2017 full-year results
Strong increase
in revenue, EBITDA and headline net result driven by the
acquisition of Berendsen
-
Revenue growth, EBITDA margin
improvement in all geographies and strong increase in headline net
result
-
Revenue: €2,214.9mn (+46.4% of which +2.4%
organic growth)
-
EBITDA: €670.0mn (30.2% of revenue)
-
EBITDA margin improvement in all geographies of
Elis' historical scope
-
More than +50% increase in headline net result
at €163.2mn
-
A year marked by major
acquisitions, which accelerated the Group's international
expansion
-
Acquisition of Berendsen: Creation of a
pan-European leader and better geographical diversification of the
combined Group
-
Successful integration of Indusal and Lavebras:
2017 synergies ahead of schedule
-
Improved financial structure
and investments under control
-
Successful refinancing and Group average cost of
debt now of c. 2%
-
Stable net debt to EBITDA ratio at 3.3x as of 31
December 2017
-
Berendsen capex plan significantly
downsized
-
Headline free cash-flow impacted by 2017
Berendsen capex disbursed at year-end
-
Confirmation of the 2018
outlook presented at the investor Day held in January
-
Revenue above €3.2bn; organic growth between
+2.5% and +3.0%
-
EBITDA margin at c. 31.5%
-
Capex corresponding to 20% of revenue
-
Proposal of a payment of €0.37
per share, stable vs last year
(EUR million) |
2017 |
2016 |
Change |
Revenue |
2,214.9 |
1 512.8 |
+46.4% |
EBITDA |
670.0 |
467.9 |
+43.2% |
EBIT |
298.6 |
214.1 |
+39.5% |
Headline net result |
163.2 |
107.6 |
+51.7% |
Headline free cash-flow |
42.6 |
80.5 |
-47.1% |
Percentage change calculations are
based on precise figures
Saint Cloud,
March 7, 2018 - Elis, the leading multi-services group,
specializing in the rental and maintenance of flat linen,
professional clothing, hygiene and well-being appliances in Europe
and Latin America, today announces its 2017 full-year financial
results.
The accounts have been approved by the Management Board and
examined by the Supervisory Board on March 6, 2018. They have been
audited and the auditors issued a report without any
qualification.
Commenting on the 2017 full-year
results, Xavier Martiré, CEO of Elis,
said:
"Elis posted solid 2017 results. Revenue and EBITDA grew
more than 40%, fueled by acquisitions, and margins are up in all
Elis' historical geographies. Headline net result increased more
than 50% for the second consecutive year.
In 2017, we
actively continued our strategy of consolidating our geographical
platforms. The acquisition of Berendsen, closed in September, is an
important milestone in Elis' history. With this transaction, we
have created a pan-European textile, hygiene and facility services
leader with strong and profitable positions in the majority of our
markets. Integration started mid-September and is proceeding very
well. We are confident that our industrial know-how will make this
acquisition a success.
Furthermore, with
the acquisition of Indusal in Spain and Lavebras in Brazil, the
Group has secured two significant levers of value creation in key
markets and has strengthened both its organic growth profile and
its potential profitability.
Some other
smaller but equally value-creating acquisitions were completed in
2017 in France, Germany and Brazil. This acquisition policy has
been a key pillar of our strategy for many years. It contributes to
strengthen our positions in the markets in which the Group already
operates, and hence improve our margins.
The acceleration
of Elis' international development over the last years has largely
diversified our geographical exposure: France now represents
one-third of Group revenue compared to 70% three years ago. We are
convinced that Elis is now ideally positioned to create strategic
and financial value for its shareholders, as well as to seize
additional growth opportunities.
In 2017, Elis
enhanced its financial flexibility by refinancing a significant
portion of its debt and maintained its net debt to EBITDA ratio at
the same level as in 2016. Hence, the payment of a dividend of
€0.37 per share, in line with 2016, will be recommended at the
Annual General Meeting which will take place on May 18,
2018.
