Executive summary
| €m | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
| Sales | 4,884 | 5,367 | 5,342 | 4,470 | 4,968 | 5,435 |
| Volumes (kt) | 3,717 | 3,591 | 3,545 | 3,477 | 3,627 | 3,571 |
| EBITDA before special items | 704 | 813 | 872 | 804 | 742 | 391 |
| EBIT before special items | 456 | 604 | 645 | 584 | 517 | 165 |
| Net Income | 323 | 453 | 493 | 377 | 271 | 27 |
| Capex | 246 | 176 | 147 | 127 | 108 | 137 |
| Free cash flow | 372 | 607 | 346 | 402 | 470 | 236 |
| Net financial debt | 673 | 146 | 555 | 834 | 968 | 1,183 |
| Net debt / LTM EBITDA bef. special items | 1,0 | 0.2x | 0.6x | 1.0x | 1.3x | 3.0x |
| Net working capital | 519 | 617 | 687 | 587 | 540 | 532 |
Note: (*) Excludes purchase price allocation effects on inventory
Note: (**) Pro Forma
Performance overview (FY 2019)
Profit & Loss
| €m | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 |
| Sales | 4.884,2 | 5.366,7 | 5.342,4 | 4,469.7 | 4,967.7 | 5,435.4 |
| Cost of sales | (4.003,2) | (4.349,5) | (4.284,5) | (3.464.0) | (4,016.1) | (4,897.8) |
| Gross profit | 881.0 | 1.017,2 | 1.057,9 | 1,005.7 | 951.6 | 537.6 |
| Selling expenses | (286.8) | (280.7) | (280.6) | (302.7) | (306.8) | (263.5) |
| General and administrative expenses | (119.1) | (118.6) | (113.6) | (100.7) | (103.6) | (96.7) |
| Research and development expenses | (13.8) | (13.8) | (12.4) | (12.7) | (14.0) | (13.7) |
| Other operating income (expenses) | (11.9) | (0.5) | (44.9) | (13.8) | (24.9) | (75.8) |
| Income from operations | 449.4 | 603.6 | 606.4 | 575.8 | 502.3 | 87.9 |
| Interest income | 17.4 | 6.5 | 5.3 | 5.9 | 6.0 | 2.7 |
| Interest expense | (38.3) | (46.0) | (54.2) | (120.3) | (109.8) | (76.4) |
| Other finance gain (loss) (net) | 4.8 | (12.5) | (49.6) | 25.5 | (23.9) | 17.1 |
| Net finance costs | (16.1) | (27.0) | (98.5) | (88.9) | (127.7) | (56.6) |
| Income before tax | 433.3 | 576.6 | 507.9 | 486.9 | 374.6 | 31.3 |
| Income taxes expense | (110.3) | (124.1) | (14.8) | (109.8) | (103.4) | (4.2) |
| Net Income | 323.0 | 452.5 | 493.1 | 377.1 | 271.2 | 27.1 |
| Attributable to: | ||||||
| Non-controlling interests | (1.4) | 0.8 | 2.4 | 2.5 | 1.3 | 0.8 |
| Owner of the company | 324.4 | 451.7 | 490.7 | 374.6 | 269.9 | 26.3 |
| EBITDA | 697.9 | 812.8 | 833.9 | 795.6 | 728 | 313.7 |
| Special items | (6.3) | 0.0 | 38.3 | 8.0 | 14.3 | 77.0 |
| EBITDA before special items* | 704.2 | 812.0 | 872.2 | 803.6 | 742.3 | 390.7 |
| Depreciation and amortization | (247.9) | (209.0) | (226.9) | (219.7) | (225.5) | (225.8) |
| Disposals gain/(loss) | (0.6) | (0.2) | (0.6) | - | - | - |
| EBIT before special items | 455.7 | 603.6 | 644.7 | 583.9 | 516.8 | 164.9 |
Note: (*)EBITDA represents income from operations plus depreciation of property, plant and equipment and amortization of intangible assets. EBITDA before exceptionals represents EBITDA less exceptional charges. Although EBITDA and EBITDA before exceptionals should not be considered substitute measures for profit and net cash flow from operating activities, we believe that they provide useful information regarding our ability to meet future debt service requirements. EBITDA and EBITDA before exceptionals may not be comparable to similarly titled measures used by other companies.
