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
14th 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 1st 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
14th 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 31st 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 15th,
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 15th,
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
Elis - 2016 annual
results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Elis via Globenewswire
Elis (EU:ELIS)
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