2016 full-year results
Rise in revenues, strong improvement in headline net result and cash generation, acceleration of international development
- Revenue growth and EBITDA margin in line with expectations despite the impact of terrorist attacks in France
- Revenue: €1,512.8mn (+6.9% of which +2.7% organic growth)
- EBITDA: €467.9mn (30.9% of revenue)
- Slight decrease of EBITDA margin in France
- Further improvement of EBITDA margin in Europe and in Latin America
- Improved financial structure, investments well controlled and strong improvement in cash generation
- Lower interest charge following the refinancing in H1 2015
- Headline net result increasing at €108.2mn (+48.6%)
- Headline free cash-flow at €104.5mn, up €47.6mn (+83.7%)
- Acceleration of international development in Elis's key markets
- 2 strategic acquisitions announced in December 2016: Indusal in Spain and Lavebras in Brazil, partly financed by a share capital increase successfully completed in February 2017
- 5 other significant acquisitions in Germany, Brazil, Switzerland and Colombia
- 2017 outlook
- Revenue above €1.7bn (excluding Lavebras contribution)
- Group organic growth in line with 2016
- EBITDA margin: flat in France, improvement in Europe and in Latin America
- Refinancing of the bank loan in January 2017: additional reduction in cost of debt of c. 40bps
- Proposal of a payment of €0.37 per share, up 5.7% vs last year
| (EUR million) | 2016 | 2015 | Change |
| Revenue | 1,512.8 | 1,415.4 | +6.9% |
| EBITDA | 467.9 | 446.1 | +4.9% |
| EBIT | 214.7 | 208.0 | +3.2% |
| Net result | 93.7 | (57.7) | n/a |
| Headline net result* | 108.2 | 72.8 | +48.6% |
| Headline free cash-flow | 104.5 | 56.9 | +83.7% |
| Adjusted net financial debt (as of end of period) | 1,595.8 | 1,440.2 |
Percentage change calculations are based on actual figures * A reconciliation between Net result and Headline net result is presented on page 5 The definitions of organic revenue growth, EBITDA, EBITDA margin, EBIT, headline free cash-flow and adjusted net debt are in the "Financial definitions" section of this release.
Saint Cloud, March 15, 2017 - Elis, the leading multi-services group in Europe and Latin America, specializing in the rental and maintenance of flat linen, professional clothing, hygiene and well-being appliances, today announces its 2016 full-year financial results. The accounts have been approved by the Management Board and examined by the Supervisory Board on March 14, 2017. They have been audited and the auditors issued a report without any qualification.
Commenting on the 2016 full-year results, Xavier Martiré, CEO of Elis , said:
« Our 2016 results are very solid. Despite a difficult macro environment, especially in France, organic revenue growth was +2.7% and EBITDA amounted to €468mn with a margin of 30.9%. Beyond this good operational performance, the 48.6% increase in headline net result and the very strong increase in our cash generation reflect the consistency of Group's investment policy and its improved financing conditions.
In 2016, Elis actively continued implementing its strategy and consolidated its positions in Europe and Latin America. With the acquisition of Indusal in Spain and Lavebras in Brazil, Elis has secured two significant levers for value creation in two key markets. This strengthens the Group's organic growth profile and its potential for improved profitability. Other value-creating acquisitions have been completed in Germany and Switzerland. The Group also entered Colombia, underscoring its will to continue its development in Latin America.
In 2017, revenues should be above €1.7bn, excluding the contribution from Lavebras. International development is a key part of Group's strategy and the share of revenue achieved outside France will soon be above 40%. This presence in fast-growing markets allows us to expect organic revenue growth in 2017 in line with 2016 even though our working assumptions anticipate no pick-up in activity in France. In addition, we aim at a stable margin rate in France and further profitability improvement in Europe and Latin America.»
