STATEMENT OF FINANCIAL POSITION - ASSETS
| AMOUNTS IN THOUSAND EUROS | NOTES | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| ASSETS | |||
| Non-current Assets | |||
| Property, plant and equipment | 8 | 721,578 | 562,243 |
| Right-of-use assets | 9 | 16,519 | 19,841 |
| Intangible assets | 10 | 8,964 | 11,092 |
| Goodwill | 11 | 8,077 | 8,077 |
| Investments in associates and joint ventures | 12 | 26,897 | 24,545 |
| Other investments | 13 | 461 | 434 |
| Non-current financial assets | 14 | 3,544 | 6,667 |
| Deferred tax assets | 15 | 31,190 | 16,763 |
| Other non-current assets | 16 | 3,482 | 1,362 |
| TOTAL NON-CURRENT ASSETS | 820,712 | 651,024 | |
| Current assets | |||
| Inventories | 17 | 375,983 | 295,196 |
| Trade receivables | 18 | 242,577 | 326,707 |
| Trade receivables from parent companies and for tax consolidation | 19 | — | 9,069 |
| Trade receivables from associates | 20 | 49,625 | 30,616 |
| Tax receivables | 21 | 2,626 | 7,898 |
| Current financial assets | 22 | 5,563 | 7,560 |
| Other current assets | 23 | 55,698 | 63,560 |
| Cash and cash equivalents and short-term deposits | 24 | 50,720 | 173,189 |
| TOTAL CURRENT ASSETS | 782,792 | 913,795 | |
| TOTAL ASSETS | 1,603,504 | 1,564,819 | |
STATEMENT OF FINANCIAL POSITION - LIABILITIES AND SHAREHOLDERS’ EQUITY
| AMOUNTS IN THOUSAND EUROS | NOTES | 31.12.2024 | 31.12.2023 | |
|---|---|---|---|---|
| SHAREHOLDERS’ EQUITY AND LIABILITIES | ||||
| Shareholders’ equity | ||||
| Share capital | 25 | 50,000 | 50,000 | |
| Other reserves | 25 | 883,061 | 864,808 | |
| Profit/loss for the year | 25 | (37,798) | 12,872 | |
| TOTAL GROUP SHAREHOLDERS’ EQUITY | 895,263 | 927,680 | ||
| Minority interest Shareholders’ equity | 25 | 331 | 274 | |
| Minority interest profit | 25 | 56 | 24 | |
| TOTAL SHAREHOLDERS’ EQUITY | 895,650 | 927,978 | ||
| Non-current liabilities | ||||
| Non-current financial payables | 26 | 84,686 | 133,445 | |
| Non-current lease payables | 9 | 9,985 | 13,617 | |
| Other non-current financial liabilities | — | — | — | |
| Liabilities for employee benefits | 27 | 5,090 | 5,272 | |
| Provisions for risks and charges | 28 | 3,481 | 6,614 | |
| Deferred tax liabilities | 15 | 1,903 | 3,078 | |
| Other non-current liabilities | 29 | 859 | 860 | |
| TOTAL NON-CURRENT LIABILITIES | 106,003 | 162,886 | ||
| Current liabilities | ||||
| Current financial payables | 26 | 107,820 | 67,734 | |
| Current lease payables | 9 | 3,781 | 3,949 | |
| Trade payables to parent companies and for tax consolidation | 30 | — | 431 | |
| Trade payables | 31 | 385,381 | 279,172 | |
| Trade payables to associates | 32 | 52,703 | 61,602 | |
| Tax payables | 33 | 8,480 | 19,434 | |
| Other current liabilities | 34 | 43,685 | 41,633 | |
| TOTAL CURRENT LIABILITIES | 601,850 | 473,955 | ||
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 1,603,504 | 1,564,819 | ||
CONSOLIDATED INCOME STATEMENT
| AMOUNTS IN THOUSAND EUROS | NOTES | 2024 | 2023 |
|---|---|---|---|
| Revenues from contracts with customers | 35 | 1,652,984 | 1,724,219 |
| Rental income | 36 | 806 | 1,043 |
| Other income | 37 | 27,764 | 22,475 |
| Changes in inventories of finished and semi-finished products | 42,678 | (86,549) | |
| Raw materials and consumables | 38 | (1,176,036) | (1,071,218) |
| Cost of services | 39 | (382,162) | (380,246) |
| Personnel costs | 40 | (138,277) | (126,408) |
| Other operating costs | 41 | (6,208) | (12,229) |
| Increases in fixed assets for in-house work | 42 | 6,227 | 6,541 |
| Depreciation and amortisation | 43 | (70,306) | (65,391) |
| Reversal/(Write-down) of financial assets | 44 | (132) | (1,177) |
| Financial income | 45 | 1,199 | 2,446 |
| Financial expenses | 46 | (7,676) | (7,886) |
| Share of profit of associates and joint ventures | 47 | 3,069 | 3,855 |
| Exchange gains and (losses) | 48 | (144) | (30) |
| PROFIT BEFORE TAX FROM OPERATING ACTIVITIES | (46,214) | 9,445 | |
| INCOME TAXES | 49 | 8,472 | 3,451 |
| NET RESULT FROM OPERATING ACTIVITIES | (37,742) | 12,896 | |
| NET RESULT | (37,742) | 12,896 | |
| Result for the Group | (37,798) | 12,872 | |
| Minority interest result | 56 | 24 |
STATEMENT OF OTHER COMPREHENSIVE INCOME
| AMOUNTS IN THOUSAND EUROS | NOTES | 2024 | 2023 |
