Elis: H1 2015 results
(Thomson Reuters ONE) -
H1 2015 results - Revenues up nearly 6%
2015 outlook: revenues expected to grow +7%; EBITDA between ?445m and ?450m
* Revenue growth of c. 6%
* Revenue: ?682.4m (+5.9%)
* EBITDA: ?204.6m (30.0% of revenues)
* Pricing pressure in France
* IPO success and debt fully refinanced
* Dynamic M&A strategy
* 6 acquisitions completed in H1 in France and Europe
* 2 further acquisitions completed during July in Switzerland and Brazil
* Agreement reached on the provisional sale of the Puteaux site for ?54m
* FY15 outlook updated
* FY15 revenue growth target increased to +7.0%
* FY2015 EBITDA expected to be between ?445m and ?450m (+?15m/?20m vs
2014)
-----------------------------------------------------------------------------
In m? H1 2015 H1 2014* Change
-----------------------------------------------------------------------------
Revenues 682.4 644.3 +5.9%
EBITDA 204.6 204.8 -0.1%
EBIT 87.7 99.7 -12.0%
Net result (80.6)** (20.2)
Adjusted net financial debt (end of period) 1,404.5 1,996.0
-----------------------------------------------------------------------------
Percentage change calculations are based on actual figures
*H1 2014 figures are restated from the first application of the IFRIC 21
interpretation
**: of which ?123m are non-recurring costs related to the IPO and subsequent
refinancing
Puteaux, July 29 2015 - Elis, the leading multi-services group in Europe and
Brazil, specializing in the rental and maintenance of professional clothing,
textile articles, hygiene and well-being appliances, today announces its 2015
half year financial results.
Commenting on the 2015 first half results, Xavier Martiré, CEO of Elis, said:
"Elis' revenues grew +5.9% in H1 2015 to ?682m on the back of +2.4% organic
growth. This good performance was achieved despite a sluggish macro environment
in Europe and Brazil. Revenue growth was driven by a sharp rebound in Southern
Europe and recently completed acquisitions. However, pricing pressure in the
French market had a dilutive impact on our first half margins.
Looking to the full year, we remain confident in our growth prospects and raise
our FY15 revenue guidance to +7%. We expect EBITDA to increase by ?15m to ?20m
and land between ?445m and ?450m.
Finally, the first half was marked by the IPO of Elis and the successful full
refinancing of its debt. Elis now has a new financial status with an interest
charge that is now a third of that paid previously and hence has larger access
to financial resources. As such, the Group is able to accelerate the deployment
of its 4 strategic pillars: 1) To consolidate our positions in all our
geographies, 2) To continue the development of our Brazilian platform 3) To
pursue the improvement of our operational excellence and 4) The launch of new
products and services."
Revenues
Revenue growth
----------------------------------------+-----------------+--------------------
In m? 2015 | 2014 | Change
Q1 Q2 H1| Q1 Q2 H1| Q1 Q2 H1
----------------------------------------+-----------------+--------------------
Hospitality 62.2 83.3 145.5| 59.1 77.3 136.5| +5.2% +7.7% +6.6%
| |
Industry 46.7 47.2 94.0| 45.8 47.5 93.3| +2.0% -0.6% +0.7%
| |
Trade & Services 83.1 85.5 168.6| 83.7 86.5 170.2| -0.7% -1.2% -1.0%
| |
Healthcare 39.4 39.9 79.3| 38.0 38.2 76.1| +3.7% +4.6% +4.2%
| |
France(a) 228.2 250.5 478.6|222.5 245.5 468.0| +2.5% +2.0% +2.3%
| |
Northern Europe 38.2 46.1 84.2| 35.0 37.5 72.5| +8.9% +22.8% +16.1%
| |
Southern Europe 28.9 37.1 66.0| 26.7 32.6 59.3| +7.9% +13.9% +11.2%
| |
Europe 67.0 83.2 150.2| 61.8 70.1 131.9| +8.5% +18.7% +13.9%
| |
Brazil 22.3 22.8 45.1| 13.8 22.4 36.2|+61.6% +1.8% +24.6%
| |
Manufacturing 4.5 3.9 8.5| 4.3 3.9 8.2| +5.5%
Entities | | +0.7% +3.2%
| |
Total 322.0 360.4 682.4|302.4 341.9 644.3| +6.5% +5.4% +5.9%
----------------------------------------+-----------------+--------------------
(a) : After other items including rebates
Percentage change calculations are based on actual figures
Organic revenue growth
-------------------------------------------------------------------------------
In m? Q1 organic Q2 organic H1 organic
growth(1) growth(1) growth(1)
-------------------------------------------------------------------------------
Hospitality +5.2% +7.7% +6.6%
Industry +2.0% -0.6% +0.7%
Trade & Services -0.7% -1.2% -1.0%
Healthcare +3.7% +4.6% +4.2%
France(a) +2.5% +2.0% +2.3%
Northern Europe -0.8% -0.9% -0.9%
Southern Europe +7.9% +7.1% +7.5%
Europe +3.0% +2.8% +2.9%
Brazil +2.0% +5.0% +3.8%
Manufacturing Entities +1.7% -4.3% -1.2%
Total +2.6% +2.1% +2.4%
-------------------------------------------------------------------------------
(a) : After other items including rebates
Percentage change calculations are based on actual figures
Revenues for the six months ending 30th June 2015 increased 5.9% to ?682.4m
million.
