par LISI (EPA:FII)
2023 Annual Results
Press Release
Paris, February 22, 2024
The LISI Group posts organic growth of 15.5% for the second consecutive year and achieves its financial objectives in 2023
o Sales revenue reached €1,630.4 M (+ 14.4% compared to 2022), driven by sustained organic growth identical to that of 2022 (+ 15.5%) and increases in sales prices in the
Group's three lines of business; o At €90.7 M, EBIT is €1.6 M higher than in 2022; o The operating Free Cash Flow is positive at + €22.2 M, thanks to the strong performances of the LISI AUTOMOTIVE and LISI MEDICAL divisions.
o Future outlook:
• The Group should benefit from the positive dynamics of the various Markets in which it is well positioned;
• In an environment where inflationary pressure is expected to subside, the Group aims to improve its key financial indicators: EBIT and Free Cash Flow.
The LISI Board of Directors, Meeting under the chairmanship of Mr. Jean-Philippe KOHLER on February 22, 2024, reviewed the final audited accounts for the financial year ended December 31, 2023. They will be submitted for approval to the Ordinary General Meeting on April 26, 2024.
Key figures as at December 31
12 Months ending December 31, 2023 | 2022 | Changes | ||
Key components of the income statement | ||||
Sales | € M | 1,630.4 | 1,425.2 | + 14.4 % |
EBITDA | € M | 178.2 | 186.5 | - 4.4 % |
EBITDA Margin | % | 10.9 | 13.1 | - 2.2 pts |
EBIT | € M | 90.7 | 89.1 | + 1.8 % |
Current operating Margin | % | 5.6 | 6.3 | - 0.7 pt |
Net profit | € M | 37.5 | 57.0 | - 34.1 % |
Net earnings per share | € | 0.83 | 1.08 | - 23.1 % |
Operating cash flow | € M | 132.5 | 157.9 | - €25.4 M |
Net industrial CAPEX | € M | - 96.7 | - 109.7 | - €13.0M |
Free Operating Cash Flow* | € M | 22.2 | 19.0 | + €3.2 M |
Net debt | € M | 501.1 | 291.5 | + €209.6 M |
Net debt-to-equity ratio | % | 53.4 | 26.1 | + 27.3 pts |
*Free Operating Cash Flow: net operating cash flow Minus net CAPEX and changes in working capital requirements
The LISI Group posts organic growth of 15.5% for the second consecutive year
The consolidated sales for 2023 amount to €1,630.4 M, up + 14.4% compared to 2022 and take into account the following elements:
• a price effect estimated at €91.6 M (€50.2 M in 2022) linked to the partial pass-through to customers of the impact of inflation on manufacturing costs;
• a negative exchange rate effect of - €16.2 M (1.0% of sales), whereas it had been highly positive in 2022 (€69.9 M, 4.9% of sales). This trend reversal results mainly from the weakening of the average rate of the US dollar against the euro, particularly in the second half (- €21.9 M).
In line with the objective of maintaining positive organic growth in 2023, the increase in revenue adjusted for currency fluctuations and excluding scope effects stands at + 15.5% for the full year.
