Combined statement of comprehensive income | 2 |
Combined statement of financial position | 3 |
Combined statement of cash flows | 5 |
Notes to the combined interim financial report | 6 |
€ million | Note | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | |||||||||
Sales | 386.8 | 379.9 | ||||||||||
Cost of sales | (314.5 | ) | (305.9 | ) | ||||||||
Gross profit | 72.3 | 73.9 | ||||||||||
Selling and marketing expenses | (13.8 | ) | (13.3 | ) | ||||||||
Administrative expenses | (21.0 | ) | (20.6 | ) | ||||||||
Research and development expenses | (2.4 | ) | (1.9 | ) | ||||||||
Other operating income | 1.3 | 0.7 | ||||||||||
Other operating expenses | (2.6 | ) | (2.6 | ) | ||||||||
Operating profit (loss) | 33.8 | 36.2 | ||||||||||
Financial income | 0.2 | 0.2 | ||||||||||
Financial expenses | (17.7 | ) | (21.4 | ) | ||||||||
Profit (loss) before taxes | 16.3 | 15.0 | ||||||||||
Income taxes | 4 | (6.6 | ) | (7.2 | ) | |||||||
Profit (loss) for the period | 9.7 | 7.8 | ||||||||||
Other comprehensive income | ||||||||||||
Items that will never be reclassified to profit or loss | ||||||||||||
Remeasurements of defined benefit liability (asset) | (1.2 | ) | (0.1 | ) | ||||||||
Related tax | 0.4 | 0.0 | ||||||||||
(0.8 | ) | (0.1 | ) | |||||||||
Items that are or may be reclassified to profit and loss | ||||||||||||
Foreign currency translation differences for foreign operations | 5 | (4.3 | ) | 7.5 | ||||||||
(4.3 | ) | 7.5 | ||||||||||
Other comprehensive income, net of tax | (5.1 | ) | 7.4 | |||||||||
Total comprehensive income for the period attributable to owners of the company | 4.6 | 15.2 |
€ million | Note | At Sep 30, 2016 | At Dec 31, 2015 | |||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 6 | 78.9 | 82.6 | |||||||||
Intangible assets | 1.9 | 1.9 | ||||||||||
Goodwill | 200.8 | 202.6 | ||||||||||
Deferred tax assets | 7.7 | 7.3 | ||||||||||
Other long-term assets | 0.3 | 0.4 | ||||||||||
Total non-current assets | 289.7 | 294.7 | ||||||||||
Current assets | ||||||||||||
Inventories | 41.1 | 42.9 | ||||||||||
Trade and other receivables | 90.9 | 74.3 | ||||||||||
Loan and other financial receivables from former parent HTS II AB | 7,8 | 137.0 | 145.3 | |||||||||
Current tax assets | 2.9 | 3.6 | ||||||||||
Derivative financial instruments | 8 | 0.2 | 0.1 | |||||||||
Cash and cash equivalents | 8 | 17.0 | 12.0 | |||||||||
Total current assets | 289.0 | 278.4 | ||||||||||
TOTAL ASSETS | 578.7 | 573.1 |
€ million | Note | At Sep 30, 2016 | At Dec 31, 2015 | |||||||||
EQUITY AND LIABILITIES | ||||||||||||
Net parent investment | 9 | 115.1 | 109.8 | |||||||||
Non-current liabilities | ||||||||||||
Long-term debt due to former parent HTS II AB | 7,8 | - | 239.6 | |||||||||
Deferred tax liabilities | 11.1 | 11.2 | ||||||||||
Pension obligations | 15.6 | 14.7 | ||||||||||
Provisions | 1.4 | 1.5 | ||||||||||
Other long-term liabilities | 0.4 | 0.6 | ||||||||||
Total non-current liabilities | 28.5 | 267.6 | ||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 100.2 | 87.7 | ||||||||||
Current debt due to former parent HTS II AB | 7,8 | 323.6 | 97.8 | |||||||||
Current debt from financial institutions | 8 | 1.1 | 1.4 | |||||||||
Current tax liabilities | 6.4 | 6.3 | ||||||||||
Derivative financial instruments | 8 | 0.4 | 0.7 | |||||||||
Provisions | 3.5 | 1.7 | ||||||||||
Total current liabilities | 435.1 | 195.7 | ||||||||||
TOTAL EQUITY AND LIABILITIES | 578.7 | 573.1 |
€ million | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | ||||||
Cash flow from operating activities | ||||||||