This ?38.1m increase was driven by organic growth in France, Southern Europe and
Brazil along with the impact of recent acquisitions.
France
During the first half, revenue growth in France was driven entirely by organic
growth of +2.3%. The ramp-up of large contracts was partially offset by pricing
pressure.
* Revenues for the Hospitality segment increased 6.6% despite the negative
impact from the terrorist attacks in Paris during January. The roll-out of
large contracts was in line with our expectations.
* Revenues for the Healthcare segment grew by 4.2%, helped by market share
gains for both short-stay and long-stay clients, with a sequential
improvement in Q2.
* Revenues for the Industry segment rose by 0.7% helped by new contracts
during the first quarter. However, the second quarter suffered from lower
client activity.
* The persistently difficult macro environment (particularly for car retailer
networks) led to a slight decline in Trade & Services revenues (-1.0%).
Europe
Revenue growth in Northern Europe (+16.1%) was driven by acquisitions in Germany
and Switzerland. However, hospitality in Switzerland suffered from the rise of
the Swiss franc which had an adverse impact on tourist traffic.
Revenues in Southern Europe (+11.2%) continued to rebound helped by an improving
macro environment and impressive commercial momentum in all segments including
Hospitality and Industry. The Spanish acquisitions also contributed to strong
growth in Q2.
Brazil
Revenues in Brazil (+24.6%) benefited from the impact of acquisitions. Despite
the persistently difficult macro environment in the country, commercial momentum
was good underscoring our view that the market has strong potential. Organic
revenue growth sequentially increased to +5.0% in Q2.
EBITDA(2)
--------------------------------------------------------
In m? H1 2015 H1 2014 Change
--------------------------------------------------------
France* 162.7 164.9 -1.4%
As a % of revenues 33.9% 35.1% -120bps
Europe* 33.6 31.7 +5.8%
As a % of revenues 22.3% 24.0% -170 bps
Brazil 8.6 7.0 +22.1%
As a % of revenues 19.1% 19.5% -40bps
Manufacturing entities 1.4 1.6 -9.1%
As a % of revenues 10.1% 12.7% -260 bps
Holdings (1.6) (0.5) n/a
Total 204.6 204.8 -0.1%
As a % of revenues 30.0% 31.8% -180bps
--------------------------------------------------------
Percentage change calculations are based on actual figures
*H1 2014 figures are restated from the first application of the IFRIC 21
interpretation
H1 EBITDA was flat compared to the same period last year. However, EBITDA margin
decreased 180bps yoy largely due to:
* Phasing from a base effect in H1 2014 due to some non-recurring items,
* Pricing pressure in France due to an increasingly competitive environment in
a sagging market,
* An unfavorable mix effect in Europe, with stronger growth from lower margin
geographies.
Full-year EBITDA margin decline in France should not exceed 1 percentage point
compared to 2014.
European EBITDA margin should remain flat in 2015.
As far as Brazil is concerned, operational indicators allow us to be confident
for the full-year outlook and we expect EBITDA margin to increase.
