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Elis: 2021 half-year results
Very solid half-year financial performance
Strengthened organic growth profile
2021 outlook revised upwards
H1 organic growth above our expectations and strong improvement of all financial KPIs
Revenue of €1,375.5m (+1.8% vs H1 2020)
Organic revenue growth of +19.4% in Q2 and +1.3% in H1
EBITDA margin up +80bps at 33.3%
EBIT margin up +140bps at 9.5%
Headline net result up +36.2% at €67.1m
Free cash flow (after lease payments) of €90.7m (+61.5% vs H1 2020)
Net debt down €78.4m in H1 2021
Organic growth profile structurally strengthened in Healthcare, Industry and Trade & Services
In all our geographies, business in these 3 end-markets benefited from the success of our new commercial offers and from the new needs of our clients in Workwear and Hygiene & Well-Being
Churn rate improvement in all countries, especially in the UK
Revenue in these 3 end-markets was up c. +5% on an organic basis
As of June 30, 2021, in Hospitality, the lifting of lockdown measures and the partial rebound of travel helped return to a level c. -30% below the pre-crisis situation
Margin improvement driven by strong operating leverage
Savings made in H2 2020 significantly and durably decreased Elis’ cost base
Great Group discipline on pricing
Good industrial performance and further productivity gains in plants
Outlook updated
Full-year revenue up between +5% and +6% on an organic basis
2021 EBITDA margin should be at c. 34.5%
Free cash flow (after lease payments) should be between €200m and €230m
Net debt / EBITDA ratio should be at 3.3x as of December 31, 2021 and below 3.0x as of December 31, 2022
Saint-Cloud, July 28, 2021 – Elis, an international multi-service provider, offering textile, hygiene and facility services solutions, which is present in Europe and Latin America, today announces its 2021 half-year financial results. The accounts have been approved by the Management Board and examined by the Supervisory Board today. They have been subject to a limited review by the Company’s auditors.
Commenting on the announcement, Xavier Martiré, CEO of Elis, said:
« Elis’ financial and operational performance in H1 2021 was very satisfactory. Revenue was up +1.3% on an organic basis, EBITDA margin and EBIT margin were up +80bps and +140bps respectively, and free cash flow stood at €91m, up +62% compared to H1 2020. This very good performance underscores the great reactivity shown by Elis at the beginning of the crisis by adapting its commercial offer to the new needs of its clients whilst significantly decreasing its cost base.
In Healthcare, Industry and Trade & Services, commercial dynamism was very good, driven by our offer for products and services in Workwear and Hygiene & well-being. This dynamism is a direct consequence of the need generated by the sanitary crisis for more hygiene, more traceability and for a more secure supply chain, and should be a sustainable trend, supporting Elis’ organic revenue growth going forward.
In Hospitality, our only market which remains impacted by the crisis, activity has significantly rebounded since the lifting of lockdown measures in Europe in mid-May, although uncertainties remain heading into H2.
Given the H1 performance and our organic momentum, we upgrade our expectations for full-year organic growth to a +5% to +6% range for 2021, with the working assumption that Hospitality will be
c. -25% below the 2019 level during the summer season and then c. -30% below the 2019 level until year-end.
Moreover, the sustainable savings made on our cost base in H2 2020 should allow us to reach 2021 EBITDA margin of 34.5% and free cash flow between €200m and €230m, depending on the impact from change in working capital at year-end.
The great resilience shown by Elis since the beginning of the crisis, its operational know-how and its strengthened organic growth profile are major assets which will enable Elis to assert its leadership in all the countries in which it is present.”