Development of published sales per quarter (in € M)
Q1 | Q2 | Q3 | Q4 | Total | ||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |
LISI AEROSPACE | 167,9 | 199,8 | 178,6 | 214,7 | 171,3 | 200,2 | 199,5 | 224,2 | 717,3 | 838,9 |
LISI AUTOMOTIVE | 141,1 | 159,1 | 135,8 | 159,4 | 146,1 | 150,2 | 134,6 | 141,7 | 557,6 | 610,4 |
LISI MEDICAL | 33,4 | 42,6 | 38,6 | 46,5 | 38,6 | 46,0 | 40,3 | 46,8 | 150,8 | 181,9 |
LISI Consolidé | 342,4 | 401,3 | 352,8 | 420,4 | 355,8 | 396,2 | 374,2 | 412,5 | 1 425,2 | 1 630,4 |
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Total 2023 | ||||||
∆ | ∆ like for like* | ∆ | ∆ like for like* | ∆ | ∆ like for like* | ∆ | ∆ like for like* | ∆ | ∆ like for like* | |
LISI AEROSPACE | +19,0% | +15,9% | +20,2% | +20,3% | +16,9% | +20,9% | +12,4% | +15,3% | +17,0% | +18,0% |
LISI AUTOMOTIVE | +12,8% | +11,8% | +17,4% | +18,2% | +2,8% | +5,2% | +5,2% | +6,8% | +9,5% | +10,4% |
LISI MEDICAL | +27,7% | +25,1% | +20,5% | +22,2% | +19,2% | +24,9% | +16,3% | +20,0% | +20,6% | +23,0% |
LISI Consolidé | +17,2% | +15,0% | +19,2% | +19,7% | +11,3% | +14,8% | +10,2% | +12,8% | +14,4% | +15,5% |
∆ like for like* = on a like-for-like and constant exchange rate basis
Comments on Q4 activity
Adjusted for currency fluctuations and excluding scope effects, Q4 revenue increases by + 12.8% compared to the same period of the previous fiscal year. It benefits from the good performance of activity across the Group's three divisions. This compares to growth of + 17.7% in Q4 2022. Thus, the increase in revenue remains sustained throughout the entire financial year for all divisions of the LISI Group.
Business analysis by division
LISI AEROSPACE
The LISI AEROSPACE division's annual revenue amounts to €838.9 M, up + 17.0% compared to 2022. Q4 2023 is the eighth consecutive quarter of double-digit growth and stands at €224.2 M (+ 12.4% compared to the same period of the previous year).
This performance must be assessed taking into account the weakening of the US dollar against the euro (- €5.8 M compared to + €11.4 M in Q4 2022).
The "Fasteners" segment in Europe benefits the most from the ramp-up of single-aisle aircraft and general aviation activity, posting the strongest growth for the year (+ 26.5%). The "Fasteners" segment in North America also confirms a positive trend (+ 16.3%) following the significant increase in 2022 (+ 41.6%).
The “Structural Components” activity is up + 7.4% in 2023 after a year of strong growth in 2022 (+ 26.3%). The ramp-up of this segment has been slowed down by challenges in raw Material sourcing and recruitment issues in certain labor Markets.
Adjusted for currency effects and excluding scope effects, the LISI AEROSPACE division's revenue increased by + 15.3% in Q4, representing organic growth of + 18.0% for the whole of 2023.
LISI AUTOMOTIVE
The LISI AUTOMOTIVE division's revenue reaches a record level of €610.4 M, up + 9.5% compared to 2022, driven by the ramp-up of new products for the electromobility market and the partial impact of inflation on selling prices. Q4 2023 stands at €141.7 M (+ 5.2% compared to the same period of the previous year) with the negative impacts of the weakening of the US dollar against the euro (- €2.1 M versus + €3.5 M in Q4 2022) and to a lesser extent strikes in the automotive sector in North America at the end of the year.
Adjusted for currency effects and excluding scope effects, the LISI AUTOMOTIVE division's revenue increased by + 6.8% in Q4, representing organic growth of + 10.4% for the whole of 2023. Compared to + 5.5% growth in the worldwide production of the division's customers, this performance once again demonstrates its ability to conquer new market shares. The division indeed maintains a very good momentum in order intake for new products, amounting to approximately €73.0 M throughout the year 2023, representing 12.0% of sales (€70.0 M in 2022). Order intake is particularly good in “Clipped Solutions” in Europe and the US and in “Safety Mechanical Components” in the braking field in particular.
LISI MEDICAL
The LISI MEDICAL division's revenue shows clear improvement (+ 20.6%) compared to 2022 and amounts to €181.9 M; the cumulative increase since 2021 is thus + 49.1%. Sales growth is driven by new products launched by the division and by the replenishment of inventories among leading customers, whether in orthopedic reconstruction or in the field of minimally invasive robotic surgery.
Adjusted for currency effects and excluding scope effects, the LISI MEDICAL division's revenue increased by + 20.0% in Q4, representing organic growth of + 23.0% for the whole of 2023.
