• Elis: 2021 half-year results

    ソース: Nasdaq GlobeNewswire / 28 7 2021 11:40:00   America/New_York

    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 

    Q1     		2021
    Q2     		 

    H1    		 

    Q1     		2020
    Q2     		 

    H1    		 

    Q1     		Var.

    Q2     		 

    H1
    France200.4220.2420.7236.9175.7412.5-15.4%+25.4%+2.0%
    Central Europe169.2175.2344.3180.1163.2343.3-6.1%+7.3%+0.3%
    Scandinavia & East. Eur.117.2118.9236.1127.0106.3233.3-7.7%+11.9%+1.2%
    UK & Ireland70.385.0155.388.954.9143.8-21.0%+55.0%+8.0%
    Southern Europe42.652.595.160.536.697.2-29.6%+43.3%-2.1%
    Latin America53.059.4112.458.849.9108.7-10.0%+19.0%+3.3%
    Others5.56.111.66.96.012.9-20.2%+1.3%-10.2%
    Total658.2717.31,375.5759.2592.61,351.7-13.3%+21.1%+1.8%

    « Others » includes Manufacturing Entities and Holdings.
    Percentage change calculations are based on actual figures.

    In millions of eurosH1 2021 H1 2020Organic growthExternal growthFXReported growth
    France420.7412.5+1.9%+0.1%-+2.0%
    Central Europe344.3343.3-1.9%+2.7%-0.5%+0.3%
    Scandinavia & East. Eur.236.1233.3-1.3%-+2.5%+1.2%
    UK & Ireland155.3143.8+3.7%+3.7%+0.6%+8.0%
    Southern Europe95.197.2-2.1%---2.1%
    Latin America112.4108.7+16.3%+3.5%-16.5%+3.3%
    Others11.612.9-10.5% +0.3%-10.2%
    Total1,375.51,351.7+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 2021Q2 2021H1 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 2021February 2021March
    2021    		April
    2021    		May
    2021    		June
    2021
    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 eurosH1 2021H1 2020Var.
    H1 2021 / H1 2020
    France153.2145.0+5.6%
    As of % of revenue36.3%35.1%+120bps
    Central Europe111.2110.8+0.3%
    As of % of revenue32.1%32.1%=
    Scandinavia & Eastern Europe92.191.4+0.8%
    As of % of revenue39.0%39.2%-20bps
    UK & Ireland46.736.8+26.9%
    As of % of revenue30.1%25.6%+450bps
    Southern Europe24.222.4+8.0%
    As of % of revenue25.4%23.0%+240bps
    Latin America37.638.0-1.0%
    As of % of revenue33.5%34.9%-150bps
    Others(6.3)(4.5)+41.5%
    Total458.7439.9+4.3%
    As of % of revenue33.3%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 eurosH1 2021
    reported    		H1 2020 restated1Var.
    EBITDA458.7439.9+4.3%
    As a % of revenue33.3%32.5%+80bps
    D&A(327.6)(329.6) 
    EBIT131.1110.3+18.8%
    As a % of revenue9.5%8.2%+140bps
    Current operating income114.7103.6+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 income71.119.9+257.6%
    Net financial result(42.0)(45.6) 
    Income tax(12.1)4.3 
    Income from continuing operations17.1(21.4)n/a
    Net income17.1(21.4)n/a
    Headline net income267.149.3+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 eurosH1 2021 reportedH1 2020
    restated1
    Net income17.1(21.4)
    Amortization of intangible assets recognized in a business combination231.936.5
    IFRS 2 expense215.26.2
    Accelerated amortization of loans issuing costs2-0.1
    Refinancing costs2-0.0
    Non-current operating income and expenses including:2.927.9
    Litigation provisions20.10.4
    Exceptional expense relating to the sanitary crisis2-17.1
    Restructuring costs22.78.5
    Acquisition-related costs20.51.6
    Other2(0.3)0.4
    Headline net income67.149.3

    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 eurosH1 2021H1 2020
    EBITDA458.7439.9
    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 tax450.0405.6
    Net capex(255.7)(232.7)
    Change in working capital requirement34.10.9
    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-flow90.756.1
    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 activities3.4(5.1)
    Proceeds from disposal of subsidiaries, net of cash transferred0.00.0
    Dividends and distributions paid--
    Equity increase & treasury shares17.5(1.5)
    Other12.7(2.2)
    Net debt variance78.410.5
    Net financial debt3,202.63,361.7