Net profit for the financial year | 9.7 | 7.8 | ||||||
Adjustments for | ||||||||
Taxes | 6.6 | 7.2 | ||||||
Depreciation | 7.8 | 7.6 | ||||||
Finance income and expenses | 17.6 | 21.2 | ||||||
Other adjustments | (0.1 | ) | 0.1 | |||||
32.0 | 36.1 | |||||||
Change in working capital | ||||||||
Change in trade and other receivables | (17.5 | ) | (0.7 | ) | ||||
Change in inventories | 1.0 | (2.0 | ) | |||||
Change in trade and other payables | 13.3 | (4.2 | ) | |||||
(3.1 | ) | (7.0 | ) | |||||
Interest received | 0.2 | 0.2 | ||||||
Interest and finance expenses paid | (3.3 | ) | (1.8 | ) | ||||
Income tax paid | (6.1 | ) | (11.5 | ) | ||||
Net cash generated from operating activities | 29.3 | 23.7 | ||||||
Cash flow from investing activities | ||||||||
Purchases of tangible and intangible assets | (6.4 | ) | (4.5 | ) | ||||
Proceeds from sale of tangible and intangible assets | 0.1 | 0.1 | ||||||
Change in other long-term receivables | 0.0 | 0.0 | ||||||
Net cash used in investing activities | (6.3 | ) | (4.4 | ) | ||||
Cash flow from financing activities | ||||||||
Borrowings of long-term debt from former parent HTS II AB | 1.5 | 0.0 | ||||||
Repayments of long-term debt to former parent HTS II AB | (1.8 | ) | (14.0 | ) | ||||
Change in cash pool balances from former parent HTS II AB | (42.3 | ) | (14.7 | ) | ||||
Change in current debt from financial institutions | (0.3 | ) | 0.7 | |||||
Proceeds from capital injections from former parent HTS II AB | 24.7 | 13.5 | ||||||
Change in deposits at brokers | 0.4 | 0.2 | ||||||
Other financing cash flow | 0.0 | (0.0 | ) | |||||
Net cash used in financing activities | (17.8 | ) | (14.3 | ) | ||||
Net change in cash and cash equivalents | 5.2 | 5.1 | ||||||
Cash and cash equivalents at the beginning of the financial year | 12.0 | 10.2 | ||||||
Foreign exchange rate effect on cash and cash equivalents | (0.2 | ) | 0.2 | |||||
Cash and cash equivalents at the end of the reporting date | 17.0 | 15.5 |
- | Annual Improvements to IFRSs (2012-2014 cycle): The annual improvements process provides a mechanism for minor and non-urgent amendments to IFRSs to be grouped together and issued in one package annually. The cycle contains amendments to four standards. Their impacts vary standard by standard but are not significant. |
- | Amendment to IAS 1 Presentation of Financial Statements: Disclosure Initiative. The amendments clarify the guidance in IAS 1 in relation to applying the materiality concept, disaggregating line items in the balance sheet and in the statement of profit or loss, presenting subtotals and to the structure and accounting policies in the financial statement. The amendments have had a minor impact on presentation of HTS Group combined financials. |
€ million | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | ||||||
Current year tax expense | (6.9 | ) | (7.8 | ) | ||||
Prior years tax expense | (0.0 | ) | (0.1 | ) | ||||
Deferred taxes | 0.3 | 0.6 | ||||||
Total income taxes | (6.6 | ) | (7.2 | ) |
€ million | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | ||||||
US | (3.3 | ) | (5.2 | ) | ||||
Italy | (1.7 | ) | (1.1 | ) | ||||
Other countries | (1.7 | ) | (0.9 | ) | ||||
Total income taxes | (6.6 | ) | (7.2 | ) |
€ million | 2016 | 2015 | ||||||
Carrying value at Jan 1 | 82.6 | 82.1 | ||||||
Additions | 5.2 | 4.0 | ||||||
Disposals | (0.0 | ) | (0.1 | ) | ||||
Translation differences | (1.2 | ) | 2.2 | |||||
Depreciation | (7.6 | ) | (7.4 | ) | ||||
Carrying value at Sep 30 | 78.9 | 80.8 |
€ million | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | ||||||