|---|---|---|---|
| NET RESULT | (37,742) | 12,896 | |
| Other comprehensive income components | |||
| Other comprehensive income components that will be reclassified to profit/(loss) for the year (Net of tax) | |||
| Net profit from the hedging of net investments | |||
| Translation differences in foreign financial statements | 25 | (39) | (133) |
| Net (loss)/gain from cash flow hedges | 25 | (2,315) | (7,372) |
| TOTAL OTHER COMPREHENSIVE INCOME COMPONENTS THAT WILL BE RECLASSIFIED TO PROFIT/(LOSS) FOR THE YEAR NET OF TAX | (2,354) | (7,505) | |
| Other comprehensive income components that will not be reclassified to profit/(loss) for the year net of tax | |||
| (Loss)/gain from revaluation on defined benefit plans | 27 | 67 | (99) |
| TOTAL OTHER COMPREHENSIVE INCOME COMPONENTS THAT WILL NOT BE RECLASSIFIED TO PROFIT/(LOSS) FOR THE YEAR NET OF TAX | 67 | (99) | |
| TOTAL OTHER COMPREHENSIVE INCOME COMPONENTS NET OF TAX | (2,287) | (7,604) | |
| TOTAL COMPREHENSIVE PROFIT/(LOSS) NET OF TAX | (40,029) | 5,292 | |
| Result for the Group | (40,118) | 12,872 | |
| Minority interest result | 89 | 24 |
CASH FLOW STATEMENT
| AMOUNTS IN THOUSAND EUROS | NOTES | 2024 | 2023 |
|---|---|---|---|
| NET RESULT | (37,742) | 12,896 | |
| Adjustments to reconcile pre-tax profit with net cash flows: | |||
| Depreciation and impairment of property, plant and equipment | 43-8 | 62,532 | 57,757 |
| Amortisation and impairment of intangible assets | 43-10 | 3,864 | 4,096 |
| Amortisation of right of use | 43-9 | 3,783 | 3,538 |
| Further write-downs of fixed assets | 127 | ||
| Capital loss/gain on disposal of assets | 41 | (564) | 2,790 |
| Financial income | 45 | (1,199) | (2,446) |
| Financial expenses | 46 | 7,676 | 7,886 |
| Finance costs on financial lease liabilities | 275 | 232 | |
| Income taxes | 49 | (8,472) | (3,451) |
| Share of profit for the year of associates and joint ventures | 47 | (3,069) | (3,855) |
| Write-down of current assets | 44 | 132 | 445 |
| Net change in employee severance indemnity and pension funds | 27 | (115) | (656) |
| Net change in provisions for risks and charges | 28 | (3,133) | 1,058 |
| Net change in deferred tax assets and liabilities | 15 | (1,622) | (2,102) |
| Interest income received | 744 | ||
| Interest paid | (6,127) | (5,359) | |
| Income taxes paid | (7,157) | (18,898) | |
| Changes in working capital: | |||
| (Increase)/decrease in inventories | 17 | (80,787) | 104,988 |
| (Increase)/decrease in trade receivables | 18 | 64,991 | 83,816 |
| (Increase)/decrease in other non-financial assets | 7,667 | 21,534 | |
| Increase/(decrease) in trade payables | 31 | 97,310 | (53,944) |
| Increase/(decrease) in tax payables | 33 | (4,034) | 4,254 |
| Increase/(decrease) in other non-financial liabilities | 25 | 323 | (74,561) |
| Other decreases/(increases) in net working capital | 9,914 | (7,940) | |
| CASH FLOW GENERATED/(ABSORBED) BY OPERATING ACTIVITIES | 143,060 | 119,184 | |
| Investing activities: | |||
| Net investments in tangible fixed assets | 8 | (222,410) | (164,524) |
| Net investments in intangible assets | 10 | (1,511) | (2,206) |
| Net investments in financial fixed assets | (27) | 8 | |
| Net investments in short-term financial assets | |||
| Acquisition of subsidiaries, net of cash acquired | |||
| CASH FLOW GENERATED/(ABSORBED) BY INVESTING ACTIVITIES | (223,948) | (166,722) | |
| Financing activities: | |||
| New loans | 26 | 838 | 57,942 |
| Repayment of loans | 26 | (51,341) | (31,418) |
| Change in financial receivables (incl. derivative assets) | 3,259 | 1,298 | |
| Change in financial payables (incl. derivative liabilities) | 39,491 | (2,599) | |
| Principal payments - lease liabilities | (3,746) | (3,068) | |
| Dividends paid to shareholders | (15,000) | ||
| Capital increase/decrease | 7,700 | ||
| Other changes in Shareholders’ equity | (39) | ||
| CASH FLOW GENERATED/(ABSORBED) BY FINANCING ACTIVITIES | (3,839) | 7,155 | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (122,469) | (27,486) | |
| Net cash and cash equivalents at the beginning of the period | 173,189 | 200,675 | |
| Net cash and cash equivalents at the end of the period | 50,720 | 173,189 |
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