SUMMARY OF FINANCIAL DATA
INCOME STATEMENT
| Income Statement (in € m) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales | 575.9 | 462.7 | 592.2 | 402.7 | 453.5 |
| Gross Profit | 42.6 | 53.2 | 31.6 | 20.9 | 36.8 |
| Other Income & Write-Offs | -26.2 | -17.1 | -15.7 | -6.5 | -5.1 |
| Administrative & General Expenses | -42.5 | -33.3 | -33.8 | -41.0 | -31.9 |
| Income from Associates | 30.8 | 21.8 | 31.2 | 47.4 | 32.4 |
| EBITDA | 58.1 | 62.3 | 51.0 | 58.2 | 60.8 |
| Depreciation | 16.3 | 15.3 | 17.0 | 12.6 | 18.3 |
| Financial Results | -26.8 | -24.3 | -22.3 | -20.7 | -20.8 |
| PreTax Earnings | -11.2 | 7.1 | 0.0 | 18.5 | 16.7 |
| Net Earnings | -17.6 | 10.5 | 2.0 | 12.9 | 10.0 |
BALANCE SHEET
| Balance Sheet (in € m) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Fixed Assets (incl. Restricted Deposits) | 586.3 | 598.5 | 487.1 | 464.3 | 502.0 |
| Inventory | 19.1 | 39.6 | 25.8 | 21.3 | 31.9 |
| Assets for sale | 404.4 | 0.0 | 150.3 | 85.1 | 65.4 |
| Receivables from Clients | 404.8 | 489.7 | 419.2 | 419.2 | 526.5 |
| Restricted Deposits (short-term) | 49.0 | 32.7 | 13.9 | 1.9 | 0.5 |
| Cash Equivalent | 71.1 | 50.5 | 100.2 | 84.8 | 76.5 |
| Total Assets | 1,534.7 | 1,211.0 | 1,196.4 | 1,076.5 | 1,202.8 |
| Long-Term Debt | 515.4 | 510.7 | 383.2 | 292.6 | 267.5 |
| Other Long-Term Liabilities | 57.3 | 63.6 | 55.7 | 184.2 | 232.1 |
| Suppliers & Other Short-Term Liabilities | 407.4 | 440.5 | 386.5 | 292.1 | 417.6 |
| Short-Term Debt | 75.7 | 104.1 | 112.4 | 90.2 | 83.8 |
| Liabilities from Assets for Sale | 400.7 | 0.0 | 148.3 | 62.4 | 42.1 |
| Shareholder Funds | 78.3 | 92.0 | 110.4 | 154.9 | 159.7 |
| Total Liabilities | 1,534.7 | 1,211.0 | 1,196.4 | 1,076.5 | 1,202.8 |
CASH FLOW
| Cash Flow (in € m) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Pre Tax Earnings | -11.2 | 2.9 | -13.6 | 46.3 | 17.1 |
| Depreciation | 16.3 | 15.3 | 17.0 | 12.6 | 18.3 |
| Other Operating Cash Flows | 20.2 | 0.9 | -2.5 | -66.0 | -19.3 |
| Change in Working Capital | 94.5 | -89.0 | 48.9 | -7.3 | 45.2 |
| Operating Cash Flow | 119.7 | -69.9 | 49.9 | -14.4 | 61.3 |
| Net Movement in Investments | -25.0 | -2.1 | 40.5 | 111.2 | -12.0 |
| Dividend Received | 45.5 | 38.9 | 31.7 | 46.7 | 36.2 |
| Net Investment Cash Flow | 20.5 | 36.7 | 72.2 | 157.9 | 24.2 |
| Free Cash Flow | 140.2 | -33.2 | 122.1 | 143.5 | 85.5 |
| Financing Cash Flow | -140.6 | -3.6 | -89.8 | -163.4 | -97.7 |
| Total Cash Flow | -0.5 | -36.8 | 32.3 | -19.9 | -12.2 |
KEY FINANCIAL INDICATORS
The following table illustrates some key financial ratios, on a consolidated basis:
| Key Financial Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Debt / Equity | 18.61 | 12.16 | 9.84 | 5.95 | 6.53 |
| Debt / (Equity + Liabilities) | 0.95 | 0.92 | 0.91 | 0.86 | 0.87 |
| Net Debt / EBITDA | 7.76 | 8.21 | 7.48 | 5.09 | 4.51 |
| Interest Cover (EBITDA / Net Financing Cost) | 2.16 | 2.57 | 2.29 | 2.81 | 2.92 |
| Current Ratio | 1.13 | 1.12 | 0.03 | 0.03 | 0.01 |
| Quick Ratio | 1.05 | 1.05 | 1.06 | 1.33 | 1.23 |
| Gross Profit Margin | 7.4% | 11.5% | 5.3% | 5.2% | 8.1% |
| EBITDA Margin | 10.1% | 13.5 | 8.6% | 14.5% | 13.4% |
| EBIT Margin | 2.7% | 6.8% | 3.8% | 9.8% | 8.3% |
| Pretax Margin | -2.0% | 1.5% | 0.0% | 4.6% | 3.7% |
| Net Margin | -7.5% | 1.2% | -2.4% | 9.5% | 2.3% |
| (avg) Return on Equity | -51.7% | 6.7% | -13.9% | 28.7% | 7.7% |
| (avg) Return on Assets | -3.2% | 0.4% | -1.2% | 3.4% | 0.9% |
Share Capital Changes
The par value of the Company’s paid-up share capital amounts to €44,496,455 and is split into 148,321,516 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 €145,451,670 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 | |
| 24.06.2021 | 4.000.000 | €0.30 | €1.200.000 | €44.496.454 | 148.321.516 | ||
| TOTAL | 148,321,516 | €0.30 | €44,496,454 |