Revenue
Reported revenue
In millions of euros |
| 2021 |
|
| 2020 |
|
| Var. |
|
France | 200.4 | 220.2 | 420.7 | 236.9 | 175.7 | 412.5 | -15.4% | +25.4% | +2.0% |
Central Europe | 169.2 | 175.2 | 344.3 | 180.1 | 163.2 | 343.3 | -6.1% | +7.3% | +0.3% |
Scandinavia & East. Eur. | 117.2 | 118.9 | 236.1 | 127.0 | 106.3 | 233.3 | -7.7% | +11.9% | +1.2% |
UK & Ireland | 70.3 | 85.0 | 155.3 | 88.9 | 54.9 | 143.8 | -21.0% | +55.0% | +8.0% |
Southern Europe | 42.6 | 52.5 | 95.1 | 60.5 | 36.6 | 97.2 | -29.6% | +43.3% | -2.1% |
Latin America | 53.0 | 59.4 | 112.4 | 58.8 | 49.9 | 108.7 | -10.0% | +19.0% | +3.3% |
Others | 5.5 | 6.1 | 11.6 | 6.9 | 6.0 | 12.9 | -20.2% | +1.3% | -10.2% |
Total | 658.2 | 717.3 | 1,375.5 | 759.2 | 592.6 | 1,351.7 | -13.3% | +21.1% | +1.8% |
« Others » includes Manufacturing Entities and Holdings.
Percentage change calculations are based on actual figures.
In millions of euros | H1 2021 | H1 2020 | Organic growth | External growth | FX | Reported growth |
France | 420.7 | 412.5 | +1.9% | +0.1% | - | +2.0% |
Central Europe | 344.3 | 343.3 | -1.9% | +2.7% | -0.5% | +0.3% |
Scandinavia & East. Eur. | 236.1 | 233.3 | -1.3% | - | +2.5% | +1.2% |
UK & Ireland | 155.3 | 143.8 | +3.7% | +3.7% | +0.6% | +8.0% |
Southern Europe | 95.1 | 97.2 | -2.1% | - | - | -2.1% |
Latin America | 112.4 | 108.7 | +16.3% | +3.5% | -16.5% | +3.3% |
Others | 11.6 | 12.9 | -10.5% | +0.3% | -10.2% | |
Total | 1,375.5 | 1,351.7 | +1.3% | +1.4% | -1.0% | +1.8% |
« Others » includes Manufacturing Entities and Holdings.
Percentage change calculations are based on actual figures.
Organic revenue growth
Q1 2021 | Q2 2021 | H1 2021 | |
France | -15.4% | +25.2% | +1.9% |
Central Europe | -9.1% | +6.0% | -1.9% |
Scandinavia & East. Eur. | -9.5% | +8.5% | -1.3% |
UK & Ireland | -22.2% | +45.8% | +3.7% |
Southern Europe | -29.6% | +43.3% | -2.1% |
Latin America | +12.1% | +21.2 | +16.3% |
Others | -19.5% | -0.0% | -10.5% |
Total | -12.8% | +19.4% | +1.3% |
« Others » includes Manufacturing Entities and Holdings.
Percentage change calculations are based on actual figures.
Monthly organic revenue growth
January 2021 | February 2021 | March | April | May | June | |
France | -22.8% | -20.3% | +0.5% | +35.9% | +29.7% | +14.7% |
Central Europe | -17.8% | -10.5% | +2.7% | +8.8% | +5.8% | +3.8% |
Scandinavia & East. Eur. | -16.6% | -11.1% | +0.8% | +10.1% | +8.6% | +6.9% |
UK & Ireland | -27.9% | -25.8% | -10.7% | +37.9% | +43.4% | +55.5% |
Southern Europe | -36.9% | -39.2% | -6.5% | +44.3% | +48.8% | +38.1% |
Latin America | +7.2% | +6.9% | +24.0% | +33.6% | +18.7% | +13.6% |
Others | +16.0% | -10.9% | -44.7% | +4.8% | -40.5% | +58.3% |
Total | -19.7% | -16.4% | +0.4% | +23.4% | +19.7% | +15.8% |
« Others » includes Manufacturing Entities and Holdings.
Percentage change calculations are based on actual figures.