In 2018, revenues
should be above €3.2bn. Our presence in fast-growing markets allows
us to expect organic revenue growth in 2018 between +2.5% and 3.0%.
In addition, EBITDA margin should improve to around 31.5%."
Following the acquisition of
Berendsen (consolidated in the P&L since September 1, 2017),
Elis now reports its revenue based on a new geographical breakdown.
This new breakdown is presented in the "Geographical breakdown"
section of this press release.
Revenue
As reported on 30 January 2018,
2017 Group revenue increased more than +46% at €2,215mn. Organic
growth was +2.4%, with all the geographies in Elis' historical
scope showing positive trends despite very high comparable bases in
Spain and in Brazil and difficult market conditions in some
European countries, especially in Switzerland. In France, we note
an improvement in some of our activities, notably in Hospitality
and in Trade & Services.
Our recent acquisitions continue
to strongly drive growth, notably Indusal, Lavebras and of course
Berendsen, which has been consolidated as of September,
1st.
EBITDA
(EUR million) |
H1 |
2017
H2 |
FY |
H1 |
2016
H2 |
FY |
H1 |
Change
H2 |
17/16 |
France |
166.9 |
186.7 |
353.7 |
163.3 |
181.2 |
344.5 |
+2.2% |
+3.1% |
+2.7% |
As a
% of revenues |
33.7% |
36.2% |
35.0% |
33.7% |
36.2% |
34.9% |
+6bps |
+2bps |
+4bps |
Central Europe |
29.5 |
74.4 |
103.9 |
23.1 |
30.7 |
53.8 |
+28.1% |
+142.3% |
+93.3% |
As a
% of revenues |
22.6% |
28.7% |
26.6% |
22.5% |
26.3% |
24.5% |
+14bps |
+231bps |
+210bps |
Scandinavia & Eastern Europe |
- |
55.7 |
55.7 |
- |
- |
- |
n/a |
n/a |
n/a |
As a
% of revenues |
- |
33.8% |
33.8% |
- |
- |
- |
n/a |
n/a |
n/a |
UK & Ireland |
- |
35.1 |
35.1 |
- |
- |
- |
n/a |
n/a |
n/a |
As a
% of revenues |
- |
22.9% |
22.9% |
- |
- |
- |
n/a |
n/a |
n/a |
Southern Europe |
30.7 |
37.2 |
67.9 |
17.6 |
22.8 |
40.5 |
+73.9% |
+63.0% |
+67.8% |
As a
% of revenues |
24.8% |
27.5% |
26.2% |
23.9% |
27.0% |
25.5% |
+90bps |
+48bps |
+64bps |
Latin America |
20.0 |
33.7 |
53.7 |
12.5 |
17.7 |
30.2 |
+60.2% |
+90.5% |
+77.8% |
As a
% of revenues |
22.8% |
25.2% |
24.3% |
20.8% |
24.3% |
22.7% |
+202bps |
+92bps |
+157bps |
Other |
(2.9) |
2.9 |
0.0 |
(0.4) |
(0.7) |
(1.1) |
n/a |
n/a |
n/a |
Total |
244.1 |
425.8 |
670.0 |
216.1 |
251.8 |
467.9 |
+13.0% |
+69.1% |
+43.2% |
As a % of revenues |
28.9% |
31.1% |
30.2% |
29.6% |
32.2% |
30.9% |
-73bps |
-108bps |
-68bps |
"Other" includes Manufacturing Entities and
Holdings.
Detail of the countries included in each geography is presented in
the "Geographical breakdown" section of this press
release.
Margin rate calculations and change calculations are based on
precise figures.
In 2017, Group EBITDA increased
strongly by +43.2% at €670.0mn, reflecting the recent acquisitions.
EBITDA margin was down 68bps, entirely due to the evolution of the
geographical mix as revenue of lower margin geographies has
increased more than revenue of geographies with higher
profitability.
