Viscofan, S.A. and subsidiaries
Consolidated financial statements at 31 December 2023
| Period | |||||
| (Thousands of euros) | Notes | 2023 | 2022 | ||
| Intangible assets other than goodwill | 5.1 | 16,957 | 17,649 | ||
| Goodwill | 5.2 | 3,605 | 3,237 | ||
| Property, plant, and equipment | 6 | 556,141 | 561,244 | ||
| Right-of-use assets | 7.1 | 11,577 | 10,580 | ||
| Other non-current financial assets | 10 | 7,561 | 4,344 | ||
| Non-current derivatives | 17 | 0 | 342 | ||
| Deferred tax assets | 18 | 47,645 | 29,519 | ||
| Non-Current Assets | 643,486 | 626,915 | |||
| Current stocks | 8 | 442,892 | 381,788 | ||
| Trade and other current receivables | 9 | 260,245 | 276.299 | ||
| Current tax assets | 18 | 3,649 | 6,140 | ||
| Other current financial assets | 10 | 911 | 1.582 | ||
| Current derivatives | 17 | 4,33 | 3,476 | ||
| Cash and cash equivalents | 11 | 51,996 | 51.193 | ||
| Current Assets | 764,023 | 720,478 | |||
| Total Assets | 1,407,509 | 1.347,39 | |||
| Period | |||||
| (Thousands of euros) | Notes | 2023 | 2022 | ||
| Issued capital | 12.1 | 32,550 | 32,550 | ||
| Share premium | 12.2 | 12 | 12 | ||
| Other reserves | 12.3 | 868,456 | 813,145 | ||
| Treasury Shares | 12.4 | -21,671 | -16,181 | ||
| Profit for the year | 140,962 | 139,43 | |||
| Interim dividend | 12.6 | -64,563 | -64,644 | ||
| Valuation adjustments | 12.5 | 2,026 | 2,558 | ||
| Equity | 957,772 | 906,87 | |||
| Deferred income | 13 | 806 | 18,102 | ||
| Non-current provisions for employee benefits | 14.1 | 25,916 | 22,308 | ||
| Other non-current provisions | 14.2 | 43 | 0 | ||
| Non-current financial liabilities | 16 | 43,979 | 46,980 | ||
| Non-current liabilities for right-of-use assets | 7.2 | 6,854 | 7,512 | ||
| Non-current derivatives | 17 | 0 | 3 | ||
| Deferred tax liabilities | 18 | 32,830 | 19,879 | ||
| Non-Current Liabilities | 110,428 | 114,784 | |||
| Current financial liabilities | 16 | 178,048 | 136,919 | ||
| Current liabilities for right-of-use assets | 7.2 | 4,687 | 2,978 | ||
| Current derivatives | 17 | 43 | 450 | ||
| Trade and other payables | 15 | 125,520 | 142,981 | ||
| Current tax liabilities | 18 | 4,783 | 16,210 | ||
| Other current provisions | 14.3 | 26,228 | 26,201 | ||
| Current liabilities | 339,309 | 325,739 | |||
| Total liabilities | 449,737 | 440,523 | |||
| Total equity and liabilities | 1,407,509 | 1,347,393 | |||
| Period | |||||
| (Thousands of euros) | Notes | 2023 | 2022 | ||
| Sales and rendered services | 20.1 | 1.225,79 | 1.201,03 | ||
| Changes in inventory of finished goods and work in progress | 53.146 | 38,723 | |||
| Consumption of raw materials and consumables | -474.113 | -428,03 | |||
| Other operating income | 20.2 | 15,052 | 8,564 | ||
| Staff costs | 20.3 | -270,086 | -262,188 | ||
| Other operating expenses | 20.4 | -280,901 | -290,966 | ||
| Amortisation of intangible assets | 5.1 | -4,792 | -4,782 | ||
| Depreciation expenses on tangible fixed assets | 6 | -73,628 | -68,076 | ||
| Right-of-use asset depreciation expense | 7.1 | -5,293 | -5,289 | ||
| Impairment gains (losses) on disposal of non-current assets | -486 | 42 | |||
| Operating profit | 184,686 | 189,026 | |||
| Finance income | 20.5 | 846 | 1,194 | ||
| Finance costs | 20.5 | -6,900 | -1,370 | ||
| Losses on non-trade receivables | 20.5 | 22 | -17 | ||
| Exchange gains (losses) | 20.5 | -9,748 | -5,044 | ||
| Profit before taxes | 168,906 | 183,789 | |||
| Income tax expense | 18 | -27,944 | -44,359 | ||
| Profit for the year from continuing operations | 140,962 | 139,430 | |||
| Profit for the year | 140,962 | 139,430 | |||
