108
109
Annual Financial Statements
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
1/1-31/12/2015 1/1-31/12/2014
1/1-31/12/2015 1/1-31/12/2014
Cash flows from operating activities
Profit for the period
80,412
113,667
(271)
(2,224)
Adjustments for:
Tax
28,379
22,643
(1,434)
(2,504)
Depreciation of property,plant and equipment
55,714
52,789
312
323
Depreciation of intangible assets
6,098
6,847
33
61
Impairments
42
1,970
42
-
Provisions
147
(3,486)
683
-
Income from reversal of prior year's provisions
(1,198)
(118)
(1,140)
-
Profit/Loss from sale of tangible assets
174
(137)
-
2
Profit/Loss from fair value valuation of investment property
(48)
3,075
-
-
Profit/Loss from fair value valuation of financ.assets at fair
value through PnL
(1,694)
1,988
(109)
(150)
Profit/Loss from sale of financial assets at fair value
4,267
(5,894)
-
-
Interest income
(3,005)
(9,171)
(52)
(102)
Interest expenses
54,563
60,438
15,441
20,118
Dividends
-
(4)
(16,080)
(7,797)
Grants amortization
(1,741)
(2,576)
-
-
Parent company's portion to the profit of associates
(197)
191
-
-
Exchange differences
(3,763)
(16,662)
2,889
(3,155)
Other differences
(508)
(12)
-
-
137,230
111,880
584
6,796
Changes in Working Capital
(Increase)/Decrease in stocks
(81,131)
(24,897)
-
-
(Increase)/Decrease in trade receivables
(102,918)
146,189
10,657
14,399
(Increase)/Decrease in other receivables
(1,661)
(450)
-
-
Increase / (Decrease) in liabilities
(40,677)
(104,892)
(15,800)
(15,621)
Provisions
(23)
6
-
-
Pension plans
(591)
(1,627)
(6)
34
(227,002)
14,330
(5,150)
(1,189)
Cash flows from operating activities
(9,360)
239,878
(4,837)
3,384
(Amounts in thousands
€
)
1/1-31/12/2015
1/1-31/12/2014
Sales
4,004
7,713
Cost of sales
(5,577)
(5,406)
Gross profit
(1,572)
2,307
Other operating income
1,387
711
Distribution expenses
(558)
(650)
Administrative expenses
(2,134)
(1,958)
Other operating expenses
(1,799)
(630)
Earnings before interest and income tax
(4,675)
(220)
Financial expenses
(38)
(39)
Profit before income tax
(4,713)
(259)
MYTILINEOS GROUP
(Amounts in thousands
€
)
31/12/2015
31/12/2014
Commitments from construction contracts
Value of pending construction contracts
1,190,714
1,292,605
Granted guarantees of good performance
351,041
340,310
Total
1,541,755
1,632,915
4.24 Cash flows from operating activities
4.25 Discontinued Operations
The Group, since 2009, applies IFRS 5 “Non-current assets held for sale & discontinued operations”, and presents separately the assets
and liabilities of the subsidiary company SOMETRA S.A., following the suspension of the production activity of the Zinc-Lead production
plant in Romania, and presents also the amounts recognized in the income statement separately from continuing operations. Given the
global economic recession, there were no feasible scenarios for the alternative utilization of the aforementioned financial assets.
Consequently, from 2011 and on, by applying par. 13 of IFRS 5 “Non-current assets Held for Sale”, the Zinc-Lead production ceases to be
an asset held for sale and is considered as an asset to be abandoned. The assets of the disposal group to be abandoned are presented
within the continuing operations while the results as discontinued operations.
In December 2015, SOMETRA S.A., contributed the Zinc-Lead activity, through a spin – off process, to its newly established subsidiary Rey-
com Recycling S.A. (REYCOM). The said spin - off is part of the “Mytilineos Group” restructuring process, regarding the Zinc-Lead discon-
tinued operation, targeting on the production of Zn & Pb oxides through the development of a recycling operation of metallurgical residues.
Following the analysis of the profit and loss of the discontinued operations:
4.26 Encumbrances
Group’s assets are pledged for an amount of 499,8 m as bank debt collateral.
4.27 Commitments
Group’s commitments due to construction contracts and finance lease are as follows:
