IFRS Consolidated Financial Statements of Xella ... · PDF file Consolidated Statement of Cash...

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  • Xella International S.A.

    3 of 81

    IFRS Consolidated Financial Statements of

    Xella International S.A.

    for 2014

  •  

  • Xella International S.A.

    4 of 81

    Table of contents

    Consolidated Financial Statements 2014

    Consolidated Statement of Financial Position ............................................................................ 6

    Consolidated Statement of Income – by nature of expense ........................................................ 7

    Consolidated Statement of Comprehensive Income ................................................................... 8

    Consolidated Statement of Changes in Equity ............................................................................ 9

    Consolidated Statement of Cash Flows .................................................................................... 11

    Notes to the Consolidated Financial Statements 2014

    A. Background .......................................................................................................................... 12

    B. Notes to the Consolidated Statement of Financial Position .................................................. 28

    1 . Property, Plant and Equipment ........................................................................................ 28

    2 . Intangible Assets ............................................................................................................. 30

    3 . Investments in Associates (At Equity) .............................................................................. 31

    4 . Financial Assets ............................................................................................................... 32

    5 . Deferred Taxes ................................................................................................................ 34

    6 . Inventories ....................................................................................................................... 36

    7 . Trade and Other Receivables .......................................................................................... 36

    8 . Cash and Cash Equivalents ............................................................................................. 38

    9 . Equity ............................................................................................................................... 39

    10 . Financial Liabilities ......................................................................................................... 43

    11 . Pension Provisions ........................................................................................................ 46

    12 . Other Provisions ............................................................................................................ 52

    13 . Deferred Income ............................................................................................................ 54

    14 . Trade and Other Accounts Payable ............................................................................... 55

    C. Notes to the Consolidated Statement of Income – By Nature of Expense ............................ 55

    15 . Sales .............................................................................................................................. 55

    16 . Other Income ................................................................................................................. 56

    17 . Staff Expenses ............................................................................................................... 56

    18 . Other Expenses ............................................................................................................. 57

    19 . Result from Other Investments ....................................................................................... 58

    20 . Finance Costs ................................................................................................................ 59

    21 . Other Financial Result.................................................................................................... 59

    22 . Income Taxes ................................................................................................................ 60

    D. Other Notes to the Consolidated Financial Statements ........................................................ 61

    23 . Financial Risk Management ........................................................................................... 61

    24 . Contingencies ................................................................................................................ 67

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    25 . Corporate Acquisitions and Divestments ........................................................................ 68

    26 . Consolidated Statement of Cash Flows ......................................................................... 69

    27 . Segment Reporting ........................................................................................................ 71

    28 . Related Parties .............................................................................................................. 74

    29 . List of shareholdings ...................................................................................................... 77

    30 . Significant Events After the End of the Financial Year ................................................... 80

  • Xella International S.A.

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    Consolidated Statement of Financial Position

    Dec. 31, 2014 Dec. 31, 2013

    k€ k€

    Property, plant & equipment (1) 1,019,296 1,091,485 Intangible assets (2) 580,965 584,173 Investments in associates (at equity) (3) 18,823 15,961 Financial assets (4) 55,019 77,303 Trade and other receivables 2,206 2,180 Tax assets 690 867 Deferred tax assets (5) 15,019 7,641 Non-current assets 1,692,018 1,779,610

    Inventories (6) 145,739 145,102 Trade and other receivables (7) 136,862 142,255 Tax assets 13,751 8,790 Financial assets (4) 18,893 41,430 Cash and cash equivalents (8) 122,765 107,200 Deferred expenses 2,673 2,942 Current assets 440,683 447,719

    Total assets 2,132,701 2,227,329

    Dec. 31, 2014 Dec. 31, 2013

    k€ k€

    Shareholders' equity (286,907) (152,983) Non-controlling interests 22,162 19,353 Total equity (9) (264,745) (133,630) Financial liabilities (10) 1,652,745 1,596,198 Deferred tax liabilities (5) 105,971 118,563 Pension provisions (11) 204,340 162,132 Other provisions (12) 81,267 94,017 Trade and other accounts payable (non-current) 162 172 Deferred income (13) 6,387 6,194 Non-current liabilities 2,050,872 1,977,276

    Financial liabilities (10) 37,881 43,365 Tax liabilities 8,373 8,651 Other provisions (12) 67,820 83,919 Trade and other accounts payable (14) 232,358 247,364 Deferred income 142 384 Current liabilities 346,574 383,683

    Total equity and liabilities 2,132,701 2,227,329

    NoteAssets

    Equity and Liabilities Note

    The accompanying notes are an integral part of these Consolidated Financial Statements.

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    Consolidated Statement of Income – By Nature of Expense

    Jan. 1st -

    Dec. 31, 2014

    Jan. 1st -

    Dec. 31, 2013

    k€ k€

    Sales (15) 1,272,935 1,254,095 Change in finished goods & work in progress 1,592 (6,615) Own work capitalised 3,970 3,000 Total output 1,278,497 1,250,480

    Materials expenses (604,145) (593,168) Gross profit 674,352 657,312

    Other income (16) 16,571 26,608 Total income 690,923 683,920

    Staff expenses (17) (318,356) (309,944) Other expenses (18) (185,794) (180,046) EBITDA 186,773 193,930

    Depreciation & amortisation expenses (127,573) (115,609) Impairment of goodwill (1,065) EBIT 59,200 77,256

    Result from associates (at equity) 3,872 2,934 Result from other investments (19) 708 3,513 Finance costs (20) (146,368) (116,445) Other financial result (21) (15,048) (3,308) Financial result (156,836) (113,306)

    Profit/ loss before tax (97,636) (36,050)

    Current income taxes (10,579) (14,135) Deferred taxes 6,967 9,703 Income taxes (22) (3,612) (4,432) Net income/ loss (101,248) (40,482)

    Net income/ loss attributable to shareholders (105,190) (43,707) Net income/ loss attributable to non-controlling interests 3,942 3,225

    NoteConsolidated Statement of Income

    The accompanying notes are an integral part of these Consolidated Financial Statements.

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    Consolidated Statement of Comprehensive Income

    Consolidated Statement of Comprehensive Income Jan 1st - Dec

    31, 2014

    Jan 1st - Dec

    31, 2013

    k€ k€

    Net income / loss (101,248) (40,482)

    Other comprehensive income with potential subsequent

    reclassification to the income statement

    Currency adjustment 2,287 (10,399)

    Share of other comprehensive income of investments in associates (at equity)

    399 (1,578)

    Remeasurement of available for sale investments * 104 16

    Income taxes on items in other comprehensive income * (36) 23

    Other comprehensive income without potential subsequent

    reclassification to the income statement

    Remeasurements from defined benefit liability * (44,153) 20,933

    Income taxes on items in other comprehensive i