The Group achieves its financial objectives in 2023
The margin on EBITDA reached 10.9%, down - 2.2 points compared to 2022. It is affected by the effects of widespread inflation on manufacturing costs as well as temporary surcharges related to numerous recruitments (approximately 1,850 people), with the anticipated effects on productivity improvement expected from 2024 onwards. The situation gradually improved during the financial year thanks to significant training efforts and the partial pass-through of inflation in sales prices. These latter elements thus make it possible to post a margin on EBITDA of 13.2% for Q4 2023.
Depreciation is down 0.7 points compared to 2022.
Net provision reversals amounted to €13.4 M (€1.6 M in 2022). They benefit in particular from provision reversals linked to inventory depreciation, the rotation of which has been accelerated by the resumption of activity as well as by the increase in backlogs to be delivered across the Group's three divisions. These provision reversals do not improve the bottom line, they compensate the operating expenses for the period.
EBIT increased by + 1.8% to €90.7 M. The current operating margin is down - 0.7 points compared to 2022 and stands at 5.6%. It is subject to the dilutive effect of inflation estimated at - 0.4 points.
Non-current operating income and expenses fell to €4.3 M (€9.7 M in 2022). They mainly concern the costs of moving factories from Bologne to Chaumont as part of the Forge 2022 project.
The financial result stands at - €25.6 M (- €2.1 M in 2022); this is mainly due to the following factors:
• the effects linked to the revaluation of debts and receivables in foreign currencies and the change in the fair value of hedging instruments (- €6.9 M compared to + €2.9 M in 2022),
• the financial expenses, which represent the cost of the long-term net debt, amounted to - €20.4 M (- €6.7 M in 2022), i.e. an average fixed rate of 4.5 % (2.6 % in 2022). They were notably increased by the cost of financing the Public Share Buyback Offer (€6.8 M) carried out in May 2023. Gains on current cash investments are €1.7 M, identical to 2022.
Net financial expenses compared to financial debt excluding IFRS 16 therefore represent 4.1% (2.1% in 2022).
The tax burden, calculated based on corporate tax and expressed as a percentage of net income before tax, reflects an effective average tax rate of 39.7 %. This takes unactivated tax losses into account. The effective tax rate adjusted for these non-activated tax losses is 23.4%. It compares to a rate of 26.6% in 2022.
As a result, the group's share of net income is down - 34.1%, it nevertheless remains largely positive and stands at €37.5 M (i.e. 2.3% of sales), compared to €57.0 M (4.0% of sales) in 2022. Earnings per share benefit from a reduction in the number of shares from 54,114,317 to 46,538,313 shares and stand at €0.83 (- 23.1%).
Operating Free Cash Flow is positive across the Group's three divisions, thanks to effective management of working capital requirements in a context of increasing activity, establishment of safety inventories in the LISI AEROSPACE division, and sustained CAPEX.
The financial balances remain robust with a self-financing capacity of €132.5 M (8.1% of sales) which finances, in compliance with the criteria set by the global CSR plan, CAPEX of €96.7 M (5.9% of sales), slightly down compared to 2022. Actions to improve performance and modernize production resources were continued, particularly in the LISI AUTOMOTIVE division (€28.5 M). Examples include:
• orders for cold heading and machining equipment for the Delle site (France) for the production of a new generation of threaded fasteners intended for assembling the battery trays of electric vehicles;
• the development of digitalization and real-time production supervision solutions for the Fuenlabrada site in Spain based on the model of that of Mélisey (France) - “Industry Showcase of the Future”;
• the implementation of a new capacity tranche in Monterrey (Mexico) and Tangier (Morocco) to produce electrical cable channel and vehicle lightweight solutions.
LISI AEROSPACE devoted €51.0 M to the ramp-up of new products with:
• the increase in manufacturing capacity and the optimization of production means at B&E Manufacturing (US) for the Manufacture of high-pressure hydraulic fittings as well as the installation of a production line for this family of products on the Saint-Ouenl’Aumône site (France);
• the continued relocation and modernization of the “Engine” segment at the Bologne (France) site to the Chaumont (France) site as part of the multi-year “Forge 2022” project;
• the increase in manufacturing capacities, particularly in compressor blade activities.
