Annual Report 2014

More documents

Recommendations

Info

Financial report Consolidated financial statements 14.2. Exposure to credit risk – impairment losses The ageing of trade and other receivables at reporting date was as follows: IN THOUSANDS OF EUR 2013 2014 Neither impaired nor past due at reporting date 342,750 331,517 Not impaired at reporting date and past due 82,950 73,068 Up to 30 days 56,082 49,681 Between 31 and 60 days 11,719 10,068 Between 61 and 90 days 3,750 3,752 Between 91 and 120 days 2,675 3,130 Between 121 and 150 days 1,312 2,636 More than 150 days 7,412 3,801 Net carrying amount at the end of the year 425,700 404,585 The movement in the allowance for impairment of current trade and other receivables was as follows: IN THOUSANDS OF EUR 2013 2014 Allowances at the beginning of the year -25,345 -22,597 Additions -4,816 -4,467 Use 4,716 3,969 Reversal 3,680 1,620 Change in the scope of consolidation -832 233 Allowances at the end of the year -22,597 -21,242 14.3. Other current assets IN THOUSANDS OF EUR 2013 2014 Available-for-sale investments 491 - Deposits 3,936 1,079 Total 4,427 1,079 Note 15 – Inventories The different types of inventories are detailed below: IN THOUSANDS OF EUR 2013 2014 Raw materials 118,134 122,498 Work in progress 41,734 38,714 Finished goods 225,964 246,239 Spare parts and consumables 88,935 90,418 Goods purchased for resale 39,230 35,595 Write-downs to net realisable value -39,210 -40,766 Total 474,787 492,698 In 2014, the Group recognised inventory write-downs to net realisable value of € 3,204 thousand (€ 3,453 thousand in 2013) as an expense, including reversal of prior year write-downs amounting to € 8,684 thousand (€ 6,637 thousand in 2013). Reversals of write-downs without impact on the income statement amount to € 1,617 thousand (€ 1,816 thousand in 2013). 112
Etex Annual Report 2014 Financial report Consolidated financial statements Note 16 – Risk management and financial derivatives 16.1 Risk management A. Market risk Exposure to currency risk Around 50% of the Group’s revenue is generated by subsidiaries with a functional currency other than the euro (49% in 2013). The Group mainly operates in the following foreign currencies: Argentinean peso, Chilean peso, Colombian peso, Peruvian nuevo sol and Pound sterling. Translation currency sensitivity analysis On the basis of the volatility of these currencies against the euro in 2014, the reasonably possible change of the exchange rate of these currencies against the euro is estimated as follows: RATES USED FOR SENSITIVITY ANALYSIS CLOSING RATE 31 DECEMBER 2014 AVERAGE RATE 2014 POSSIBLE VOLATILITY OF RATES IN % RANGE OF POSSIBLE CLOSING RATES 31 DECEMBER 2014 RANGE OF POSSIBLE AVERAGE RATES 2014 Argentinean peso 10.3818 10.7768 28 7.4749 - 13.2887 7.7593 - 13.7943 Chilean peso (000) 0.7367 0.7569 13 0.6409 - 0.8324 0.6585 - 0.8553 Colombian peso (000) 2.9047 2.6495 17 2.4109 - 3.3985 2.1991 - 3.0999 Peruvian nuevo sol 3.6302 3.7676 10 3.2671 - 3.9932 3.3908 - 4.1443 Pound sterling 0.7789 0.8060 8 0.7166 - 0.8412 0.7415 - 0.8705 As a comparison, the reasonably possible change of exchange rate of these currencies against the euro was estimated as follows for 2013: RATES USED FOR SENSITIVITY ANALYSIS CLOSING RATE 31 DECEMBER 2013 AVERAGE RATE 2013 POSSIBLE VOLATILITY OF RATES IN % RANGE OF POSSIBLE CLOSING RATES 31 DECEMBER 2013 RANGE OF POSSIBLE AVERAGE RATES 2013 Argentinean peso 8.9931 7.2971 57 3.867 - 14.1192 3.1378 - 11.4565 Chilean peso (000) 0.7235 0.6593 17 0.6005 - 0.8465 0.5472 - 0.7714 Colombian peso (000) 2.6573 2.4863 17 2.2056 - 3.109 2.0636 - 2.909 Peruvian nuevo sol 3.8422 3.5970 18 3.1506 - 4.5338 2.9495 - 4.2445 Pound sterling 0.8337 0.8491 10 0.7503 - 0.9171 0.7642 - 0.934 If the euro had weakened or strengthened during 2014 by the above estimated possible changes against the listed currencies with all other variables held constant, the 2014 profit would have been € 6,174 thousand (7%) higher or lower (€ 7,785 thousand or 6% in 2013) while equity would have been € 34,718 thousand (4%) higher or lower (€ 50,771 thousand or 5% in 2013), as detailed below: 2013 2014 IN THOUSANDS OF EUR PROFIT EQUITY PROFIT EQUITY Argentinean peso 1,802 15,798 877 9,083 Chilean peso 2,182 -554 1,901 1,146 Colombian peso 435 9,701 -227 6,888 Peruvian nuevo sol 1,913 11,034 888 7,874 Pound sterling 1,453 14,792 2,735 9,727 Total 7,785 50,771 6,174 34,718 113
Page 1:
Annual Report 2014
Page 4 and 5:
Photographs by Cover › Ph
Page 6 and 7:
Key figures KEY FIGURES In mill
Page 8 and 9:
Key events KEY EVENTS As a toke
Page 11 and 12:
ABOUT ETEX 1 Our company & strategy
Page 13 and 14:
Etex Annual Report 2014 About Etex
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
worldwide presence with local ancho
Page 21 and 22:
Fire protection & insulation Worldw
Page 23 and 24:
Page 25:
Page 28 and 29:
Activity report Cladding & building
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Activity report Roofing 2.2 Roofing
Page 38 and 39:
Activity report Roofing with Spain.
Page 40 and 41:
Activity report Fire protection & i
Page 42 and 43:
Activity report Fire protection & i
Page 44 and 45:
Activity report Ceramic tiles 2.4 C
Page 47 and 48:
ENVIRONMENTAL REPORT 3 Protecting o
Page 49 and 50:
Etex Annual Report 2014 Environment
Page 51:
Etex Annual Report 2014 Environment
Page 54 and 55:
Social report Human Resources 4.1 H
Page 56 and 57:
Social report Human Resources ppTwo
Page 58 and 59:
Social report Health & safety 4.2 H
Page 60 and 61:
Social report Health & safety Safet
Page 62 and 63:
Social report Carefully managing ou
Page 64 and 65: Social report Community relations 4
Page 66 and 67: Social report Community relations B
Page 68 and 69: Social report Community relations Q
Page 71 and 72: GOVERNANCE REPORT 5 Governance repo
Page 73 and 74: Etex Annual Report 2014 Governance
Page 75: Etex Annual Report 2014 Governance
Page 78 and 79: Financial report Financial report 6
Page 80 and 81: Financial report Financial report R
Page 82 and 83: Financial report Consolidated finan
Page 144 and 145: Financial report Non-consolidated a
Page 146 and 147: Financial report Glossary 6.4 Gloss
Page 148 and 149: Financial report GRI index 3.11 Sig
Page 150: Your feedback counts: how do you li
show all

Annual Report 2014

Create successful ePaper yourself

Delete template?

Save as template?