France
In 2017, EBITDA margin was very
slightly up, in line with our expectations. This positive trend
underscores both the stabilization of the competitive environment
after the turbulences we observed in 2015, and continuing
productivity improvement in our plants.
Central
Europe
In 2017, Central Europe is made up
of the 12-month contribution of the former Elis « Northern
Europe » geographies, and of the 4-month contribution of the
Berendsen countries in the region, as presented in the
"Geographical breakdown" section of this press release. The
increase in EBITDA margin is due to the integration of the
Berendsen scope, whose margin in the region is higher than
Elis'.
Scandinavia &
Eastern Europe
In 2017, Scandinavia & Eastern
Europe corresponds entirely to the activity of Berendsen since
September. EBITDA margin in the region is at 33.8%.
UK &
Ireland
In 2017, UK & Ireland
corresponds entirely to the activity of Berendsen since September.
EBITDA margin in the region is at 22.9%.
Southern
Europe
In 2017, EBITDA margin in the
region increased 65pb. This reflects productivity improvement in
the region as well as the successful first year of integration of
Indusal, with a level of synergies achieved in 2017 ahead of
schedule.
Latin
America
2017 EBITDA margin was up nearly
160pb. Lavebras, which is consolidated since May 2017, is currently
being integrated and synergies achieved in 2017 are ahead of
schedule.
From EBITDA to
net result
(EUR million) |
2017 |
2016 |
EBITDA |
670.0 |
467.9 |
As a % of revenues |
30.2% |
30.9% |
Depreciation & amortization |
(371.3) |
(253.8) |
EBIT |
298.6 |
214.1 |
As a % of revenues |
13.5% |
14.2% |
Banking
charges |
(1.5) |
(2.3) |
IFRS 2 expense of free share plans |
(8.7) |
(3.8) |
Operating income before other income and expenses
and
amortization of customer relationships |
288.5 |
207.9 |
As a % of revenues |
13.0% |
13.7% |
Amortization of customer relationships |
(54.2) |
(45.8) |
Other operating income and expenses |
(89.9) |
24.5 |
Financial
result |
(59.8) |
(55.7) |
Net result before tax |
84.6 |
130.9 |
Tax |
(17.9) |
(38.0) |
Net result |
66.8 |
93.0 |
Headline net result* |
163.2 |
107.6 |
Margin rate calculations are based on precise
figures.
* A reconciliation between net result and headline net result is
presented in the "From net result to headline net result" section
of this press release.
EBIT
As a percentage of revenue, EBIT
was down 67bps in 2017, in line with EBITDA margin evolution.
Operating income
before other income and expenses and amortization of customer
relationships
As a percentage of revenue,
operating income before other income and expenses and amortization
of customer relationships was down 72bps in 2017, in line with EBIT
margin evolution.
The bulk of the amortization of
customer relationships corresponds to assets accounted for in 2007,
whose amortization period will end in October 2018, as the
allocation of Berendsen goodwill was not finalized as of the
closing date.
The expense of free share plans
corresponds to the IFRS 2 accounting treatment.
Financial
result
In 2017, the financial result was
broadly stable compared to 2016. As a reminder, Elis completed a
refinancing in January 2017 as part of the acquisition of Indusal
and Lavebras. Elis then contracted in September a €1.9bn bridge
loan as part of the Berendsen acquisition. This bridge loan was
subsequently entirely refinanced in several steps. The Group's
average cost of debt is now below 2.2%.
Net
result
Net result was €66.8mn in
2017. The decrease compared to 2016 is due to the significant
evolution of other operating income and expenses. In 2016, they
were favorably impacted by the capital gain of the Puteaux site
disposal. In 2017, costs related to the acquisition of Berendsen,
Indusal and Lavebras, as well as corresponding restructuring costs,
weighed for more than €50mn on the results.