CAPEX also remained high for LISI MEDICAL (€17.1 M) and focused on increasing production capacities for new products such as:
• harmonic scalpels;
• joint reconstruction implants.
The level of working capital requirements is decreasing in terms of days despite the increase in business (i.e. in work in progress) on the one hand, and the maintenance of strategic inventories to meet uncertain procurement lead times and to secure the sustained increase in production levels within the LISI AEROSPACE division in the long term on the other hand.
It stands at 75 days of sales (83 days in 2022) with inventories expressed in number of days of sales also decreasing (105 days in 2023 compared to 111 days in 2022) despite an unfavorable impact of the inflation estimated at 4 days.
Taking these aspects into account and in accordance with the objectives, the operating Free Cash Flow is positive and stands at €22.2 M (1.4% of revenue).
Financial strength preserved after the Share Buyback Public Offering
Net debt stands at €501.1 M and includes €204.6 M of financing linked to the Share Buyback Public Offering and €107.4 M of debt relating to IFRS 16. It represents 53.4% of equity (26.1% as at December 31, 2022). Relative to EBITDA, the net debt ratio stands at 2.8x (1.6x as at December 31, 2022), which is less than the covenant authorized by banking partners (3.5x ). Adjusted for the impact of the financing of the Share Buyback Public Offering, the net debt represents 25.1% of equity, and the debt ratio is 1.6 times the EBITDA.
The return on capital employed before taxes stands at 6.3%, identical to that of 2022.
Furthermore, annual depreciation tests did not reveal any loss of value.
The Board of Directors will propose for approval by the Ordinary General Meeting of shareholders to set the dividend at €0.31 per share for the 2023 financial year (€0.15 per share in 2022).
LISI AEROSPACE
• + 17.0 % growth in sales to €838.9 M (2022: €717.3 M) driven by the increase in singleaisle production rates among the main ordering customers and the good momentum of the helicopter and military market segments;
• Current operating profit maintained at + €50.2 M (2022: + €49.9 M) despite the inflationary context and the acceleration in recruitment which weighs on productivity;
• Maintenance of a positive operating Free Cash Flow at + €7.0 M, in a context characterized by increased activity, high inflation on raw materials, and the continued high level of strategic stocks to secure production ramp-ups.
Key figures as at December 31
In €M | 2023 | 2022 | Changes |
Sales | 838.9 | 717.3 | + 17.0 % |
EBITDA | 95.8 | 103.3 | - 7.3 % |
EBIT | 50.2 | 49.9 | + 0.7 % |
Operating cash flow | 66.5 | 80.8 | - 17.7 % |
Net industrial CAPEX | - 51.0 | - 53.3 | - 4.3 % |
Free Operating Cash Flow | 7.0 | 9.7 | - €2.7 M |
Employed at year-end | 5 871 | 5,551 | + 5.8 % |
Average full-time equivalent workforce** | 6,231 | 5,701 | + 9.3 % |
* Free Operating Cash Flow: net operating cash flow Minus net CAPEX and changes in working capital requirements.
** including temporary workers.
LISI AUTOMOTIVE
• + 9.5 % growth in sales to €610.4 M (2022: €557.6 M) driven by the rise of new products intended for the electromobility market and the partial pass-through of inflation in sales prices;
• Current operating profit at €21.7 M (2022: + €28.1 M) affected by the impact of inflation on all Manufacturing costs and the acceleration of recruitments, which momentarily weigh on productivity;
• Operating Free Cash Flow up sharply to + €25.9 M thanks to the effective adjustment of the working capital requirement to the activity level;
• Continuation of an excellent momentum in the acquisition of orders for new products, reaching a new record in 2023 at €73.0 M.