EBITDA
In millions of euros | H1 2021 | H1 2020 | Var. |
France | 153.2 | 145.0 | +5.6% |
As of % of revenue | 36.3% | 35.1% | +120bps |
Central Europe | 111.2 | 110.8 | +0.3% |
As of % of revenue | 32.1% | 32.1% | = |
Scandinavia & Eastern Europe | 92.1 | 91.4 | +0.8% |
As of % of revenue | 39.0% | 39.2% | -20bps |
UK & Ireland | 46.7 | 36.8 | +26.9% |
As of % of revenue | 30.1% | 25.6% | +450bps |
Southern Europe | 24.2 | 22.4 | +8.0% |
As of % of revenue | 25.4% | 23.0% | +240bps |
Latin America | 37.6 | 38.0 | -1.0% |
As of % of revenue | 33.5% | 34.9% | -150bps |
Others | (6.3) | (4.5) | +41.5% |
Total | 458.7 | 439.9 | +4.3% |
As of % of revenue | 33.3% | 32.5% | +80bps |
« Others » includes Manufacturing Entities and Holdings.
Percentage change calculations are based on actual figures.
Group EBITDA margin is up +80bps in H1 at 33.3%.
France
H1 2021 revenue was up +2.0% (+1.9% on an organic basis). Activity in Healthcare, Industry and Trade & Services were driven by good commercial dynamism in Workwear (food processing and healthcare clients) and by an increasing need for hygiene related products and services. Activity in Hospitality has significantly rebounded since the lifting of lockdown measures in Europe in mid-May. This led to much stronger organic revenue growth in Q2 than in Q1 (+25.0% vs -15.4%)
H1 2021 EBITDA margin was up+120bps at 36.3%, which offsets the significant decrease recorded in H1 2020. This reflects the significant cost reduction measures implemented in the country in 2020, both at plant and HQ level.
Central Europe
H1 2021 revenue was slightly up by +0.3% (-1.9% on an organic basis) with a sharp improvement in Q2 (+6.0% on an organic basis vs -9.1% in Q1). Industry showed good resilience, with new contract wins in Workwear. Thus, despite strict lockdown measures in Q1, Poland, Czech Republic, and Belux delivered positive revenue growth in the first half, driven by good commercial momentum with clients operating in food processing, energy services and pharma. H1 organic revenue growth was slightly down in Germany, in the Netherlands and in Switzerland despite sequential improvement in Q2.
EBITDA margin was stable vs H1 2020 at 32.1%
Scandinavia & Eastern Europe
H1 2021 revenue was up +1.2% (-1.3% on an organic basis). The fact that the greater share of our clients operates in the Industry segment enabled the region to be quite resilient since the beginning of the crisis. Sweden and Denmark, the region’s largest contributors, recorded organic revenue declines of -4% and
-2% respectively in H1, due to Hospitality. However, Norway, Finland, the Baltic States and Russia all delivered positive organic growth in H1, with commercial momentum remaining intact in Workwear.
EBITDA margin was almost stable vs H1 2020, only slightly down -20bps at 39.0%.
UK & Ireland
H1 2021 revenue was up +8.0% (+3.7% on an organic basis). Hospitality, which normally represents around one-third of the region’s revenue, significantly rebounded in Q2, driven by very strong domestic tourism since May. In Q2, activity in Hospitality was down c. -40% vs the pre-crisis level, to be compared to -70% in Q1. Industry and Trade & Services, which represent another third of total revenue, were down c. -10% compared to pre-crisis levels, but the churn rate is now in line with Group average i.e. c. 5%. Finally, Healthcare is back to pre-crisis levels and Elis continues to gain market share on the back of contract wins.
EBITDA margin was strongly up by +450bps compared to H1 2020 at 30.1%. Reaching this level demonstrates the success of our plan to improve the former Berendsen operations in the UK.
Southern Europe
H1 2021 revenue was down -2.1% (entirely organic). Activity in Hospitality (which represented more than 60% of total revenue in 2019) significantly rebounded in Q2 (+43.3% on an organic basis) and drove revenue improvement in the region. In Workwear, activity was still well-oriented on the back of good commercial dynamism and the acceleration of development of outsourcing, because of the increasing client needs for more traceability and hygiene due to the crisis.
EBITDA margin was up +240bps compared to H1 2020 at 25.4%. This increase only partially offsets the 2020 margin loss in a context of sharp volume decline. Further activity improvement towards normative levels should contribute to a return to higher margin.
