Ingenico Group (Euronext: FR0000125346 - ING) announced today its
financial statements for the six-month period ended June 30, 2016.
Philippe Lazare, the Chairman and Chief Executive
Officer of Ingenico Group, commented: "Ingenico Group
has once again achieved solid growth in the first half of this
year. Our multi-local strategy has continued to prove its
effectiveness, with our excellent results in mature markets and
Asia offsetting the slowdown in Brazil. At the same time, our
ePayments division has extended its business reach substantially,
finalizing a new major agreement with Alipay. And although we have
maintained our investment drive to keep bringing out new products
and developing our online transaction platforms, Ingenico Group
still has a 21.5% EBITDA margin. The Group has also carried out
three acquisitions: a start-up provider of connected screens,
Think&Go, and two terminal distributors, Lyudia in Japan and
Nera in Southeast Asia. All these examples of operational
progress highlight the speed with which we are implementing our
2020 growth plan."
H1 2016 results
Key figures
(in millions of
euros) |
H1'16 |
H1'15 |
Revenue |
|
1,133 |
|
|
1,058 |
|
Adjusted gross profit |
|
490 |
|
|
474 |
|
As a % of revenue |
|
43.2 |
% |
|
44.8 |
% |
Adjusted operating
expenses |
|
(284 |
) |
|
(253 |
) |
Profit from ordinary activities, adjusted
(EBIT) |
|
206 |
|
|
221 |
|
As a % of
revenue |
|
18.1 |
% |
|
20.9 |
% |
Operating margin |
|
184 |
|
|
194 |
|
Net profit |
|
127 |
|
|
124 |
|
Net profit attributable
to Group shareholders |
|
122 |
|
|
122 |
|
EBITDA |
|
244 |
|
|
249 |
|
As a % of
revenue |
|
21.5 |
% |
|
23.6 |
% |
|
|
|
Free cash-flow |
|
64 |
|
|
59 |
|
Net debt Net
debt-to-EBITDA ratio3 |
232 0.5x |
441 0.9x |
Equity attributable to
Group shareholders |
|
1,588 |
|
|
1,395 |
|
12% organic growth in revenue
|
H1 2016 |
Q2 2016 |
€m |
% change |
€m |
% change |
Comparable1 |
Reported |
Comparable1 |
Reported |
Europe-Africa |
408 |
|
15 |
% |
|
11 |
% |
215 |
|
13 |
% |
|
9 |
% |
APAC & Middle East |
262 |
|
32 |
% |
|
25 |
% |
133 |
|
29 |
% |
|
20 |
% |
Latin America |
86 |
|
-14 |
% |
|
-28 |
% |
41 |
|
-27 |
% |
|
-37 |
% |
North America |
148 |
|
14 |
% |
|
12 |
% |
74 |
|
11 |
% |
|
7 |
% |
ePayments |
230 |
|
1 |
% |
|
-1 |
% |
119 |
|
4 |
% |
|
1 |
% |
Total |
1,133 |
|
12 |
% |
|
7 |
% |
581 |
|
9 |
% |
|
4 |
% |
Performance in the first half
In the first half of 2016, revenue totaled €1.133 billion,
representing a 7% increase on a reported basis, including a
negative foreign exchange impact of €50 million. Total revenue
included €788 million generated by the Payment Terminals business
and €345 million generated by Payment Services.
On a comparable basis1 revenue growth was 12% higher than
in the first half of 2015, a result that included a 15% increase in
Terminals and a 5% increase in Payment Services.
A key feature of the first half of 2016 was a very high volume
of business in Europe, demonstrating the
Group's ability to leverage regulatory change in mature markets.
In Asia-Pacific, the Group further
increased its share of the market, with vigorous growth in Turkey,
Australia and China. In contrast, Brazil's unfavorable economy
heavily affected business volume in Latin
America. In North
America, revenue growth was driven by the Group's
increasing market share at large-scale retail chains. Investment in
the Group's ePayments division over the
last few months has started to pay off, as reflected in the strong
sales momentum of the first half.
Performance in the second quarter
In the second quarter of 2016, revenue totaled €581 million,
representing a 4% increase on a reported basis, including a
negative foreign exchange impact of €30 million. Total revenue
included €400 million generated by the Payment Terminals business
and €181 million generated by Payment Services.