Revenues
Reported revenue growth
| (EUR million) | H1 | 2016 H2 | FY | H1 | 2015 H2 | FY | H1 | Change H2 | FY |
| Trade & Services | 170.6 | 172.9 | 343.5 | 168.6 | 171.4 | 340.0 | +1.2% | +0.9% | +1.0% |
| Hospitality | 149.7 | 163.9 | 313.6 | 145.5 | 164.0 | 309.5 | +2.9% | -0.1% | +1.3% |
| Industry | 94.1 | 93.8 | 187.8 | 94.0 | 95.6 | 189.6 | +0.1% | -2.0% | -0.9% |
| Healthcare | 82.5 | 82.4 | 164.9 | 79.3 | 80.3 | 159.7 | +4.0% | +2.5% | +3.3% |
| France* | 484.7 | 499.6 | 984.2 | 478.6 | 499.5 | 978.1 | +1.3% | +0.0% | +0.6% |
| Northern Europe | 102.5 | 116.2 | 218.6 | 84.2 | 100.9 | 185.2 | +21.6% | +15.1% | +18.1% |
| Southern Europe | 73.8 | 84.3 | 158.1 | 66.0 | 76.6 | 142.5 | +11.9% | +10.1% | +10.9% |
| Europe** | 176.3 | 200.5 | 376.8 | 150.2 | 177.5 | 327.7 | +17.4% | +12.9% | +15.0% |
| Latin America | 59.8 | 73.1 | 132.9 | 45.1 | 47.0 | 92.2 | +32.6% | +55.4% | +44.2% |
| Manufacturing entities | 9.5 | 9.4 | 18.9 | 8.5 | 9.0 | 17.5 | +12.0% | +4.1% | +7.9% |
| Total | 730.2 | 782.5 | 1,512.8 | 682.4 | 733.0 | 1,415.4 | +7.0% | +6.8% | +6.9% |
Percentage change calculations are based on actual figures * After other items including Rebates ** Europe excluding France
2016 organic revenue growth
| (EUR million) | H1 organic growth | H2 organic growth | FY 2016 organic growth |
| Trade & Services | +1.2% | +0.9% | +1.0% |
| Hospitality | +2.9% | -0.1% | +1.3% |
| Industry | +0.1% | -2.0% | -0.9% |
| Healthcare | +4.0% | +2.5% | +3.3% |
| France* | +1.3% | +0.0% | +0.6% |
| Northern Europe | +2.6% | -0.1% | +1.1% |
| Southern Europe | +9.7% | +10.1% | +9.9% |
| Europe** | +5.7% | +4.3% | +5.0% |
| Latin America | +11.9% | +17.9% | +15.0% |
| Manufacturing entities | +14.8% | +11.7% | +13.2% |
| Total | +3.1% | +2.4% | +2.7% |
Percentage change calculations are based on actual figures * After other items including Rebates ** Europe excluding France
In 2016, Group revenue increased by 6.9% to €1,512.8mn. Organic growth of +2.7% and the impact of acquisitions of +4.7% were partially offset by a 0.5% negative impact from exchange rates.
France
In 2016, the 0.6% revenue growth in France was entirely organic.
- Revenues for the Trade & Services segment increased by 1.0%. The economic environment remained difficult, leading to soft growth despite good commercial dynamism in services.
- Revenue growth for the Hospitality segment was 1.3%. The year was marked by the tragic events in Nice on the 14 th of July, which strongly impacted the Parisian and French Riviera markets in the third quarter. However, the roll-out of large contracts with hotels in 2016 is in line with our expectations.
- Revenues for the Industry segment were down 0.9%. The year's activity was impacted by the loss of some contracts, and the tough economic environment also continued to negatively impact our clients' activity.
- Revenues for the Healthcare segment grew by 3.3%, boosted by the roll-out of large contracts for both short-stay and long-stay.
Europe (excluding France)
The strong revenue growth in Northern Europe (+18.1%) was driven by acquisitions in Germany and Switzerland. Organic revenue growth was soft (+1.1%) but amounted to +1.8% without the base effect from some sales of workwear and ultra-clean garments in Belgium (for €1.6mn in 2015 vs. only €0.4mn in 2016). Switzerland and Germany, our main markets in the region, delivered satisfactory organic revenue growth despite subdued hospitality activity at the end of the year.
