Five years in figures

Millions of euros	2023	2022	2021	2020	2019
Net sales	1,444	1,458	1,071	987	976
Operating result	117	111	82	104	61
Adjusted EBITDA ¹	192	184	136	159	146
Result after taxes	73	90	78	73	26
Earnings per share in euros ²	1.23	1.53	1.33	1.24	0.44
Diluted earnings per share in euros ²	1.22	1.51	1.32	1.23	0.43
Cash flow from operating activities	165	39	22	109	114
Cash flow from operating activities per ordinary share, in euros ²	2.80	0.66	0.38	1.85	1.94
Depreciation/amortization (in)tangible fixed assets	85	76	64	60	62
Capital expenditure on (in)tangible fixed assets	140	231	165	90	83
Adjusted EBITDA margin % ³	13.3	12.6	12.7	16.1	14.9
Result after taxes/net sales %	5.0	6.2	7.3	7.4	2.6

Statement of financial position
Non-current assets	1,107	1,051	837	689	719
Current assets	510	596	462	334	327
Non-interest-bearing current liabilities	215	261	228	174	161
Covenant net debt position ⁴	616	602	362	284	303
Total net debt position ⁵	715	701	461	284	303
Provisions	37	44	39	30	28
Equity	636	626	554	516	529

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	59,090,949	59,012,918	58,950,269	58,871,671	58,819,590
Weighted average number of outstanding ordinary shares	59,062,628	58,991,788	58,926,368	58,851,367	58,819,590
Price as at 31 December	19.38	31.84	41.44	46.15	28.12
Highest price in calendar year	37.32	42.00	53.60	46.70	29.96
Lowest price in calendar year	15.77	24.34	37.72	22.54	24.26
Market capitalization as at 31 December	1,145	1,879	2,443	2,717	1,654

Other key data
Capital expenditure on (in)tangible fixed assets	140	231	165	90	83
Number of employees at closing date (FTE)	2,727	2,601	2,493	2,267	2,138
Equity per share in euros ⁶	10.77	10.60	9.40	8.76	9.00
Regular dividend in euros per ordinary share (reporting year)	0.61	0.56	0.56	0.56	0.56

Ratios
Covenant net debt position/ Covenant EBITDA ⁷	3.1	3.0	2.6	1.7	2.0
Interest cover ⁸	7.9	14.2	14.6	16.5	22.2
Balance sheet total : equity	1:0.4	1:0.4	1:0.4	1:0.5	1:0.5
Net debt position : equity	1:0.9	1:0.9	1:1.2	1:1.8	1:1.7
Current assets : current liabilities	1:1	1:0.9	1:0.6	1:0.6	1:0.9

1 Adjusted EBITDA is the operating result before depreciation, amortization, (reversal of) 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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