On a comparable basis1 revenue growth was 9% higher than in
the second quarter of 2015, a result that included a 10% increase
in Terminals and an 8% increase in Payment Services. Excluding
Brazil, the Group recorded organic growth of 14% in the
quarter.
Ingenico Group's solid performance in Payment Terminals
reflected expanding market share in Asia, Russia and the United
States, as well as the operational excellence that has enabled the
Group to take full advantage of equipment replacement cycles in
mature markets. The Group also continued to gain market share
in in-store Payment Services. Furthermore, the ePayments division's
return to growth makes it possible to reaffirm double-digit growth
objective for the second half of 2016.
Compared with Q2 2015, the various divisions performed as
follows on a like-for-like basis and at constant exchange
rates:
- Europe-Africa (up 13%): The Payment
Terminals activity enjoyed brisk business in most countries, but
particularly in the United Kingdom and the Nordic countries, where
the Group took full advantage of a major equipment replacement
cycle following a change in standards (PCI v1). In Russia, Ingenico
Group doubled its revenue as a result of an agreement signed with
Sberbank. In Eastern Europe and Africa, strong growth was
attributable to increasing market share, most notably in South
Africa, Poland, the Ukraine and Greece. At the same time, the
Group's in-store Payment Services business delivered sound
performance, fueled by rising electronic transaction volume in
Germany and growing market share in France and the United
Kingdom.
- Asia-Pacific and Middle East (up
29%): Ingenico Group has continued to record high
growth throughout this geographic area. In Turkey, sales rose
during the quarter on the back of mandatory replacement of the
installed base with fiscal memory payment terminals. In China, the
Group once again reaped the benefits of a booming market to
increase its sales further. Tetra deployment in Australia also
contributed to the Group's strong performance in the region.
- Latin America (down
27%): The Group has maintained its share of the
Brazilian market even though the country's difficult macroeconomic
climate strongly affected sales volume. Elsewhere in the region,
Ingenico Group has continued to grow at a rapid pace. In Mexico,
the Group has strengthened its position as a supplier to the main
acquirers and large-scale retailers; in Argentina, efforts to win
over acquirers are producing results; and the business trend in
Peru remains encouraging. At the same time, Telium Tetra deployment
has been advancing swiftly in Latin America.
- North America (up 11%): As
forecast, the Group has achieved double-digit growth in the United
States. EMV migration is still the key driver of that growth, both
on traditional and on mPOS terminals. Although there is
considerable inventory build-up at distributors, Ingenico Group has
continued to gain market share at major retail outfits, a segment
where business remains buoyant. The Group has also continued to
gain ground in new vertical markets like hospitality and
healthcare.
- ePayments (up 4%): The division
returned to growth in the second quarter, making extremely rapid
operational progress in both technological and business terms. The
first investments in its platforms have already led to significant
service quality enhancements. In addition, the deployment of
IngenicoConnect on the GlobalCollect platform has enabled the Group
to win greater market share with strategic customers as well as new
contracts. During the second quarter, the number of e-merchants
increased significantly and the Group finalized an agreement with
Alipay, reflecting this major company's confidence in the
platform's performance.
Gross profit up 3%
Adjusted gross profit in the first half of 2016 was €490
million, equal to 43.2% of revenue. At 46.7% of revenue,
gross margin remained high in the Terminals business, but was 110
basis points lower than in the prior-year period, due to a less
favorable product mix. Gross margin in the Payment Services
business fell 290 basis points to 35.3% of revenue. That result was
primarily attributable to a changing customer mix and to rising
expenditure to enhance performance on the ePayments division's
platforms.
Operating expenses up to 25% of revenue
On an adjusted basis, operating expenses in the first half of
2016 increased by 12% to €284 million. As announced at the start of
the year, the Group has stepped up expenditure, both in its
Terminals business to launch the Telium Tetra range and develop new
offers, and in its Payment Services business to add new features to
its platforms. Operating expenses represented 25.1% of revenue,
versus 23.9% in the first half of 2015.
EBITDA margin in line with objective
The Group recorded EBITDA of €244 million, compared with €249
million in the first half of 2015. This brought the EBITDA margin
to 21.5% of revenue, a result in line with management objective for
the full year. At 18.1% of revenue, EBIT reached €206 million in
the first half of 2016, versus €221 million in the prior-year
period.
Substantial profit from operating
activities
Other operating income and expenses represented a net expense of
€0.4 million, down from €3 million in the first half of 2015.