Note: (**): Pro Forma
Assets
| €m | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 |
| Intangible assets | 1.372,8 | 1,415.2 | 1,463.9 | 1,549.2 | 1,123.0 | 1,170.3 |
| Property, plant and equipment | 1.282,1 | 942.7 | 888.5 | 933.3 | 883.7 | 866.6 |
| Deferred tax assets | 47.1 | 36.5 | 54.3 | 33.6 | 23.1 | 24.7 |
| Other receivables and miscellaneous long-term assets | 4.3 | 4.8 | 4.9 | 3.9 | 32.9 | 4.0 |
| Non-current assets | 2.706,3 | 2.399,2 | 2,411.6 | 2,520.0 | 2,062.7 | 2,065.6 |
| Inventories | 487.5 | 525,9 | 546.9 | 441.4 | 426.9 | 466.7 |
| Accounts receivable, trade | 465.2 | 556,3 | 607.2 | 529.2 | 476.3 | 538.2 |
| Other receivables and miscellaneous short-term assets | 79.0 | 91.4 | 116.9 | 109.7 | 88.1 | 167.8 |
| Cash and cash equivalents | 289.7 | 567.1 | 295.9 | 316.9 | 486.7 | 371.2 |
| Assets held for sale | - | - | - | - | - | - |
| Current assets | 1.321,4 | 1.740,7 | 1,566.9 | 1,397.2 | 1,510.8 | 1,543.9 |
| Total assets | 4.027,7 | 4.139,9 | 3,978.5 | 3,917.2 | 3,573.5 | 3,609.5 |
Note: (*) Pro Forma
Liabilities
| €m | 31/12/19 | 31/12/18 | 31/12/17 | 31/12/16 | 31/12/15 | 31/12/14 |
| Equity of shareholder | 1.973,7 | 2.224,3 | 1.909,0 | 1,560.7 | 1,100.4 | 924.6 |
| Non-controlling interests | 16.1 | 17.5 | 17.8 | 16.5 | 16.0 | 14.3 |
| Owners' equity | 1.989,8 | 2.241,8 | 1.926,8 | 1,577.2 | 1,116.4 | 938.9 |
| Employee benefits | 74.1 | 58.4 | 51.0 | 43.9 | 40.5 | 40.6 |
| Deferred tax liabilities | 308.5 | 324.0 | 361.7 | 501.4 | 346.7 | 313.4 |
| Financial indebtedness | 925.6 | 671.9 | 813.9 | 1,106.7 | 1,297.5 | 1,252.0 |
| Other liabilities and long-term provisions | 41.3 | 45.1 | 56.9 | 39.0 | 39.2 | 71.1 |
| Non-current liabilities | 1.349,5 | 1.099,4 | 1.283,5 | 1,691.0 | 1,723.9 | 1.677,7 |
| Accounts payable, trade | 433.9 | 465.6 | 467.3 | 383.9 | 363.7 | 457.0 |
| Current tax liabilities | 44.6 | 137.6 | 99.9 | 63.6 | 66.5 | 66.2 |
| Financial indebtedness | 35.6 | 39.3 | 26.1 | 31.5 | 137.1 | 276.3 |
| Other liabilities and short-term provisions | 174.3 | 156.2 | 174.9 | 170.0 | 165.9 | 193.4 |
| Liabilities held for sale | - | - | - | - | - | - |
| Current liabilities | 688.4 | 798.7 | 768.2 | 649.0 | 733.2 | 992.9 |
| Total equity and liabilities | 4.027,7 | 4.139,9 | 3.978,5 | 3,917.2 | 3,573.5 | 3,609.5 |
Note: (*) Pro Forma