Key figures as at December 31
In €M | 2023 | 2022 | Changes |
Sales revenue | 610.4 | 557.6 | + 9.5 % |
EBITDA | 52.1 | 61.3 | - 15.1% |
EBIT | 21.7 | 28.1 | - 22.8% |
Operating cash flow | 39.1 | 53.5 | - 26.9 % |
Net industrial CAPEX | - 28.5 | - 30.6 | - 6.9 % |
Free Operating Cash Flow* | 25.9 | 9.4 | + €16.5 M |
Employed at year-end | 3,202 | 3,298 | - 2.9 % |
Average full-time equivalent workforce** | 3,292 | 3,259 | + 1.0 % |
* Free Operating Cash Flow: net operating cash flow Minus net CAPEX and changes in working capital requirements.
** including temporary workers.
LISI MEDICAL
• Second consecutive financial year with more than 20% growth which reached the record level of €181.9 M driven by the success of the new products launched by the division and the post-COVID rebound among the division's main customers;
• The current operating margin exceeds 10% (11.5% of sales, or + 2.9 points compared to 2022);
• Operating Free Cash Flow is positive (+ €8.0 M) thanks to a good adjustment of working capital requirements and after significant CAPEX.
Key figures as at December 31
In €M | 2023 | 2022 | Changes |
Sales | 181.9 | 150.8 | + 20.6 % |
EBITDA | 31.6 | 22.7 | + 39.4% |
EBIT | 20.8 | 13.0 | + 60.1 % |
Operating cash flow | 26.8 | 20.8 | + 28.4 % |
Net industrial CAPEX | - 17.1 | - 25.7 | - 33.5 % |
Free Operating Cash Flow* | 8.0 | 1.0 | + €7.9 M |
Employed at year-end | 846 | 780 | + 8.5 % |
Average full-time equivalent workforce** | 890 | 809 | + 10.0 % |
* Free Operating Cash Flow: net operating cash flow Minus net CAPEX and changes in working capital requirements.
** including temporary workers.
Future outlook
LISI AEROSPACE
In civil aeronautics, the outlook offers strong visibility to the entire sector over time with a book-to-bill ratio significantly greater than 1. The other market segments (helicopters and military) are also doing well.
The increase in production levels and the recruitment necessary to cope with them will hold a central place in LISI AEROSPACE's action, in a context where inflationary pressure should however be reduced. Cost increases, those experienced so far as well as those of 2024, will still have to be reflected in sales prices given the inertia of contracts. Concurrently, the reduction in inventories remains a priority objective.
The division will also continue its innovation efforts on products and manufacturing processes to ensure its future growth, and to adapt to the tightening of quality requirements. The Innovation Award recently awarded to LISI AEROSPACE for its OPTIBLIND™ assembly system and the initial deliveries of parts based on TYX technology (alternative to high-power forging technology) constitute important elements of differentiation to the division.
LISI AUTOMOTIVE
The volume of the global automobile market is expected to be stable in 2024. However, it will continue to fluctuate in a context marked by a profound shift in the global competitive landscape, notably with the significant rise of Chinese players.
The LISI AUTOMOTIVE division nevertheless forecasts an increase in sales in 2024: this is based on solid positioning, fueled by record order intake in recent years for new high valueadded products that meet the growing needs of the market in terms of electromobility.
Operationally, priorities will remain focused on adjusting production levels to meet customer needs, continuing efforts to enhance the overall competitiveness of LISI AUTOMOTIVE product offerings, and industrializing and ramping up the production of new products ordered in 2022 and 2023.
LISI MEDICAL
The minimally invasive surgery and orthopedic reconstruction markets are well oriented over the long term. The division enters fiscal 2024 with strong order books that could adjust based on inventory levels in the hospital supply chain.
Priority will be given to the continued development of new products and the ramp-up of production volumes while maintaining the necessary flexibility to cope with possible fluctuations in order books.
LISI CONSOLIDATED
The Group is expected to benefit from the positive momentum of various markets in which it is well positioned, thanks to the acquisition of orders for new high-value-added products and innovative solutions that meet evolving customer needs. It is thus reaping the fruits of significant innovation programs and industrial investments implemented in recent years.
The Major point of attention for the coming year will be the ability to adapt production levels to customer demand and ensure program continuity.
In an environment where inflationary pressure is expected to subside, the Group aims to improve its key financial indicators: EBIT and Free Cash Flow.
