Elis - H1 2020 results
Very good H1 2020 results despite the
crisis
EBITDA margin improvement and strongly
positive free cash-flow
Confirmation of the Group’s great
resilience
H1 revenue impacted by the crisis;
EBITDA margin up and positive free cash flow1
- H1 revenue down -15.7% (-14.7% on an organic basis)
- Marked activity slowdown in Hospitality, less so in other
end-markets
- EBITDA margin up +20bps at 32.5% of sales
- Adjusted net income down -51.2% at €49.7mn
- Free cash flow of €56.1mn (after lease payments), up +€75mn
yoy
Implementation of drastic operational
measures to respond to the crisis and prepare for the
future
- Headcount adjustments in all country head offices and in all
plants impacted by a decrease in activity, to optimize capacity and
control costs
- Temporary shutdown or near-total stoppage of up to c. 100
plants during the lockdown period
- In-depth review of the operational organization in every
country and implementation of sustainable cost-saving measures:
Permanent shutdown of plants, reorganization of plants, reduction
of central costs, review of the 2020/2021 industrial capex plan,
including the cancellation of most projects to increase
capacity
- Launch of numerous commercial initiatives to address new client
needs
Active cash management and improvement
of financial flexibility
- Waiver obtained for the bank covenant tests as of 30 June 2020,
31 December 2020 and 30 June 2021
- 1.1 billion euros of available liquidity and no major debt
maturity before 2023
- Total net leverage ratio of 3.5x as of 30 June 2020, stable vs
last year
2020 outlook
- Despite a marked increase of Hospitality in July, the
persistent uncertainties regarding activity pickup as well as the
very uncertain economic environment do not allow us to provide a
revenue outlook for the year
- Thanks to the important efforts to decrease the cost base in H1
and the action plans that have been defined, the Group is facing
the next 18 months with serenity
- In this context, 2020 EBITDA margin and free cash flow should
be quite close to what the Group delivered in 2019
Saint-Cloud, July 29, 2020 -
Elis, an international multi-service provider, offering textile,
hygiene and facility services solutions that is present in Europe
and Latin America, today announces its results for the 6 months
ended June 30, 2020. The accounts have been approved by the
Management Board and examined by the Supervisory board this day.
They have been subject to a limited review by the Company’s
auditors.
Commenting on the announcement, Xavier
Martiré, CEO of Elis, said:
“H1 2020 results are very satisfactory with
EBITDA margin improvement and largely positive free cash flow in an
environment marked by the Covid-19 pandemic. This performance
demonstrates once again the Group’s responsiveness and resilience,
quickly adapting and taking all the necessary operational measures
in a context of unprecedented crisis.
The confinement measures implemented in most
countries in which we operate obviously had an impact on our
activity, especially in Hospitality. As a result, Elis’ organic
revenue was down c. 15% in H1 with Q2 down -27% and a low point
reached in April.
In this context, Elis reacted swiftly: As soon
as the first confinement measures were implemented in Europe, the
Group adjusted its operational and managerial structures in order
to preserve its margins and cash flow. More than 100 plants were
shut down during this period and production teams have been cut on
a case by case basis. On top of these adjustments linked to
activity, Elis has launched a cost reduction plan in all its
countries’ head offices to ensure a long-term cost base decrease.
H1 EBITDA margin was up 20bps and free cash flow after lease
payments was 56 million euros, an improvement of + 75 million euros
compared to the same period last year.
Other measures have also been taken to improve
the Group’s liquidity. Elis obtained, at its request, a waiver
regarding its bank covenant test as of 30 June 2020, 31 December
2020 and 30 June 2021 in order to benefit from greater financial
flexibility to face this sensitive period more comfortably. The
Group has no major debt maturity before 2023 and has, as of today,
c. €1.1bn of liquidity in the form of two revolving credit
lines for an undrawn amount of €900mn and c. €150mn in cash.