| Period | |||||
| Notes | 2023 | 2022 | |||
| Basic earnings per share | 3.05 | 3.02 | |||
| Basic earnings (loss) per share from continuing operations | 21 | 3.05 | 3.02 | ||
| Diluted earnings per share | 3.04 | 3.00 | |||
| Diluted earnings (loss) per share from continuing operations | 21 | 3.04 | 3.00 | ||
| Period | |||||
| (Thousands of euros) | Notes | 2023 | 2022 | ||
| Profit for the year attributable to the parent company | 140,962 | 139,43 | |||
| Other comprehensive income | |||||
| Other comprehensive income that will not be reclassified to profit or loss in subsequent periods before tax | |||||
| Other comprehensive income, before tax, actuarial pension gains and losses | 14.1 | -992 | 8,593 | ||
| Total other comprehensive income not to be reclassified to profit or loss before tax | -992 | 8,593 | |||
| Other comprehensive income that will be reclassified to profit or loss in subsequent periods before tax | |||||
| Foreign exchange translation gains (losses) | |||||
| Gains or losses on translation differences on foreign transactions before tax | 12.3 | 2,532 | 32,115 | ||
| Other comprehensive income, before tax, foreign exchange translation gains (losses) | 2,532 | 32,115 | |||
| Cash flow hedges | |||||
| Gains (losses) on cash flow hedges, before taxes | 12.5 | -586 | 2,757 | ||
| Other comprehensive income, before taxes, cash flow differences | -586 | 2,757 | |||
| Total other comprehensive income to be reclassified to profit or loss before tax | 1,946 | 34,872 | |||
| Total other comprehensive income before tax | 954 | 43,465 | |||
| Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss | |||||
| Income tax related to remeasurements of defined benefit plans included in other comprehensive income | 14.1 | 693 | -1,997 | ||
| Aggregate income tax relating to components of other comprehensive income not to be reclassified into profit or loss | 693 | -1,997 | |||
| Income taxes related to cash flow hedges included in other comprehensive income | 12.5 | 54 | -666 | ||
| Aggregate income tax relating to components of other comprehensive income to be reclassified into profit or loss | 54 | -666 | |||
| Other comprehensive income | 1,701 | 40,802 | |||
| Comprehensive income | 142,663 | 180,232 | |||
| 2023 | Share capital | emission | reserves | treasury | fiscal year | valuation | account | ||
| (Thousands of euros) | Equity | ||||||||
| Share capital | Share premium (Note 12.2) | Reserves | Treasury shares (Note 12.4) | Profit for the year attributable to parent company | Interim dividend | Valuation adjustments | |||
| (Note 12.1) | (Note 12.3) | (Note 12.6) | (Note 12.5) | ||||||
| Opening balance as at 1 January 2023 | 32,550 | 12 | 813,145 | -16,181 | 139,430 | -64,644 | 2,558 | 906,87 | |
| Changes in equity | |||||||||
| Total recognised income and (expense) | 0 | 0 | 2,233 | 0 | 140,962 | 0 | -532 | 142,663 | |
| Dividends paid | 0 | 0 | -24,945 | 0 | 0 | -64,563 | 0 | -89,508 | |
| Transfers between equity accounts | 0 | 0 | 74,786 | 0 | -139,43 | 64,644 | 0 | 0 | |
| Movement in treasury shares | 0 | 0 | 0 | -5,490 | 0 | 0 | 0 | -5,490 | |
| Transactions with non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Share-based payment expenses | 0 | 0 | 3,237 | 0 | 0 | 0 | 0 | 3,237 | |
| Total increase (decrease) in equity | 0 | 0 | 55,311 | -5,490 | 1,532 | 81 | -532 | 50,902 | |
| Closing balance as at 31 December 2023 | 32,550 | 12 | 868,456 | -21,671 | 140,962 | -64,563 | 2,026 | 957,772 | |
| 2022 | |||||||||
| (Thousands of euros) | Equity | ||||||||
