Earnings Release • Jul 28, 2016
Earnings Release
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Paris, 28th July, 2016 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its 2016 half year financial results.
Following the adoption of IFRS 11 from 1 st January, 2014, the operating data presented below is adjusted to include our prorata share in companies under joint control. Please refer to the paragraph "Adjusted data" on page 6 of this release for the definition of adjusted data and reconciliation with IFRS.
Commenting on the 2016 first half results, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
"We are pleased to report an increase of 10.8% of our H1 2016 revenue at €1,617.3 million. Our organic revenue growth of 3.4% in Q2 is in line with our guidance and leads to an organic growth rate of 6.6% in H1 mainly driven again by a strong performance across all segments and geographies as well as our prime digital asset portfolio. Our digital revenues continued to be up very strongly and now represent 11.5% of our total revenue with a growing contribution from our Street Furniture division which starts to benefit from the installation of large Street Furniture digital networks such as London. More cities, such as New York City, Sydney and Stockholm, will follow in the second half of this year.
As anticipated, our operating margin declined to 16.4% of revenue due to both the integration of CEMUSA, requiring some operational restructuring and investments to turnaround the business, and the contract structure of the world's largest bus shelter advertising franchise with TfL in London. These two strategic decisions are paving the way to accelerate the growth of our digital portfolio in some of the most important advertising markets worldwide. The margin decline in Street Furniture was partially offset by a margin expansion in our Billboard division mainly due to the contribution of the Rest of the World including the integration of our billboard platform in Africa and the recovery of our business in Russia while Transport margin was almost flat. Free cash flow generation remained solid.
Following the closing in April, we are now integrating OUTFRONT Media business in Latin America in order to strengthen our No.1 position in this region where we are now present in 12 countries with 62,000 advertising panels.
Furthermore, we have won the iconic contract of Tokyo's advertising bus shelters for a period of 15 years. We now hold a key strategic position in the 3rd largest advertising market in the world, with the only national Street Furniture advertising network across 41 cities in Japan, including the 20 largest cities, with a total of more than 8,000 advertising panels at maturity. As the inventor of the advertising
bus shelter and the world leader in Street Furniture, we are delighted to have renewed Paris, won London, become the partner of New York City and added Tokyo.
GDP growth forecast revisions for 2016 have now confirmed the global economic slowdown we mentioned at the end of Q1 with the additional uncertainty concerning the impact of Brexit. As a result, we currently expect our Q3 adjusted organic revenue growth rate to be low-single digit.
In a media landscape increasingly fragmented, out-of-home advertising reinforces its attractiveness. With our accelerating exposure to faster-growth markets, our growing premium digital portfolio combined with a new data-led audience targeting platform, our ability to win new contracts and the high quality of our teams across the world, we believe we are well positioned to outperform the advertising market and increase our leadership position in the outdoor advertising industry through profitable market share gains. The strength of our balance sheet is a key competitive advantage that will allow us to pursue further external growth opportunities as they arise."
Adjusted revenue for the six months ending 30th June 2016 increased by +10.8% to €1,617.3 million from €1,459.7 million in the same period last year. On an organic basis (i.e. excluding the negative impact from foreign exchange variations and the positive impact from changes in perimeter), adjusted revenue grew by +6.6%. Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance, increased by +6.9% on an organic basis in the first half of 2016.
In the second quarter, adjusted revenue increased by +7.2% to €868.8 million. On an organic basis, adjusted revenue grew by +3.4% compared to Q2 2015.
Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance, increased by +3.8% on an organic basis in Q2 2016.