    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 eurosH1 2020 reportedIFRS 3H1 2020 restated
    Revenue1,351.7-1,351.7
    EBITDA439.9(0.0)439.9
    EBIT110.3(0.0)110.3
    Current operating income103.6(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 income20.4(0.5)19.9
    Net financial result(45.5)(0.1)(45.6)
    Income tax4.10.14.3
    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)06/30/202106/30/2020
      restated
    Revenue1,375.5 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 margin397.6 353.2
    Selling, general and administrative expenses(284.4)(242.3)
    Net impairment on trade and other receivables1.5 (7.4)
    Operating income before other income and expenses and amortization of intangible assets recognized in a business combination114.7 103.6
    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 income71.1 19.9
    Net financial income (expense)(42.0)(45.6)
    Income (loss) before tax29.2 (25.7)
    Income tax expense(12.1)4.3
    Income from continuing operations17.1 (21.4)
    Income from discontinued operation, net of tax- -
    Net income (loss)17.1 (21.4)
    Attributable to:  
    - owners of the parent17.0 (21.3)
    - non-controlling interests0.1 (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)06/30/202112/31/2020
      restated
    Goodwill3,800.8 3,752.4
    Intangible assets768.6 799.5
    Right-of-use assets434.6 438.6
    Property, plant and equipment1,884.4 1,883.7
    Other equity investments0.2 0.2
    Other non-current assets65.6 64.4
    Deferred tax assets35.9 36.6
    Employee benefit assets48.9 34.1
    TOTAL NON-CURRENT ASSETS7,039.1 7,009.6
    Inventories136.0 137.3
    Contract assets37.3 27.6
    Trade and other receivables549.6 517.0
    Current tax assets22.0 13.6
    Other assets17.3 18.8
    Cash and cash equivalents152.4 137.6
    Assets held for sale0.4 0.4
    TOTAL CURRENT ASSETS914.8 852.3
    TOTAL ASSETS7,953.9 7,861.9

    Liabilities

    (in millions of euros)06/30/202112/31/2020
      restated
    Share capital224.1 221.8
    Additional paid-in capital2,531.7 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 PARENT2,920.1 2,806.2
    NON-CONTROLLING INTERESTS0.7 0.6
    TOTAL EQUITY2,920.8 2,806.8
    Provisions84.0 83.8
    Employee benefit liabilities107.4 111.0
    Borrowings and financial debt3,071.1 3,066.6
    Deferred tax liabilities296.8 301.7
    Lease liabilities361.4 368.3
    Other non-current liabilities25.5 20.9
    TOTAL NON-CURRENT LIABILITIES3,946.4 3,952.3
    Current provisions13.1 14.5
    Current tax liabilities17.9 25.5
    Trade and other payables252.3 221.3
    Contract liabilities65.0 62.7
    Current lease liabilities81.2 79.0
    Other liabilities373.3 347.7
    Bank overdrafts and current borrowings283.9 352.0
    Liabilities directly associated with assets held for sale- -
    TOTAL CURRENT LIABILITIES1,086.7 1,102.7
    TOTAL EQUITY AND LIABILITIES7,953.9 7,861.9

    Cash-flow statement

    (in millions of euros)06/30/202106/30/2020
      restated
    Consolidated net income (loss)17.1 (21.4)
    Income tax expense12.1 (4.3)
    Net financial income (expense)42.0 45.6
    Share-based payments14.1 6.4
    Depreciation, amortization and provisions364.4 379.2
    Portion of grants transferred to income(0.1)(0.2)
    Net gains and losses on disposal of property, plant and equipment and intangible assets0.5 0.3
    Other(0.0)(0.0)
    CASH FLOWS BEFORE FINANCE COSTS AND TAX450.0 405.6
    Change in inventories4.1 (25.8)
    Change in trade and other receivables and contract assets(31.7)72.2
    Change in other assets1.0 (0.2)
    Change in trade and other payables24.0 (50.7)
    Change in contract liabilities and other liabilities34.1 2.9
    Other changes0.8 2.3
    Employee benefits1.7 0.2
    Tax paid(37.7)(34.0)
    NET CASH FROM OPERATING ACTIVITIES446.4 372.5
    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 equipment3.3 2.9
    Acquisition of subsidiaries, net of cash acquired(42.3)(33.6)
    Proceeds from disposal of subsidiaries, net of cash transferred0.0 0.0
    Changes in loans and advances(1.6)(0.2)
    Dividends earned0.0 0.0
    Investment grants0.2 0.0
    NET CASH FROM INVESTING ACTIVITIES(299.4)(266.5)
    Capital increase10.3 (0.0)
    Treasury shares7.2 (1.5)
    Dividends and distributions paid  
    - to owners of the parent0.0 -
    - to non-controlling interests- -
    Change in borrowings (1)(55.7)(5.3)
    - Proceeds from new borrowings262.2 605.2
    - 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 activities3.4 (5.1)
    NET CASH FROM FINANCING ACTIVITIES(134.8)(95.6)
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS12.2 10.4
    Cash and cash equivalents at beginning of period137.6 170.8
    Effect of changes in foreign exchange rates on cash and cash equivalents2.6 (9.3)
    CASH AND CASH EQUIVALENTS AT END OF PERIOD152.4 171.9
    (1) Net change in credit lines   

    Attachment


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