From net result
to headline net result
(EUR million) |
2017 |
2016 |
Net result |
66.8 |
93.0 |
Amortization of
customer relationships (net of tax effect) |
37.1 |
32.9 |
IFRS 2 expense (net of tax effect) |
8.1 |
5.1 |
Puteaux disposal (net of profit sharing and net of tax effect) |
- |
(23.4) |
Berendsen restructuring costs (net of tax
effect) |
23.3 |
- |
Indusal restructuring costs (net of tax effect) |
3.0 |
- |
Lavebras restructuring costs (net of tax
effect) |
3.8 |
- |
Exceptional costs in connection with Berendsen, Indusal and
Lavebras acquisitions (net of tax effect) |
21.1 |
- |
Headline net result |
163.2 |
107.6 |
2017 headline net result is at
€163.2mn, up 51.7% compared to 2016.
Cash-flow
statement
(EUR million) |
2017 |
2016 |
EBITDA |
670.0 |
467.9 |
Provisions & proceeds from sales of property |
0.7 |
(2.8) |
Normalized change in operating working capital
requirement |
(23.6) |
(12.3) |
Income tax
expense |
(53.3) |
(47.1) |
Interests paid |
(60.5) |
(50.0) |
Net cash flow from operating activities |
533.4 |
355.7 |
Linen capital expenditures |
(264.6) |
(153.3) |
Industrial capital expenditures |
(215.0) |
(110.2) |
Capital gains |
1.4 |
2.7 |
Others |
(12.6) |
(14.4) |
Headline free cash-flow |
42.6 |
80.5 |
Dividends paid during the year |
(51.8) |
(39.9) |
Cash impact of the Puteaux site disposal |
(10.3) |
60.5 |
Equity
increase |
506.0 |
0.5 |
Exceptional cash-out in connection with Berendsen,
Indusal and Lavebras acquisitions |
(42.1) |
- |
Exceptional change in operating working capital requirement |
(85.1) |
23.0 |
Acquisitions of subsidiaries (net of cash acquired) and transaction
costs |
(1 391.9) |
(220.9) |
Debt of acquired
subsidiaries |
(665.0) |
(58.1) |
Other change in debt |
(0.3) |
(1.2) |
Change in adjusted net debt |
(1,697.9) |
(155.6) |
Adjusted net debt as of end of
period |
3,296.6 |
1,598.7 |
Net cash flow
from operating activities
In 2017, net cash flow from
operating activities was up 38%. The increase in EBITDA was
partially offset by the unfavorable evolution of the change in
working capital, and by higher income tax expense and interests
paid.
Investments
In 2017, Group investments
amounted to 21.7% of revenues compared to 17.4% last year. This
increase is due to linen and industrial investments on the
Berendsen scope, with a significant part of these investments
already made before Elis took control in September 2017, but
disbursed at year-end.
Elis carried out a critical review
of the £450mn capex plan that was communicated by Berendsen in
March 2017: in light of the more than 100 site visits made by the
Elis management team since September, this plan has been
significantly downsized. Elis will invest c. £300mn (c. €340mn)
between 2017 and 2019 (on top of normative investments), equally
spread between the UK and Europe.
Headline free cash-flow
In 2017, headline free cash-flow
was at €42.6mn, down c. €40mn compared to 2016. This reflects the
much higher investments made in 2017, in connection with the
investment plan Berendsen put in place at the beginning of
2017.
Adjusted net
financial debt
Group adjusted net financial debt
as of 31 December 2017 was €3,296.6mn. Debt ratio (adjusted net
financial debt / EBITDA proforma for the full-year impact of
acquisitions finalized during the year and after the impact of
synergies) is 3.3x.
Between September 2017 and
February 2018, Elis has finalized, through various operations, the
refinancing of the bridge loan it had contracted as part of the
acquisition of Berendsen.
Payment for the
2017 financial year
At the next Annual General Meeting
of Shareholders on 18 May 2018, the Supervisory Board will
recommend the payment of €0.37 per share for the 2017 financial
year, stable vs last year.