Latin America
H1 2021 organic revenue was up +16.3% in the region but the unfavorable currency effect resulted in reported revenue growing by a lower +3.3%. End-markets in which e Elis operates (public and private healthcare, food processing) were well-oriented. Furthermore, the Group developed new offers to meet new client requirements, leading to short-term contract wins (waterproof overgowns) or permanent contracts (healthcare garments, increase in linen rotation…).
EBITDA margin was down -150bps compared to H1 2020, at 33.5%. This is due to a difficult comparable base as the high number of one-off overgowns sales in H1 2020 had a significant impact on margin.
From EBITDA to net income
In millions of euros | H1 2021 | H1 2020 restated1 | Var. |
EBITDA | 458.7 | 439.9 | +4.3% |
As a % of revenue | 33.3% | 32.5% | +80bps |
D&A | (327.6) | (329.6) | |
EBIT | 131.1 | 110.3 | +18.8% |
As a % of revenue | 9.5% | 8.2% | +140bps |
Current operating income | 114.7 | 103.6 | +10.7% |
Amortization of intangible assets recognized in a business combination | (39.7) | (46.5) | |
Non-current operating income and expenses | (3.9) | (37.2) | |
Operating income | 71.1 | 19.9 | +257.6% |
Net financial result | (42.0) | (45.6) | |
Income tax | (12.1) | 4.3 | |
Income from continuing operations | 17.1 | (21.4) | n/a |
Net income | 17.1 | (21.4) | n/a |
Headline net income2 | 67.1 | 49.3 | +36.2% |
1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release
2: A reconciliation is provided in the “Net income to headline net income” section of this release
Percentage change calculations are based on actual figures
EBIT
As a percentage of revenue, EBIT was up +140bps in H1 2021, due to the significant decrease in linen capex in 2020, implying relative stability of D&A for 2021 & 2022.
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. They showed a +€9.6m increase in H1 2020.
The amortization of intangible assets recognized in a business combination is partly related to the goodwill allocation of Berendsen. The €(6.8)m decrease in H1 2021 is mainly due to end of the amortization schedule of the Berendsen trademark, following the rebranding.
Non-current operating expenses. The high amount in H1 2020 was mainly made up of restructuring costs relating to saving plans and site shutdowns and of additional costs directly tied to the sanitary crisis.
Net financial result
In H1 2021, net financial expense was €42.0m. It slightly decreased compared to H1 2020.
Net income
Net Income was €17.1m in H1 2020 compared to €(21.4)m in H1 2020.
Net income to headline net income
In millions of euros | H1 2021 reported | H1 2020 |
Net income | 17.1 | (21.4) |
Amortization of intangible assets recognized in a business combination2 | 31.9 | 36.5 |
IFRS 2 expense2 | 15.2 | 6.2 |
Accelerated amortization of loans issuing costs2 | - | 0.1 |
Refinancing costs2 | - | 0.0 |
Non-current operating income and expenses including: | 2.9 | 27.9 |
Litigation provisions2 | 0.1 | 0.4 |
Exceptional expense relating to the sanitary crisis2 | - | 17.1 |
Restructuring costs2 | 2.7 | 8.5 |
Acquisition-related costs2 | 0.5 | 1.6 |
Other2 | (0.3) | 0.4 |
Headline net income | 67.1 | 49.3 |
1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release
2: Net of tax effect
Headline net income was €67.1m in H1 2021, up +36.2% compared to H1 2020.
Cash-flow statement
In millions of euros | H1 2021 | H1 2020 |
EBITDA | 458.7 | 439.9 |
Non-recurring items and provision variance | (7.4) | (32.4) |
Acquisition and cession fees | (0.5) | (1.3) |
Other | (0.7) | (0.6) |
Cash flows before net finance costs and tax | 450.0 | 405.6 |
Net capex | (255.7) | (232.7) |
Change in working capital requirement | 34.1 | 0.9 |
Net interest paid (including interest on lease liabilities) | (54.9) | (50.6) |
Tax paid | (37.7) | (34.0) |
Lease liabilities payments - principal | (45.1) | (33.1) |
Free cash-flow | 90.7 | 56.1 |
Acquisitions of subsidiaries, net of cash acquired | (42.3) | (33.6) |
Changes arising from obtaining or losing control of subsidiaries or other entities | (3.6) | (3.2) |
Other cash flows related to financing activities | 3.4 | (5.1) |
Proceeds from disposal of subsidiaries, net of cash transferred | 0.0 | 0.0 |
Dividends and distributions paid | - | - |
Equity increase & treasury shares | 17.5 | (1.5) |
Other | 12.7 | (2.2) |
Net debt variance | 78.4 | 10.5 |
Net financial debt | 3,202.6 | 3,361.7 |
Capex
In H1 2021, the Group’s Net capex represented 18.6% of revenue. This ratio is in line with the usual seasonality pattern, where investments are higher in H1 than in H2 notably due to the preparation of the summer season. H1 capex are c. €25m higher yoy, notably as a result of our commercial successes and significant contract wins in Workwear.