Since April, we have been observing a steady
pick-up in activity and Hospitality is showing good progress
overall in July. However, we feel we are not in a position to give
any revenue guidance for 2020 given the uncertainties surrounding a
pickup in Hospitality after the summer and the future consequences
of the economic crisis.
Nevertheless, the impressive efforts made in H1
in all countries, at plants at head offices, make the group
perfectly prepared to confront the coming 18 months. In 2020, Elis
should be able to maintain EBITDA margin and free cash flow after
lease payments at levels quite close to those achieved in 2019.
Although the current situation requires the
utmost vigilance, we face the next months with serenity: The
Group’s fundamentals are strong, our diversification is a major
advantage and our business model will enable Elis to assert its
leadership in all the countries in which it is present.”
Revenue
In millions of euros |
Q1 |
2020Q2 |
H1 |
Q1 |
2019Q2 |
H1 |
Q1 |
Var.Q2 |
H1 |
France |
236.9 |
175.7 |
412.5 |
246.9 |
272.0 |
518.9 |
-4.1% |
-35.4% |
-20.5% |
Central
Europe |
180.1 |
163.2 |
343.3 |
177.3 |
180.6 |
357.9 |
+1.6% |
-9.6% |
-4.1% |
Scandinavia &
East. Europe |
127.0 |
106.3 |
233.3 |
124.9 |
124.8 |
249.8 |
+1.7% |
-14.9% |
-6.6% |
United Kingdom
& Ireland |
88.9 |
54.9 |
143.8 |
94.3 |
100.7 |
195.0 |
-5.7% |
-45.5% |
-26.3% |
Southern
Europe |
60.5 |
36.6 |
97.2 |
64.3 |
77.8 |
142.0 |
-5.8% |
-52.9% |
-31.6% |
Latin
America |
58.8 |
49.9 |
108.7 |
63.4 |
66.1 |
129.5 |
-7.2% |
-24.5% |
-16.0% |
Others |
6.9 |
6.0 |
12.9 |
5.7 |
5.0 |
10.6 |
+22.6% |
+20.6% |
+21.6% |
Total |
759.2 |
592.6 |
1,351.7 |
776.7 |
827.0 |
1,603.7 |
-2.3% |
-28.3% |
-15.7% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
Organic revenue growth
|
Q1 organic growth |
Q2 organic growth |
H1 organic growth |
France |
-4.1% |
-35.4% |
-20.5% |
Central Europe |
+0.6% |
-12.4% |
-6.0% |
Scandinavia & Eastern Europe |
-0.3% |
-14.0% |
-7.1% |
United Kingdom & Ireland |
-6.7% |
-45.0% |
-26.5% |
Southern Europe |
-5.8% |
-52.9% |
-31.6% |
Latin America |
+6.4% |
+0.9% |
+3.6% |
Others |
+21.8% |
+21.6% |
+21.7% |
Total |
-1.8% |
-26.7% |
-14.7% |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
EBITDA
In millions of euros |
H1 2020 |
H1 2019 |
Var. |
France |
145.0 |
188.6 |
-23.1% |
As a % of revenue |
35.1% |
36.3% |
-120bps |
Central Europe |
110.8 |
108.0 |
+2.6% |
As a % of
revenue |
32.1% |
30.0% |
+210bps |
Scandinavia & East. Europe |
91.3 |
94.6 |
-3.5% |
As a % of
revenue |
39.1% |
37.9% |
+130bps |
United Kingdom & Ireland |
36.8 |
54.9 |
-33.0% |
As a % of
revenue |
25.6% |
28.0% |
-250bps |
Southern Europe |
22.4 |
38.9 |
-42.5% |
As a % of
revenue |
23.0% |
27.4% |
-440bps |
Latin America |
38.0 |
38.3 |
-0.9% |
As a % of revenue |
34.9% |
29.6% |
+530bps |
Others |
(4.5) |
(4.3) |
n/a |
Total |
439.9 |
519.0 |
-15.3% |
As a % of revenue |
32.5% |
32.4% |
+20bps |
« Others » includes Manufacturing
Entities and Holdings.Percentage change calculations are based on
actual figures.