CONTACT
Emmanuel VIELLARD, CEO
Email: emmanuel.viellard@lisi-group.com
Tel. : +33 (0)3 84 57 00 77 - www.lisi-group.com
Income statement
(in thousands of euros) 12/31/2023 12/31/2022
SALES REVENUES | 1 630 444 | 1 425 212 |
Changes in inventories, finished products and production in progress | 19 400 | 39 363 |
Total production | 1 649 844 | 1 464 575 |
Other income | 47 901 | 38 566 |
TOTAL OPERATING REVENUES | 1 697 745 | 1 503 141 |
Consumed goods | (513 070) | (450 558) |
Other purchases and external expenses | (385 508) | (319 554) |
Taxes and duties | (9 509) | (9 562) |
Employee benefits expense (including temps) | (611 461) | (537 010) |
EBITDA | 178 197 | 186 458 |
Depreciation | (100 903) | (98 963) |
Net provisions | 13 389 | 1 605 |
CURRENT OPERATING PROFIT (EBIT) | 90 683 | 89 100 |
Non-recurring operating revenues | (4 312) | (9 678) |
OPERATING PROFIT 86 371 79 423
Financing expenses and revenue on cash | (20 206) | (4 989) |
Revenue on cash | 1 652 | 1 719 |
Financing expenses | (21 858) | (6 708) |
Other interest revenue and expenses | (5 415) | 2 845 |
Other financial items | 18 329 | 40 075 |
Other interest expenses | (23 744) | (37 230) |
Taxes (including CVA (Tax on Companies' Added Value)) | (24 083) | (20 550) |
PROFIT (LOSS) FOR THE PERIOD 36 667 56 729
Attributable as company shareholders' equity | 37 533 | 56 960 |
Interest not granting control over the company | (866) | (231) |
EARNINGS PER SHARE (IN €) | 0,83 | 1,08 |
DILUTED EARNINGS PER SHARE (IN €) | 0,81 | 1,06 |
Internal Public
Statement of comprehensive income
(in thousands of euros) 12/31/2023 12/31/2022
PROFIT (LOSS) FOR THE PERIOD | 36 667 | 56 729 |
Elements not recyclable in result | ||
Revaluation of net liabilities (assets) of defined benefit plans (gross element) | -4 887 | 6 094 |
Revaluation of net liabilities (assets) of defined benefit plans (tax impact) | 781 | -2 301 |
Elements that can subsequently be recycled as a result
Exchange rate differences resulting from foreign operations | -7 993 | 15 289 |
Hedging instruments (gross element) | 1 812 | 661 |
Hedging instruments (tax impact) | -656 | 577 |
TOTAL OTHER PORTIONS OF GLOBAL EARNINGS FOR THE PERIOD, AFTER TAXES -10 943 20 320
TOTAL OVERALL INCOME FOR THE PERIOD | 25 723 | 77 048 |
Attributable as company shareholders' equity | 26 425 | 77 388 |
Interest not granting control over the company | -701 | -339 |
Internal Public
Statement of financial position
Goodwill | 406 722 | 413 938 |
Other intangible assets | 28 682 | 31 568 |
Tangible assets | 746 880 | 730 492 |
Non-current financial assets | 15 120 | 10 971 |
Deferred tax assets | 44 193 | 50 912 |
Other non-current assets | 85 | 165 |
TOTAL NON-CURRENT ASSETS | 1 241 682 | 1 238 046 |
CURRENT ASSETS
Inventories | 437 323 | 400 298 |
Taxes - Claim on the state | 14 112 | 12 790 |
Trade and other receivables | 226 137 | 203 803 |
Cash and cash equivalents | 139 312 | 144 149 |
TOTAL CURRENT ASSETS | 816 884 | 761 040 |
TOTAL ASSETS 2 058 566 1 999 087
Capital stock | 18 615 | 21 646 |
Additional paid-in-capital | – | 75 329 |
Treasury shares | (19 638) | (20 135) |
Consolidated reserves | 866 704 | 941 394 |
Conversion reserves | 35 908 | 44 061 |
Other elements of comprehensive income | (6 554) | (3 599) |
