Annual Report 2021
Annual Report 2021
| IN THOUSANDS OF EUR | 31. DEC 21 | 31. DEC 20 |
|---|---|---|
| Total revenues | 548.027 | 494.987 |
| Ebitda from Financial statements included IFRS 16 impact (1) | 77.002 | 70.777 |
| Ebitda adjusted included IFRS 16 impact (2) | 82.119 | 76.120 |
| Ebitda adjusted proforma included IFRS 16 (3) | 84.310 | - |
| Ebitda adjusted IFRS 16 impact not included | 72.582 | 64.207 |
| Operating profit | 30.560 | 25.211 |
| Income/(loss) before tax | 22.656 | 13.983 |
| Profit for the year | 8.119 | 4.885 |
| Net invested capital | 132.725 | 93.080 |
| Total net equity | 185.164 | 180.211 |
| - of which: third party | 2.681 | 1.618 |
| Net financial position | (139.707) | (124.558) |
(1) EBITDA: as result of the period before depreciation, amortization, financial profits and cost and third parties effects
(2) EBITDA adjusted: as ebitda before not recurrent revenues and costs
(3) EBITDA adjusted proforma: as ebitda rettified for the companies sold and acquired during the year
Euro thousand
| ASSETS | 31. DEC 21 | 31. DEC 20 |
|---|---|---|
| NON CURRENT ASSETS | ||
| Property, plant and equipment | 85.801 | 87.138 |
| Goodwill | 213.723 | 177.751 |
| Other intangible assets | 52.170 | 45.510 |
| Equity investments in Joint Ventures accounted for using the equity method | 3.000 | - |
| Financial assets | 590 | 344 |
| Deferred tax assets | 18.200 | 18.733 |
| Other receivables and non-current assets | 3.145 | 3.071 |
| Non current Assets | 376.629 | 332.547 |
| NON CURRENT ASSETS | ||
| Trade receivables | 194.474 | 173.689 |
| Financial assets | 1.635 | 2.766 |
| Other receivables and other current assets | 85.853 | 44.668 |
| Cash and cash equivalents | 53.376 | 75.449 |
| Current assets | 335.337 | 296.572 |
| Currents assets held for sale | - | - |
| ASSETS | 711.967 | 629.119 |
| Liabilities | 31. DEC 21
|
31. DEC 20 |
| EQUITY | ||
| Issued share capital | 49.518 | 49.518 |
| Translation reserve | (9.320) | (7.335) |
| First time adoption reserve | 1.407 | 1.407 |
| Other reserves | 93.060 | 91.368 |
| Retained earnings | 40.613 | 39.084 |
| Net profit (loss) of the year | 7.205 | 4.551 |
| Net Equity of the group | 182.484 | 178.593 |
| Capital and reserve of third parties | 1.766 | 1.284 |
| Result of third parties | 914 | 334 |
| Third parties equity | 2.680 | 1.618 |
| Equity | 185.164 | 180.211 |
| Non Current Liabilities | ||
| Payables due to banks and other lenders | 178.793 | 197.654 |
| Employee benefits | 15.708 | 12.965 |
| Provisions for risk and charges | 8.673 | 15.068 |
| Other payables and other non-current liabilities | 40.730 | 13.780 |
| Non Current Liabilities | 243.904 | 239.467 |
| CURRENT LIABILITIES | ||
| Payables due to banks and other lenders | 116.548 | 56.376 |
| Trade payables | 92.536 | 77.125 |
| Tax payables | 11.815 | 7.615 |
| Other payables and other current liabilities | 61.999 | 68.325 |
| Current liabilities | 282.898 | 209.441 |
| Liabilities held for sale | - | - |
| LIABILITIES | 711.967 | 629.119 |
Euro thousand
| Profit and Loss | 31. DEC 21 | 31. DEC 20 |
|---|---|---|
| Revenues | 533.381 | 486.552 |
| Other revenues | 14.645 | 8.465 |
| Total revenues | 548.027 | 494.987 |
| Cost of raw materials | 5.142 | 4.508 |
| Costs of services | 207.791 | 191.866 |
| Personnel costs | 240.959 | 215.117 |
| Depreciation and amortization | 36.339 | 32.005 |
| Provisions and impairments | 9.628 | 9.729 |
| Other costs | 17.607 | 16.551 |
| Total costs | 517.466 | 469.776 |
| Operating income | 30.560 | 25.211 |
| Equity values of investments | ||