France
H1 2020 organic revenue was down -20.5%. After a
very good start to the year (+5.8% organic growth in January and
+3.5% in February), our activity strongly suffered from the
sanitary crisis and from the lockdown measures taken in March,
April and May. Hospitality, a segment that represented
approximately one-third of the country’s revenue in 2019, was
particularly affected and activity almost came to a standstill in
March and April. Industry, Trade & Services posted a more
moderate decrease. Healthcare was slightly down in H1: The good
commercial dynamism was offset by a drop in patients in hospitals
to make room for Covid-19 patients, implying lower linen
rotation.
Despite the strong revenue decrease, EBITDA
margin decline was limited to -120bps at 35.1%. This reflects the
very significant cost cutting measures implemented in the country,
including the complete shutdown of c. 30 plants during the
confinement period. Such a complex task necessarily leads to a
slight lag between the revenue decrease and the cost base
reduction.
Central Europe
H1 2020 organic revenue was down -6.0%. In a
region with very limited exposure to Hospitality, the beginning of
the year was good and industrial activities showed good resilience.
Topline decrease was therefore limited following the implementation
of confinement measures, with organic decrease of between -15% and
-20% in April and May depending on the country. Germany was down
-5% in H1, with a decrease of c. -16% in April. The Netherlands
were up +7% in H1 with Q2 close to +5%. Poland was flat in H1.
Switzerland and Belgium, countries with a greater exposure to
Hospitality, posted a higher contraction.
EBITDA margin was up +210bps at 32.1%. This
improvement is mostly attributable to Germany where very
significant cost savings have been achieved, along with notable
productivity gains in plants.
Scandinavia & Eastern
Europe
H1 2020 organic revenue was down -7.1%. The fact
that the greater portion of our clients operates in the Industry
segment enabled to somewhat limit the decrease at c. -15% in April
and c. -20% in May. Sweden, the largest contributor, posted a
moderate -7% decrease in H1. Denmark registered a larger
contraction (c. -11% in H1). Norway and Russia were up in H1. The
Baltic countries were stable.
EBITDA margin was up +130bps at 39.1%. As in
Central Europe, this increase was the consequence of the
significant cost-cutting measures implemented by the Group, with a
controlled revenue decrease. The Group also benefited from a
slightly positive mix effect related to the slowdown of
Hospitality, as this activity is slightly less profitable than the
others in the region.
United Kingdom &
Ireland
H1 2020 organic revenue was down -26.5%. After a
slight increase in February, the situation deteriorated from March
onwards with a drop of nearly -50% in April and May. Approximately
one-third of revenue is in Hospitality, a segment that has
virtually ground to a halt since the implementation of confinement
measures in the second half of March. Industry and Trade &
Services represent another third of total revenue and also
decreased strongly. The Healthcare segment, accounting for the
remaining third, was also down in H1, with a negative effect in
March, April and May for the same reasons as in France (non-urgent
medical care was postponed to make more room for Covid-19
patients).
EBITDA margin was down -250bps at 25.6%,
resulting from the strong revenue decrease despite the significant
cost base reduction from April onwards.
Southern Europe
H1 2020 organic revenue decreased by -31.6% with
a marked slowdown that started in March (c. -29%) down to nearly
-60% in April and May. The geography is highly exposed to the
Hospitality segment (more than 60% of total revenue in 2019) and
suffered from the near-total interruption of hotel activity
(administrative closure of hotels in Spain until May).
EBITDA margin was down -440bps at 25.6%,
resulting from the strong revenue decrease despite the significant
efforts made to reduce the cost base.