Revenue growth in Southern Europe was also strong (+10.9% of which +9.9% organic) in an economic environment which remained favorable. This performance was again driven by Spain, which delivered double-digit organic revenue growth. This performance reflects not only the tourism industry's good numbers in the region, but also the Group's commercial momentum in all segments with the opening of new markets on the back of the local economy's pick-up.
Latin America
Revenue growth in Latin America of 44.2% was largely driven by the acquisitions completed in Brazil in July 2015 and in January 2016, and the acquisition of Albia in Chile (consolidated since October 1 st 2015). Organic growth was 15.0%, driven by a very good year in Brazil. This was due to 4 main effects: (i) gains of new contracts with large clients which chose the rental and maintenance model for the first time, (ii) price increases, (iii) strong activity from hospitals, laboratories and medical centers as a consequence of epidemics that impacted Brazil in Q1, (iv) several contracts linked to the Olympic Games for total revenue of c. €2mn. With the Brazilian environment remaining difficult, this good organic performance confirms the market's strong potential. In addition, we recorded a 4.5% negative impact from currency evolution in 2016, but the FX effect reversed in the second half of the year.
EBITDA
| (EUR million) | H1 | 2016 H2 | FY | H1 | 2015 H2 | FY | H1 | Change H2 | 15/16 |
| France | 163.3 | 181.2 | 344.5 | 162.7 | 183.8 | 346.5 | +0.4% | -1.4% | -0.6% |
| As a % of revenues | 33.7% | 36.3% | 34.9% | 33.9% | 36.8% | 35.4% | -27bps | -55bps | -42bps |
| Europe* | 40.7 | 53.6 | 94.3 | 33.6 | 47.3 | 80.9 | +21.1% | +13.3% | +16.6% |
| As a % of revenues | 23.1% | 26.7% | 25.0% | 22.3% | 26.6% | 24.6% | +71bps | +9bps | +34bps |
| Latin America | 12.5 | 17.7 | 30.2 | 8.6 | 11.2 | 19.8 | +44.8% | +59.1% | +52.9% |
| As a % of revenues | 20.8% | 24.3% | 22.7% | 19.1% | 23.7% | 21.4% | +176bps | +59bps | +130bps |
| Manufacturing entities | 1.7 | 2.0 | 3.7 | 1.4 | 1.1 | 2.5 | +21.0% | +82.0% | +47.7% |
| As a % of revenues | 12.1% | 15.6% | 13.8% | 10.1% | 8.3% | 9.2% | +196bps | +730bps | +452bps |
| Holdings | (2.1) | (2.7) | (4.8) | (1.6) | (2.0) | (3.6) | n/a | n/a | n/a |
| Total | 216.1 | 251.8 | 467.9 | 204.6 | 241.5 | 446.1 | +5.6% | +4.3% | +4.9% |
| As a % of revenues | 29.6% | 32.2% | 30.9% | 30.0% | 32.9% | 31.5% | -39bps | -76bps | -58bps |
Percentage change calculations are based on actual figures * Europe excluding France
In 2016, Group EBITDA increased 4.9% to €467.9mn. EBITDA as a percentage of revenues fell 58bps due to the decrease in French EBITDA margin (-42bps) and to a negative mix effect as Europe and Latin America, which have lower margins, have much higher revenue growth rates than France.
In France , EBITDA as a percentage of revenues fell 42bps as expected, mainly due to market conditions which remain tough and to the impact of the terrorist attack on the 14 th of July in Nice. Sudden volume drops in certain plants during the summer required some operational adjustments whose implementation sometimes took several days. However, this margin drop was partially offset by the productivity initiatives we put in place. In Europe (excluding France) , the consolidation of our footprint and productivity improvements continue to bear fruit with 34bps increase in EBITDA margin. In Latin America , productivity improvements and the successful integration of the Chilean subsidiary led to a 130bps EBITDA margin improvement.
