Five years in figures

Millions of euros	2021	2020	2019	2018	2017
Continuing operations*
Net sales	1,071	987	976	897	892
Operating result	82	104	61	88	122
Adjusted EBITDA ¹	136	159	146	132	164
Result after taxes	78	73	26	54	85
Earnings per ordinary share in euros ²	1.33	1.24	0.44	0.93	1.46
Diluted earnings per ordinary share in euros ²	1.32	1.23	0.43	0.92	1.44
Cash flow from operating activities	22	109	114	100	118
Cash flow from operating activities per ordinary share, in euros ^2**	0.38	1.85	1.94	1.70	2.03
Depreciation/amortization (in)tangible fixed assets	64	60	62	42	45
Capital expenditure on (in)tangible fixed assets	165	90	83	58	49
Adjusted EBITDA margin % ³	12.7	16.1	14.9	14.7	18.4
Result after taxes/net sales %	7.3	7.4	2.6	6.1	9.5

Total operations
Statement of financial position
Non-current assets	837	689	719	616	498
Current assets	462	334	327	303	295
Non-interest-bearing current liabilities	228	174	161	140	129
Covenant net debt position ⁴	362	284	303	203	162
Total net debt position ⁵	461	284	303	203	162
Provisions	39	30	28	28	24
Equity	554	516	529	520	489

Key data per ordinary share
Number of issued ordinary shares	59,242,792	59,242,792	59,242,792	59,242,792	59,242,792
Number of ordinary shares with dividend rights	58,950,269	58,871,671	58,819,590	58,764,635	58,620,564
Weighted average number of outstanding ordinary shares **	58,926,368	58,851,367	58,819,590	58,698,602	58,097,383
Price as at 31 December	41.44	46.15	28.12	24.46	27.00
Highest price in calendar year	53.60	46.70	29.96	29.74	29.39
Lowest price in calendar year	37.72	22.54	24.26	23.30	23.15
Market capitalization as at 31 December	2,443	2,717	1,654	1,437	1,583
Earnings in euros **	1.33	1.24	0.44	0.93	1.46
Diluted earnings in euros **	1.32	1.23	0.43	0.92	1.44

Other key data
Cash flow from operating activities	22	109	114	100	118
Depreciation/amortization (in)tangible fixed assets	64	60	62	42	45
Capital expenditure on (in)tangible fixed assets	165	90	83	58	49
Number of employees at closing date (FTE)	2,493	2,267	2,138	2,040	1,794
Equity per share in euros ⁶	9.40	8.76	9.00	8.85	8.35
Regular dividend in euros per ordinary share (reporting year)	0.56	0.56	0.56	0.56	0.56

Ratios
Covenant net debt position/ Covenant EBITDA ⁷	2.6	1.7	2.0	1.6	1.0
Interest cover ⁸	14.6	16.5	22.2	25.6	24.4
Balance sheet total : equity	1:0.4	1:0.5	1:0.5	1:0.5	1:0.6
Net debt position : equity	1:1.2	1:1.8	1:1.7	1:2.6	1:3
Current assets : current liabilities	1:0.6	1:0.6	1:0.9	1:0.7	1:0.6

* The previous years have not been restated for discontinued operations later on.

** Only the preceding year has been restated for stock dividend.

1 Adjusted EBITDA is the operating result before depreciation, amortization, impairment of (in)tangible fixed assets and after adjustments.
2 Per ordinary share in euros after deduction of dividend on financing preference shares.
3 Adjusted EBITDA margin % is adjusted EBITDA as defined above divided by net sales x 100.
4 Covenant net debt position comprises borrowings (excluding subordinated loans) less cash and cash equivalents, including third-party guarantees which are required to be included under the debt covenants.
5 Total net debt position comprises interest-bearing debts less cash and cash equivalents, including third-party guarantees which are required to be included under the debt covenants.
6 Equity per share is equity divided by the number of shares with dividend rights.
7 Covenant EBITDA is adjusted EBITDA as defined above, increased by cash dividend of joint ventures received and annualization effect of newly acquired and/or divested subsidiaries.
8 Interest cover is covenant EBITDA as defined above divided by net interest income and charges.

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