Latin America
H1 2020 organic revenue was up +3.6%. The
beginning of the year was very good with January and February at
more than 9% growth. From March onwards, growth slowed down in
Healthcare, with the same phenomenon we observed in France and the
UK: Non-urgent medical care was postponed to make room for Covid-19
patients, implying lower activity in hospitals. April was therefore
down c. -10% but activity rebounded in May and June, notably on the
back of targeted commercial offers for hospitals.
EBITDA margin was up +530bps at 34.9%. This
strong increase is attributable to the focus put on the cost base,
and to the signing of very profitable, short-term contracts.
From EBITDA to net result
In millions of euros |
H1 2020reported |
H1 2019 restated |
Var. |
EBITDA |
439.9 |
519.0 |
-15.3% |
As a % of revenue |
32.5% |
32.4% |
+20bps |
D&A |
(329.6) |
(313.6) |
|
EBIT |
110.3 |
205.5 |
-46.3% |
As a % of revenue |
8.2% |
12.8% |
-460bps |
Current
operating income |
103.6 |
200.1 |
-48.2% |
Amortization of
intangible assets recognized in a business combination |
(46.0) |
(42.5) |
|
Non-current
operating income and expenses |
(37.2) |
0.3 |
|
Operating
income |
20.4 |
157.9 |
-87.1% |
Financial
result |
(45.5) |
(73.4) |
|
Income tax |
4.1 |
(24.6) |
|
Net result
from continuing operations |
(21.0) |
59.9 |
n/a |
Consolidated net result |
(21.0) |
60.9 |
n/a |
Headline net result* |
49.7 |
101.7 |
-51.2% |
Percentage change calculations are based on
actual figures.*A reconciliation of net result and headline net
result is provided in the section “From net result to headline net
result” below.
EBIT
As a percentage of revenue, EBIT was down
-460bps in the first half, as a consequence of the slight increase
of D&A combined with a sharp revenue decline over the period.
Depreciation of non-linen assets represented c. 40% of total
D&A and was up c. 10% yoy, as a consequence of the
finalization, in 2019, of the capex program dedicated to Berendsen.
Linen deprecitaion (c. 60% of total) quickly reflect the evolution
of activity and has been decreasing since June.
Operating income
The main items between EBIT and operating income
are as follows:
- Expenses related to free-share plans correspond to the
requirements of the IFRS 2 accounting standard;
- The amortization of intangible assets recognized in a business
combination is partly related to the goodwill allocation of
Berendsen. The amount is in line with last year;
- Non-current operating expenses are made up of c. €22mn of
Covid-19 incremental costs (exceptional bonuses to reward the
commitment of our employees, waiver fee, protection equipment,
etc…) and restructuring costs for c. €12mn.
Financial result
The financial result was -€45.5mn compared to
-€73.4mn last year. This lower financial charge is due to the lower
cost of debt following the 2019 refinancing and to the high H1 2019
base, which notably included some exceptional costs related to this
refinancing.
Net result
Net result was -€21.0mn in the first half,
decreasing vs last year. This decrease reflects the drop in Current
operating income, and the higher amount of non-current operating
expenses.
From net result to headline net result
In millions of euros |
H1 2020reported |
H1 2019restated |
Net result from continuing
operations |
(21.0) |
59.9 |
Amortization of intangible assets
recognized in a business combination (net of tax effect) |
36.5 |
34.2 |
IFRS 2 expense (net of tax effect) |
6.2 |
4.4 |
Accelerated amortization of loan issuing
costs (net of tax effect) |
0.1 |
1.3 |
Breakup costs (refinancing) |
0.0 |
4.7 |
Non-current operating income and
expenses |
27.9 |
(2.9) |
of which litigation provision
allowance / (reversal) (net of tax effect) |
0.4 |
(10.8) |
of which Covid-19 incremental
costs (net of tax effect) |
17.1 |
0.0 |
of which
restructuring costs (net of tax effect) |
8.5 |
5.4 |
of which
acquisitions-related costs (net of tax effect) |
1.6 |
2.2 |
of which others (net of tax
effect) |
0.4 |
0.3 |
Headline net result |
49.7 |
101.7 |
The headline net result was €49.7mn in the first
half, down -51.2% compared to the first half of 2019.
