Standard accounts

Sales
Cost of materials (by nature)
Other operating income, net of other operating
Personnel expenses (by nature)
Depreciation and amortization (by nature)
Other operating income, net of other operating
Other operating income, net of other operating
Other operating income, net of other operating
Other income, net of other expense

Interest income
Other income, net of other expense
Interest expense
Other income, net of other expense
Tax expense

Minority interest
Net profit/loss to ordinary shareholders

INCOME STATEMENT BY NATURE

FY2014

Turnover
Raw materials, consumables and goods for resale
expenses (by natServices and other goods
Personnel costs
Depreciation and amortization on formation expenses, intangible
expenses (by natAmounts written off stocks, contracts in progress and trade debt
expenses (by natOther operating charges
expenses (by natOther operating income
Recurrent operating result (REBIT)
Non-recurrent operating result
Operating result (EBIT)
Financial result
Financial income: interest income
Financial income: other
Financial charges: interest expense
Financial charges: other
Result before taxes
Taxes
Result after taxes
NET RESULT
Net result: non-controlling interests
Net result: Group share

FY2013
347,890
-104,430
-96,483
-78,888
-14,845
-1,819
-4,034
2,042
49,433
-261
49,172
16
18
5,384
-850
-4,536
49,188
-12,415
36,773
36,773
-2
36,775

332,319
-111,425
-87,259
-78,900
-13,290
-869
-2,636
3,431
41,371
-3,655
37,716
-1,740
75
2,501
-1,288
-3,028
35,976
-8,057
27,919
27,919
-1
27,920

Standard accounts

BALANCE SHEET

Non-current tangible assets

Non-current intangible assets
Non-current intangible assets
Minority equity investments
Deferred tax assets
Other non-operating investments
Inventories
Trade receivables
Other current assets
Other current assets
Other current assets
Cash and marketable securities
Other current assets
TOTAL ASSETS

Ordinary shareholders'
Ordinary shareholders'
Ordinary shareholders'
Ordinary shareholders'
Minority interest

equity
equity
equity
equity

Non-current debt
Deferred tax liability
Non-current debt
Non-current debt
Other non-current liabilities (non-interest-bearing)
Current debt
Other current liabilities
Other current liabilities
Trade payables
Other current liabilities
Other current liabilities
Other current liabilities
Other current liabilities
Other current liabilities
Other current liabilities
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

ASSETS
Non current assets
Tangible assets
Goodwill
Intangible assets
Investment in other companies
Deferred tax assets
Other non current assets
Current assets
Stocks
Trade receivables
VAT receivables
Income tax receivables
Other amounts receivable
Cash and cash equivalents
Deferred charges and accrued income
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Share Capital
Retained earnings
Treasury shares
Other reserves
Non-controlling interests
Non-current liabilities
Interest-bearing loans and borrowings
Deferred tax liabilities
Pensions
Provisions
Other non-current liabilities
Current liabilities
Interest-bearing loans and borrowings
Pensions
Provisions
Trade payables
Remuneration and social security
VAT payables
Tax payables
Derivative financial instruments
Other current liabilities
Accrued charges and deferred income
TOTAL EQUITY AND LIABILITIES

FY2014

FY2013

263,881
137,569
46,135
74,674
22
5,275
206
73,108
17,898
38,804
3,333
421
112
11,855
685
336,989

262,729
136,489
46,517
75,744
27
3,859
93
71,375
16,665
36,036
3,721
1,707
402
11,933
911
334,104

200,629
13,190
196,147
-9,419
656
55
39,506
325
34,905
3,558
661
57
96,854
41,144
56
56
33,309
12,357
126
7,097
10
147
2,552
336,989

171,375
11,246
167,099
-9,442
2,414
58
43,984
7,925
32,687
2,793
574
5
118,745
62,337
56
1,209
34,249
12,525
750
4,376
70
279
2,894
334,104

STANDARDIZED INCOME STATEMENT

FY2014

Sales
Cost of sales (by function)
Gross profit
SG&A (by function)
Other operating income, net of other operating expenses (by function)
Operating profit
Investment income
Interest income
Interest expense
Other income, net of other expense
Profit before tax
Tax expense
Profit after tax
Net gain/loss from discontinued operations
Minority interest
Net profit/loss to ordinary shareholders
Cost of materials (by nature)
Personnel expenses (by nature)
Depreciation and amortization (by nature)
Other operating income, net of other operating expenses (by nature)
STANDARDIZED BALANCE SHEET
Non-current tangible assets
Non-current intangible assets
Deferred tax assets
Minority equity investments
Derivatives - asset
Other non-operating investments
Total non-current assets
Inventories
Trade receivables
Other current assets
Cash and marketable securities
Total current assets
Assets held for sale
TOTAL ASSETS
Ordinary shareholders' equity
Preference shares
Total shareholders' equity
Minority interest
Non-current debt
Deferred tax liabilities
Derivatives - liability
Other non-current liabilities (non-interest-bearing)
Total non-current liabilities
Current debt
Trade payables
Other current liabilities
Total current liabilities
Liabilities held for sale
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

FY2013
347890
0
0
0
0
49433
0
18
-850
587
49188
-12415
36773
0
-2
36775
-104430
-78888
-14845
-100294

FY2014

332319
0
0
0
0
41371
0
75
-1288
-4182
35976
-8057
27919
0
-1
27920
-111425
-78900
-13290
-87333
FY2013

137569
120809
5275
22
0
206
263881
17898
38804
4551
11855
73108
0
336989
200574
0
200574
55
4544
34905
0
57
39506
41144
33309
22401
96854
0
336989