| H1 2016 | H1 2015 | Change 16/15 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| €m | Q1 | Q2 | H1 | Q1 | Q2 | H1 | Q1 | Q2 | H1 |
| Street Furniture | 333.4 | 392.5 | 725.9 | 291.3 | 364.2 | 655.5 | +14.5% | +7.8% | +10.7% |
| Transport | 312.0 | 342.7 | 654.7 | 268.9 | 325.3 | 594.2 | +16.0% | +5.3% | +10.2% |
| Billboard | 103.1 | 133.6 | 236.7 | 88.8 | 121.2 | 210.0 | +16.1% | +10.2% | +12.7% |
| Total | 748.5 | 868.8 | 1,617.3 | 649.0 | 810.7 | 1,459.7 | +15.3% | +7.2% | +10.8% |
| Change 16/15 | |||||
|---|---|---|---|---|---|
| Q1 | Q2 | H1 | |||
| Street Furniture | +9.7% | +2.4% | +5.7% | ||
| Transport | +12.9% | +5.9% | +9.0% | ||
| Billboard | +5.9% | 0.0% | +2.5% | ||
| Total | +10.5% | +3.4% | +6.6% |
(a) Excluding acquisitions/divestitures and the impact of foreign exchange
| €m | H1 2016 | H1 2015 | Reported growth |
Organic growth(a) |
|---|---|---|---|---|
| Europe(b) | 428.6 | 389.8 | +10.0% | 0.0% |
| Asia-Pacific | 387.9 | 364.6 | +6.4% | +10.2% |
| France | 310.4 | 299.8 | +3.5% | +3.5% |
| Rest of the World | 183.8 | 145.4 | +26.4% | +12.0% |
| United Kingdom | 183.1 | 163.6 | +11.9% | +18.5% |
| North America | 123.5 | 96.5 | +28.0% | +0.6% |
| Total | 1,617.3 | 1,459.7 | +10.8% | +6.6% |
(a) Excluding acquisitions/divestitures and the impact of foreign exchange
(b) Excluding France and the United Kingdom
Please note that the geographic comments below refer to organic revenue growth.
First half adjusted revenue increased by +10.7% to €725.9 million (+5.7% on an organic basis), driven by a strong performance in the UK, thanks to the TfL bus shelters contract, and in France. The roll-out of the world's largest digital Street Furniture network with 1,000 84ʺ screens in London is taking longer than expected due to the complexity surrounding the installation of this major construction project with the involvement of several contractual partners in the operational model from TfL. As a result, we started Q3 2016 with 200 screens (in line with our last forecast given in our Q1 financial release) instead of 500 in our original plan. The expected advertising revenue loss against our original forecast will be significant against our UK Street Furniture business plan for H2 2016. Given the uncertainty surrounding the impact of the Brexit decision on the UK economy and advertising revenue, we are reviewing the number of screens we are deploying until
we can evaluate the economic conditions and have improved visibility. We are confident that the increase in the key central locations like Oxford Street (Europe's busiest shopping street) where we already operate 44 screens and other important retail zones such as Kensington & Chelsea will partly compensate.
First half adjusted advertising revenue, excluding revenue related to sale, rental and maintenance were up +6.8% on an organic basis compared to the first half of 2015.
In the second quarter, adjusted revenue increased by 7.8% to €392.5 million. On an organic basis, adjusted revenue increased by +2.4% compared to the same period last year. Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance were up +3.0% on an organic basis in Q2 2016 compared to Q2 2015.
First half adjusted revenue increased by +10.2% to €654.7 million (+9.0% on an organic basis), driven by Asia-Pacific (with a slowdown between Q1 and Q2 in Greater China), the Rest of the World, the UK and France.
In the second quarter, adjusted revenue increased by +5.3% to €342.7 million. On an organic basis, adjusted revenue increased by +5.9% compared to the same period last year.
First half adjusted revenue increased by +12.7% to €236.7 million (+2.5% on an organic basis) driven by the Rest of the World with a market consolidation in Russia which continues following the default in Moscow billboard rent payments from some local operators paving the way for their billboard panels to be taken down and leading to market share gains. Finally, the lack of consolidation in Western Europe continues to be a drag on revenue growth.
In the second quarter, adjusted revenue increased by +10.2% to €133.6 million compared to Q2 2015. On an organic basis, adjusted revenue were flat compared to the same period last year.