| Share capital | Share premium (Note 12.2) | Reserves | Treasury shares (Note 12.4) | Profit for the year attributable to parent company | Interim dividend | Valuation adjustments | |||
| (Note 12.1) | (Note 12.3) | (Note 12.6) | (Note 12.5) | ||||||
| Opening balance as at 1 January 2022 | 32,550 € | 12 | 732,103 | -10,473 | 132,997 | -64,880 € | 467 | 822,776 | |
| Changes in equity | |||||||||
| Total recognised income and (expense) | 0 | 0 | 38,711 | 0 | 139,430 | 0 | 2,091 | 180,232 | |
| Dividends paid | 0 | 0 | -19,873 | 0 | 0 | -64,644 | 0 | -84,517 | |
| Transfers between equity accounts | 0 | 0 | 68,117 | 0 | -132,997 | 64,880 | 0 | 0 | |
| Movement in treasury shares | 0 | 0 | -7,494 | -5,708 | 0 | 0 | 0 | -13,202 | |
| Transactions with non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Share-based payment expenses | 0 | 0 | 1,581 | 0 | 0 | 0 | 0 | 1,581 | |
| Total increase (decrease) in equity | 0 | 0 | 81,042 | -5,708 | 6,433 | 236 | 2,091 | 84,094 | |
| Closing balance as at 31 December 2022 | 32,550 | 12 | 813,145 | -16,181 | 139,430 | -64,644 | 2,558 | 906,870 | |
| Period | |||||
| (Thousands of euros) | Notes | 2023 | 2022 | ||
| Profit for the year after tax | 140,962 | 139,430 | |||
| Adjustments for income tax expense | 18 | 27,944 | 44,360 | ||
| Adjustment for inventory write-down (increase) | -66,607 | -69,069 | |||
| Adjustment for decrease (increase) in accounts receivable | -5,314 | -47,708 | |||
| Adjustment for (decrease) increases in accounts payable | -18,725 | 10,674 | |||
| Adjustment for depreciation expenses | 83,713 | 78,148 | |||
| Impairment of goodwill | — | ||||
| Changes in provisions | 7,614 | 4,586 | |||
| Interest income adjustment | 20.5 | -846 | -1,194 | ||
| Interest expense adjustment | 20.5 | 6,900 | 1,370 | ||
| Exchange gains (losses), net | 20.5 | 9,748 | 5,044 | ||
| Share-based payment | 2,346 | 1,581 | |||
| Losses in business combination | 2.1 | — | |||
| Other adjustments | -172 | -377 | |||
| Adjustments to reconcile profit before tax to net cash flows | 46,601 | 27,415 | |||
| Net cash flows from (used in) operations | 187,563 | 166,845 | |||
| Income tax payments | 18 | -41,223 | -44,012 | ||
| Contributions and other payments, related to pension plans | -630 | -2,104 | |||
| Net cash generated by operating activities | 145,710 | 120,729 | |||
| acquired | 2.1 | — | |||
| Payments for the acquisition of tangible and intangible fixed assets | -77,126 | -115,566 | |||
| Proceeds from the sale of fixed assets | 1,158 | 423 | |||
| Interest collected | 846 | 1,194 | |||
| Net cash from investing activities | -75,122 | -113,949 | |||
| Provisions of financial debt | 12.1 | 156,365 | 108,636 | ||
| Financial debt repayments | 12.1 | -117,957 | -49,734 | ||
| Acquisition of treasury shares | -6,264 | -12,231 | |||
| Dividends paid to shareholders of the parent company | -89,508 | -84,517 | |||
| Interest paid | 12.1 | -6,275 | -1,569 | ||
| Payments for right-of-use assets | 12.1 | -5,296 | -5,289 | ||
| Other financial liabilities (net) | -1,781 | -3,751 | |||
| Net cash from financing activities | -70,716 | -48,455 | |||
| Net increase (decrease) in cash and cash equivalents before the effect of changes in foreign exchange rates | -128 | -41,675 | |||
| Effect of exchange rate changes on cash and cash equivalents | 931 | 1,516 | |||
| Net increase (decrease) in cash and cash equivalents | 803 | -40,159 | |||
| Cash and cash equivalents as of 1 January | 11 | 51,193 | 91,352 | ||
| Cash and cash equivalents as at 31 December | 11 | 51,996 | 51,193 | ||
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