From EBITDA to Net result
| (EUR million) | 2016 | 2015 |
| EBITDA | 467.9 | 446.1 |
| As a % of revenues | 30.9% | 31.5% |
| Depreciation & amortization | (253.2) | (238.1) |
| EBIT | 214.7 | 208.0 |
| As a % of revenues | 14.2% | 14.7% |
| Banking charges | (2.3) | (1.5) |
| IFRS 2 expense of free share plans | (3.8) | - |
| Amortization of customer relationships | (45.6) | (46.2) |
| Goodwill impairment | - | (14.6) |
| Other operating income and expenses | 24.5 | (12.3) |
| Operating result* | 187.4 | 133.4 |
| As a % of revenues | 12.4% | 9.4% |
| Financial result* | (55.7) | (68.7) |
| IPO & refinancing expenses | - | (123.3) |
| Net result before tax | 131.7 | (58.6) |
| Tax | (38.1) | 0.9 |
| Net result | 93.7 | (57.7) |
| Headline net result** | 108.2 | 72.8 |
Percentage change calculations are based on actual figures * After elimination of 2015 IPO and refinancing expenses ** A reconciliation between Net result and Headline net result is presented on page 5
EBIT
As a percentage of revenues, EBIT was down 50bps in 2016. The decrease in EBITDA margin was partially offset by a lower amount of Depreciation & amortization (as a percentage of revenues) than in 2015. This highlights the better discipline with regard to purchase of linen.
Operating result
Operating result increased both in value and as a percentage of revenues. There was a c. €42mn positive impact from the disposal of the Puteaux site. The bulk of the amortization of customer relationships corresponds to assets accounted for in 2007, whose amortization period will end in October 2018 The expense of free share plans corresponds to the accounting treatment of IFRS 2.
Financial result
Financial result showed strong improvement. As a reminder, Elis completely refinanced its debt in February 2015 and then in April 2015. The 2015 Financial result was therefore not normative but the 2016 one was. Following the new refinancing achieved in January 2017, the Group's average cost of debt is now below 2.5%.
Net result
Net result amounted to €93.7mn in 2016. The comparison with 2015 is not relevant as 2015 included €123.3mn of non-recurring expenses related to the IPO and various debt refinancing charges, as well as €14.6mn of Goodwill impairment.
From Net result to Headline net result
| (EUR million) | 2016 | 2015 |
| Net result | 93.7 | (57.7) |
| Goodwill impairment | - | 14.6 |
| Amortization of customer relationships (net of tax effect) | 32.8 | 33.3 |
| IPO & refinancing expenses (net of tax effect) | - | 80.8 |
| IFRS 2 expense (net of tax effect) | 5.1 | 1.8 |
| Puteaux disposal (net of profit sharing and net of tax) | (23.4) | - |
| Headline net result | 108.2 | 72.8 |
2016 Headline net result amounted to €108.2mn, up 48.6% compared to 2015.
Other financial items
Investments
In 2016, Group investments (excluding the impact of disposals) amounted to 17.4% of revenues compared to 18.9% last year. As a reminder, H1 2015 was impacted by linen purchase and by some industrial investments in order to absorb additional volumes linked to large contracts signed at the end of 2014. In addition, the slowdown in French hospitality in 2016 combined with our specific action plan for linen purchase control, led to a lower linen consumption at 10.1% of revenues. Industrial investments were quite stable in 2016 (7.3% of revenues vs 7.1% in 2015), in line with our policy aiming at maintaining our industrial tool at an optimal quality level.