In the first half of 2016, adjusted operating margin decreased by -7.4% to €264.5 million from €285.7 million in the first half of 2015. The adjusted operating margin as a percentage of revenue was 16.4%, -320bp below prior year.
| H1 2016 | H1 2015 | Change 16/15 | ||||
|---|---|---|---|---|---|---|
| €m | % of revenue |
€m | % of revenue |
Change (%) |
Margin rate (bp) |
|
| Street Furniture | 162.6 | 22.4% | 198.3 | 30.3% | -18.0% | -790bp |
| Transport | 82.7 | 12.6% | 75.8 | 12.8% | +9.1% | -20bp |
| Billboard | 19.2 | 8.1% | 11.6 | 5.5% | +65.5% | +260bp |
| Total | 264.5 | 16.4% | 285.7 | 19.6% | -7.4% | -320bp |
Street Furniture: In the first half of 2016, adjusted operating margin decreased by -18.0% to €162.6 million. As a percentage of revenue, the adjusted operating margin decreased by -790bp to 22.4%, compared to the first half of 2015, mainly impacted by the integration of CEMUSA, requiring some operational restructuring and investments to turnaround the business, and the contract structure of the world's largest bus shelter advertising franchise with TfL in London.
Transport: In the first half of 2016, adjusted operating margin increased by +9.1% to €82.7 million. As a percentage of revenue, the adjusted operating margin decreased by -20bp to 12.6% compared to the first half of 2015, primarily due to the impact of CEMUSA's airports concession in Spain which posted a negative margin.
Billboard: In the first half of 2016, adjusted operating margin increased by +65.5% to €19.2 million. As a percentage of revenue, adjusted operating margin increased by +260bp to 8.1% compared to the first half of 2015, driven by an accretive contribution of Continental Outdoor Media and Russia.
In the first half of 2016, adjusted EBIT before impairment charge decreased by -10.5% to €120.5 million compared to €134.6 million in the first half of 2015. As a percentage of revenue,
this represented a -170bp decrease to 7.5%, from 9.2% in H1 2015. The consumption of maintenance spare parts was slightly up in H1 2016 compared to H1 2015. Net amortization and provisions were down compared to the same period last year, thanks to a reversal on provisions for onerous contracts, related to the Purchase Accounting of CEMUSA. Other operating income and expenses impacted the P&L negatively, mainly due to the restructuring costs spent for CEMUSA's turnaround.
No impairment charge on goodwill and tangible, intangible assets and investments under equity method has been recorded in the first half of 2016 like in H1 2015. A €0.6 million reversal on provisions for onerous contracts and a €0.1 million reversal of amortization of tangible and intangible assets have been recognized in H1 2016 (a €1.2 million reversal on provisions for onerous contracts were booked in H1 2015).
Adjusted EBIT, after impairment charge decreased by -10.8% to €121.2 million compared to €135.8 million in H1 2015.
In the first half of 2016, net financial income was -€13.2 million compared to -€13.1 million in the first half of 2015.
In the first half of 2016, the share of net profit from equity affiliates was €45.7 million, higher compared to the same period last year (€29.4 million).
In the first half of 2016, net income Group share before impairment charge increased by +1.8% to €80.0 million compared to €78.6 million in H1 2015.
Taking into account the impact from the impairment charge, net income Group share increased by +1.1% to €80.4 million compared to €79.5 million in H1 2015.
In the first half of 2016, adjusted net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) was at €78.9 million compared to €107.9 million during the same period last year with the Paris bus shelter investment.
In the first half of 2016, adjusted free cash flow was €98.3 million compared to €109.2 million in the same period last year. This decrease is due to a lower operating margin, partly offset by favourable movements from change in working capital and lower capex. Adjusted free cash flow remained solid.
The dividend of €0.56 per share for the 2015 financial year, approved at the Annual General Meeting of Shareholders on 19th May 2016, was paid on 26 th May 2016, for a total amount of €118.9 million.
Net debt as of 30 th June 2016 amounted to €547.0 million compared to a net debt position of €62.7 million as of 30 th June 2015.
JCDecaux has successfully placed 7-year notes for a principal amount of €750 million, maturing on 1 st June 2023. The spread has been fixed at 80 basis points above the swap rate leading to a coupon of 1.000%. Subscribed more than 3 times, this note has been placed quickly with high quality investors.
The proceeds of this note will be dedicated to general corporate purposes and particularly in anticipation of the maturity of the current bond issue in February 2018 for €500 million.
Under IFRS 11, applicable from 1 st January, 2014, companies under joint control are accounted for using the equity method.
However in order to reflect the business reality of the Group, operating data of the companies under joint control continue to be proportionately integrated in the operating management reports used to monitor the activity, allocate resources and measure performance.
Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements complies with the Group's internal information, and the Group's external financial communication therefore relies on this operating financial information. Financial information and comments are therefore based on "adjusted" data which are reconciled with IFRS financial statements. As regards the P&L, it concerns all aggregates down to the EBIT. As regards the cash flow statement, it concerns all aggregates down to the free cash flow.
In the first half of 2016, the impact of IFRS 11 on our adjusted aggregates is:
The full reconciliation between IFRS figures and adjusted figures is provided on page 8 of this release.
Q3 2016 revenue: 3 rd November, 2016 (after market)
This news 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 annual report 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.jcdecaux.com.
The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.
+33 (0) 1 30 79 34 99 – [email protected] Investor Relations: Arnaud Courtial +33 (0) 1 30 79 79 93 – [email protected]
| Profit & Loss | H1 2016 | H1 2015 | |||||
|---|---|---|---|---|---|---|---|
| €m | Adjusted | Impact of companies under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS | |
| Revenue | 1,617.3 | (202.6) | 1,414.7 | 1,459.7 | (172.0) | 1,287.7 | |
| Net operating costs | (1,352.8) | 148.0 | (1,204.8) | (1,174.0) | 126.6 | 1,047.4 | |
| Operating margin | 264.5 | (54.6) | 209.9 | 285.7 | (45.4) | 240.3 | |
| Maintenance spare parts | (21.6) | 0.5 | (21.1) | (20.1) | 0.5 | (19.6) | |
| Amortization and provisions (net) | (98.4) | 8.3 | (90.1) | (124.0) | 11.8 | (112.2) | |
| Other operating income / expenses | (24.0) | - | (24.0) | (7.0) | 0.2 | (6.8) | |
| EBIT before impairment charge | 120.5 | (45.8) | 74.7 | 134.6 | (32.9) | 101.7 | |
| Net impairment charge (1) | 0.7 | - | 0.7 | 1.2 | - | 1.2 | |
| EBIT after impairment charge | 121.2 | (45.8) | 75.4 | 135.8 | (32.9) | 102.9 |
(1) Including impairment charge on net assets of companies under joint control.
| Cash-flow Statement | H1 2016 | H1 2015 | |||||
|---|---|---|---|---|---|---|---|
| €m | Adjusted | Impact of companies under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS | |
| Funds from operations net of maintenance costs |
160.7 | (24.8) | 135.9 | 210.0 | 1.5 | 211.5 | |
| Change in working capital requirement |
16.5 | (17.3) | (0.8) | 7.1 | (34.6) | (27.5) | |
| Net cash flow from operating activities |
177.2 | (42.1) | 135.1 | 217.1 | (33.1) | 184.0 | |
| Capital expenditure | (78.9) | 5.4 | (73.5) | (107.9) | 19.4 | (88.5) | |
| Free cash flow | 98.3 | (36.7) | 61.6 | 109.2 | (13.7) | 95.5 |
Assets
| In million euros | 30/06/2016 | 31/12/2015 |
|---|---|---|
| Goodwill | 1,377.0 | 1,271.6 |
| Other intangible assets | 285.5 | 300.2 |
| Property. plant and equipment | 1,090.1 | 1,173.1 |
| Investments under the equity method | 486.2 | 489.3 |
| Financial investments | 0.7 | 0.8 |
| Other financial assets | 108.1 | 108.5 |
| Deferred tax assets | 122.4 | 48.6 |
| Current tax assets | 1.5 | 1.2 |
| Other receivables | 26.7 | 32.9 |
| NON-CURRENT ASSETS | 3,498.2 | 3,426.2 |
| Other financial assets | 5.3 | 10.3 |
| Inventories | 132.5 | 99.9 |
| Financial instruments | 5.0 | 3.4 |
| Trade and other receivables | 895.7 | 887.1 |
| Current tax assets | 30.0 | 17.0 |
| Treasury financial assets | 54.2 | 77.7 |
| Cash and cash equivalents | 768.3 | 233.2 |
| CURRENT ASSETS | 1,891.0 | 1,328.6 |
| TOTAL ASSETS | 5,389.2 | 4,754.8 |
| In million euros | 30/06/2016 | 31/12/2015 |
|---|---|---|
| Share Capital | 3.2 | 3.2 |
| Additional paid-in capital | 594.7 | 587.0 |
| Consolidated reserves | 1,604.4 | 1,492.6 |
| Consolidated net income (Group share) | 80.4 | 233.9 |
| Other components of equity | (23.7) | 25.7 |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY | 2,259.0 | 2,342.4 |