Change in operating working capital requirement
In H1 2021, the change in working capital requirement was c. +€34m, reflecting the strong and continuous focus on cash collection and inventory management.
Free cash-flow
In H1 2021, free cash-flow (after lease liabilities payments) reached €90.7m, up +€34,5m yoy (+61,5%).
Net financial debt
The Group’s net financial debt at June 30, 2021 stood at €3,202.6m compared to €3,361.7m at June 30, 2020 and €3,281.0m at December 31, 2020. The leverage Ratio was 3.6x at June 30, 2021, lower than the Group’s initial covenant of 3.75x. As a reminder, Elis obtained in 2020 a waiver regarding its June 30, 2020, December 31, 2020, and June 30, 2021 bank covenant tests. The renegotiated covenants are 5.0x, 4.75x and 4.5x respectively.
Pay-out for the 2020 financial year
As announced on March 9, 2021, there will be no payout in 2021 for the 2020 financial year.
Updated 2021 outlook
The success of Elis’ new commercial offers and changing client needs as a consequence of the sanitary crisis (increase in demand for hygiene products and higher consumption of workwear) enable us to anticipate organic revenue growth for the full year in a range of +5% to +6% (vs c. +3% as previously communicated), with the working assumption that activity in Hospitality will be c. -25% below its 2019 level during the summer season and c. -30% until the end of the year.
2021 EBITDA margin should be at c. 34.5% on the back of operating leverage generated by the savings achieved in H2 2020 and the Group’s operational excellence in 2021.
Free cash flow (after lease payments) should be between €200m and €230m, the main variable being the change in working capital (impact of year-end activity on trade receivables).
The Net debt / EBITDA ratio should be at 3.3x as of December 31, 2021 and below 3.0x as of December 31, 2022.
Restated income statement for prior financial years
The table below presents the adjustments made retrospectively linked to business combinations (IFRS3) on the previously published income statement as of June 30, 2020.
In millions of euros | H1 2020 reported | IFRS 3 | H1 2020 restated |
Revenue | 1,351.7 | - | 1,351.7 |
EBITDA | 439.9 | (0.0) | 439.9 |
EBIT | 110.3 | (0.0) | 110.3 |
Current operating income | 103.6 | (0.0) | 103.6 |
Amortization of intangible assets recognized in a business combination | (46.0) | (0.5) | (46.5) |
Non-current operating income and expenses | (37.2) | (37.2) | |
Operating income | 20.4 | (0.5) | 19.9 |
Net financial result | (45.5) | (0.1) | (45.6) |
Income tax | 4.1 | 0.1 | 4.3 |
Income from continuing operations | (21.0) | (0.4) | (21.4) |
Net income | (21.0) | (0.4) | (21.4) |
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.
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 is defined as cash EBITDA minus non-cash-items, minus change in working capital, minus linen purchases and manufacturing capital expenditures, net of proceeds, minus tax paid, minus financial interest payments and minus lease liabilities payments.
The 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).
These alternative performance measures are meant to facilitate the analysis of Elis’ operating trends, financial performance and financial position and allow the provision to investors of additional information that the Management Board believes to be useful and relevant regarding Elis’ results. These alternative performance measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS.
