EXEL industries - 2019 Universal Registration Document

Management report

Company operations, consolidated and parent company fi nancial statements

Balance Sheet

3.5.1.2

Equity attributable to the parent decreased from €362.7 c million to €358.9 c million, down €3.8 c million, breaking down as follows:

Working capital increased €0.7 c million, from €240.0 c million to €239.3 c million, as a result of the following:

Total recognized income and expenses

€6.4 c M

+ Change in shareholders’ equity

€(3.8) c M

Dividend distribution

€(7.7) c M

+ Change in provisions

+€12.1 c M

Adoption of IFRS c 15 and IFRS c 9

€(2.6) c M

+ Change in non-current fi nancial liabilities

€(4.1) c M

- Change in non-current assets

€(4.9) c M

Shareholders’ equity represented 50.4% of the balance sheet total, compared to 51.2% at the end of the previous fi scal year. Provisions for contingencies and expenses (current and non-current) of €63.6 c million were set aside or maintained to cover risks identi fi ed by the Company.

3

Working capital requirements, determined on the basis of net asset values, amounted to €244.1 c million at September c 30, 2019, compared to €253.3 c million at September c 30, 2018 taking into account the initial impact of adopting IFRS c 15. This fall of -€9.3 c million is explained by:

+ Change in current assets (excluding cash and cash equivalents) - Change in current liabilities (excluding provisions and short-term fi nancial debt)

€(10.2) c M

€(2.5) c M

IFRS c 15 impact

€3.4 c M

At September c 30, 2019, the net cash balance (cash net of current fi nancial liabilities) totaled -€4.8 c million, or cash and cash equivalents of €89.0 c million and current borrowings of -€93.8 c million.

3.5.2 Statutory Accounts

Parent company fi nancial highlights:

2018

2019

(in € ƭ millions)

Revenue

20.8

24.1

Operating results

10.8

16.1

Net fi nancial income/(expense)

34.2

30.6

Net income

14.2

44.3

Financial income includes primarily dividends paid by subsidiaries and interest income from cash and cash equivalents.

EXEL Industries Group I 2019 Universal Registration Document

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