Cash-flow statement
In millions of euros |
H1 2020 |
H1 2019 |
EBITDA |
439.9 |
519.0 |
Non-recurring items and provision
variance |
(32.4) |
(8.1) |
Acquisition and cession fees |
(1.3) |
(2.7) |
Other |
(0.7) |
0.4 |
Cash flows before net finance costs
and tax |
405.6 |
508.6 |
Net capex |
(232.7) |
(329.5) |
Change in working capital requirement |
0.9 |
(53.2) |
Net interest paid |
(50.5) |
(63.4) |
Income tax paid |
(34.0) |
(46.5) |
Free cash-flow |
89.2 |
16.0 |
Lease liabilities payments – principal |
(33.1) |
(35.5) |
Free cash-flow after lease
liabilities payments |
56.1 |
(19.5) |
Acquisition of subsidiaries, net of cash
acquired |
(33.6) |
(48.7) |
Change arising from subsidiaries (gain or
loss of control) |
(3.2) |
(8.1) |
Other flows related to financing
activities |
(5.1) |
(20.5) |
Dividends paid |
- |
(81.3) |
Other |
(3.7) |
6.4 |
Net debt variance |
10.5 |
(171.7) |
Net
financial debt |
3,361.7 |
3,529.4 |
Capex
In the first half, the Group’s capital
expenditures (excluding acquisitions of subsidiaries) represented
17.2% of revenue vs 20.1% in H1 2019. This reflects the
finalization of the capex program dedicated to Berendsen (completed
at the end of 2019) and lower linen investments in H1 in a context
of lower client activity.
Change in operating working capital
requirement
In the first half, the change in operating
working capital requirement was stable, notably due to the strong
focus on cash collection. Central inventories were up because of
lower linen consumption in the plants, and the lower activity led
to lower trade receivables and trade payables.
Net interest paid
In H1 2019, the Group’s net interest paid are at
-€50.5mn compared to -€63.4mn in H1 2019, reflecting the high base
last year and a lower cost of debt following the 2019
refinancing.
Free cash-flow
Free cash-flow after lease liabilities payments
reached €56.1mn, up more than +€75mn yoy. This improvement is due
to the decrease in capex, to the positive effect from change in
working capital requirement, to the lower net interest paid and tax
paid.
Pay-out for the 2019 financial
year
As announced on March 31st, there will be no
pay-out in 2020 for the 2019 financial year in order to further
strengthen the Group’s liquidity in a context of global sanitary
crisis.
Net financial debt
The Group’s net financial debt at June 30, 2020
stood at €3,361.7mn compared to €3,372.1mn at December 31, 2019 and
€3,529.4mn at June 30, 2019, i.e. a €168mn net debt decrease over
the last 12 months.
Total Net Leverage Ratio was 3.5x as of June 30,
2020, stable compared to June 30, 2019.
Restated income statement as of June 30,
2019
The table below presents the adjustments linked to previous
business combinations compared to the previously published income
statement as of June 30, 2019:
In millions of euros |
2019 reported |
IFRS 3 |
2019 restated |
Revenue |
1,603.7 |
- |
1,603.7 |
EBITDA |
519.0 |
- |
519.0 |
EBIT |
205.5 |
- |
205.5 |
Current
operating income |
200.1 |
- |
200.1 |
Amortization of
intangible assets recognized in a business combination |
(42.1) |
(0.4) |
(42.5) |
Non-current
operating income and expenses |
0.3 |
- |
0.3 |
Operating
income |
158.3 |
(0.4) |
157.9 |
Financial
result |
(73.4) |
- |
(73.4) |
Income tax |
(24.7) |
0.1 |
(24.6) |
Net result
from continuing operations |
60.3 |
(0.3) |
59.9 |
Consolidated net result |
61.3 |
(0.3) |
60.9 |
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 subsidies transferred to income. It excludes
non-recurring items directly related to the sanitary crisis, which
are accounted for accounted for in “Non-current operating income
and expenses”.