Headline free cash-flow
In 2016, Headline free cash-flow amounted to €104.5mn, up €47.6mn compared to 2015 (+83.7%). This reflects the Group's good operating performance, disciplined investments and improved financing conditions, with significantly lower interest paid during the year
Adjusted net financial debt
Group Adjusted net financial debt as of 31 st December 2016 was €1,595.8mn or 3.2x EBITDA, proforma for the full-year impact of acquisitions. Please note that proforma for the acquisition of Lavebras announced in December 2016 (which remains subject to Brazilian antitrust clearance) and proforma for the share capital increase achieved in February 2017, the net financial debt / EBITDA ratio is 3.0x. In January 2017, Elis refinanced its senior loan with a new syndicated loan. It comes with an extension of the maturity (January 2022 vs. February 2020 for the former senior loan), an increased principal amount (€1,150mn vs. €850mn for the former senior loan) and a margin grid improvement of c. 50bps. Under this new syndicated loan, Elis must respect net debt / EBITDA financial covenant of below 4x until 31 December 2017 and below 3.75x beyond. There is no other financial covenant.
Payment for the 2016 financial year
At the next Annual General Meeting of Shareholders on 19 May 2017, the Supervisory Board will recommend the payment of €0.37 per share for the 2016 financial year, up 5.7% compared to €0.35 paid in 2016 for the 2015 financial year.
Presentation
The 2016 annual results presentation will be available from 8:30am CET on March, 15 in the "Other press releases and documents" section of our website: http://www.corporate-elis.com/en/investor-relations
Plenary presentation in French, audible live by webcast only
Speakers: Xavier Martiré, CEO Louis Guyot, CFO
Date: Wednesday, March 15 th , 2017 9:00 am Paris time - 8:00 am London time Webcast link (live and replay): http://edge.media-server.com/m/p/fjsnhuhe Webcast replay will be available for 1 year following the event.
Investor and Analyst conference call in English
Speakers: Xavier Martiré, CEO Louis Guyot, CFO
Date: Wednesday, March 15 th , 2017 2:00 pm Paris time - 1:00 pm London time - 8:00 am New York time Webcast link (live and replay): http://edge.media-server.com/m/p/cxh3otuj Webcast replay will be available for 1 year following the event.
Dial-in numbers: France: +33 1 76 77 22 29 France (toll-free): 0805 631 579 United Kingdom: +44 203 427 1914 United Kingdom (toll-free): 0800 279 5736 United States of America: +1646 254 3360 United States of America (toll-free): 1877 280 1254 Code: 9944721#
Replay numbers: France: +33 1 74 20 28 00 United Kingdom: +44 203 427 0598 United States of America: +1 347 366 9565 Code: 9944721# Audio replay will be available for 1 week following the event.
Financial definitions
- Organic growth in the Group's revenue is calculated excluding (i) the impacts of changes in the scope of consolidation of "major acquisitions" and "major disposals" (as defined in the Document de Base) in each of the periods under comparison, as well as (ii) the impact of exchange rate fluctuations.
- EBITDA is defined as EBIT before depreciation and amortization net of the portion of grants transferred to income.
- EBITDA margin is defined as EBITDA divided by revenues.
- EBIT is defined as net income (loss) before net financial expense, income tax, share in income of equity-accounted companies, amortization of customer relationships, goodwill impairment, other operating income and expenses, miscellaneous financial items (bank fees recognized in operating income) and expenses related to IFRS 2 (share-based payments).
- Headline free cash-flow is defined as cash EBITDA minus non cash-items items and after (i) change in working capital, (ii) linen purchases and (iii) manufacturing capital expenditures, net of proceeds, minus interests payments and minus tax paid.
- The concept of Adjusted net financial debt used by the Group consists of the sum of non-current financial liabilities, current financial liabilities and cash and cash equivalents adjusted by capitalized debt arrangement costs, the impact of applying the effective interest rate method, and the loan from employee profit-sharing fund.
Forward looking statements
This release may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements. These risks and uncertainties include without limitation the risk factors that are described in the 2015 Registration Document and its update, both registered in France with the French Autorité des marchés financiers. Investors and holders of shares of the Company may obtain copy of these documents from the Autorité des marchés financiers' website: www.amf-france.org or from the Company's website: www.corporate-elis.com/en/investor-relations . The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.