Profit (loss) for the period | 37 533 | 56 960 |
TOTAL SHAREHOLDERS' EQUITY - GROUP'S SHARE | 932 565 | 1 115 656 |
Interest not granting control over the company | 6 171 | 2 770 |
TOTAL SHAREHOLDERS' EQUITY | 938 736 | 1 118 426 |
NON-CURRENT LIABILITIES
Non-current provisions | 52 859 | 50 992 |
Non-current borrowings | 494 383 | 327 804 |
Other non-currents liabilities | 10 792 | 7 434 |
Deferred tax liaibilities | 48 897 | 46 398 |
TOTAL NON-CURRENT LIABILITIES | 606 931 | 432 628 |
CURRENT LIABILITIES
Current provisions | 10 054 | 25 211 |
Current borrowings | 145 989 | 107 838 |
Trade and other accounts payable | 356 027 | 313 950 |
Taxes due | 829 | 1 034 |
TOTAL CURRENT LIABILITIES | 512 899 | 448 035 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 2 058 566 1 999 087
* Including short-term banking facilities 21 959 6 851
Internal Public
Consolidated cash flow statement
OPERATING ACTIVITIES
NET PROFIT (LOSS) | 36 667 | 56 729 |
Elimination of net expenses not affecting cash flows: | ||
- Depreciation and non-recurrent financial provisions | 100 368 | 97 029 |
- Changes in deferred taxes | 8 765 | 8 552 |
- Incarne on disposals, provisions for liabilities and others | (11 465) | (7 489) |
Net change in provisions provided by or used for current operations | (1 835) | 3 065 |
OPERATING CASH FLOW | 132 499 | 157 886 |
Income tax expense elimination | 15 318 | 11 998 |
Elimination of net borrowing costs | 17 986 | 5 029 |
Effect of changes in inventory on cash | (37 605) | (68 177) |
Effect of changes in accounts receivable and accounts payable | 25 974 | 39 921 |
NET CASH PROVIDED BY OR USED FOR OPERATIONS BEFORE TAX | 154 173 | 146 657 |
Tax paid | (17 256) | (12 916) |
CASH PROVIDED BY OR USED FOR OPERATING ACTIVITIES (A) 136 916 133 742
INVESTMENT ACTIVITIES
Acquisition of consolidated companies | ||
Acquired cash | ||
Acquisition of tangible and intangible fixed assets | (98 889) | (110 553) |
Acquisition of financial assets | (3 000) | |
Change in granted loans and advances | (67) | (1 096) |
TOTAL CASH USED FOR INVESTMENT ACTIVITIES | (101 956) | (111 649) |
Divested cash | ||
Disposal of consolidated companies | ||
Disposal of tangible and intangible fixed assets | 2 182 | 884 |
Disposal of financial assets | ||
TOTAL CASH FROM DISPOSALS | 2 182 | 884 |
CASH PROVIDED BY OR USED FOR INVESTMENT ACTIVITIES (B) (99 774) (110 764)
FINANCING ACTIVITIES
Capital increase | 4 106 | |
Capital decrease (OPRA) | (204 552) | |
Dividends paid to Group shareholders | (7 996) | (15 418) |
Dividends paid to non-controlling interests in consolidated companies | ||
TOTAL CASH FROM EQUITY OPERATIONS | (208 441) | (15 418) |
New long-term loans | 267 585 | 89 728 |
New short-term loans | 621 | 2 105 |
Repayment of long-term loans | (23 555) | (3 552) |
Repayment of short-term loans | (79 445) | (166 234) |
Net interest expense paid | (17 986) | (5 029) |
TOTAL CASH FROM LOANS AND OTHER FINANCIAL LIABILITIES | 147 221 | (82 982) |
CASH PROVIDED BY OR USED FOR FINANCING ACTIVITIES (C) (61 220) (98 400)
Effect of change in foreign exchange rates (D) | 3 643 | (1 363) |
Effect of adjustments in treasury shores (D) | 490 | (654) |
CHANGES IN CASH (A+B+C+D) | (19 945) | (77 440) |