EBITDA to net result
-------------------------------------------------------------------------------
In m? H1 2015 H1 2014* Change
-------------------------------------------------------------------------------
EBITDA 204.6 204.8 -0.1%
As a % of revenues 30.0% 31.8% -180bps
Depreciation & amortization (116.9) (105.1)
EBIT 87.7 99.7 -12.0%
As a % of revenues 12.9% 15.5% -260bps
Banking charges (0.8) (0.5)
Operating result before other operating income and 86.9 99.2 -12.4%
expenses
As a % of revenues 12.7% 15.4% -270bps
PPA depreciation (21.8) (20.5)
Goodwill impairment (0.0) (0.0)
Other operating income and expenses (26.0) (16.1)
Operating result 39.2 62.6 -37.4%
As a % of revenues 5.7% 9.7% -400bps
Financial result (144.6) (79.2)
Pre-tax result (105.4) (16.5) n/a
Tax 24.8 (3.7)
Equity affiliates 0.0 0.0
Net result (80.6) (20.2) n/a
-------------------------------------------------------------------------------
Percentage change calculations are based on actual figures
*H1 2014 figures are restated from the first application of the IFRIC 21
interpretation
EBIT(3)
Purchase of linen linked with the implementation of large contracts leads to
higher depreciation, impacting EBIT greater than EBITDA. We anticipate EBIT
margin for 2015 should fall c. 1 percentage point compared to 2014.
Operating result(4)
PPA depreciation was virtually flat in 2014. These intangible assets were
accounted for in 2007 and their amortization period will end in 2018.
Other operating income and expenses were impacted by c. ?21m, corresponding to
non-recurring costs related to the IPO.
Financial result
Elis completely refinanced its debt in 2015 in 2 stages: (i) as part of the IPO
in February, then (ii) on April 22 with the issuance of ?800 million of 2022
Notes priced at 3.0%.
This new financial structure is totally unsecured, without any major maturity
before 2020. This leads to a full year interest charge which should be a third
of that paid in the prior year.
In the first half, the breakup fees and expenses of old debt and the issuance of
the new notes impacted the Financial result by ?102m.
Net result
Net result amounted to -?80.6m. It was impacted by c. ?123m non-recurring
expenses related to the IPO and various debt refinancing charges.
Other financial items
Investments
Group net investments encompass industrial investments and linen investments
which were offset by disposals (including the sale & lease of real estate in
2014).
Capex for the first six months of 2015 amounted to ?141.5m. The group undertook
some exceptional linen purchases in the context of the implementation of large
contracts signed at the end of 2014.
Operating cash-flow(5)
Operating cash-flow was ?36.8m in H1 2015 compared to ?176.2m in the same period
last year. This significant decrease is due to (i) the negative base effect from
the sale & lease operation in 2014 (c. ?93m), (ii) higher investments over the
period and (iii) the unfavorable evolution of working capital requirement in
2015.
Company free cash-flow(6)
Company free cash-flow amounted to -?117.5m in H1 2105. This was impacted by the
evolution of Operating cash flow and refinancing costs of ?97.8m.
Adjusted net financial debt(7)
Group adjusted net financial debt as of 30th June 2015 was ?1,404.5m
Cash payment for the 2014 financial year
The Annual General Meeting convened on 24 June 2015 approved the cash payment of
?0.35 per share for the 2014 financial year. This payment was implemented on 2
July 2015.
Investor and Analyst conference call
Speakers:
Xavier Martiré, CEO
Louis Guyot, CFO
Date: Wednesday, July 29
6:30 pm Paris time - 5:30 pm London time - 12:30 pm New York time
Webcast link (live and replay):
http://edge.media-server.com/m/p/rkskai92
Webcast replay will be available for 1 year following the event.
Financial definitions
1. 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" in each of the periods under comparison, as well as (ii)
the impact of exchange rate fluctuations.
2. EBITDA is defined as EBIT before depreciation and amortization net of the
portion of grants transferred to income.
3. 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 income and expense and
miscellaneous financial items (bank fees and recurring dividends recognized
in operating income).
4. Operating result is defined as net income (loss) before net financial
expense, income tax, share in income of equity-accounted companies.
5. Operating cash-flow is defined as EBITDA minus non cash-items and after (i)
business-related changes in working capital, (ii) linen purchases and (iii)
manufacturing capital expenditures, net of proceeds.
6. Company free cash-flow is defined as Operating cash flow minus interests
payments, minus tax paid and minus debt issuance expenses.
7. The concept of Adjusted net 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 on 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 Document de Base registered in France with the French
Autorité des Marchés Financiers.
Investors and holders of shares of the Company may obtain copy of such annual
report by contacting the Autorité des Marchés Financiers on its website www.amf-
france.org or directly on the Company website www.corporate-elis.com
The Company does not have the obligation and undertakes no obligation to update
or revise any of the forward-looking statements.