Consolidated financial statements
Consolidated financial statements for the year 2020 are available at this address:
https://fr.elis.com/en/group/investors-relations/regulated-information
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’ 2021 half-year results (in English)
Date:
Wednesday 28 July 2021 at 5:00pm GMT (6:00pm CET)
Speakers:
Xavier Martiré, CEO, and Louis Guyot, CFO
Webcast link:
https://edge.media-server.com/mmc/p/78yp3w9n
Conference call dial in numbers:
United Kingdom: +44(0) 2071 928 338
United States: +1 646 741 3167
France: +33(0)1 70 70 07 81
Confirmation code: 7478933
Investor presentation:
An investor presentation will be available at 4:45pm GMT (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, especially those 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, 2020, which is 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 2021 revenue: October 26, 2021 (after market)
Contact
Nicolas Buron, Investor Relations Director - Phone: +33 1 75 49 98 30 - nicolas.buron@elis.com
Consolidated Financial Statements Excerpt
P&L
(in millions of euros) | 06/30/2021 | 06/30/2020 |
restated | ||
Revenue | 1,375.5 | 1,351.7 |
Cost of linen, equipment and other consumables | (253.3) | (260.6) |
Processing costs | (508.6) | (507.5) |
Distribution costs | (216.0) | (230.4) |
Gross margin | 397.6 | 353.2 |
Selling, general and administrative expenses | (284.4) | (242.3) |
Net impairment on trade and other receivables | 1.5 | (7.4) |
Operating income before other income and expenses and amortization of intangible assets recognized in a business combination | 114.7 | 103.6 |
Amortization of intangible assets recognized in a business combination | (39.7) | (46.5) |
Goodwill impairment | - | - |
Other operating income and expenses | (3.9) | (37.2) |
Operating income | 71.1 | 19.9 |
Net financial income (expense) | (42.0) | (45.6) |
Income (loss) before tax | 29.2 | (25.7) |
Income tax expense | (12.1) | 4.3 |
Income from continuing operations | 17.1 | (21.4) |
Income from discontinued operation, net of tax | - | - |
Net income (loss) | 17.1 | (21.4) |
Attributable to: | ||
- owners of the parent | 17.0 | (21.3) |
- non-controlling interests | 0.1 | (0.1) |
Earnings (loss) per share (EPS) (in euros): | ||
- basic, attributable to owners of the parent | €0.08 | €(0.10) |
- diluted, attributable to owners of the parent | €0.08 | €(0.10) |
Earnings (loss) per share (EPS) from continuing operations (in euros): | ||
- basic, attributable to owners of the parent | €0.08 | €(0.10) |
- diluted, attributable to owners of the parent | €0.08 | €(0.10) |
Balance Sheet
Assets
(in millions of euros) | 06/30/2021 | 12/31/2020 |
restated | ||
Goodwill | 3,800.8 | 3,752.4 |
Intangible assets | 768.6 | 799.5 |
Right-of-use assets | 434.6 | 438.6 |
Property, plant and equipment | 1,884.4 | 1,883.7 |
Other equity investments | 0.2 | 0.2 |
Other non-current assets | 65.6 | 64.4 |
Deferred tax assets | 35.9 | 36.6 |
Employee benefit assets | 48.9 | 34.1 |
TOTAL NON-CURRENT ASSETS | 7,039.1 | 7,009.6 |
Inventories | 136.0 | 137.3 |
Contract assets | 37.3 | 27.6 |
Trade and other receivables | 549.6 | 517.0 |
Current tax assets | 22.0 | 13.6 |
Other assets | 17.3 | 18.8 |
Cash and cash equivalents | 152.4 | 137.6 |
Assets held for sale | 0.4 | 0.4 |
TOTAL CURRENT ASSETS | 914.8 | 852.3 |
TOTAL ASSETS | 7,953.9 | 7,861.9 |
Liabilities
(in millions of euros) | 06/30/2021 | 12/31/2020 |
restated | ||
Share capital | 224.1 | 221.8 |
Additional paid-in capital | 2,531.7 | 2,575.6 |
