SUMMARY OF FINANCIAL DATA
INCOME STATEMENT
Income Statement (in € m) | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Sales | 538.4 | 575.9 | 462.7 | 592.2 | 402.7 |
Gross Profit | 31.2 | 42.6 | 53.2 | 31.6 | 20.9 |
Other Income & Write-Offs | -14.3 | -26.2 | -17.1 | -15.7 | -6.5 |
Administrative & General Expenses | -36.6 | -42.5 | -33.3 | -33.8 | -41.0 |
Income from Associates | 31.9 | 30.8 | 21.8 | 31.2 | 47.4 |
EBITDA | 49.4 | 58.1 | 62.3 | 51.0 | 58.2 |
Depreciation | 10.6 | 16.3 | 15.3 | 17.0 | 12.6 |
Financial Results | -32.8 | -26.8 | -24.3 | -22.3 | -20.7 |
PreTax Earnings | -8.3 | -11.2 | 7.1 | 0.0 | 18.5 |
Net Earnings | -24.5 | -17.6 | 10.5 | 2.0 | 12.9 |
BALANCE SHEET
Balance Sheet (in € m) | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Fixed Assets (incl. Restricted Deposits) | 588.3 | 586.3 | 598.5 | 487.1 | 464.3 |
Inventory | 26.9 | 19.1 | 39.6 | 25.8 | 21.3 |
Assets for sale | 6.1 | 404.4 | 0.0 | 150.3 | 85.1 |
Receivables from Clients | 429.4 | 404.8 | 489.7 | 419.2 | 419.2 |
Restricted Deposits (short-term) | 0.0 | 49.0 | 32.7 | 13.9 | 1.9 |
Cash Equivalent | 65.7 | 71.1 | 50.5 | 100.2 | 84.8 |
Total Assets | 1,116.4 | 1,534.7 | 1,211.0 | 1,196.4 | 1,076.5 |
Long-Term Debt | 475.7 | 515.4 | 510.7 | 383.2 | 292.6 |
Other Long-Term Liabilities | 67.5 | 57.3 | 63.6 | 55.7 | 52.3 |
Suppliers & Other Short-Term Liabilities | 365.7 | 407.4 | 440.5 | 386.5 | 424.0 |
Short-Term Debt | 119.7 | 75.7 | 104.1 | 112.4 | 90.2 |
Liabilities from Assets for Sale | 0.0 | 400.7 | 0.0 | 148.3 | 62.4 |
Shareholder Funds | 87.8 | 78.3 | 92.0 | 110.4 | 154.9 |
Total Liabilities | 1,116.4 | 1,534.7 | 1,211.0 | 1,196.4 | 1,076.5 |
CASH FLOW
Cash Flow (in € m) | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Pre Tax Earnings | -10.2 | -11.2 | 2.9 | -13.6 | 46.3 |
Depreciation | 10.6 | 16.3 | 15.3 | 17.0 | 12.6 |
Other Operating Cash Flows | -25.5% | 20.2 | 0.9 | -2.5 | -66.0 |
Change in Working Capital | 5.6 | 94.5 | -89.0 | 48.9 | -7.3 |
Operating Cash Flow | -19.5 | 119.7 | -69.9 | 49.9 | -14.4 |
Net Movement in Investments | -31.7 | -25.0 | -2.1 | 40.5 | 111.2 |
Dividend Received | 41.1 | 45.5 | 38.9 | 31.7 | 46.7 |
Net Investment Cash Flow | 9.4 | 20.5 | 36.7 | 72.2 | 157.9 |
Free Cash Flow | -10.1 | 140.2 | -33.2 | 122.1 | 143.5 |
Financing Cash Flow | 2.3 | -140.6 | -3.6 | -89.8 | -163.4 |
Total Cash Flow | -7.8 | -0.5 | -36.8 | 32.3 | -19.9 |
KEY FINANCIAL INDICATORS
The following table illustrates some key financial ratios, on a consolidated basis:
Key Financial Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Debt / Equity | 11.71 | 18.61 | 12.16 | 9.84 | 5.95 |
Debt / (Equity + Liabilities) | 0.92 | 0.95 | 0.92 | 0.91 | 0.86 |
Net Debt / EBITDA | 10.73 | 7.76 | 8.21 | 7.48 | 5.09 |
Interest Cover (EBITDA / Net Financing Cost) | 1.51 | 2.16 | 2.57 | 2.29 | 2.81 |
Current Ratio | 1.09 | 1.13 | 1.12 | 0.03 | 0.02 |
Quick Ratio | 1.03 | 1.05 | 1.05 | 1.06 | 1.02 |
Gross Profit Margin | 5.8% | 7.4% | 11.5% | 5.3% | 5.2% |
EBITDA Margin | 9.2% | 10.1% | 13.5 | 8.6% | 14.5% |
EBIT Margin | 4.5% | 2.7% | 6.8% | 3.8% | 9.8% |
Pretax Margin | -1.6% | -2.0% | 1.5% | 0.0% | 4.6% |
Net Margin | -4.8% | -7.5% | 1.2% | -2.4% | 9.5% |
(avg) Return on Equity | -26.1% | -51.7% | 6.7% | -13.9% | 28.7% |
(avg) Return on Assets | -2.2% | -3.2% | 0.4% | -1.2% | 3.4% |
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 |