- EBITDA margin is defined as EBITDA divided by revenues.
- EBIT is defined as net income (or net loss) before financial
expense, income tax, share in income of equity-accounted companies,
amortization of customer relationships, goodwill impairment,
non-current operating income and expenses, miscellaneous financial
items (bank fees recognized in operating income) and expenses
related to IFRS 2 (share-based payments).
- Free cash-flow after lease payment 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 tax paid, minus financial interests’
payments and minus lease liabilities payments.
- The total net leverage ratio is a leverage ratio calculated for
bank loan covenants: Total net leverage is equal to [Net financial
debt, less current accounts held for employee profit-sharing and
accrued interest not yet due, plus unamortized debt issuance costs
and finance lease liabilities as measured under IAS 17 had the
standard had continued to apply] divided by [Pro forma EBITDA of
acquisitions finalized during the last 12 months after synergies
and excluding the impact of IFRS 16].
Geographical breakdown
- France
- Central Europe: Germany, 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
Presentation of Elis’ H1 2020 results
(in English)
Date: Wednesday 29 July 2020 at 5:00pm GMT
(6:00pm CET)
Speakers: Xavier Martiré (CEO) and Louis Guyot
(CFO)
Webcast link (for live and replay):
https://edge.media-server.com/mmc/p/kne6zz6y
Conference call dial in numbers:
United Kingdom: +44(0)207 192 8338United States:
+1 646 741 3167France: +33(0)1 70 70 07 81
Confirmation code: 7754706
Investor presentation
An investor presentation will be available at 5:45pm CET at this
address:
https://fr.elis.com/en/group/investors-relations/regulated-information
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 4 “Risk factors, risk control,
insurance policy, and vigilance plan” of the Universal Registration
Document for the financial year ended December 31, 2019, and
Section 1 .4 “Risk Factors” of the half-year financial report as at
June 30, 2020, which are available on Elis’s website (www.
elis.com), may have an impact on the Group’s activities, financial
position, results or outlook and therefore lead to a difference
between the actual figures and those given or implied by the
outlook presented in this document. Elis undertakes no obligation
to publicly update or revise the Group’s outlook or any of the
abovementioned data, assumptions or estimates, except as required
by applicable laws and regulations. Reaching the outlook also
implies success of the Group’s strategy. As a result, the Group
makes no representation and gives no warranty regarding the
attainment of any outlook set out above.
