in
CONSOLIDATED BALANCE SHEET
(in thousands of euro)
| ASSETS | 31.12.2008 | 31.12.2007 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | 49,456 | 63,753 |
| Other financial assets | 841 | 956 |
| Working capital | ||
| Inventories | 114,492 | 113,168 |
| Trade receivables | 169,973 | 220,097 |
| Other receivables | 19,019 | 5,982 |
| Tax receivables | 14,934 | 10,730 |
| Other assets | 3,801 | 2,551 |
| TOTAL WORKING CAPITAL | 322,219 | 352,528 |
| TOTAL CURRENT ASSETS | 372,516 | 417,237 |
| NON-CURRENT ASSETS | ||
| FIXED ASSETS | ||
| Land | 13,929 | 11,354 |
| Property, plant and equipment | 218,069 | 224,284 |
| Other tangible assets | 4,583 | 4,406 |
| of which finance leases | 11,779 | 12,653 |
| Intangible assets | 127,255 | 118,674 |
| TOTAL FIXED ASSETS | 363,836 | 358,718 |
| TOTAL NON-CURRENT ASSETS | ||
| Investments in associated companies | 101 | 101 |
| Other available-for-sale financial assets | 442 | 497 |
| Financial receivables | 22 | -- |
| Other receivables | 8,772 | 4,974 |
| Deferred tax assets | 26,688 | 25,167 |
| TOTAL OTHER NON-CURRENT ASSETS | 36,025 | 30,739 |
| TOTAL NON-CURRENT ASSETS | 399,861 | 389,457 |
| NON-CURRENT ASSETS HELD FOR SALE | 653 | 6,756 |
| TOTAL ASSETS | 773,030 | 813,450 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 31.12.2008 | 31.12.2007 |
| CURRENT LIABILITIES | ||
| Current bank borrowings | 19,750 | 12,418 |
| Current part of long-term loans and other borrowings |
35,733 | 13,696 |
| of which finance leases | 1,385 | 1,340 |
| TOTAL SHORT-TERM BORROWINGS | 55,483 | 26,114 |
| Other short-term liabilities -derivatives | 473 | 469 |
| TOTAL SHORT-TERM BORROWINGS AND DERIVATIVES |
55,956 | 26,583 |
| Trade payables and other payables | 204,094 | 228,858 |
| Tax payables | 4,181 | 11,821 |
| Other current liabilities | 1,770 | 2,984 |
| TOTAL CURRENT LIABILITIES | 266,001 | 270,246 |
| NON-CURRENT LIABILITIES | ||
| MEDIUM AND LONG TERM BORROWINGS AND DERIVATIVES |
||
| Bank borrowings | 238,612 | 118,005 |
| Other medium long term borrowings | 10,723 | 12,492 |
| of which finance leases | 7,206 | 9,133 |
| TOTAL MEDIUM LONG TERM DEBT | 249,335 | 130,497 |
| Other medium long term liabilities -derivatives |
2,263 | -- |
| TOTAL MEDIUM LONG TERM BORROWINGS AND DERIVATIVES |
251,598 | 130,497 |
| OTHER LONG TERM LIABILITIES | ||
| Long term provisions | 48,883 | 58,765 |
| Other payables | 384 | -- |
| Deferred taxes | 27,849 | 27,228 |
| TOTAL OTHER LONG TERM LIABILITIES | 77,116 | 85,993 |
| TOTAL NON-CURRENT LIABILITIES | 328,714 | 216,490 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 60,397 | 59,595 |
| Reserves and retained earnings (losses) | 72,013 | 199,093 |
| Net income (loss) for the year of the group | 28,495 | 52,200 |
| TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMP |
160,905 | 310,888 |
| Minority interests | 17,410 | 15,826 |
| TOTAL SHAREHOLDERS' EQUITY | 178,315 | 326,714 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
773,030 | 813,450 |
CONSOLIDATED INCOME STATEMENT
(in thousands of euro)
| 2008 | 2007 | |
| Sales revenues | 1,017,458 | 1,071,765 |
| Variable costs of goods sold | 681,673 | 699,415 |
| CONTRIBUTION MARGIN | 335,785 | 372,350 |
| Fixed production costs, research and development | 107,299 | 115,151 |
| Amortization and depreciation | 42,484 | 44,695 |
| Fixed sales and distribution costs | 35,935 | 38,440 |
| Administrative expenses and overheads | 62,430 | 60,497 |
| OPERATING INCOME | 87,637 | 113,567 |
| Restructuring costs | 11,473 | 7,558 |
| Capital losses (gains) on disposals | (15) | (4,622) |
| Exchange rate losses (gains) | 2,238 | 943 |
| Other non-operating costs (income) | 11,502 | 19,821 |
| - of which non-recurring | 1,020 | 6,116 |
| EBIT | 62,439 | 89,867 |
| Net financial expense (income) Expense (income) from equity investments |
13,988 218 | 9,418 (108) |
| INCOME BEFORE TAXES AND MINORITY INTERESTS |
48,233 | 80,557 |
| Income taxes | 16,793 | 25,390 |
| NET INCOME BEFORE MINORITY INTERESTS | 31,440 | 55,167 |
| Loss (income) attributable to minority shareholders | (2,945) | (2,967) |
| NET INCOME OF THE GROUP | 28,495 | 52,200 |
| Earnings per share (Euro): Basic | 0.250 | 0.465 |
| Diluted | 0.250 | 0.461 |