Next information
Q1 2017 revenues: April 27, 2017 (after market)
About Elis
Elis is a specialized multi-services group, leader in Europe and Latin America for the rental and maintenance of flat linen, professional clothing, as well as hygiene appliance and well-being services. With more than 25,000 employees spread across 14 countries, Elis consolidated turnover in 2016 was €1,513 million and consolidated EBITDA reached €468 million. Benefiting from more than a century of experience, Elis today services hundreds of thousands of clients of all sizes in the hotel, catering, healthcare, industry, retail and services sectors, thanks to its network of more than 300 production and distribution centers, which guarantees it an unrivalled proximity to its clients.
Contact
Nicolas Buron , Investor Relations Director - Phone: +33 1 75 49 93 93 - nicolas.buron@elis.com
Appendices
Consolidated income statement for the period
| In thousands of euros | 2016 | 2015 |
| Revenue | 1,512,764 | 1,415,418 |
| Cost of linen, equipment and other consumables | (247,463) | (240,421) |
| Processing costs | (568,942) | (518,320) |
| Distribution costs | (238,657) | (224,819) |
| Gross margin | 457,702 | 431,858 |
| Selling, general and administrative expenses | (249,150) | (225,346) |
| Operating income before other income and expense and amortization of customer relationships | 208,552 | 206,512 |
| Amortization of customer relationships | (45,610) | (46,222) |
| Goodwill impairment | 0 | (14,575) |
| Other income and expense | 24,451 | (33,432) |
| Operating income | 187,392 | 112,284 |
| Net financial expense | (55,679) | (170,932) |
| Income (loss) before tax | 131,714 | (58,648) |
| Income tax benefit (expense) | (38,054) | 929 |
| Share of net income of equity-accounted companies | 0 | 0 |
| Net income (loss) | 93,660 | (57,719) |
| Attributable to: | ||
| owners of the parent | 93,669 | (58,194) |
| non-controlling interests | (9) | 475 |
| Earnings (loss) per share (EPS): | ||
| basic, attributable to owners of the parent | €0.82 | €(0.55) |
| diluted, attributable to owners of the parent | €0.82 | €(0.55) |
| EBITDA | 467,943 | 446,108 |
Consolidated balance sheet
Assets
| In thousands of euros | 2016 | 2015 |
| Goodwill | 1,755,695 | 1,583,432 |
| Intangible assets | 350,877 | 379,477 |
| Property, plant and equipment | 896,508 | 784,204 |
| Equity-accounted companies | 0 | 0 |
| Available-for-sale financial assets | 85 | 146 |
| Other non-current assets | 4,230 | 5,757 |
| Deferred tax assets | 19,414 | 12,478 |
| TOTAL NON-CURRENT ASSETS | 3,026,809 | 2,765,494 |
| Inventories | 62,401 | 52,479 |
| Trade and other receivables | 392,613 | 356,847 |
| Current tax assets | 6,597 | 4,099 |
| Other assets | 16,972 | 13,799 |
| Cash and cash equivalents | 169,578 | 56,722 |
| Assets held for sale | 1,146 | 0 |
| TOTAL CURRENT ASSETS | 649,307 | 483,946 |
| TOTAL ASSETS | 3,676,116 | 3,249,440 |
Equity and liabilities
| In thousands of euros | 2016 | 2015 |
| Share capital | 1,140,062 | 1,140,062 |
| Additional paid-in capital | 280,874 | 320,777 |
| Other reserves | (1,582) | (2,175) |
| Retained earnings (accumulated deficit) | 724 | 724 |
| Other components of equity | (266,976) | (360,754) |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | (6,103) | (44,411) |
| NON-CONTROLLING INTERESTS | 1,146,999 | 1,054,223 |
| TOTAL EQUITY | 3,954 | (338) |
| Non-current provisions | 1,150,953 | 1,053,885 |
| Employee benefit liabilities | 24,247 | 24,650 |
| Non-current borrowings | 62,927 | 59,042 |
