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Falck group operating review
The group consolidated income statement shows a loss of Euro 15,772 thousand compared to the previous year profit of Euro 5,904 thousand.
Revenue grew (+Euro 33,448 thousand), gross profit improved (+Euro 7,441 thousand) and operating profit increased by Euro 3,147 thousand. This is principally due to the increased revenue of the wind farm segment and the renewable energy from biomass and WTE segment.
The higher employee costs, which amounted to Euro 3,639 thousand, is substantially due to the increase in employee numbers that increased from 404 to 553, which was mainly in the bioenergy segment.
As in the previous financial year, employee costs comprise the costs of stock options awarded to the directors and employees of Falck Renewables Plc following the share capital increase of Euro 8,293 thousand that was reserved to them.
Administrative expenses increased principally due to the heavy start-up costs incurred by the Bioenergy segment.
The consolidated financial highlights are as follows:
Group revenue increased compared to the previous year (+Euro 33,448 thousand) principally in respect of the wind energy segment thanks to the contribution of the new wind farms that became operational and the strong performance of the operating plants in the renewable energy from biomass and WTE.
The bioenergy segment comprises revenue (Euro 4,026 thousand) arising on the fair value measurement of the cereal crops in the Ukraine less point of sale costs.
Revenue by business segment may be analysed as follows:
Following the transition to IAS/IFRS accounting standards, Adjusted EBIT, calculated by adding depreciation/amortisation and impairment losses to operating profit, was adopted as a summary performance indicator.
Adjusted EBIT amounted to Euro 39,345 thousand in 2008 (2007 - Euro 32,084 thousand), which represents 24.9% (2007 - 25.6%) of revenue.
An analysis by business segment is as follows:
Operating profit totalled Euro 11,234 thousand, an increase on the previous year. Operating profit by segment may be analysed as follows:
The total loss for the year amounted to Euro 15,772 thousand and may be broken down by business segment as follows:
The net financial position, a higher net indebtedness compared to the previous year, amounted to Euro 451,959 thousand, corresponding to an increase of Euro 152,751 thousand. This has been positively influenced by the cash flows generated by the group's industrial operations that performed extremely well, but has been strongly affected by the outgoings for capital expenditure in the wind energy segment and to a lesser extent in the renewable energy from biomass and WTE and bioenergy segments.
Capital expenditure on fixed assets was concentrated mainly on the above segments and largely related to new plant construction.
Capital expenditure by segment was as follows:
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