Corporate
governance
Following Philippe Audouin's
resignation from his Supervisory Board duties, effective December
14, 2017, and in accordance with the investment agreement entered
into between Elis and Canada Pension Plan Investment Board
("CPPIB") on June 7, 2017, CPPIB has proposed the appointment of
Joy Verlé to Elis' Supervisory Board. Joy Verlé has been coopted to
the Board as from March 6, 2018. This appointment will be submitted
to the approval of shareholders at the next Annual General Meeting
of Shareholders on 18 May 2018.
Furthermore, Michel Datcharry,
member of the Supervisory Board since January 26, 2009, and
President of the Appointments and Compensation Committee, has
resigned from the Board as from 6 March, 2018. Florence Noblot,
independent member of the Supervisory Board and already a member of
the Appointments and Compensation Committee, is appointed President
of the Committee. Thierry Morin becomes a member of the
Committee.
Finally, the Supervisory Board on
March 6, 2018 has renewed for another four years the mandate of the
members of the Management Board.
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 interest 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.
Geographical breakdown
-
France
-
Central Europe: Germany, The Netherlands,
Switzerland, Poland, Belgium, Austria, Czech Republic, Hungary,
Slovakia, Luxembourg
-
Scandinavia & Eastern Europe: Sweden,
Denmark, Norway, Finland, Latvia, Estonia, Lithuania, Russia
-
UK & Ireland
-
Southern Europe: Spain & Andorra, Portugal,
Italy
-
Latin America: Brazil, Chile, Colombia
|
Elis |
Berendsen |
France |
yes |
|
Central Europe |
yes |
yes |
Germany |
yes |
yes |
The Netherlands |
|
yes |
Switzerland |
yes |
|
Poland |
|
yes |
Belgium |
yes |
yes |
Austria |
|
yes |
Czech Republic |
yes |
yes |
Hungary |
yes |
|
Slovakia |
|
yes |
Luxembourg |
yes |
|
Scandinavia & Eastern Europe |
|
yes |
Sweden |
|
yes |
Denmark |
|
yes |
Norway |
|
yes |
Finland |
|
yes |
Estonia |
|
yes |
Latvia |
|
yes |
Lithuania |
|
yes |
Russia |
|
yes |
UK & Ireland |
|
yes |
UK |
|
yes |
Ireland |
|
yes |
Southern Europe |
yes |
|
Spain & Andorra |
yes |
|
Portugal |
yes |
|
Italy |
yes |
|
Latin America |
yes |
|
Brazil |
yes |
|
Chile |
yes |
|
Colombia |
yes |
|
Manufacturing entities |
|
|
France |
yes |
|
UK |
yes |
|
Investor and analyst webcast /
conference call in English
Speakers:
Xavier Martiré, CEO
Louis Guyot, CFO
Date:
Wednesday, March 7, 2018
9:00am CET / 8:00am GMT
Investor
presentation:
An investor presentation will be available at 8:45am CET on Elis'
corporate website:
http://www.corporate-elis.com/en/investor-relations
Webcast link (live and
replay):
https://edge.media-server.com/m6/p/jsbkyir3
Webcast replay will be available for 1 year following the
event.
Conference call dial-in
numbers:
France: +33 1 76 77 22 74
United Kingdom: +44 330 336 9105
United States of America: +1 323 794 2093
Code: 5659417
Replay numbers:
France: +33 1 70 48 00 94
United Kingdom: +44 207 660 0134
United States of America: +1 719 457 0820
Code: 5659417
Audio replay will be available for 1 week following the event.
Forward looking
statements
This document may contain
information related to the Group's outlook. Such outlook is based
on data, assumptions and estimates that the Group regarded as
reasonable at the date of this press release. Those data and
assumptions may change or be adjusted as a result of uncertainties
relating particularly to the economic, financial, competitive,
regulatory or tax environment or as a result of other factors of
which the Group was not aware on the date of this press release.
