Consolidated financial statements – MAG Annual Report 2020 [EN]

Statement of financial position (1/2)

(in thousands of Euros)	NOTE	30/09/2020	30/09/2019	DIFFERENCE
INTANGIBLE ASSETS	6.1	37,486	40,710	(3,224)
PROPERTY, PLANT AND EQUIPMENT	6.2	26,562	18,461	8,101
EQUITY INVESTMENTS	6.3	3	3	-
DEFERRED TAX ASSETS	6.4	9,693	8,084	1,609
OTHER NON-CURRENT ASSETS	6.5	1,265	1,206	59
OTHER NON-CURRENT ASSETS	6.6	205	205	-
TOTAL NON-CURRENT ASSETS		75,214	68,669	6,545
INVENTORIES	6.7	58,486	50,648	7,838
CONTRACT ASSETS	6.8	4,591	4,684	(93)
TRADE RECEIVABLES	6.9	25,380	25,109	271
CURRENT LOANS AND RECEIVABLES – RELATED PARTIES	6.10	212	13	199
TAX ASSETS	6.11	10	520	(510)
OTHER CURRENT ASSETS	6.12	4,346	4,836	(490)
CURRENT FINANCIAL ASSETS	6.13	-	929	(929)
CASH AND CASH EQUIVALENTS	6.14	20,981	10,249	10,732
ASSETS CLASSIFIED AS HELD FOR SALE AND DIRECTLY ASSOCIATED LIABILITIES	8	-	-	-
TOTAL CURRENT ASSETS		114,006	96,988	17,018
TOTAL ASSETS		189,220	165,657	23,563

Statement of financial position (2/2)

(in thousands of Euros)	NOTE	30/09/2020	30/09/2019	DIFFERENCE
SHARE CAPITAL		13,138	13,138	-
SHARE PREMIUM RESERVE		5,564	5,564	-
OTHER RESERVES		41,242	38,755	2,487
PROFIT FOR THE YEAR		7,603	5,648	1,955
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT		67,547	63,105	4,442
SHARE CAPITAL AND RESERVES ATTR. TO NON-CONTROLLING INTERESTS		468	467	1
PROFIT (LOSS) FOR THE YEAR ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		(92)	1	(93)
SHARE CAPITAL AND RESERVES ATTR. TO NON-CONTROLLING INTERESTS		376	468	(92)
TOTAL EQUITY	6.15	67,923	63,573	4,350
EMPLOYEE BENEFITS – POST-EMPLOYMENT BENEFITS	6.16	1,065	1,143	(78)
PROVISIONS	6.17	1,725	2,753	(1,028)
DEFERRED TAX LIABILITIES	6.18	5,543	5,870	(327)
LOANS AND BORROWINGS	6.19	32,136	22,651	9,485
LOANS AND BORROWINGS	6.19	-	-	-
OTHER NON-CURRENT LIABILITIES	6.20	18,349	18,355	(6)
TOTAL NON-CURRENT LIABILITIES		58,818	50,772	8,046
ADVANCES FROM CUSTOMERS	6.21	2,851	1,652	1,199
LOANS AND BORROWINGS	6.19	16,198	11,463	4,735
LOANS AND BORROWINGS	6.19	-	-	-
TRADE PAYABLES	6.22	34,142	27,766	6,376
CURRENT FINANCIAL LIABILITIES – RELATED PARTIES	6.23	820	-	820
TAX LIABILITIES	6.24	1,069	1,898	(829)
OTHER CURRENT LIABILITIES	6.25	6,075	6,643	(568)
CONTRACT LIABILITIES	6.26	1,324	1,890	(566)
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS HELD FOR SALE	8	-	-	-
TOTAL CURRENT LIABILITIES		62,479	51,312	11,167
TOTAL LIABILITIES		121,297	102,084	19,213
TOTAL EQUITY AND LIABILITIES		189,220	165,657	25,563

Statement of profit or loss and other comprehensive income

(in thousands of Euros)	NOTE	2019/20	2018/19
NET REVENUE	7.1	138,145	129,154
REVENUE FROM CONTRACTS WITH CUSTOMERS	7.2	(93)	(342)
OTHER REVENUE AND INCOME	7.3	1,114	736
OTHER REVENUE AND INCOME	7.3	20	20
VARIATION IN FINISHED PRODUCTS, WORK IN PROGRESS AND SEMI-FINISHED PRODUCTS	7.4	4,437	1,667
INCREASE IN INTERNAL WORK CAPITALISED	7.5	3,384	5,124
RAW MATERIALS, CONSUMABLES AND SUPPLIES	7.6	(51,293)	(49,311)
SERVICES	7.7	(40,644)	(35,613)
USE OF THIRD PARTY ASSETS	7.8	(664)	(1,560)
USE OF RELATED PARTY ASSETS	7.9	-	(1,379)
PERSONNEL EXPENSE	7.10	(35,028)	(32,767)
AMORTISATION, DEPRECIATION, ACCRUALS AND IMPAIRMENT LOSSES	7.11	(12,553)	(7,311)
OTHER OPERATING COSTS	7.12	(1,414)	(1,431)
OPERATING PROFIT		5,411	6,987
FINANCIAL INCOME	7.13	4,160	711
FINANCIAL EXPENSE	7.13	(2,470)	(2,103)
PROFIT BEFORE TAX		7,101	5,595
INCOME TAXES	7.14	410	54
PROFIT FOR THE YEAR		7,511	5,649
- ATTRIBUTABLE TO THE OWNERS OF THE PARENT		7,603	5,648
- ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		(92)	1
EARNINGS PER SHARE (BASIC AND DILUTED)	7.15	0.58	0.43
OTHER COMPREHENSIVE INCOME (EXPENSE) THAT WILL BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS:
NET EXCHANGE GAINS (LOSSES) ON THE TRANSLATION OF FOREIGN OPERATIONS	6.15	(3,205)	1,709
OTHER COMPREHENSIVE INCOME (EXPENSE) THAT WILL NOT BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
IAS 19 EFFECT RECOGNISED DIRECTLY IN EQUITY	6.15	16	(87)
RELATED TAX¹		-	-
OTHER COMPREHENSIVE INCOME (EXPENSE), NET OF TAX		(3,189)	1,622
COMPREHENSIVE INCOME		4,322	7,271
- ATTRIBUTABLE TO THE OWNERS OF THE PARENT		4,414	7,270
- ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		(92)	1