| Financial revenues | 19.357 | 18.586 |
| Financial charges | 27.261 | 29.814 |
| Result before taxes | 22.656 | 13.983 |
| Income taxes for the year | 14.537 | 9.098 |
| Net income from ongoing assets | 8.119 | 4.885 |
| Profit and loss for the year | 8.119 | 4.885 |
| Profit (loss) of third parties | 914 | 334 |
| Profit (loss) of the group |
7.205 | 4.551 |
| Components of comprehensive income that will not subsequently be reclassified to the income statement | ||
| Actuarial Gain/Loss on defined benefit plans | 86 | 2 |
| Total components of comprehensive income that will not subsequently be reclassified to the income statement | 2 | |
| Components of comprehensive income that will subsequently be reclassified to the income statement | ||
| Differencies from currencies translation of financial statement on foreign currency | (1.983) | (905) |
| Derivatives | 598 | 280 |
| Tax Effect | (164) | (67) |
| Total components of comprehensive income that will subsequently be reclassified to the income statement | (1.549) | (692) |
| Total items of comprehensive income statement | 6.657 | 4.195 |
| Comprehensive net Income of the Group | 5.743 | 3.861 |
| Comprehensive net Income of third parties | 914 | 334 |
Euro thousand
| Profit and Loss | 31. DEC 21 | 31. DEC 20 |
|---|---|---|
| Profit before taxes from continuing operations | 22.656 | 13.983 |
| Profit before taxes (from continuing and held for sale operations) | 22.656 | 13.983 |
| Adjustments to reconcile profit for the year to cash flows from operating activities | ||
| Amortization of tangible and intangible assets | 36.339 | 32.005 |
| Provisions and impariments | 9.628 | 16.710 |
| Net financial expenses/(incomes) | 7.904 | 8.348 |
| Income taxes paid | (16.819) | (8.493) |
| Gain on assets disposal | - | - |
| Other non-monetary changes | (795) | 1.533 |
| Cash flow from operating activities before changes in working capital | 58.913 | 64.086 |
|
Net change in working capital:
|
||
| - Trade and other receivables | (13.903) | (20.641) |
| - Trade and other payables | 5.392 | 12.273 |
| - Other changes in net working capital | 2.908 | (4.926) |
| - Employee benefits and provisions for charges | (4.578) | (7.672) |
| Cash flow related to operating activities (A) | 48.733 | 43.120 |
| Cash flow from investing activities | ||
|
Investments (net of disposals) of fixed assets:
|
||
| - Intangible | (16.302) | (10.975) |
| - Intangible | (7.903) | (19.718) |
| Sail of investments | - | |
| Acquitions net of cash acquired | (20.668) | (3.578) |
| Cash flow related to investing activities (B) | (44.873) | (34.271) |
| Cash flow from financing activities | ||
| Openings of new bank loans | 54.231 | 53.414 |
| Repayment of bank loans and finance leases | (20.077) | (46.100) |
| Changes in financial assets | (50.661) | 4.200 |
| Financial charges paid | (8.555) | (9.198) |
| Financial income collected | 1.133 | 850 |
| Dividends paid | (1.868) | (402) |
| Cash flow related to financing activities (C ) | (25.796) | 2.764 |
| Net cash flow for the period (A) + (B) + (C ) | (21.937) | 11.613 |
| of which change in cash and cash equivalents arising from assets and liabilities held for sale | - | |
| Net cash flow for the period (A) + (B) + (C) excluding change of cash and cash equivalents resulting from assets and liabilities held for sale | 11.613 | |
| Cash at the beginning of the period | 75.449 | 64.403 |
| Exchange rate differences on cash and cash equivalents | (137) | (567) |
| Cash and cash equivalents at the end of the period | 53.376 | 75.449 |