Annual Report 2014

Etex Annual Report 2014
Financial report
Financial report
offer and continue to innovate. Now, we are
ready to expand and develop these
markets even further.
Argentina faced its own challenges,
experiencing an inflation of 40 %.
However, it remains an important player in
our Latin America network. Sales reached
231 million euro, a stable result when
compared to the previous year.
Total Etex sales came to 2,987 million euro
(down 1.9 per cent). This slight decrease is
the result of adverse exchange rates.
These reduced our sales figures by around
100 million euro. Moreover, our decreased
scope, which accounts for around 46 million
euro, had an impact as well. On a like-for-like
basis, our revenue grew by 2.9 per cent.
Our gross profit on sales ratio
remained stable at 28.3 %, (compared
to 27.3 % in 2013), for a gross profit of
844.1 million euro.
Our overhead on sales ratio also remained
stable at 20.7 %, compared to 19.6 per cent
in 2013. Our operating income before
non-recurring items (REBIT) totalled
to 226.5 million euro: 7.6 % of sales.
Net non-recurring items accounted for
44.6 million euro, producing an operating
income (EBIT) of 181.8 million euro.
The group’s net financial debt decreased
to 904 million euro, thanks to our operating
results and our ongoing strict management
of non-cash working capital.
The group’s net profit was 91.5 million
euro. Our tax burden (15.5 million euro)
implies an effective tax rate (ETR) of 14.2 %.
This is less than the group’s ETR in 2013
(24.3 %), as a result of lower operating
results and increased deferred tax assets.
Consolidated Statement of
Financial Position (Balance Sheet)
Etex’s property, plant, and equipment value
increased slightly to 1,745.0 million euro
compared to 1,728.3 million euro in 2013.
Capital expenditures came to 198.2 million
euro, including intangible assets, compared
to a depreciation of 163.2 million euro.
In Colombia and China, we completed
investments aimed at extending our
capacity for fibre cement and flat sheets.
Similar investments were initiated in
Indonesia. We also completed our
equipment upgrades in Colombia, Peru,
and Argentina for ceramic floor and wall
tiles. The construction of plasterboard
plants in Peru, Brazil and Romania
continued throughout 2014.
Goodwill and intangible assets came
to 456.7 million euro after regular
amortisation.
In nominal terms, our non-cash working
capital decreased to 260.1 million euro
compared to 283.8 million euro in 2013.
This positive performance reflects our
ongoing efforts to strictly manage our
average working capital. The return on
capital employed decreased to 7.3% due
to non-recurring items.
The total shareholders’ equity was
891.1 million euro, a decrease of 12 million
euro compared to 2013. The main factors
affecting this change are the actuarial
components of changes in our employee
benefits liabilities recognised directly in
equity. Other factors include dividend
payment and the profit of the year —
notably influenced by the restructuring at
Siniat France and Promat UK (Glasgow).
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