Cash at January 1 (E) | 137 298 | 214 736 |
Cash at year-end (A+B+C+D+E) | 117 353 | 137 298 |
Cash and cash equivalents | 139 312 | 144 149 |
Short-term banking facilities | (21 959) | (6 851) |
CLOSING CASH POSITION 117 353 137 298
Internal Public
Statement of changes in equity
Interest not
Other elements of Profit for Group's share of granting Total
Capital stock Capital-linked Treasury Consolidated Conversion comprehensive the period, shareholders' control over shareholders'
(in thousands of euros) | premiums | shares | reserves | reserves | income | Group share | equity | the company | equity | |
SHAREHOLDERS’ EQUITY AT JANUARY 1, 2022 | 21 646 | 75 329 | (19 480) | 908 804 | 28 629 | (8 595) | 44 048 | 1 050 383 | 3 110 | 1 053 493 |
Profit (loss) for the period N (a) | – | – | – | – | – | – | 56 960 | 56 960 | (231) | 56 729 |
Translation differences (b) | – | – | – | – | 15 432 | – | – | 15 432 | (143) | 15 289 |
Payments in shares | – | – | – | 1 354 | – | – | – | 1 354 | – | 1 354 |
Restatement of treasury shares | – | – | (655) | (39) | – | – | – | (694) | – | (694) |
Revaluation of net liabilities (assets) of defined benefit plans (c) | – | – | – | – | – | 3 793 | – | 3 793 | – | 3 793 |
Appropriation of N-1 earnings | – | – | – | 44 048 | – | – | (44 048) | – | – | – |
Dividends distributed | – | – | – | (15 418) | – | – | – | (15 418) | – | (15 418) |
Restatement of financial instruments (d) | – | – | – | – | – | 1 204 | – | 1 204 | 35 | 1 238 |
Various | – | – | – | 2 643 | – | – | – | 2 643 | – | 2 643 |
SHAREHOLDERS’ EQUITY AT DECEMBER 31, 2022 | 21 646 | 75 329 | (20 135) | 941 394 | 44 061 | (3 599) | 56 960 | 1 115 656 | 2 770 | 1 118 426 |
including total income and expenses reported for the year (a) + (b) + (c) + (d) | – | – | – | – | 15 432 | 4 996 | 56 960 | 77 388 | (339) | 77 048 |
SHAREHOLDERS’ EQUITY AT JANUARY 1ST, 2023 | 21 646 | 75 329 | (20 135) | 941 394 | 44 061 | (3 599) | 56 960 | 1 115 656 | 2 770 | 1 118 426 |
Profit (loss) for the period N (a) | – | – | – | – | – | – | 37 533 | 37 533 | (866) | 36 667 |
Translation differences (b) | – | – | – | – | (8 153) | – | – | (8 153) | 160 | (7 993) |
Payments in shares | – | – | – | 2 302 | – | – | – | 2 302 | – | 2 302 |
Capital increase | – | – | – | – | – | – | – | – | 4 102 | 4 102 |
Capital decrease (OPRA) | (3 030) | (75 329) | – | (126 193) | – | – | – | (204 552) | – | (204 552) |
Restatement of treasury shares | – | – | 497 | 43 | – | – | – | 540 | – | 540 |
Revaluation of net liabilities (assets) of defined benefit plans (c) | – | – | – | – | – | 3 793 | – | 3 793 | – | 3 793 |
Appropriation of N-1 earnings | – | – | – | 56 960 | – | – | (56 960) | – | – | – |
Dividends distributed | – | – | – | (7 996) | – | – | – | (7 996) | – | (7 996) |
Restatement of financial instruments (d) | – | – | – | – | – | 1 150 | – | 1 150 | 5 | 1 155 |
Various | – | – | – | 191 | – | – | – | 191 | – | 191 |
SHAREHOLDERS’ EQUITY AT DECEMBER 31, 2023 | 18 615 | – | (19 638) | 866 704 | 35 908 | (6 554) | 37 533 | 932 565 | 6 171 | 938 736 |
including total income and expenses reported for the year (a) + (b) + (c) + (d) | – | – | – | – | (8 153) | (2 955) | 37 533 | 26 425 | (701) | 25 723 |
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