 1.34 |
| Quick Ratio | 1.05 | 1.06 | 1.33 | 1.23 | 1.26 |
| Gross Profit Margin | 11.5% | 5.3% | 5.2% | 8.1% | 12.6% |
| EBITDA Margin | 13.5 | 8.6% | 14.5% | 13.4% | 16.2% |
| EBIT Margin | 6.8% | 3.8% | 9.8% | 8.3% | 9.6% |
| Pretax Margin | 1.5% | 0.0% | 4.6% | 3.7% | 5.8% |
| Net Margin | 1.2% | -2.4% | 9.5% | 2.3% | 4.6% |
| (avg) Return on Equity | 6.7% | -13.9% | 28.7% | 7.7% | 19.0% |
| (avg) Return on Assets | 0.4% | -1.2% | 3.4% | 0.9% | 2.5% |