Next information
Q3 2015 revenues: November 9, 2015 (after market)
About Elis
Elis is a leading multi-services group in Europe and Brazil, specialized in the
rental and maintenance of professional clothing and textile articles, as well as
hygiene appliance and well-being services. With more than 19,000 employees
spread across 12 countries, Elis' consolidated turnover in 2014 was ?1.331
billion with consolidated EBITDA of ?429 million. Benefiting from more than a
century of experience, Elis today services more than 240 000 businesses of all
sizes in the hotel, catering, healthcare, industry, retail and services sectors,
thanks to its network of 275 production and distribution centers and 13 clean
rooms, which guarantees it an unrivalled proximity to its clients.
Contact
Investor Relations:
Nicolas Buron, Investor Relations Director - Phone: +33 1 41 25 46 77 -
nicolas.buron(at)elis.com
Appendices
Consolidated income statement for the period*
+----------------------------------------------------------+---------+---------+
|In thousands of euros | H1 2015| H1 2014|
+----------------------------------------------------------+---------+---------+
|Revenue | 682,396| 644,278|
+----------------------------------------------------------+---------+---------+
|Cost of linen, equipment and other consumables |(114,700)|(107,514)|
+----------------------------------------------------------+---------+---------+
|Processing costs |(255,210)|(226,899)|
+----------------------------------------------------------+---------+---------+
|Distribution costs |(110,830)|(103,861)|
+----------------------------------------------------------+---------+---------+
|Gross margin | 201,656| 206,004|
+----------------------------------------------------------+---------+---------+
|Selling, general and administrative expenses |(114,752)|(106,803)|
+----------------------------------------------------------+---------+---------+
|Operating income before other income and expense and | | |
|amortization of customer relationships | 86,904| 99,201|
+----------------------------------------------------------+---------+---------+
|Amortization of customer relationships | (21,769)| (20,482)|
+----------------------------------------------------------+---------+---------+
|Goodwill impairment | 0| 0|
+----------------------------------------------------------+---------+---------+
|Other income and expense | (25,970)| (16,078)|
+----------------------------------------------------------+---------+---------+
|Operating income | 39,165| 62,641|
+----------------------------------------------------------+---------+---------+
|Net financial expense |(144,556)| (79,181)|
+----------------------------------------------------------+---------+---------+
|Income (loss) before tax |(105,391)| (16,540)|
+----------------------------------------------------------+---------+---------+
|Income tax benefit (expense) | 24,751| (3,655)|
+----------------------------------------------------------+---------+---------+
|Share of net income of equity-accounted companies | 0| 0|
+----------------------------------------------------------+---------+---------+
|Net income (loss) | (80,640)| (20,194)|
+----------------------------------------------------------+---------+---------+
Attributable to:
owners of the parent (80,638) (20,378)
non-controlling interests (2) 184
Earnings (loss) per share (EPS):
basic, attributable to owners of the parent -0.82 ? -0.41 ?
diluted, attributable to owners of the parent -0.82 ? -0.41 ?
*H1 2014 figures are restated from the first application of the IFRIC 21
interpretation
Consolidated balance sheet
Assets
+-------------------------------------+--------------+------------------+
| In thousands of euros | 30 June 2015 | 31 December 2014 |
+-------------------------------------+--------------+------------------+
| Goodwill | 1,564,422 | 1,536,098 |
+-------------------------------------+--------------+------------------+
| Intangible assets | 393,866 | 404,383 |
+-------------------------------------+--------------+------------------+
| Property, plant and equipment | 766,865 | 707,086 |
+-------------------------------------+--------------+------------------+
| Equity-accounted companies | 0 | 0 |
+-------------------------------------+--------------+------------------+
| Available-for-sale financial assets | 126 | 168 |
+-------------------------------------+--------------+------------------+
| Other non-current assets | 5,745 | 6,890 |
+-------------------------------------+--------------+------------------+
| Deferred tax assets | 13,461 | 12,450 |
+-------------------------------------+--------------+------------------+
| TOTAL NON-CURRENT ASSETS | 2,744,485 | 2,667,074 |
+-------------------------------------+--------------+------------------+
| Inventories | 57,911 | 58,641 |
+-------------------------------------+--------------+------------------+
| Trade and other receivables | 351,117 | 327,863 |
+-------------------------------------+--------------+------------------+
| Current tax assets | 7,272 | 2,842 |
+-------------------------------------+--------------+------------------+
| Other assets | 12,381 | 13,461 |
+-------------------------------------+--------------+------------------+
| Cash and cash equivalents | 102,769 | 59,255 |
+-------------------------------------+--------------+------------------+