136489
122261
3859
27
0
93
262729
16665
36036
6741
11933
71375
0
334104
171317
0
171317
58
11292
32687
0
5
43984
62337
34249
22159
118745
0
334104

2014
(1) Sales
SALES

4.69%

347890.00

(2) NOPAT margin

NOPAT

10.75%
37398.18

DAYS' INVENTORIES

62.56

DAYS' RECEIVABLES

40.13

DAYS' PAYABLES

114.65

INVENTORIES TO SALES

5.15%

RECEIVABLES TO SALES

10.99%

PAYABLES TO SALES

-9.43%

OPERATING CASH TO SALES

3.27%

NET CURRENT LIABILITIES TO SALES

-5.13%

WORKING CAPITAL PER SALES

4.85%

ENDING WORKING CAPITAL

4.68%

(3) AVERAGE OPERATING WORKING CAPITAL / SALES

4.77%

(4) Average net non-current operating assets / sales

65.74%

(5) Average investment assets / sales

1.97%

(6) NIPAT / average investment assets

0.20%

(7) Average debt / average capital

18.55%

(8) Interest expense after tax / average debt

ADJUSTMENT COST OF SALES TO SALES
OPERATING CASH
NET CURRENT LIABILITIES

1.39%

30.02%
11386.63
-17850

2014
Average operating working capital
Average net non-current operating assets
Average investment assets
Beginning operating working capital
Beginning net non-current operating assets
Beginning investment assets
Ending operating working capital
Ending net non-current operating assets
Ending investment assets
Net operating assets
Investment assets
Business assets
Debt
Equity

16582.57
228702.89
6853.43
14512.99
229917.00
574.01
16929.63
228691.00
6864.65
244429.99
574.01
245004.00
45688.00
200629.00

Capital

246317.00

2014
Sales
NOPAT
NIPAT
NBPAT
Net interest expense after tax
Net profit

Abnormal earnings
FCF equity

347890.00
37395.00
13.46
37408.46
635.46
36773.00

2015

2016

2017

2018

2019

5.00%

5.00%

4.00%

3.00%

2.00%

365284.50

383548.73

398890.67

410857.39

419074.54

9.75%

8.75%

7.75%

6.75%

5.75%

35615.24

33560.51

30914.03

27732.87

24096.79

60.56

58.56

56.56

54.56

52.56

40.13

40.13

40.13

40.13

40.13

114.65

114.65

114.65

114.65

114.65

4.98%

4.82%

4.65%

4.49%

4.32%

10.99%

10.99%

10.99%

10.99%

10.99%

-9.43%

-9.43%

-9.43%

-9.43%

-9.43%

3.27%

3.27%

3.27%

3.27%

3.27%

-5.13%

-5.13%

-5.13%

-5.13%

-5.13%

4.68%

4.52%

4.35%

4.19%

4.02%

4.52%

4.35%

4.19%

4.02%

4.02%

4.60%

4.43%

4.27%

4.10%

4.02%

65.74%

65.74%

65.74%

63.82%

62.57%

0.06%

0.06%

0.06%

0.06%

0.05%

5.90%

5.90%

5.90%

5.90%

5.90%

18.55%

18.55%

18.55%

18.55%

18.55%

1.39%

1.39%

1.39%

1.39%

1.39%

assumptions

2015

2016

2017

2018

2019

16796.87

17005.84

17029.97

16865.08

16857.72

240138.03

252144.93

262230.73

262209.19

262214.94

3546.33

228.00

228.00

228.00

228.00

16929.63

16664.11

17347.57

16712.36

17017.79

228691.00

251585.06

252704.80

271756.66

252661.72

6864.65

228.00

228.00

228.00

228.00

16664.11

17347.57

16712.36

17017.79

16697.66

251585.06

252704.80

271756.66

252661.72

271768.16

228.00

228.00

228.00

228.00

228.00

245620.63

268249.17

270052.38

288469.02

269679.51

6864.65

228.00

228.00

228.00

228.00

252485.28

268477.17

270280.38

288697.02

269907.51

45688.00

45688.00

45688.00

45688.00

45688.00

206797.28

222789.17

224592.38

243009.02

224219.51

252485.28

2015

268477.17

2016

270280.38

2017

288697.02

2018

269907.51

2019

365284.50

383548.73

398890.67

410857.39

419074.54

35615.24

33560.51

30914.03

27732.87

24096.79

209.23

13.45

13.45

13.45

13.45

35824.47

33573.97

30927.48

27746.33

24110.24

635.06

635.06

635.06

635.06

635.06

35189.41

32938.91

30292.42

27111.27

23475.18

2015

2016

2017

2018

2019

18645.63

15115.77

12325.03

7670.54

5537.62

27708.13

16947.02

28489.21

8694.63

42264.68

2020
2.00%
427456.03
5.75%
24578.72
52.56
40.13
114.65
4.32%
10.99%
-9.43%
3.27%
-5.13%
4.02%
0.00%
2.01%
62.57%
0.05%
5.90%
18.55%
1.39%

2020
8597.44
267459.24
228.00
16697.66
271768.16
228.00
497.22
263150.32
228.00
288465.82
228.00
288693.82
45688.00
243005.82

288693.82

2020
Not needed
Not needed
Not needed
Not needed
Not needed
Not needed

2020
Not needed
Not needed