| Non-controlling interests | (9.4) | (18.2) |
| TOTAL EQUITY | 2,249.6 | 2,324.2 |
| Provisions | 412.4 | 302.4 |
| Deferred tax liabilities | 95.0 | 80.0 |
| Financial debt | 1,287.8 | 524.3 |
| Debt on commitments to purchase non controlling interests | 89.0 | 86.9 |
| Other payables | 17.3 | 9.9 |
| NON-CURRENT LIABILITIES | 1,901.5 | 1,003.5 |
| Provisions | 78.1 | 41.2 |
| Financial debt | 71.7 | 175.5 |
| Debt on commitments to purchase non-controlling interests | 19.4 | 33.8 |
| Financial instruments | 1.5 | 0.2 |
| Trade and other payables | 1,028.6 | 1,118.8 |
| Income tax payable | 25.3 | 42.8 |
| Bank overdrafts | 13.5 | 14.8 |
| CURRENT LIABILITIES | 1,238.1 | 1,427.1 |
| TOTAL LIABILITIES | 3,139.6 | 2,430.6 |
| TOTAL EQUITY AND LIABILITIES | 5,389.2 | 4,754.8 |
| In million euros | 1st half of 2016 |
1st half of 2015 |
|---|---|---|
| REVENUE | 1,414.7 | 1,287.7 |
| Direct operating expenses | (968.6) | (831.1) |
| Selling. general and administrative expenses | (236.2) | (216.3) |
| OPERATING MARGIN | 209.9 | 240.3 |
| Depreciation. amortisation and provisions (net) | (89.4) | (111.0) |
| Impairment of goodwill | 0.0 | 0.0 |
| Maintenance spare parts | (21.1) | (19.6) |
| Other operating income | 4.2 | 1.9 |
| Other operating expenses | (28.2) | (8.7) |
| EBIT | 75.4 | 102.9 |
| Financial income | 3.1 | 5.9 |
| Financial expenses | (17.3) | (15.4) |
| NET FINANCIAL INCOME (LOSS) (1) | (14.2) | (9.5) |
| Income tax | (20.4) | (30.6) |
| Share of net profit of companies under the equity method | 45.7 | 29.4 |
| PROFIT FROM CONTINUING OPERATIONS | 86.5 | 92.2 |
| Gain or loss on discontinued operations | 0.0 | 0.0 |
| CONSOLIDATED NET INCOME | 86.5 | 92.2 |
| - Including non-controlling interests | 6.1 | 12.7 |
| CONSOLIDATED NET INCOME (GROUP SHARE) | 80.4 | 79.5 |
| Earnings per share (in euros) | 0.378 | 0.354 |
| Diluted earnings per share (in euros) | 0.378 | 0.354 |
| Weighted average number of shares | 212,445,454 | 224,353,599 |
| Weighted average number of shares (diluted) | 212,772,099 | 224,789,653 |
(1) Excluding the impact of put, the net financial income is €(13.2) million for the first half of 2016, compared to €(13.1) million for the first half of 2015.
| In million euros | 1st half of 2016 |
1st half of 2015 |
|---|---|---|
| CONSOLIDATED NET INCOME | 86.5 | 92.2 |
| Translation reserve adjustments on foreign operations (1) | (38.2) | 75.7 |
| Translation reserve adjustments on net foreign investments | 3.9 | (0.5) |
| Cash flow hedges | 1.4 | (0.9) |
| Tax on the other comprehensive income subsequently released to net income | 0.0 | 0.2 |
| Share of other comprehensive income of companies under equity method (after tax) | (0.6) | 21.9 |
| Other comprehensive income subsequently released to net income | (33.5) | 96.4 |
| Change in actuarial gains and losses on post-employment benefit plans and assets ceiling |
(13.8) | 0.0 |
| Tax on the other comprehensive income not subsequently released to net income | 3.7 | (0.1) |
| Share of other comprehensive income of companies under equity method (after tax) | (6.4) | (2.2) |
| Other comprehensive income not subsequently released to net income | (16.5) | (2.3) |
| Total other comprehensive income | (50.0) | 94.1 |
| TOTAL COMPREHENSIVE INCOME | 36.5 | 186.3 |
| - Including non-controlling interests | 5.6 | 14.3 |
| TOTAL COMPREHENSIVE INCOME - GROUP SHARE | 30.9 | 172.0 |
(1) For the first half of 2016, translation reserve adjustments on foreign transactions were mainly related to changes in exchange rates, of which €(28.7) million in the United Kingdom. The item also included a €1.9 million transfer in the income statement of translation reserve adjustments related to the changes in the scope of consolidation.
