| | | | | |
|
| |
|
12/12A
|
12/13E
|
12/14E
|
12/15E
|
|
|
Sales
|
€M
|
|
156
|
170
|
170
|
|
|
Sales growth
|
%
|
64.7
|
-39.8
|
8.91
|
-0.11
|
|
|
Sales per employee
|
€th
|
259
|
161
|
180
|
186
|
|
|
Office space for rent
|
sqm (,000)
|
91
|
91
|
91
|
91
|
|
|
Commercial space for rent
|
sqm (,000)
|
|
855
|
855
|
855
|
|
|
Warehousing space for rent
|
sqm (,000)
|
112
|
110
|
110
|
110
|
|
|
Under development
|
sqm (,000)
|
|
234
|
234
|
234
|
|
|
Purchases and external costs (incl. IT)
|
€M
|
-202
|
-79.7
|
-90.4
|
-88.4
|
|
|
Staff costs
|
€M
|
-30.7
|
-29.7
|
-28.9
|
-28.0
|
|
|
Operating lease payments
|
€M
|
|
|
|
|
|
|
Cost of sales/COGS (indicative)
|
€M
|
-143
|
-37.7
|
-45.8
|
-42.2
|
|
|
EBITDA
|
€M
|
26.9
|
46.9
|
50.8
|
53.5
|
|
|
EBITDA(R)
|
€M
|
26.9
|
46.9
|
50.8
|
53.5
|
|
|
EBITDA(R) margin
|
%
|
10.4
|
30.0
|
29.9
|
31.5
|
|
|
EBITDA(R) per employee
|
€th
|
26.9
|
48.3
|
53.7
|
58.4
|
|
|
Depreciation
|
€M
|
-3.80
|
-3.12
|
-3.40
|
-3.40
|
|
|
Depreciations/Sales
|
%
|
1.46
|
2.00
|
2.00
|
2.00
|
|
|
Amortisation
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
Additions to provisions
|
€M
|
-8.40
|
0.00
|
0.00
|
0.00
|
|
|
Reduction of provisions
|
€M
|
|
0.00
|
0.00
|
0.00
|
|
|
Underlying operating profit
|
€M
|
14.7
|
43.7
|
47.4
|
50.1
|
|
|
Underlying operating margin
|
%
|
5.67
|
28.0
|
27.9
|
29.5
|
|
|
Other income/expense (cash)
|
€M
|
9.55
|
4.69
|
5.10
|
5.10
|
|
|
Other inc./ exp. (non cash; incl. assets revaluation)
|
€M
|
-8.18
|
14.0
|
18.8
|
24.6
|
|
|
Earnings from joint venture(s)
|
€M
|
|
|
|
|
|
|
Impairment charges/goodwill amortisation
|
€M
|
-46.2
|
-18.7
|
0.00
|
0.00
|
|
|
Operating profit (EBIT)
|
€M
|
-30.1
|
43.7
|
71.2
|
79.8
|
|
|
Interest expenses
|
€M
|
-66.7
|
-43.0
|
-35.7
|
-35.1
|
|
|
of which effectively paid cash interest expenses
|
€M
|
-38.1
|
-34.2
|
-35.7
|
-35.1
|
|
|
Financial income
|
€M
|
3.37
|
1.69
|
1.36
|
3.18
|
|
|
Other financial income (expense)
|
€M
|
|
|
0.00
|
0.00
|
|
|
Net financial expenses
|
€M
|
3.61
|
-39.1
|
-34.3
|
-31.9
|
|
|
of which related to pensions
|
€M
|
|
-0.35
|
-0.40
|
-0.42
|
|
|
Pre-tax profit before exceptional items
|
€M
|
-26.5
|
4.68
|
36.9
|
47.9
|
|
|
Exceptional items and other (before taxes)
|
€M
|
1.40
|
0.00
|
0.00
|
0.00
|
|
|
of which cash (cost) from exceptionals
|
€M
|
|
|
|
|
|
|
Current tax
|
€M
|
-0.90
|
-5.00
|
-7.80
|
-10.0
|
|
|
Impact of tax loss carry forward
|
€M
|
|
|
|
|
|
|
Deferred tax
|
€M
|
-7.90
|
0.00
|
0.00
|
0.00
|
|
|
Corporate tax
|
€M
|
-8.80
|
-5.00
|
-7.80
|
-10.0
|
|
|
Tax rate
|
%
|
44.7
|
21.4
|
21.1
|
20.9
|
|
|
Net margin
|
%
|
-13.6
|
-0.21
|
17.1
|
22.3
|
|
|
Equity associates
|
€M
|
|
|
0.00
|
0.00
|
|
|
Actual dividends received from equity holdings
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
Minority interests
|
€M
|
4.83
|
-0.19
|
-0.24
|
-0.29
|
|
|
Actual dividends paid out to minorities
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
Income from discontinued operations
|
€M
|
-1.47
|
0.00
|
0.00
|
1.00
|
|
|
Attributable net profit
|
€M
|
-39.6
|
-0.51
|
28.9
|
38.6
|
|
|
Impairment charges/goodwill amortisation
|
€M
|
46.2
|
18.7
|
0.00
|
0.00
|
|
|
Other adjustments
|
€M
|
|
|
|
|
|
|
Adjusted attributable net profit
|
€M
|
-52.2
|
1.92
|
10.1
|
14.1
|
|
|
Interest expense savings
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
Fully diluted adjusted attr. net profit
|
€M
|
-52.2
|
1.92
|
10.1
|
14.1
|
|
|
NOPAT
|
€M
|
-4.53
|
40.7
|
46.6
|
52.6
|
|