| Deferred tax liabilities | 1,276,797 | 1,267,421 |
| Other non-current liabilities | 176,845 | 183,819 |
| TOTAL NON-CURRENT LIABILITIES | 22,611 | 38,926 |
| In thousands of euros | 1,563,427 | 1,573,859 |
| Current provisions | 4,921 | 5,766 |
| Current tax liabilities | 3,886 | 1,906 |
| Trade and other payables | 162,554 | 134,999 |
| Other liabilities | 296,283 | 243,544 |
| Bank overdrafts and current borrowings | 494,092 | 235,482 |
| Liabilities directly associated with assets held for sale | 0 | 0 |
| TOTAL CURRENT LIABILITIES | 961,736 | 621,697 |
| TOTAL EQUITY AND LIABILITIES | 3,676,116 | 3,249,440 |
Consolidated cash flow statement
| In thousands of euros | 2016 | 2015 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| CONSOLIDATED NET INCOME (LOSS) | 93,660 | (57,719) |
| Depreciation, amortization and provisions | 295,338 | 285,565 |
| Portion of grants transferred to income | (115) | (128) |
| Goodwill impairment | 0 | 14,575 |
| Share-based payments | 4,744 | 981 |
| Discounting adjustment on provisions and retirement benefits | 994 | 824 |
| Net gains and losses on disposal of assets | (41,233) | 1,229 |
| Share of net income of equity-accounted companies | 0 | 0 |
| Other | (986) | (1,478) |
| Dividends received (from non-consolidated entities) | (25) | (12) |
| CASH FLOWS AFTER FINANCE COSTS AND TAX | 352,377 | 243,836 |
| Net finance costs | 54,635 | 101,606 |
| Income tax expense | 38,054 | (929) |
| CASH FLOWS BEFORE FINANCE COSTS AND TAX | 445,067 | 344,514 |
| Income tax paid | (47,091) | (17,280) |
| Change in inventories | (6,958) | 5,980 |
| Change in trade receivables | 8,872 | (17,883) |
| Change in other assets | (1,424) | 602 |
| Change in trade and other payables | 6,595 | (14,198) |
| Change in other liabilities | 20,023 | (7,159) |
| Other changes | (244) | (231) |
| Employee benefits | (31) | (455) |
| NET CASH FROM OPERATING ACTIVITIES | 424,810 | 293,889 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of intangible assets | (11,091) | (6,481) |
| Proceeds from sale of intangible assets | 23 | 0 |
| Acquisition of property, plant and equipment | (252,505) | (261,475) |
| Proceeds from sale of property, plant and equipment | 53,110 | 8,910 |
| Acquisition of subsidiaries, net of cash acquired | (216,336) | (117,107) |
| Proceeds from disposal of subsidiaries, net of cash transferred | 1,007 | 1,000 |
| Changes in loans and advances | 378 | (226) |
| Dividends from equity-accounted companies | 25 | 12 |
| Investment grants | 95 | 50 |
| NET CASH USED IN INVESTING ACTIVITIES | (425,294) | (375,317) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Capital increase | 459 | 689,400 |
| Treasury shares | 700 | (2,175) |
| Dividends paid | ||
| - to owners of the parent | (39,871) | (39,881) |
| - to non-controlling interests | 0 | (5) |
| Change in borrowings** | 197,651 | (490,785) |
| - Proceeds from new borrowings | 1,514,807 | 3,962,527 |
| - Repayment of borrowings | (1,317,156) | (4,453,312) |
| Net interest paid | (50,032) | (76,939) |
| Other flows related to financing activities | (194) | (853) |
| NET CASH USED IN FINANCING ACTIVITIES | 108,713 | 78,762 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 108,228 | (2,665) |
| Cash and cash equivalents at beginning of period | 55,825 | 58,523 |
| Effect of changes in foreign exchange rates on cash and cash equivalents | 1,824 | (33) |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 165,877 | 55,825 |
* Net change in credit lines
Attachments:
