Annual Report 2014

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Financial report Consolidated financial statements The Group’s major operating charges by function in 2013 are as follows: IN THOUSANDS OF EUR PERSONNEL & TEMPORARY DEPRECIATION & IMPAIRMENT GOODS & MATERIALS ENERGY TRANSPORT & TRAVEL Cost of sales -387,071 -135,968 -938,043 -232,296 -249,856 -269,763 -2,212,997 Distribution expenses -210,702 -15,845 - -1,114 -21,433 -134,528 -383,622 Administrative and general expenses -108,111 -9,792 - -1,092 -6,074 -62,384 -187,453 Other operating charges -26,441 -6,843 - -79 -1,485 -13,219 -48,067 Non recurring items - -6,892 - - - 8,766 1,874 Total -732,325 -175,340 -938,043 -234,581 -278,848 -471,128 -2,830,265 OTHERS TOTAL The Group’s total personnel expenses, are made up of the following elements: IN THOUSANDS OF EUR 2013 2014 Wages and salaries -541,858 -544,709 Social security contributions -130,188 -121,614 Contributions to defined contribution plans -8,157 -11,207 Charges for defined benefit plans (service cost) -6,062 -13,611 Restructuring and termination charges -4,251 -1,508 Other employee benefits expenses -32,022 -32,303 Total employee benefits expenses -722,538 -724,952 The number of the Group’s employees is split into the following categories: 2013 2014 Production 11,004 10,688 Sales and marketing 4,252 4,248 Administration and research 2,186 2,131 Average number of personnel 17,442 17,067 Note 3 – Other operating charges and income IN THOUSANDS OF EUR 2013 2014 Research -15,280 -19,056 Restructuring charges -6,485 -9,006 Impairments -3,714 - Environmental remediation -6,473 -5,117 Other operating taxes -2,350 -2,169 Direct expenses arising from investment properties -807 -197 Loss on disposal of assets -424 -238 Miscellaneous -12,534 -26,791 Total other operating charges -48,067 -62,574 Restructuring charges in 2014 mainly relate to the re-organisation of Etex entities in Germany (€ 5,038 thousand) and in France (€ 3,591 thousand); the 2013 restructuring charges were relating to Germany and Argentina. Impairments in 2013 relate to the fire protection activity in the UK: a board production line in Glasgow (€ 1,544 thousand) and the closure of a board factory in Blackburn in 2012 (€ 1,737 thousand). 100
Etex Annual Report 2014 Financial report Consolidated financial statements IN THOUSANDS OF EUR 2013 2014 Income from investment property 1,517 1,240 Government grant amortisation 2,526 2,771 Royalties and license income 220 215 Amounts recovered from insurance companies 1,524 82 Gain on disposal of assets 4,259 2,215 Past service gain / Settlements 2,568 7,134 Miscellaneous 8,347 7,956 Total other operating income 20,961 21,613 Settlement gains and past service gains relate to defined benefit plans in the Netherlands and in Ireland in 2014 (see note 21). In 2013, these were generated by defined benefit plans in the United Kingdom, Ireland and the Netherlands. Note 4 – Non recurring items IN THOUSANDS OF EUR 2013 2014 Gain on disposal of assets 5,444 7,508 Gains / Losses on disposal of businesses -4,863 -836 Total gains and losses on disposal of assets and businesses 581 6,672 Major restructuring costs -10,643 -49,275 Insurance compensation 3,800 - Impairment of goodwill - -637 Price adjustment on acquired businesses - 500 Litigation provision 8,717 -1,900 Total other non recurring items 1,874 -51,312 Non recurring items 2,455 -44,640 As in prior years, surplus land could be disposed in 2014: the gain on disposal of assets relates to the sale of a piece of land in Quilicura (Chile) for € 10,193 thousand; in 2013 the gain on disposal of assets related to the sale of surplus land in Cartagena (Colombia). In March 2014, the Group sold the carpet and flooring business operated by the company Etersol for a proceed of € 2,808 thousand generating a loss of € 490 thousand. On 8 April 2014 the Group sold its subsidiary Batiroc, producing metal profiled sheet, to another player in the French metal profiling market; the proceeds amount to € 5,173 thousand and this operation generated a gain of € 1,199 thousand. A loss on disposal of businesses consists of € 241 thousand recognised on the step up acquisition of the non controlling interest in Pulverizar, a Colombian company that was previously equity accounted. Other items relating to the disposal of businesses are price adjustments: one on the disposal of Fademac (Brazil) that took place in 2009 (negative price adjustment of € 950 thousand), and another one relating to the 2013 disposal of La Chape Liquide and Gyvlon subsidiaries (negative price adjustment of € 354 thousand, the loss recognised in 2013 was € 4,862 thousand). As a result of fire damage on its Malsh site, Creaton (Germany) obtained in 2013 an insurance compensation for property damage which amounted to € 3,800 thousand, net of the relevant costs and impairment of assets. Three significant restructuring plans were implemented by the Group in 2014, in three businesses and locations: • In Germany, closure of the plain tile plant located in Guttau (Saxony), communicated in May 2014 and where production stopped in quarter 3, in response to the declining market demand in plain clay tiles for years. • In the United Kingdom, closure of the fire protection & insulation Glasgow factory (Scotland), announced in September 2014 and that will take effect by the end of 2015, to further consolidate manufacturing facilities in Europe. • In France, the Siniat business has initiated a restructuring plan in order to face slow down in the building activity. This plan started in October 2014. It is subject to negotiation with the employee representatives and approval from the authorities. The entire organisation is being re-shaped: three plants are in the process of being shut down, a re-designed organisation is being implemented. Overall, the workforce at Siniat France could be reduced up to 15%. 101
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Annual Report 2014
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Key figures KEY FIGURES In mill
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Key events KEY EVENTS As a toke
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ABOUT ETEX 1 Our company & strategy
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Etex Annual Report 2014 About Etex
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worldwide presence with local ancho
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Fire protection & insulation Worldw
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Activity report Cladding & building
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Activity report Roofing 2.2 Roofing
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Activity report Roofing with Spain.
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ENVIRONMENTAL REPORT 3 Protecting o
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