SAVENCIA: 2024 Half-yearly financial report

In thousands of euro

2024

2023

NET SALES

3,380,102

3,375,673

Purchases adjusted for changes in inventories

-2,220,936

-2,279,268

Personnel costs

-643,809

-600,490

Depreciation and amortization

-104,025

-94,978

Other current operating income and expenses

-301,772

-288,989

CURRENT OPERATING PROFIT

109,560

111,948

Other operating income and expense

-6,805

-14,087

OPERATING PROFIT

102,755

97,861

Financial expenses

-35,815

-30,331

Financial income

25,893

15,514

Result on net monetary position

-5,258

778

Group share of associates' net income

1,303

1,260

EARNINGS  BEFORE TAX

88,878

85,082

Income tax expense

-24,877

-27,465

Net income from continuing operations

64,001

57,617

NET INCOME FOR THE PERIOD

64,001

57,617

Net income attributable to equity holders of the parent company

57,916

51,286

Non-controlling interests

6,085

6,331

EARNINGS PER SHARE (in euro)

Group share

• basic

4.33

3.80

• diluted

4.33

3.80

From continuing operations:

• basic

4.33

3.80

• diluted

4.33

3.80

In thousands of euro

2024

2023

NET INCOME FOR THE PERIOD

64,001

57,617

Other comprehensive income:

Foreign exchange differences

-1,201

-46,462

Change in fair value of cash-flow hedges

2,837

-1,441

Currency basis spread

156

464

Hyperinflation

66,796

19,895

Share of associates and joint-ventures in recyclable components

-72

-44

Total recyclable components of other comprehensive income

68,516

-27,588

Actuarial gains and losses relating to employment benefit plans

3,574

-3

Share of associates and joint-ventures in non-recyclable components

-

-

Total non-recyclable components of other comprehensive income

3,574

-3

Total other comprehensive income net of tax

72,090

-27,591

TOTAL COMPREHENSIVE INCOME NET OF TAX

136,091

30,026

Group share

130,074

23,966

Non-controlling interests

6,017

6,060

In thousands of euro

At June 30, 2024

At December 31,

2023

Intangible assets

522,678

514,148

Property, plant and equipment

1,333,522

1,284,993

Rights of use assets for leases

69,551

65,511

Other non- current financial assets

31,903

29,012

Investments in associates

29,094

28,809

Non-current derivative financial instruments

22,020

17,175

Deferred tax assets

40,098

35,813

Other non-current assets

5,902

6,662

TOTAL NON-CURRENT ASSETS

2,054,768

1,982,123

Inventories and work in progress

980,648

849,590

Trade and other receivables

986,892

1,131,845

Tax receivables

33,260

37,060

Current derivative financial instruments

8,236

7,301

Other current financial assets

99,087

45,153

Cash and cash equivalents

762,256

590,984

Assets held for sale or relating to discontinued operations

-

3,075

TOTAL CURRENT ASSETS

2,870,379

2,665,008

ASSETS

4,925,147

4,647,131

In thousands of euro

At June 30, 2024

At December 31,

2023

Paid-in capital

50,194

50,516

Other reserves

-204,642

-210,010

Retained earnings

1,844,863

1,740,188

GROUP SHARE OF EQUITY

1,690,415

1,580,694

Non-controlling interests

241,567

237,206

TOTAL EQUITY

1,931,982

1,817,900

Provisions for pensions

75,947

79,156

Other provisions

19,880

21,648

Non-current financial borrowings

267,637

391,564

Non-current lease liabilities

49,650

47,156

Other non-current liabilities

24,805

23,763

Non-current derivative financial instruments

4,346

4,848

Deferred tax liabilities

97,460

82,109

TOTAL NON-CURRENT LIABILITIES

539,725

650,244

Trade and other payables

1,329,543

1,405,376

Tax payable

23,248

23,240

Current derivative financial instruments

4,565

3,686

Current bank borrowings

1,070,830

722,497

Current lease liabilities

25,254

24,188

TOTAL CURRENT LIABILITIES

2,453,440

2,178,987

LIABILITIES

2,993,165

2,829,231

EQUITY AND LIABILITIES

4,925,147

4,647,131

In thousands of euro

2024

2023

Net income from continuing operations

64,001

57,617

Income tax expense

24,877

27,465

Amortization and provisions

104,025

94,978

Gains and losses on disposal of assets

41

-255

Group share of results of associates

-1,303

-1,260

Net financial expense

6,036

9,155

Other non-cash expenses and income

33,039

18,992

Gross operating margin

230,716

206,692

Interest paid ⁽²⁾

-29,984

-24,173

Interest received

23,987

15,094

Income tax paid

-24,047

-24,009

Change in working capital

-69,388

-191,142

NET CASH FLOW FROM OPERATING ACTIVITIES

131,284

-17,538

Acquisition of subsidiaries, operating units

22

-30,617

Disposal of activities net of  transferred cash

-

-

Acquisitions of investments in associates and joint ventures

-

-3,389

Purchase of tangible and intangible assets

-94,273

-70,228

Disposal of tangible and intangible assets

3,882

916

Acquisition of long-term financial assets

-3,081

-11,985

Disposal of long-term financial assets

22

1,316

Changes in other current financial assets

-56,183

-32,613

Dividends received (including dividends received from associates)

576

88

NET CASH USED IN INVESTING ACTIVITIES

-149,035

-146,512

Purchase and sale of own shares

-322

-380

Capital increase received from minority shareholders

-

-

Changes in interests in controlled entities

-

-9,066

New borrowings

317,308

236,392

Repayments of borrowings

-106,898

-17,178

Repayment of lease obligations

-14,768

-14,025

Dividends paid

-21,494

-24,325

NET CASH FLOW FROM FINANCING ACTIVITIES

173,826

171,418

Impact of foreign exchange differences

4,840

-8,813

Net change in cash and cash equivalents

160,915

-1,445

OPENING CASH BALANCE

533,074

496,902

CLOSING CASH BALANCE

693,989

495,457

In thousands of euro

Paid-in capital

Other reserves

Retained earnings

Group share of equity

Non-

controlling interests

Total

consolidated equity

EQUITY AT 01/01/2023

55,780

-85,977

1,623,759

1,593,562

233,660

1,827,222

Dividends distributed

-17,510

-17,510

-6,815

-24,325

Total comprehensive income at 06/30/2023

-47,213

71,179

23,966

6,060

30,026

Purchase / sale of treasury shares

-380

-

-380

-

-380

Change in share capital

-

-

-

-

-

-

Changes in consolidation scope :

• Purchase of non-controlling interests

-

-

-

-

-

-

• Put options granted to non-controlling interests

79

79

941

1,020

• Increase further to business combinations

-

-

-

-

• Change in percentages of interest

-

-

-

-

EQUITY AT 06/30/2023

55,400

-133,190

1,677,507

1,599,717

233,846

1,833,563

EQUITY AT 12/31/2023

50,516

-210,010

1,740,188

1,580,694

237,206

1,817,900

Dividends distributed

-18,713

-18,713

-3,233

-21,946

Total comprehensive income at 06/30/2024

5,368

124,706

130,074

6,017

136,091

Purchase / sale of treasury shares

-322

-

-322

-

-322

Change in share capital

-

-

-

-

-

-

Changes in consolidation scope :

• Purchase of non-controlling interests

-

-

-

-

• Put options granted to non-controlling interests

-1,318

-1,318

407

-911

• Increase further to business combinations

-

-

1,170

1,170

• Change in percentages of interest

-

-

-

-

EQUITY AT 06/30/2024

50,194

-204,642

1,844,863

1,690,415

241,567

1,931,982