Moreover, the materialization of certain risks described in chapter
2 "Risk factors and insurance policy" of the Registration Document
may have an impact on the Group's activities, financial position,
results or outlook and therefore threaten this outlook. The
attainment of the outlook also assumes that the Group's strategy
will be successful. As a result, the Group makes no representation
and gives no warranty regarding the attainment of any outlook set
out above.
Next information
Q1 2018 revenue: May 2, 2018 (after market)
Contact
Nicolas Buron, Investor
Relations Director - Phone: +33 1 75 49 98 30 -
nicolas.buron@elis.com
Appendices
Consolidated income statement for
the period
In millions of euros |
2017 |
2016 |
Revenue |
2,214.9 |
1,512.8 |
Cost of linen, equipment and other consumables |
(361.4) |
(247.7) |
Processing costs |
(849.2) |
(569.2) |
Distribution costs |
(358.5) |
(238.7) |
Gross margin |
645.8 |
457.2 |
Selling, general and administrative expenses |
(357.3) |
(249.2) |
Operating income before other income and
expense and amortization of customer relationships |
288.5 |
207.9 |
Amortization of customer relationships |
(54.2) |
(45.8) |
Goodwill impairment |
0.0 |
0.0 |
Other income and expense |
(89.9) |
24.5 |
Operating income |
144.5 |
186.6 |
Net financial expense |
(59.8) |
(55.7) |
Income (loss) before tax |
84.6 |
130.9 |
Income tax benefit (expense) |
(17.9) |
(38.0) |
Share of net income of equity-accounted companies |
0.0 |
0.0 |
Net income (loss) |
66.8 |
93.0 |
Attributable to: |
|
|
|
66.2 |
93.0 |
|
0.6 |
(0.0) |
Earnings (loss) per share (EPS) / Earnings (loss) per share
(EPS) from continuing operations (in euros): |
|
€0.41 |
€0.82 |
|
€0.41 |
€0.81
|
Consolidated balance
sheet
Assets
In millions of euros |
December 31, 2017 |
December 31, 2016 |
Goodwill |
4,335.5 |
1,732.9 |
Intangible assets |
378.8 |
389.7 |
Property, plant and equipment |
1,744.5 |
898.4 |
Equity-accounted companies |
0.0 |
0.0 |
Available-for-sale financial assets |
0.1 |
0.1 |
Other non-current assets |
6.8 |
6.8 |
Deferred tax assets |
46.9 |
23.9 |
Employee benefit assets |
16.4 |
0.0 |
Total non-current assets |
6,529.0 |
3,051.8 |
Inventories |
127.2 |
61.6 |
Trade and other receivables |
705.6 |
394.0 |
Current tax assets |
18.2 |
6.9 |
Other assets |
30.9 |
16.7 |
Cash and cash equivalents |
416.4 |
169.0 |
Assets held for sale |
1.0 |
1.1 |
Total current assets |
1,299.3 |
649.4 |
TOTAL ASSETS |
7,828.4 |
3,701.2 |
Equity and
liabilities
In millions of euros |
December 31, 2017 |
December 31, 2016 |
Share capital |
219.4 |
1,140.1 |
Additional paid-in capital |
3,025.7 |
280.9 |
Treasury share reserve |
(0.7) |
(1.6) |
Other reserves |
0.7 |
0.7 |
Retained earnings (accumulated deficit) |
(189.1) |
(274.8) |
Other components of equity |
(110.2) |
1.1 |
Equity attributable to owners of the
parent |
2,945.8 |
1,146.3 |
Non-controlling interests |
9.2 |
4.5 |
TOTAL EQUITY |
2,955.0 |
1,150.8 |
Non-current provisions |
39.7 |
29.3 |
Employee benefit liabilities |
96.6 |
64.8 |
Non-current borrowings |
2,060.9 |
1,277.8 |
Deferred tax liabilities |
244.1 |
188.0 |
Other non-current liabilities |
12.6 |
22.3 |
TOTAL NON-CURRENT LIABILITIES |
2,453.8 |