Purchase Price Allocation expenses totaled €21 million in the
first half of 2016, versus €25 million in the prior-year
period.
After accounting for Purchase Price Allocation and other
operating income and expenses, profit from operations totaled €184
million, compared with €194 million in the first half of 2015. The
Group's operating margin was equal to 16.2% of revenue, versus
18.3% in the first half of 2015.
Profit attributable to Group shareholders on par with
the previous year
At €1 million, net finance costs include an €8.5 million gain on
the disposal of Visa Europe securities recognized at end-June.
Income tax expense fell from €64 million in the first half of
2015 to €56 million in the first half of 2016. As of June 30, 2016,
the Group's estimated effective tax rate was 31%, a year-on-year
improvement reflecting a more favorable country mix.
The net profit attributable to Ingenico Group SA shareholders in
the first half of 2016 was €122 million, as in the prior-year
period.
A sound financial position in line with the Group's
growth plan
Total equity attributable to Ingenico Group SA shareholders was
€1.588 billion.
During the first half of 2016, Ingenico Group's operations
generated free cash flow of €64 million. This result was 8% higher
than the prior-year amount, due to a smaller change in working
capital than in the first half of 2015 despite business growth. At
the same time, continued investment brought the Group's investing
activities to €27 million. The Group has maintained its goal
for the year of converting approximately 45% of EBITDA into free
cash flow.
The cash dividend paid in respect of 2015 was €34.5 million,
whereas 54.8% of the total dividend amount was paid in stock
(502,641 shares), reflecting strong shareholder confidence.
Accordingly, as of June 30, 2016, the Group's net debt stood at
€232 million, down from €252 million as of December 31, 2015. The
net debt-to-equity ratio was 15%, while the net debt-to-EBITDA
ratio held steady at 0.5.
Highlights of the first half
Agreement with Alipay Ingenico ePayments
has scored a major win with Alipay, an iconic new economy company.
The Group will be handling cross-border transactions for
Alibaba.
Strategic acquisition in Japan Ingenico Group
has acquired a 70% interest in Lyudia from BroadBand Tower Inc.,
which will retain a 30% stake in the entity. Lyudia, a Japanese
developer of payment applications and software, is the distributor
of Ingenico terminals in Japan. This strategic move will allow
Ingenico Group to gain a solid foothold in a market with high
barriers to entry.
A stronger position for the Group in Southeast
Asia Ingenico Group has acquired the payment solutions
business of Nera Telecommunications Ltd for 88 million Singapore
dollars. This acquisition will give Ingenico Group an enhanced
local payment applications portfolio and the ability to leverage
the existing distribution and services network of a company with
market leadership in Thailand and a substantial share of the market
in Singapore, Indonesia, the Philippines, Malaysia and Vietnam.
Completion is expected to take place during the third quarter of
2016.
Acquisition of Think&Go NFC Ingenico Group
has finalized the acquisition of Think&Go NFC, a start-up
provider of connected screens. Think&Go NFC and Ingenico Group
designed the first connected screens incorporating contactless
payment technology, with the result that digital advertising
displays are turned into genuine points-of-sale.
Outlook
The Group has maintained its objective for full-year organic
revenue growth in 2016 at 10% or above, despite a troubled economy
in Brazil and the uncertainty surrounding the pace of inventory
destocking among distributors in the United States. Business will
remain vigorous in Europe and Asia, and the ePayments division will
return to double-digit growth in the second half of the year.
The Group has also maintained its full-year objective for EBITDA
margin, which is expected to reach 21% of revenue in 2016.
Conference call
A conference call to discuss Ingenico Group's H1 2016 results
will be held on July 26, 2016 at 6.00 p.m., Paris time. Dial-in
numbers: 01 70 99 32 08 (French domestic), +1 646 851
2407 (for the United States) and +44 (0)20 7162 0077
(international) with conference code: 959181. The presentation will
also be available on www.ingenico.com/finance.
This press release contains forward-looking statements. The
trends and objectives given in this release are based on data,
assumptions and estimates considered reasonable by Ingenico Group.
These data, assumptions and estimates may change or be amended as a
result of uncertainties connected in particular with the
performance of Ingenico Group and its subsidiaries. These
forward-looking statements in no case constitute a guarantee of
future performance, and involve risks and uncertainties. Actual
performance may differ materially from that expressed or suggested
in the forward-looking statements. Ingenico Group therefore makes
no firm commitment on the realization of the growth objectives
shown in this release. Ingenico Group and its subsidiaries, as well
as their executives, representatives, employees and respective
advisors, undertake no obligation to update or revise any
forward-looking statements contained in this release, whether as a
result of new information, future developments or otherwise. This
release shall not constitute an offer to sell or the solicitation
of an offer to buy or subscribe for securities or financial
instruments.