For the first half of 2015, translation reserve adjustments on foreign transactions were mainly related to changes in exchange rates, of which €23.8 million in the United Kingdom and €21.2 million in Hong Kong.
| In million euros | 1st half of 2016 | 1st half of 2015 |
|---|---|---|
| Net income before tax | 106.9 | 122.8 |
| Share of net profit of companies under the equity method | (45.7) | (29.4) |
| Dividends received from companies under the equity method | 36.4 | 51.8 |
| Expenses related to share-based payments | 2.0 | 1.5 |
| Depreciation. amortisation and provisions (net) | 83.4 | 110.3 |
| Capital gains and losses & net income (loss) on changes in scope | 1.5 | 0.1 |
| Net discounting expenses | 3.2 | (1.0) |
| Net interest expense | 6.7 | 5.5 |
| Financial derivatives. translation adjustments & other | (6.6) | 13.0 |
| Change in working capital | (0.8) | (27.5) |
| Change in inventories | (33.0) | (12.4) |
| Change in trade and other receivables | (0.4) | (31.7) |
| Change in trade and other payables | 32.6 | 16.6 |
| CASH PROVIDED BY OPERATING ACTIVITIES | 187.0 | 247.1 |
| Interest paid | (14.2) | (15.9) |
| Interest received | 2.7 | 3.8 |
| Income taxes paid | (40.4) | (51.0) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 135.1 | 184.0 |
| Cash payments on acquisitions of intangible assets and property. plant and equipment |
(74.6) | (94.0) |
| Cash payments on acquisitions of financial assets (long-term investments) net of cash acquired (1) |
(84.6) | (92.3) |
| Acquisitions of other financial assets | (3.8) | (23.2) |
| Total investments | (163.0) | (209.5) |
| Cash receipts on proceeds on disposal of intangible assets and property. plant and equipment |
1.1 | 5.5 |
| Cash receipts on proceeds on disposal of financial assets (long-term investments) net of cash sold (1) |
0.0 | 1.5 |
| Proceeds on disposal of other financial assets | 7.6 | 2.0 |
| Total asset disposals | 8.7 | 9.0 |
| NET CASH USED IN INVESTING ACTIVITIES | (154.3) | (200.5) |
| Dividends paid | (128.3) | (120.3) |
| Purchase of treasury shares | 0.0 | (2.4) |
| Cash payments on acquisitions of non-controlling interests | (14.0) | (0.2) |
| Repayment of long-term borrowings | (80.8) | (170.3) |
| Repayment of finance lease debt | (3.9) | (4.0) |
| Acquisitions and disposals of treasury financial assets | 22.9 | 0.0 |
| Cash outflow from financing activities | (204.1) | (297.2) |
| Cash receipts on proceeds on disposal of interests without loss of control | 1.4 | 0.0 |
| Capital increase | 5.9 | 16.6 |
| Increase in long-term borrowings | 753.6 | 10.2 |
| Cash inflow from financing activities | 760.9 | 26.8 |
| NET CASH USED IN FINANCING ACTIVITIES | 556.8 | (270.4) |
| CHANGE IN NET CASH POSITION | 537.6 | (286.9) |
| Net cash position beginning of period | 218.4 | 783.2 |
| Effect of exchange rate fluctuations and other movements | (1.2) | 14.4 |
| Net cash position end of period (2) | 754.8 | 510.7 |
(1) Including €3.9 million of net cash acquired and sold for the 1st half of 2016, compared to €10.8 million for the 1st half of 2015.
(2) Including €768.3 million in cash and cash equivalents and €13.5 million in bank overdrafts as of 30 June 2016, compared to €526.2 million and €15.5 million, respectively, as of 30 June 2015.
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