1,582.3 |
Current provisions |
15.2 |
4.9 |
Current tax liabilities |
21.8 |
4.6 |
Trade and other payables |
277.5 |
166.8 |
Other liabilities |
462.8 |
296.4 |
Bank overdrafts and current borrowings |
1,642.2 |
495.4 |
Liabilities directly associated with assets held for
sale |
0.0 |
0.0 |
TOTAL CURRENT LIABILITIES |
2,419.6 |
968.1 |
TOTAL EQUITY AND LIABILITIES |
7,828.4 |
3,701.2 |
Consolidated cash flow statement
In millions of euros |
2017 |
2016 |
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
Consolidated net income (loss) |
66.8 |
93.0 |
Depreciation, amortization and provisions |
436.2 |
296.1 |
Portion of grants transferred to income |
(0.3) |
(0.1) |
Goodwill impairment |
0.0 |
0.0 |
Share-based payments |
6.9 |
4.7 |
Discounting adjustment on provisions and retirement
benefits |
0.8 |
1.0 |
Net gains and losses on disposal of assets |
4.5 |
(41.2) |
Share of net income of equity-accounted companies |
0.0 |
0.0 |
Other |
(18.6) |
(1.0) |
Dividends received (from non-consolidated entities) |
(0.1) |
0.0 |
Cash flows after finance costs and
tax |
496.3 |
352.5 |
Net finance costs |
77.7 |
54.6 |
Income tax expense |
17.9 |
38.0 |
Cash flows before finance costs and
tax |
591.8 |
445.1 |
Income tax paid |
(53.3) |
(47.1) |
Change in inventories |
(3.1) |
(7.0) |
Change in trade receivables |
(51.2) |
8.9 |
Change in other assets |
0.1 |
(1.4) |
Change in trade and other payables |
6.3 |
6.6 |
Change in other liabilities |
(69.6) |
20.0 |
Other changes |
(0.8) |
(0.2) |
Employee benefits |
(0.6) |
(0.0) |
Net cash from operating activities |
419.6 |
424.8 |
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
Acquisition of intangible assets |
(16.8) |
(11.1) |
Proceeds from sale of intangible assets |
0.1 |
0.0 |
Acquisition of property, plant and equipment |
(463.0) |
(252.5) |
Proceeds from sale of property, plant and equipment |
1.3 |
53.1 |
Acquisition of subsidiaries, net of cash acquired |
(1,362.9) |
(217.0) |
Proceeds from disposal of subsidiaries, net of cash
transferred |
1.0 |
1.0 |
Changes in loans and advances |
0.1 |
0.4 |
Dividends from equity-accounted companies |
0.1 |
0.0 |
Investment grants |
0.3 |
0.1 |
Net cash from investing activities |
(1,839.9) |
(426.0) |
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
Capital increase |
506.0 |
0.5 |
Treasury shares |
1.1 |
0.7 |
Dividends paid |
0.0 |
0.0 |
- to owners of the parent |
(51.7) |
(39.8) |
- to non-controlling interests |
0.0 |
(0.1) |
Change in borrowings* |
1,080.2 |
197.7 |
- Proceeds from new borrowings |
4,126.0 |
1,514.8 |
- Repayment of borrowings |
(3,045.9) |
(1,317.2) |
Net interest paid |
(60.5) |
(50.0) |
Other flows related to financing activities |
17.4 |
(0.2) |
Net cash used in financing
activities |
1,492.4 |
108.7 |
Net increase (decrease) in cash and cash
equivalents |
72.2 |
107.5 |
Cash and cash equivalents at beginning of period |
165.2 |
55.8 |
Effect of changes in foreign exchange rates on cash and cash
equivalents |
(34.3) |
1.8 |
Cash and cash equivalents at end of
period |
203.0 |
165.2 |
* Net
change in credit lines
|
|
|
Elis - 2017 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
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