Short-term employee benefits | 2.5 | 2.4 | ||||||
Termination benefits | 0.0 | - | ||||||
Total compensation | 2.5 | 2.4 |
€ million | Jan 1 - Sep 30, 2016 | Jan 1 - Sep 30, 2015 | ||||||
Sales of services | 0.9 | 0.9 | ||||||
Raw material purchases | (30.8 | ) | (35.9 | ) | ||||
Other expenses | (3.0 | ) | (3.5 | ) | ||||
Derivative transactions | (0.8 | ) | (0.2 | ) | ||||
Interest expenses and other financial items | (17.1 | ) | (20.8 | ) |
€ million | At Sep 30, 2016 | At Dec 31, 2015 | ||||||
Cash pool receivables from and deposits to HTS II AB | 137.0 | 120.7 | ||||||
Receivables on equity issues from HTS II AB | - | 24.7 | ||||||
Trade and other current receivables | 0.7 | 2.3 | ||||||
Long-term loans due to HTS II AB | - | 239.6 | ||||||
Current loans due to HTS II AB | 323.6 | 97.8 | ||||||
Accrued interest expenses due to HTS II AB | 6.7 | 2.6 | ||||||
Trade and other current payables | 8.5 | 9.1 |
At Sep 30, 2016 | At Dec 31, 2015 | |||||||||||||||
€ million | Carrying value | Fair value | Carrying value | Fair value | ||||||||||||
Investments and receivables | ||||||||||||||||
Current loans receivable 2) | 137.0 | 137.0 | 120.7 | 120.7 | ||||||||||||
Cash and marketable securities 2) | 17.0 | 17.0 | 12.0 | 12.0 | ||||||||||||
Debt | ||||||||||||||||
Long-term debt 2) | - | - | (239.6 | ) | (239.6 | ) | ||||||||||
Current debt 2) | (324.7 | ) | (324.7 | ) | (99.2 | ) | (99.2 | ) | ||||||||
Financial derivatives 1) | ||||||||||||||||
Forward foreign exchange contracts 3) | (0.4 | ) | (0.4 | ) | 0.1 | 0.1 | ||||||||||
Metal derivatives 1) | ||||||||||||||||
Forward and futures copper contracts 3) | 0.1 | 0.1 | (0.6 | ) | (0.6 | ) | ||||||||||
Forward and futures aluminium contracts 3) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) |
1) Derivative transactions have been made for hedging purposes. The market value of derivatives indicates potential result of these transactions assuming the deals were closed at the date of the balance sheet. The carrying amount of forward foreign exchange contracts and currency swaps include unrealised gains and losses relating to hedges of firm and anticipated commitments which have been booked to income statement.
Measurement Category
2) Loans and receivables, fair value level 2
3) Derivative contracts, Financial assets/liabilities at fair value through income statement, fair value level 2
€ million | ||||
Net parent investment at Dec 31, 2014 | 112.0 | |||
Profit (loss) | (49.3 | ) | ||
Foreign currency translation differences for foreign operations | 11.2 | |||
Remeasurements of defined benefit liability (with related tax) | 0.2 | |||
Total comprehensive income (loss) for the period | (37.9 | ) | ||
Transactions with owners, recorded directly in equity: | ||||
Capital injections converted from loans | 8.5 | |||
Capital injections paid in cash | 2.5 | |||
Capital injections to be paid in cash (payment in 2016) | 24.7 | |||
Total contributions by and distributions to owners | 35.7 | |||
Net parent investment at Dec 31, 2015 | 109.8 |
€ million | ||||
Net parent investment at Jan 1, 2016 | 109.8 | |||
Profit (loss) | 9.7 | |||
Foreign currency translation differences for foreign operations | (4.3 | ) | ||
Remeasurements of defined benefit liability (with related tax) | (0.8 | ) | ||
Total comprehensive income for the period | 4.6 | |||
Transactions with owners, recorded directly in equity: | ||||
Capital injections converted from loans | 0.8 | |||
Total contributions by and distributions to owners | 0.8 | |||
Net parent investment at Sep 30, 2016 | 115.1 |