About Ingenico Group
Ingenico Group (Euronext: FR0000125346 - ING) is the global
leader in seamless payment, providing smart, trusted and secure
solutions to empower commerce across all channels, in-store, online
and mobile. With the world's largest payment acceptance network, we
deliver secure payment solutions with a local, national and
international scope. We are the trusted world-class partner for
financial institutions and retailers, from small merchants to
several of the world's best known global brands. Our solutions
enable merchants to simplify payment and deliver their brand
promise.
Learn more
at www.ingenico.com twitter.com/ingenico
Contacts / Ingenico Group
Investors Stéphanie Constand VP Investor
Relations stephanie.constand@ingenico.com (T) / 01 58 01 85 68 |
Investors
Caroline Alamy Investor Relations Manager
caroline.alamy@ingenico.com (T) / 01 58 01 85 09 |
Communication Coba Taillefer External
Communication Manager coba.taillefer@ingenico.com (T) / 01 58 01 89
62 |
Upcoming events
Conference call on H1 2016 results: July 26, 2016
at 6 p.m., Paris time Q3 2016 revenue: October 26, 2016
EXHIBIT 1
Basis for preparing the 2016 interim financial
statements
The consolidated financial statements have been drawn up in
accordance with International Financial Reporting Standards (IFRS).
In order to provide meaningful comparable information, these data
have been presented on an adjusted basis, i.e. restated to reflect
the depreciation and amortization expenses arising on the
acquisition of new entities. Pursuant to IFRS3R, the purchase price
for new entities is allocated to the identifiable assets acquired
and subsequently amortized over specified periods.
The main financial data for 2015 has been analyzed on an
adjusted basis, i.e., before purchase price allocation (PPA).
Please see Exhibit 3.
EBITDA is not an accounting term; it is a financial metric
defined here as profit from ordinary activities before
depreciation, amortization and provisions, and before expenses for
shares distributed to employees and officers. The reconciliation of
adjusted profit from ordinary operations to EBITDA is available in
Exhibit 3.
EBIT (Earnings Before Interest and Taxes) is equal to profit
from ordinary activities, adjusted for amortization of the purchase
price for newly acquired entities allocated to the identifiable
assets acquired.
Free cash flow is equal to EBITDA less: cash and other operating
income and expenses, changes in working capital requirements,
investing activities net of disposals, financial expenses net of
financial income, and tax paid (Note 5e in the exhibit of interim
financial statements)
EXHIBIT 2 Income
statements, balance sheet, cash flow statements
1. INTERIM CONSOLIDATED INCOME STATEMENTS
(REVIEWED)
(in millions of
euros) |
June 30, 2016 |
June 30, 2015 |
|
|
|
REVENUE |
|
1 133 |
|
|
1 058 |
|
Cost of sales |
|
(650 |
) |
|
(590 |
) |
|
|
|
GROSS PROFIT |
|
484 |
|
|
468 |
|
|
|
|
Distribution and
marketing costs |
|
(99 |
) |
|
(99 |
) |
Research and
development expenses |
|
(87 |
) |
|
(70 |
) |
Administrative
expenses |
|
(113 |
) |
|
(102 |
) |
|
|
|
PROFIT FROM ORDINARY ACTIVITIES |
|
184 |
|
|
197 |
|
|
|
|
Other operating
income |
|
3 |
|
|
0 |
|
Other operating
expenses |
|
(4 |
) |
|
(3 |
) |
|
|
|
PROFIT FROM OPERATING ACTIVITIES |
|
184 |
|
|
194 |
|
|
|
|
Finance income |
|
45 |
|
|
60 |
|
Finance costs |
|
(46 |
) |
|
(66 |
) |
|
|
|
NET FINANCE COSTS |
|
(1 |
) |
|
(6 |
) |
|
|
|
Share of profits in