Treasury share reserve | (1.5) | (11.2) |
Other reserves | (304.3) | (366.2) |
Retained earnings (accumulated deficit) | 470.2 | 386.1 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | 2,920.1 | 2,806.2 |
NON-CONTROLLING INTERESTS | 0.7 | 0.6 |
TOTAL EQUITY | 2,920.8 | 2,806.8 |
Provisions | 84.0 | 83.8 |
Employee benefit liabilities | 107.4 | 111.0 |
Borrowings and financial debt | 3,071.1 | 3,066.6 |
Deferred tax liabilities | 296.8 | 301.7 |
Lease liabilities | 361.4 | 368.3 |
Other non-current liabilities | 25.5 | 20.9 |
TOTAL NON-CURRENT LIABILITIES | 3,946.4 | 3,952.3 |
Current provisions | 13.1 | 14.5 |
Current tax liabilities | 17.9 | 25.5 |
Trade and other payables | 252.3 | 221.3 |
Contract liabilities | 65.0 | 62.7 |
Current lease liabilities | 81.2 | 79.0 |
Other liabilities | 373.3 | 347.7 |
Bank overdrafts and current borrowings | 283.9 | 352.0 |
Liabilities directly associated with assets held for sale | - | - |
TOTAL CURRENT LIABILITIES | 1,086.7 | 1,102.7 |
TOTAL EQUITY AND LIABILITIES | 7,953.9 | 7,861.9 |
Cash-flow statement
(in millions of euros) | 06/30/2021 | 06/30/2020 |
restated | ||
Consolidated net income (loss) | 17.1 | (21.4) |
Income tax expense | 12.1 | (4.3) |
Net financial income (expense) | 42.0 | 45.6 |
Share-based payments | 14.1 | 6.4 |
Depreciation, amortization and provisions | 364.4 | 379.2 |
Portion of grants transferred to income | (0.1) | (0.2) |
Net gains and losses on disposal of property, plant and equipment and intangible assets | 0.5 | 0.3 |
Other | (0.0) | (0.0) |
CASH FLOWS BEFORE FINANCE COSTS AND TAX | 450.0 | 405.6 |
Change in inventories | 4.1 | (25.8) |
Change in trade and other receivables and contract assets | (31.7) | 72.2 |
Change in other assets | 1.0 | (0.2) |
Change in trade and other payables | 24.0 | (50.7) |
Change in contract liabilities and other liabilities | 34.1 | 2.9 |
Other changes | 0.8 | 2.3 |
Employee benefits | 1.7 | 0.2 |
Tax paid | (37.7) | (34.0) |
NET CASH FROM OPERATING ACTIVITIES | 446.4 | 372.5 |
Acquisition of intangible assets | (8.9) | (6.5) |
Proceeds from disposal of intangible assets | (0.0) | 0.1 |
Acquisition of property, plant and equipment | (250.0) | (229.1) |
Proceeds from disposal of property, plant and equipment | 3.3 | 2.9 |
Acquisition of subsidiaries, net of cash acquired | (42.3) | (33.6) |
Proceeds from disposal of subsidiaries, net of cash transferred | 0.0 | 0.0 |
Changes in loans and advances | (1.6) | (0.2) |
Dividends earned | 0.0 | 0.0 |
Investment grants | 0.2 | 0.0 |
NET CASH FROM INVESTING ACTIVITIES | (299.4) | (266.5) |
Capital increase | 10.3 | (0.0) |
Treasury shares | 7.2 | (1.5) |
Dividends and distributions paid | ||
- to owners of the parent | 0.0 | - |
- to non-controlling interests | - | - |
Change in borrowings (1) | (55.7) | (5.3) |
- Proceeds from new borrowings | 262.2 | 605.2 |
- Repayments of borrowings | (318.0) | (610.5) |
Lease liability payments - principal | (45.1) | (33.1) |
Net interest paid (including interest on lease liabilities) | (54.9) | (50.6) |
Other cash flows related to financing activities | 3.4 | (5.1) |
NET CASH FROM FINANCING ACTIVITIES | (134.8) | (95.6) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12.2 | 10.4 |
Cash and cash equivalents at beginning of period | 137.6 | 170.8 |
Effect of changes in foreign exchange rates on cash and cash equivalents | 2.6 | (9.3) |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 152.4 | 171.9 |
(1) Net change in credit lines |
Attachment