| TOTAL CURRENT ASSETS | 531,451 | 462,062 |
+-------------------------------------+--------------+------------------+
| Assets held for sale | 0 | 0 |
+-------------------------------------+--------------+------------------+
| TOTAL ASSETS | 3,275,935 | 3,129,136 |
+-------------------------------------+--------------+------------------+
Equity and liabilities
+------------------------------------------------+------------+----------------+
|In thousands of euros |30 June 2015|31 December 2014|
+------------------------------------------------+------------+----------------+
|Share capital | 1,140,062| 497,610|
+------------------------------------------------+------------+----------------+
|Additional paid-in capital | 320,789| 175,853|
+------------------------------------------------+------------+----------------+
|Other reserves | 724| 7,224|
+------------------------------------------------+------------+----------------+
|Retained earnings (accumulated deficit) | (384,334)| (302,299)|
+------------------------------------------------+------------+----------------+
|Other components of equity | (2,236)| (10,111)|
+------------------------------------------------+------------+----------------+
|EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | 1,075,004| 368,277|
+------------------------------------------------+------------+----------------+
|NON-CONTROLLING INTERESTS | (224)| (125)|
+------------------------------------------------+------------+----------------+
|TOTAL EQUITY | 1,074,780| 368,152|
+------------------------------------------------+------------+----------------+
|Non-current provisions | 26,937| 28,997|
+------------------------------------------------+------------+----------------+
|Employee benefit liabilities | 50,977| 48,337|
+------------------------------------------------+------------+----------------+
|Non-current borrowings | 1,264,656| 1,947,291|
+------------------------------------------------+------------+----------------+
|Deferred tax liabilities | 171,491| 197,777|
+------------------------------------------------+------------+----------------+
|Other non-current liabilities | 20,339| 34,373|
+------------------------------------------------+------------+----------------+
|TOTAL NON-CURRENT LIABILITIES | 1,534,400| 2,256,775|
+------------------------------------------------+------------+----------------+
|Current provisions | 4,172| 4,078|
+------------------------------------------------+------------+----------------+
|Current tax liabilities | 735| 892|
+------------------------------------------------+------------+----------------+
|Trade and other payables | 135,424| 139,718|
+------------------------------------------------+------------+----------------+
|Other liabilities | 279,912| 234,836|
+------------------------------------------------+------------+----------------+
|Bank overdrafts and current borrowings | 246,512| 124,684|
+------------------------------------------------+------------+----------------+
|TOTAL CURRENT LIABILITIES | 666,755| 504,208|
+------------------------------------------------+------------+----------------+
|Liabilities directly associated with assets held| | |
|for sale | 0| 0|
+------------------------------------------------+------------+----------------+
|TOTAL EQUITY AND LIABILITIES | 3,275,935| 3,129,136|
+------------------------------------------------+------------+----------------+
Consolidated cash flow statement*
+--------------------------------------------------------+-----------+---------+
|In thousands of euros | H1 2015| H1 2014|
+--------------------------------------------------------+-----------+---------+
|CASH FLOWS FROM OPERATING ACTIVITIES | | |
+--------------------------------------------------------+-----------+---------+
|CONSOLIDATED NET INCOME (LOSS) | (80,640)| (20,194)|
+--------------------------------------------------------+-----------+---------+
|Depreciation, amortization and provisions | 137,613| 123,817|
+--------------------------------------------------------+-----------+---------+
|Portion of grants transferred to income | (59)| (66)|
+--------------------------------------------------------+-----------+---------+
|Share-based payments | 345| 0|
+--------------------------------------------------------+-----------+---------+
|Discounting adjustment on provisions and retirement | 466| 629|
|benefits | | |
+--------------------------------------------------------+-----------+---------+
|Net gains and losses on disposal of assets | 274| (3,966)|
+--------------------------------------------------------+-----------+---------+
|Share of net income of equity-accounted companies | 0| 0|
+--------------------------------------------------------+-----------+---------+
|Other | (1,141)| 0|
+--------------------------------------------------------+-----------+---------+
|Dividends received (from non-consolidated entities) | (12)| (13)|
+--------------------------------------------------------+-----------+---------+
|CASH FLOWS AFTER FINANCE COSTS AND TAX | 56,846| 100,207|
+--------------------------------------------------------+-----------+---------+
|Net finance costs | 75,206| 77,881|
+--------------------------------------------------------+-----------+---------+
|Income tax expense | (24,751)| 3,655|
+--------------------------------------------------------+-----------+---------+