Next information
Q3 2020 revenue: October 22, 2020 (after
market)
Contacts
Nicolas Buron, Investor Relations Director -
Phone: +33 1 75 49 98 30 - nicolas.buron@elis.com
Audrey Bourgeois, Investor Relations - Phone: +
33 (0)1 75 49 96 25 - audrey.bourgeois@elis.com
Appendix
Consolidated income statement for the
period
In millions of
euros |
June 30, 2020 |
June 30, 2019* |
REVENUE |
1,351.7 |
1,603.7 |
Cost of linen, equipment and other
consumables |
(260.6) |
(258.4) |
Processing costs |
(507.5) |
(611.2) |
Distribution costs |
(230.4) |
(264.7) |
Gross margin |
353.3 |
469.4 |
Selling, general and administrative
expenses |
(242.3) |
(267.9) |
Impairment loss on trade and other
receivables |
(7.4) |
(1.3) |
Operating income before other income and expense and amortization
recognized in a business combination |
103.6 |
200.1 |
Amortization of intangibles recognized
in a business combination |
(46.0) |
(42.5) |
Goodwill impairment |
- |
- |
Other income and expense |
(37.2) |
0.3 |
OPERATING INCOME |
20.4 |
157.9 |
NET FINANCIAL EXPENSE |
(45.5) |
(73.4) |
Income (loss) before tax |
(25.1) |
84.5 |
Income tax benefit (expense) |
4.1 |
(24.6) |
Share of net income of equity-accounted
companies |
- |
- |
Net income (loss) from continuing operations |
(21.0) |
59.9 |
Profit (loss) from discontinued
operation, net of tax |
- |
1.0 |
NET INCOME (LOSS) |
(21.0) |
60.9 |
Attributable to: |
|
|
- owners of the parent |
(20.9) |
61.1 |
- non-controlling interests |
(0.1) |
(0.2) |
|
|
|
Earnings (loss) per share (EPS) (in
euros): |
|
|
- basic, attributable to owners of the
parent |
€(0.09) |
€0.28 |
- diluted, attributable to owners of the
parent |
€(0.09) |
€0.27 |
Earnings (loss) per share (EPS) from
continuing operations (in euros): |
|
|
- basic, attributable to owners of the
parent |
€(0.09) |
€0.27 |
-
diluted, attributable to owners of the parent |
€(0.09) |
€0.27 |
*Restated
Consolidated balance sheet
Assets
In millions of
euros |
June 30, 2020 |
Dec. 31, 2019* |
|
|
|
Goodwill |
3,716.7 |
3,801.3 |
Intangible
assets |
805.8 |
866.7 |
Right-of-use
assets |
405.8 |
411.4 |
Property, plant
and equipment |
1,890.5 |
1,993.0 |
Equity-accounted companies |
- |
- |
Other
investments |
0.2 |
0.2 |
Other
non-current assets |
65.9 |
69.0 |
Deferred tax
assets |
31.3 |
24.4 |
Employee
benefit assets |
29.4 |
32.1 |
TOTAL
NON-CURRENT ASSETS |
6,945.5 |
7,198.1 |
|
|
|
Inventories |
147.3 |
124.8 |
Contract
assets |
24.3 |
36.2 |
Trade and other
receivables |
562.7 |
632.6 |
Current tax
assets |
25.3 |
11.8 |
Other
assets |
21.3 |
21.1 |
Cash and cash
equivalents |
172.1 |
172.3 |
Assets held for
sale |
0.7 |
0.7 |
TOTAL CURRENT
ASSETS |
953.8 |
999.3 |
|
|
|
TOTAL
ASSETS |
7,899.3 |
8,197.4 |
|
|
|
*Restated
Equity and liabilities
In millions of
euros |
June 30, 2020 |
Dec. 31, 2019* |
Share
capital |
221.8 |
221.3 |
Additional
paid-in capital |
2,575.7 |
2,646.4 |
Treasury share
reserve |
(11.6) |
(10.1) |
Other
reserves |
6.8 |
6.8 |
Retained
earnings (accumulated deficit) |
346.2 |
290.5 |
Other
components of equity |
(396.1) |
(198.9) |
EQUITY
ATTRIBUTABLE TO OWNERS OF THE PARENT |
2,742.8 |
2,956.0 |
NON-CONTROLLING INTERESTS |
0.6 |
0.8 |
TOTAL
EQUITY |
2,743.4 |
2,956.8 |
|
|
|
Non-current
provisions |
77.5 |
83.3 |
Employee
benefit liabilities |
119.7 |
119.1 |
Non-current
borrowings |