equity-accounted investees |
|
(0 |
) |
|
0 |
|
|
|
|
PROFIT BEFORE INCOME TAX |
|
183 |
|
|
188 |
|
|
|
|
Income tax expense |
|
(56 |
) |
|
(64 |
) |
|
|
|
NET PROFIT |
|
127 |
|
|
124 |
|
|
|
|
Attributable to: |
|
|
- Ingenico Group
SA shareholders |
|
122 |
|
|
122 |
|
- non-controlling
interests |
|
5 |
|
|
1 |
|
|
|
|
EARNINGS PER SHARE (in €) |
|
|
Net
earnings: |
|
|
- basic
earnings per share |
|
2.01 |
|
|
2.03 |
|
- diluted
earnings per share |
|
1.96 |
|
|
2.02 |
|
2. INTERIM CONSOLIDATED BALANCE SHEET
(REVIEWED)
ASSETS |
|
|
(in millions of
euros) |
June 30, 2016 |
Dec. 31, 2015 |
|
|
|
Goodwill |
1 358 |
1 351 |
Other intangible
assets |
499 |
509 |
Property, plant and
equipment |
54 |
56 |
Investments in
equity-accounted investees |
9 |
12 |
Financial assets |
12 |
11 |
Deferred tax
assets |
53 |
49 |
Other non-current
assets |
32 |
31 |
TOTAL NON-CURRENT ASSETS |
2 016 |
2 019 |
Inventories |
146 |
144 |
Trade and related
receivables |
477 |
461 |
Receivables related to
intermediation activities |
16 |
10 |
Other current
assets |
31 |
32 |
Current tax assets |
11 |
7 |
Derivative financial
instruments |
16 |
10 |
Funds related to
intermediation activities |
282 |
256 |
Cash and
cash equivalents |
853 |
920 |
TOTAL CURRENT
ASSETS |
1 832 |
1 842 |
TOTAL ASSETS |
3 848 |
3 860 |
|
|
|
EQUITY AND
LIABILITIES |
|
|
(in millions of
euros) |
June 30, 2016 |
Dec. 31, 2015 |
|
|
|
Share capital |
61 |
61 |
Share premium
account |
766 |
722 |
Other reserves |
726 |
682 |
Translation
differences |
34 |
41 |
Equity for the period attributable to Ingenico
Group SA shareholders |
1 588 |
1 506 |
Non-controlling interests |
6 |
5 |
TOTAL EQUITY |
1
594 |
1
511 |
Non-current borrowings
and long-term debt |
894 |
885 |
Provisions for
retirement and benefit obligations |
19 |
17 |
Other long-term
provisions |
22 |
21 |
Deferred tax
liabilities |
144 |
142 |
Other non-current
liabilities |
110 |
98 |
TOTAL NON-CURRENT LIABILITIES |
1 190 |
1 163 |
Short-term loans and
borrowings |
190 |
287 |
Other short-term
provisions |
32 |
31 |
Trade and related
payables |
432 |
439 |
Payables related to
intermediation activities |
298 |
266 |
Other current
liabilities |
96 |
135 |
Current tax
liabilities |
14 |
28 |
Derivative financial
instruments |
3 |
1 |
TOTAL CURRENT LIABILITIES |
1 065 |
1 187 |
TOTAL
LIABILITIES |
2 255 |
2 350 |
TOTAL EQUITY AND LIABILITIES |
3 848 |
3 860 |
3. INTERIM CONSOLIDATED
CASH FLOW STATEMENTS (REVIEWED)
(in millions of
euros) |
June 30, 2016 |
June 30, 2015 |
|
|
|
Profit for the
period |
|
127 |
|
|
124 |
|
Adjustments for: |
|
|
- Share of profit of
equity-accounted investees |
|
0 |
|
|
(0 |
) |
- Income tax
expense/(income) |
|
56 |
|
|
64 |
|
- Depreciation,
amortization and provisions |
|
44 |
|
|
45 |
|
- Change in fair
value |
|
(6 |
) |
|
0 |
|
- Gains/(losses) on
disposal of assets |
|
(0 |
) |
|
1 |
|
- Net interest
costs/(revenue) |
|
(1 |
) |
|
5 |
|
- Share-based payment
expense (1) |
|
15 |
|
|
9 |
|
Interest paid |
|
(11 |
) |
|
(13 |
) |
Income tax paid |
|
(75 |
) |
|
(73 |
) |
Cash flows from operating activities before change in net
working capital |
|
150 |
|
|
161 |
|
inventories |
|
(3 |
) |
|
(23 |
) |
trade and other
receivables |
|
(25 |
) |
|
(41 |
) |
trade payables
and other payables |
|
(41 |
) |
|
(17 |
) |
Change in net working capital |
|
(69 |
) |
|
(81 |
) |
NET CASH FLOWS
FROM OPERATING ACTIVITIES |
|
80 |
|
|
80 |
|
|
|
|
Acquisition of
non-current assets |
|
(27 |
) |
|