|CASH FLOWS BEFORE FINANCE COSTS AND TAX | 107,301| 181,742|
+--------------------------------------------------------+-----------+---------+
|Income tax paid | (11,563)| (3,097)|
+--------------------------------------------------------+-----------+---------+
|Change in inventories | 1,090| (7,211)|
+--------------------------------------------------------+-----------+---------+
|Change in trade receivables | (15,616)| (19,575)|
+--------------------------------------------------------+-----------+---------+
|Change in trade and other payables (excluding | | |
|borrowings) | (17,923)| 19,660|
+--------------------------------------------------------+-----------+---------+
|Other changes | 6,088| 3,501|
+--------------------------------------------------------+-----------+---------+
|Employee benefits | 289| (231)|
+--------------------------------------------------------+-----------+---------+
|NET CASH FROM OPERATING ACTIVITIES | 69,666| 174,789|
+--------------------------------------------------------+-----------+---------+
|CASH FLOWS FROM INVESTING ACTIVITIES | | |
+--------------------------------------------------------+-----------+---------+
|Acquisition of intangible assets | (3,143)| (1,844)|
+--------------------------------------------------------+-----------+---------+
|Proceeds from sale of intangible assets | 0| 0|
+--------------------------------------------------------+-----------+---------+
|Acquisition of property, plant and equipment | (138,334)|(113,585)|
+--------------------------------------------------------+-----------+---------+
|Proceeds from sale of property, plant and equipment | 386| 92,329|
+--------------------------------------------------------+-----------+---------+
|Acquisition of subsidiaries, net of cash acquired | (52,377)| (90,527)|
+--------------------------------------------------------+-----------+---------+
|Proceeds from disposal of subsidiaries, net of cash | | |
|transferred | 1,000| 1,000|
+--------------------------------------------------------+-----------+---------+
|Changes in loans and advances | 300| 116|
+--------------------------------------------------------+-----------+---------+
|Dividends from equity-accounted companies | 12| 13|
+--------------------------------------------------------+-----------+---------+
|Investment grants | 11| 0|
+--------------------------------------------------------+-----------+---------+
|NET CASH USED IN INVESTING ACTIVITIES | (192,145)|(112,498)|
+--------------------------------------------------------+-----------+---------+
|CASH FLOWS FROM FINANCING ACTIVITIES | | |
+--------------------------------------------------------+-----------+---------+
|Capital increase | 689,418| 43,000,|
+--------------------------------------------------------+-----------+---------+
|Treasury shares | (1,002)| 0|
+--------------------------------------------------------+-----------+---------+
|Dividends paid | | |
+--------------------------------------------------------+-----------+---------+
| - to owners of the parent | 0| 0|
+--------------------------------------------------------+-----------+---------+
| - to non-controlling interests | 0| 0|
+--------------------------------------------------------+-----------+---------+
|Change in borrowings | (472,059)| (34,637)|
+--------------------------------------------------------+-----------+---------+
| - Proceeds from new borrowings | 2,088,639| 682,787|
+--------------------------------------------------------+-----------+---------+
| - Repayment of borrowings |(2,560,698)|(717,424)|
+--------------------------------------------------------+-----------+---------+
|Net interest paid | (52,466)| (58,378)|
+--------------------------------------------------------+-----------+---------+
|Other flows related to financing activities | 1,231| 0|
+--------------------------------------------------------+-----------+---------+
|NET CASH USED IN FINANCING ACTIVITIES | 165,122,| (50,015)|
+--------------------------------------------------------+-----------+---------+
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 42,643| 12,276|
+--------------------------------------------------------+-----------+---------+
|Cash and cash equivalents at beginning of period | 58,523| 48,598|
+--------------------------------------------------------+-----------+---------+
|Effect of changes in foreign exchange rates on cash and | | |
|cash equivalents | 309| 743|
+--------------------------------------------------------+-----------+---------+
|CASH AND CASH EQUIVALENTS AT END OF PERIOD | 101,475| 61,617|
+--------------------------------------------------------+-----------+---------+
*H1 2014
figures are restated from the first application of the IFRIC 21 interpretation
20150729 - ELIS - H1 2015 results:
http://hugin.info/167809/R/1942081/702454.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Elis via GlobeNewswire
[HUG#1942081]
Unternehmensinformation / Kurzprofil:
Datum: 29.07.2015 - 17:40 Uhr
Sprache: Deutsch
News-ID 410108
Anzahl Zeichen: 41804
contact information:
Town:
Puteaux-la-Défense
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 146 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Elis: H1 2015 results"
steht unter der journalistisch-redaktionellen Verantwortung von
Elis (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