3,100.2 |
3,116.3 |
Deferred tax
liabilities |
302.7 |
316.7 |
Lease
liabilities |
337.2 |
342.5 |
Other
non-current liabilities |
10.3 |
12.1 |
TOTAL
NON-CURRENT LIABILITIES |
3,947.4 |
3,990.0 |
Provisions -
current |
18.1 |
17.0 |
Current tax
liabilities |
24.5 |
23.7 |
Trade and
other payables |
239.5 |
288.6 |
Contract
liabilities |
76.8 |
71.5 |
Lease
liabilities - current |
71.7 |
63.6 |
Other
liabilities |
344.1 |
358.1 |
Bank
overdrafts and current borrowings |
433.6 |
428.1 |
Liabilities
directly associated with assets held for sale |
- |
- |
TOTAL CURRENT
LIABILITIES |
1,208.5 |
1,250.5 |
TOTAL
EQUITY AND LIABILITIES |
7,899.3 |
8,197.4 |
|
|
|
*Restated
Consolidated cash-flow statement
In millions of euros |
June
30, 2020 |
June
30, 2019* |
Consolidated net income (loss) |
(21.0) |
60.9 |
Income tax expense |
(4.1) |
24.8 |
Net financial
expense |
45.5 |
73.5 |
Share-based payments |
6.4 |
4.6 |
Depreciation, amortization and
provisions |
378.6 |
343.0 |
Portion of grants transferred to
income |
(0.2) |
(0.2) |
Net gains and losses on disposal of
tangible and intangible assets |
0.3 |
2.0 |
Other |
(0.0) |
(0.0) |
CASH FLOWS BEFORE NET FINANCE COSTS AND TAX |
405.6 |
508.6 |
Change in inventories |
(25.8) |
(14.7) |
Change in trade, other receivables and
contract assets |
72.2 |
(41.5) |
Change in other assets |
(0.2) |
3.5 |
Change in trade and other payables |
(50.7) |
(9.2) |
Change in contract liabilities and
other liabilities |
2.9 |
11.1 |
Other changes |
2.3 |
(2.3) |
Employee benefits |
0.2 |
(0.0) |
Income
tax paid |
(34.0) |
(46.5) |
NET CASH FROM OPERATING ACTIVITIES |
372.4 |
408.8 |
Acquisition of intangible assets |
(6.5) |
(11.0) |
Proceeds from sale of intangible
assets |
0.1 |
- |
Acquisition of property, plant and
equipment |
(229.1) |
(320.8) |
Proceeds from sale of property, plant
and equipment |
2.9 |
2.3 |
Acquisition of subsidiaries, net of
cash acquired |
(33.6) |
(48.7) |
Proceeds from disposal of subsidiaries,
net of cash transferred |
0.0 |
(0.0) |
Changes in loans and advances |
(0.2) |
0.4 |
Dividends from equity-accounted
companies |
0.0 |
0.0 |
Investment grants |
0.0 |
0.0 |
NET CASH FROM INVESTING ACTIVITIES |
(266.5) |
(377.7) |
Capital increase |
(0.0) |
0.0 |
Treasury shares |
(1.5) |
0.0 |
Dividends paid |
|
|
- to owners of the parent |
- |
(81.3) |
- to non-controlling interests |
- |
- |
Change in borrowings (1) |
(5.3) |
102.3 |
- Proceeds from new borrowings |
605.2 |
1,292.1 |
- Repayment of borrowings |
(610.5) |
(1,189.8) |
Payment of lease liabilities -
principle |
(33.1) |
(35.5) |
Net interest paid |
(50.5) |
(63.4) |
Other
flows related to financing activities |
(5.1) |
(20.5) |
NET CASH USED IN FINANCING ACTIVITIES |
(95.6) |
(98.3) |
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
10.4 |
(67.2) |
Cash and cash equivalents at beginning
of period |
170.8 |
179.1 |
Effect
of changes in foreign exchange rates on cash and cash
equivalents |
(9.3) |
0.3 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
171.9 |
112.2 |
(1) Net change in credit lines* Restated
1 Alternative performance measures are defined in the “Financial
definitions” section, page 7 of this release
- Elis - H1 2020 results - Press release
Elis (EU:ELIS)
Graphique Historique de l'Action
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