(28 |
) |
Proceeds from sale of
tangible and intangible fixed assets |
|
9 |
|
|
1 |
|
Disposal of
subsidiaries, net of cash disposed of |
|
3 |
|
|
- |
|
Acquisition of
subsidiaries, net of cash acquired |
|
(8 |
) |
|
- |
|
Loans and advances
granted and other financial assets |
|
(2 |
) |
|
(4 |
) |
Loan repayments
received |
|
1 |
|
|
1 |
|
Interest received |
|
4 |
|
|
5 |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
(21 |
) |
|
(25 |
) |
|
|
|
Purchase/(sale) of
treasury shares |
|
0 |
|
|
0 |
|
Proceeds from loans and
borrowings |
|
- |
|
|
746 |
|
Repayment of loans and
borrowings |
|
(94 |
) |
|
(501 |
) |
Change in the Group's
ownership interests in controlled entities |
|
1 |
|
|
103 |
|
Changes in other
financial liabilities |
|
(0 |
) |
|
6 |
|
Dividends paid to
shareholders |
|
(34 |
) |
|
(31 |
) |
Tax on financing
activities |
|
- |
|
|
(8 |
) |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
|
(128 |
) |
|
315 |
|
Effect of exchange
rates fluctuations |
|
3 |
|
|
7 |
|
CHANGE IN CASH AND CASH EQUIVALENTS |
|
(66 |
) |
|
377 |
|
|
-- |
-- |
Cash and cash
equivalents at beginning of the year |
|
900 |
|
|
412 |
|
Cash and cash
equivalents at year end |
|
834 |
|
|
789 |
|
|
|
|
|
|
|
|
June 30, 2016 |
June 30, 2015 |
CASH AND CASH
EQUIVALENTS |
|
|
Short-term investments
and short-term deposits (only for the portion classed as cash and
cash equivalents) |
|
237 |
|
|
306 |
|
Cash and cash
equivalents |
|
616 |
|
|
504 |
|
Bank overdrafts |
|
(19 |
) |
|
(22 |
) |
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM
INVESTMENTS |
|
834 |
|
|
789 |
|
EXHIBIT 3
Impact of purchase price allocation (PPA)
(in millions of euros) |
H1'16 adjusted excl. PPA |
PPA impact |
H1'16 |
Gross profit |
|
490 |
|
|
(6 |
) |
|
484 |
|
Operating expenses |
|
(284 |
) |
|
(15 |
) |
|
(299 |
) |
Profit from ordinary activities |
|
206 |
|
|
(21 |
) |
|
184 |
|
Reconciliation of profit from ordinary activities to
EBITDA
EBITDA represents profit from ordinary activities, restated to
include the following: - Provisions for impairment of tangible and
intangible assets, net of reversals (including impairment of
goodwill or other intangible assets with indefinite lives, but not
provisions for impairment of inventories, trade and related
receivables and other current assets), and provisions for risks and
charges (both current and non-current) on the liability side of the
balance sheet, net of reversals. - Expenses related to the
restatement of finance lease obligations on consolidation. -
Expenses recognized in connection with the award of stock options,
free shares or any other payments to be accounted for using IFRS 2,
Share-based Payment. - Changes in the fair value of
inventories in accordance with IFRS 3, Business Combinations, i.e.
determined by calculating the selling price less costs to complete
and sell.
Reconciliation:
(in millions of euros) |
H1'16 |
H1'15 |
Profit from ordinary activities |
184 |
197 |
Allocated assets amortization |
21 |
25 |
EBIT |
206 |
221 |
Other D&A and changes
in provisions |
23 |
20 |
Share-based payment expenses |
15 |
8 |
EBITDA |
244 |
249 |
1 On a like-for-like basis at constant exchange rates.
2 EBITDA is not an accounting term; it is a financial
metric defined here as profit from ordinary activities before
depreciation, amortization and provisions, and before expenses for
shares distributed to employees and officers.
3 Year-on-year.
PDF VERSION: http://hugin.info/143483/R/2030763/755420.pdf