Statement of cash flows

	(in thousands of Euros)	NOTE	2019/20	2018/19
A	OPENING NET CASH AND CASH EQUIVALENTS	9.1	11,178	16,071
	PROFIT FOR THE YEAR		7,511	5,649
	INCOME TAXES	7.14	(410)	(54)
	AMORTISATION, DEPRECIATION AND IMPAIRMENT LOSSES	7.11	12,553	7,311
	FINANCIAL EXPENSE	7.13	2,483	2,103
	VARIATION IN NET WORKING CAPITAL		(3,148)	2,595
	NET VAR. IN EMPLOYEE BENEFITS – POST-EMPLOYMENT BENEFITS	6.16	(62)	(97)
	NET VAR. IN THE PROVISION FOR RISKS AND CHARGES	6.17	(40)	(246)
B	GROSS CASH FLOWS FROM OPERATING ACTIVITIES		18,885	17,261
	CURRENT TAXES	7.14	(1,827)	(1,022)
	FINANCIAL EXPENSE PAID	7.13	(2,470)	(2,103)
C	NET CASH FLOWS FROM OPERATING ACTIVITIES		14,588	14,136
	NET INVESTMENTS IN NON-CURRENT ASSETS
	- INTANGIBLE ASSETS	6.1	(3,380)	(5,371)
	- PROPERTY, PLANT AND EQUIPMENT	6.2	(7,148)	(4,916)
	- FINANCIAL ASSETS	6.3	-	-
	- OTHER INVESTING ACTIVITIES	6.5	(59)	(33)
	- ASSETS/LIABILITIES HELD FOR SALE	8		-
D	CASH FLOWS USED IN INVESTING ACTIVITIES		(10,587)	(10,320)
	VAR. IN CURRENT LOANS AND BORROWINGS – new loans	6.19	1,133	876
	VAR. IN CURRENT LOANS AND BORROWINGS – settlements	6.19	(11,463)	(16,761)
	LEASE PAYMENTS		(2,305)	-
	VAR. IN NON-CURRENT LOANS AND BORROWINGS – new loans	6.19	20,354	12,322
	VAR. IN NON-CURRENT LOANS AND BORROWINGS – settlements	6.19	(2,504)	(4,505)
	VARIATION IN OTHER NON-CURRENT LIABILITIES	6.20	587	(641)
	SHARE CAPITAL INCREASE	6.15	-	-
	VARIATION IN THE HEDGING RESERVE	6.15	-	-
E	CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES		5,805	(8,709)
F	CASH FLOWS OF THE YEAR	9.1	9,803	(4,693)
G	CLOSING NET CASH AND CASH EQUIVALENTS	9.1	20,981	11,178

Statement of changes in equity

(in thousands of Euros)	SHARE CAPITAL	SHARE PREMIUM RESERVE	OTHER RESERVES	HEDGING RESERVE	PROFIT FOR THE YEAR	EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT	EQUITY ATTR. TO NON-CONTROLLING INTERESTS	TOTAL
EQUITY AT 30/09/2018	13,138	5,564	34,435	-	2,698	55,835	467	56,302
ALLOCATION OF PROFIT	-	-	2,698	-	(2,698)	-	-	-
CAPITAL INJECTIONS FROM NON-CONTROLLING INVESTORS	-	-		-	-	-	-	-
PROFIT FOR THE YEAR	-	-			5,648	5,648	1	5,649
RECLASSIFICATIONS
TRANSLATION DIFFERENCES	-	-	1,709	-	-	1,709	-	1,709
IAS 19 EFFECT RECOGNISED DIRECTLY IN EQUITY	-	-	(87)	-	-	(87)	-	(87)
OTHER COMPREHENSIVE INCOME	-	-	1,622	-	-	1,622	-	1,622
EQUITY AT 30/09/2019	13,138	5,564	38,755	-	5,648	63,105	468	63,573
ALLOCATION OF PROFIT	-	-	5,648	-	(5,648)	-	-	-
CAPITAL INJECTIONS FROM NON-CONTROLLING INVESTORS	-	-	-	-	-	-	-	-
PROFIT FOR THE YEAR	-	-	-	-	7,603	7,603	(92)	7,511
RECLASSIFICATIONS	-	-	-	-	-	-	-	-
DECONSOLIDATION OF INVESTMENTS	-	-	28	-	-	28	-	28
TRANSLATION DIFFERENCES	-	-	(3,205)	-	-	(3,205)	-	(3,205)
IAS 19 EFFECT RECOGNISED DIRECTLY IN EQUITY	-	-	16	-	-	16	-	16
OTHER COMPREHENSIVE EXPENSE	-	-	(3,189)	-	-	(3,189)	-	(3,189)
EQUITY AT 30/09/2020	13,138	5,564	41,242	-	7,603	67,547	376	67,923

Other comprehensive income is not subject to taxation as it is either not relevant for tax purposes (translation reserve) or untaxed (IAS 19 effect). ↩