HomeNewsCareersContact FrNl Who we are What we do What drives us Results Financial information Results Annual report Event calendar Articles of association Here, you can find our consolidated financial statements for 2017. Revenue by activity Etex Building Performance 54% Etex Roofing 30% Etex Façade 10% Etex Industry 6% Revenue by geographic area United Kingdom 17% France 17% Other Europe 15% Germany 14% Rest of the world 9% Benelux 6% Poland 4% Chile 4% Argentina 4% Nigeria 3% Peru 3% Colombia 2% South Afrika 2% Revenue in bilion euro 2.794 2013 3.046 2014 2.987 2015 3.054 2016 2.883 2017 2.794 Recurring operation cash flow in million euro 420 2013 415 2014 413 2015 409 2016 417 2017 420 Overview of annual and half-year results YEAR HALF-YEAR RESULTS ANNUAL RESULTS 2018 Discover the 2018 half-year results - 2017 Discover the 2017 half-year results Discover the 2017 annual results 2016 Discover the 2016 half-year results Discover the 2016 annual results 2015 Discover the 2015 half-year results Discover the 2015 annual results 2014 Discover the 2014 half-year results Discover the 2014 annual results Consolidated income statement IN THOUSANDS OF EUR NOTES 2016 2017 Revenue (1) 2,736,817 2,793,738 Cost of sales (2) -1,902,330 -1,932,062 Gross profit 834,487 861,676 Distribution expenses (2) -395,444 -389,309 Administrative and general expenses (2) -171,075 -185,842 Other operating charges (3) -28,392 -28,777 Other operating income (3) 8,774 7,914 Operating income before non recurring items 248,350 265,662 Gain and losses on disposal of assets and businesses (4) -2,198 38,114 Other non recurring items (4) -69,762 -35,153 Operating income (EBIT) 176,390 268,623 Interest income (5) 3,462 4,687 Interest expenses (5) -63,599 -47,150 Other financial income (5) 441 8,786 Other financial expense (5) -11,815 -19,922 Share of profit in equity accounted investees (12) 1,250 1,220 Profit before income tax 106,129 216,243 Income tax expense (6) -17,027 -62,909 Profit for the year from continuing operations 89,102 153,334 Attributable to shareholders of Etex 86,337 148,036 Attributable to non-controlling interests 2,765 5,298 Profit from discontinued operations (30) 40,861 Profit for the year 129,963 153,334 Attributable to shareholders of Etex 127,198 148,036 Attributable to non-controlling interests 2,765 5,294 Consolidated statement of financial position IN THOUSANDS OF EUR NOTES 2016 2017 Non-current assets 2,210,172 2,216,151 Property, plant and equipment (7) 1,581,014 1,640,978 Goodwill and other intangible assets (8) (9) 397,557 411,736 Investment properties (10) 23,657 23,376 Assets held for sale (11) 6,375 3,406 Investments in equity accounted investees (12) 37,197 8,186 Other non-current assets (13) 14,110 8,033 Deferred tax assets (24) 150,262 115,093 Employee benefits assets (21) - 5,343 Current assets 1,041,507 898,081 Inventories (15) 431,876 468,279 Trade and other receivables (14) 317,665 319,652 Other current assets (14) 8,731 3,137 Cash and cash equivalents (17) 283,235 107,013 TOTAL ASSETS 3,251,679 3,114,232 Total equity 888,581 1,010,833 Issued share capital 4,492 2,533 Share premium 3,724 743 Reserves and retained earnings 851,932 979,769 Attributable to the equity shareholders of Etex 860,148 983,045 Non-controlling interests 28,433 27,788 Non-current liabilities 1,134,221 1,141,217 Provisions (19) 162,696 137,827 Employee benefits liabilities (21) (22) 399,278 310,731 Loans and borrowings (23) 398,934 529,735 Deferred tax liabilities (24) 139,545 127,129 Other non-current liabilities (25) 33,768 35,795 Current liabilities 1,228,877 962,182 Provisions (19) 51,029 55,330 Current portion of loans and borrowings (23) 523,008 213,169 Trade and other liabilities (25) 654,840 693,683 TOTAL EQUITY AND LIABILITIES 3,251,679 3,114,232 Consolidated statement of cash flows IN THOUSANDS OF EUR NOTES 2016 2017 Operating income (EBIT) 176,390 268,623 Depreciation, amortisation and impairment losses (26) 160,868 163,425 Losses (gains) on sale of intangible assets and property, plant and equipment (26) -1,597 -3,272 Losses (gains) on sale of businesses 2,979 -34,387 Income tax paid (26) -51,028 -61,734 Changes in working capital, provisions and employee benefits (26) 26,130 -48,012 Changes in other non-current assets/liabilities -1,341 5,408 Discontinued operations: cash flow from operating activities (30) -22,090 - Cash flow from operating activities 290,312 290,051 Proceeds from sale of intangible assets and property, plant and equipment (26) 5,668 9,950 Acquisition of business (net of cash) -20,753 -49,547 Disposal of business (net of cash) 1,328 11,931 Capital expenditure (26) -136,990 -147,746 Interest and dividend received (26) 4,668 4,988 Other -1 83 Discontinued operations: cash flow from investingactivities (30) 173,228 - Cash flow from investing activities 27,148 -170,341 Capital increase -11,423 -4,660 Proceeds (repayment) of borrowings -35,968 -189,502 Dividend paid (26) -36,153 -39,351 Interest paid -46,199 -50,554 Discontinued operations: cash flow from financing activities (30) -39,135 - Cash flow from financing activities -168,879 -284,067 Net increase (decrease) in cash and cash equivalents 148,581 -164,357 Cash and cash equivalents at the beginning of the year 161,829 279,432 Translation differences -19,443 -9,444 Changes in the scope of consolidation -11,535 -1,663 Net increase (decrease) in cash and cash equivalents 148,581 -164,357 Cash and cash equivalents at the end of the year 279,432 103,968 Cash and cash equivalents 283,235 107,013 Bank overdrafts -3,803 -3,045 Facts & Figures A proven past, a promising future Annual Report Learn about our past year’s social, environmental and financial performance, as well as our goals for the future. 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