Consolidated Financial Statements

Consolidated statement of comprehensive income

EUR thousands	Note	Result for the year	Result excl. exceptional items	Exceptional items	Result for the year
		2024	2023
Revenue	1	13,546,895	13,012,770		13,012,770
Cost of materials	2	-12,496,670	-12,228,859	62,258	-12,166,601
Net result from trading, hedging and foreign currency translation	3	653,396	-55,751		-55,751
Net result from loss allowances on trade receivables	4	-6,748	-14,975	89,049	74,074
Gross operating profit		1,696,874	713,185	151,307	864,492
Other operating income	5	21,405	29,833		29,833
Employee benefits	6	-399,448	-402,633		-402,633
Depreciation, amortisation and impairment of fixed assets	7	-267,489	-172,992		-172,992
Other operating expense	8	-257,409	-201,699		-201,699
Net operating profit		793,932	-34,306	151,307	117,001
Finance income	9	130,275	125,667		125,667
Finance expense	10	-182,051	-179,164	-8,838	-188,002
Result from investments accounted for using the equity method	11	88,448	122,390		122,390
Other result from investments	11	1,341	4,484		4,484
Net result from loss allowances on loans and long-term financial assets	12	-6,223	42,824		42,824
Result before tax		825,723	81,895	142,469	224,364
Income taxes expense	13	-189,117	-392,407	-18,561	-410,968
Total result for the period		636,606	-310,512	123,908	-186,604
Items that will not be reclassified subsequently to profit or loss:
Changes in
Share in other comprehensive income of investments accounted for using the equity method		-18	-750		-750
Defined benefit plans		7,020	-3,941		-3,941
Deferred tax		-1,479	1,430		1,430
Items that may be reclassified subsequently to profit or loss:
Changes in
Cash flow hedge reserve		-984,992	-689,516		-689,516
Cost of hedging reserve			112		112
Share in other comprehensive income of investments accounted for using the equity method		-28,793	-17,560		-17,560
Translation reserve		124,291	1,263		1,263
Deferred tax		98,394	547,488		547,488
Other comprehensive income	14	-785,576	-161,474		-161,474
Total comprehensive income		-148,971	-471,987	123,908	-348,079

Consolidated balance sheet

EUR thousands	Note	31 December 2024	31 December 2023
Cash and cash equivalents	15	1,218,410	879,780
Trade and other receivables	16	4,543,474	3,258,134
Short-term derivative financial assets	17	866,988	3,162,096
Receivables from income tax		72,124	51,236
Inventories	18	2,298,221	3,160,707
Current assets		8,999,217	10,511,953
Intangible assets	19	479,011	67,968
Property, plant and equipment	20	3,930,953	790,544
Right-of-use assets	21	440,313	466,304
Investments accounted for using the equity method	22	4,827	545,987
Other financial assets	23	79,680	242,914
Long-term derivative financial assets	17	314,256	692,017
Deferred tax assets	24	430,614	458,558
Non-current assets		5,679,654	3,264,292
Total assets		14,678,871	13,776,245
Short-term provisions	25	6,930	41,766
Short-term financing liabilities	26	1,241,585	360,001
Short-term trade and other payables	27	3,736,356	2,515,507
Short-term derivative financial liabilities	28	1,273,726	2,468,632
Liabilities from income tax		242,171	166,414
Current liabilities		6,500,768	5,552,321
Deferred tax liabilities	24	259,239	269,090
Long-term provisions	25	864,287	733,482
Long-term financing liabilities	26	751,491	472,137
Long-term trade and other payables	27	5,151	3,144
Long-term derivative financial liabilities	28	348,873	373,039
Non-current liabilities		2,229,040	1,850,891
Subscribed capital	29	25	25
Reserves		6,048,923	7,102,157
Retained earnings		-99,886	-729,149
Equity		5,949,062	6,373,033
Total equity and liabilities		14,678,871	13,776,245

Consolidated statement of changes in equity

EUR thousands	Subscribed capital	Capital reserve	Other reserves	Retained earnings	Total
1 January 2023	25	6,525,596	739,724	-544,233	6,721,111
Comprehensive income			-161,474	-186,604	-348,079
Transfers			-1,688	1,688
Total 31 December 2023	25	6,525,596	576,561	-729,149	6,373,033
Changes to the scope of consolidation			7,343	-7,343
Comprehensive income			-785,576	636,606	-148,971
Withdrawal from capital reserve		-275,000			-275,000
Total 31 December 2024	25	6,250,596	-201,672	-99,886	5,949,062

We refer to Note 14 for further information on changes in the other reserves

Consolidated statement of cash flows

EUR thousands	2024	2023
Cash receipts from:
Sale of goods, works and services	51,438,482	46,740,628
Usage fees and other revenues	12,113	161,164
Cash paid for:
Purchased goods, works and services	-49,029,263	-45,535,552
Wages and salaries	-426,008	-291,843
Interest and finance cost	-105,640	-159,259
Paid or refunded income taxes	-171,680	-40,745
Other taxes	80,606	302,162
Cash flow from operating activities	1,798,610	1,176,555
Cash receipts from:
Interest	115,154	120,428
Dividends	2,563	1,537
Finance lease	6,573	6,806
Disposals of:
Intangible assets	25	5
Property, plant and equipment	140	241
Loans	9,326	55,534
Investments accounted for using the equity method	750
Other investments		151
Group companies	1
Other financial assets	344	522
Cash paid for investments in:
Intangible assets	-32,769	-31,932
Property, plant and equipment	-143,459	-52,279
Group companies	-1,108,220
Loans	-204,080	-2,504
Other financial assets		-3,063
Cash flow from investing activities	-1,353,652	95,448
Cash receipts:
From proceeds of financing liabilities	209,477	39,365
Cash paid for:
Repayment of financing liabilities	-228,074	-5,647,395
Capital changes	-275,000
Repayment of lease liabilities	-155,463	-116,414
Interest for lease liabilities	-16,515	-16,662
Cash flow from financing activities	-465,574	-5,741,106
Cash flow from continued operations	-20,616	-4,469,102
Effect of exchange rate differences in cash and cash equivalents	3,948	17,871
Changes to the scope of consolidation	355,298
Total changes in cash and cash equivalents	338,630	-4,451,231
Cash and cash equivalents on 1 January	879,780	5,331,011
Cash and cash equivalents on 31 December	1,218,410	879,780