ETX-10829_Etex-AR2017_WEB_2018_DEF2 (2)

6.1
Financial report
Consolidated financial statements
Etex Annual Report 2017
Financial report
Consolidated financial statements
Note 30 – Discontinued operations
In July 2016 Etex reached an agreement with the Mexican company Grupo Lamosa on the disposal of the Ceramica San Lorenzo
entities.
Below income statement of the discontinued operations gives a detail of the line ‘net income from discontinued operations’ as
presented in the income statement of Etex group per 31 December 2017 and 31 December 2016.
in thousands of EUR 2016 2017
Revenue 146,209 -
Cost of sales -120,001 -
Gross profit 26,208 -
Distribution expenses -10,532 -
Administrative and general expenses -7,773 -
Other operating charges -1,043 -
Other operating income 1,164 -
Operating income before non recurring items 8,024 -
Other on recurring items 52,929 -
Operating income (EBIT) 60,953 -
Interest income 58 -
Interest expenses -6,274 -
Other financial income 489 -
Other financial expense -516 -
Profit before income tax 54,709 -
Income tax expense -13,848 -
Profit for the year from discontinued operations 40,861 -
The ‘net income from discontinued operations’ per 31 December 2016 includes the results of the Ceramics divisions until disposals (pre-tax
result of €-332 thousand), the results realized upon closing of the transaction (pre-tax result of €55.041 thousand), the tax impact on the
disposal deal (€-8.995 thousand) and the tax impact on the Ceramics operations until disposal (€-4.853 thousand).
The net cash flow attributable to the operations, investing and financing of the discontinued operations in the cash flow statement of the
group includes the cash flow until disposal, and is presented in more detail below.
In thousands of EUR Notes 2016 2017
Operating income (EBIT) 60,953 -
Depreciation, amortisation and impairment losses 5,549 -
Losses (gains) on sale of intangible assets and property, plant and equipment -36 -
Losses (gains) on sale of businesses -55,041 -
Income tax paid -6,969 -
Changes in working capital, provisions and employee benefits -26,457 -
Changes in other non-current assets/liabilities -88 -
Discontinued operations: cash flow from operating activities -22,090 -
Proceeds from sale of intangible assets and property, plant and equipment 48 -
Disposal of business 173,755 -
Capital expenditure -626 -
Interest and dividend received 51 -
Discontinued operations: cash flow from investing activities 173,228 -
Capital increase / (decrease) 11,423 -
Proceeds (repayment) of borrowings -43,010 -
Interest paid -7,549 -
Discontinued operations: cash flow from financing activities -39,135 -
Discontinued operations: Net increase (decrease) in cash and cash equivalents 112,002 -
Note 31 – Subsequent events
On 28 March 2018, the Group entered into an asset-backed contribution scheme ("ABC") with regards to the Eternit & Marley UK pension
funds (the “Plans”) for an aggregate amount of GBP 82 million. The backed contribution will be recognised as a commitment in the Etex
consolidated financial statement since it cannot be recognised as part of the Plans’ asset plan in accordance with IAS 19, whereas the
contributions will be done progressively over the coming years.
Etex Annual Report 2017 p. 67
Etex Annual Report 2017 p. 68
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