Earnings Release • Mar 5, 2015
Earnings Release
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Paris, March 5 th, 2015 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its results for the year ended December 31st , 2014. The accounts are audited and certified.
Following the adoption of IFRS 11 from January 1 st , 2014, the operating data presented below is adjusted to include our prorata share in companies under joint control, and therefore is comparable with historical data. Please refer to the paragraph "Adjusted data" on pages 3 and 4 of this release for the definition of adjusted data and reconciliation with IFRS.
Commenting on the 2014 results, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
"In 2014, JCDecaux achieved another year of record revenues and operating margin, together with particularly solid free cash flow, notably thanks to the return of positive organic growth in Rest of Europe. In a volatile environment, we have proven once again the strength of our business model with 34% of our revenues coming from fast-growing countries and 9% from our premium digital portfolio still largely focused in 3 countries including the UK, where digital already represents 33% of advertising revenues.
2014 was marked by both the successful launch of our São Paulo advertising clocks and the completion of the integration of Eumex which give us a strong platform to drive organic growth in Latin America. We were also very pleased to recently announce the signing of a contract for the acquisition of Continental Outdoor in Africa. This will enable us to become the market leader with the largest platform for growth in Africa. We will continue to focus on organic growth and to selectively invest in value accretive acquisitions.
The strength of our balance sheet remains a key competitive advantage that will allow us to pursue further external growth opportunities as they arise and to optimize the Group's financial structure. Consequently, at the Annual General Meeting, the Company is recommending the
payment of a dividend of €0.50 per share and intends, following the Annual General Meeting and in accordance with the framework that will have been set thereby, to launch a share buyback by way of an OPAS for up to €500 million, with subsequent cancellation of the shares bought back.
Regarding Q1 2015, we expect our organic revenue growth rate to be at around 3%.
Looking forward, we remain convinced that out-of-home retains its strength and attractiveness in an increasingly fragmented media landscape. With our accelerating exposure to fast growing markets, our growing premium digital portfolio, 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."
As reported on January 27th , 2015, consolidated adjusted revenues increased by +5.1% to €2,813.3 million in 2014. Adjusted organic revenue growth of +3.8% was driven by the strength of our Transport segment, especially in Asia-Pacific. Adjusted organic revenue growth in the Street Furniture segment was up in 2014 in Europe (including France and the UK) and Asia-Pacific, reinforced by the strong growth of Rest of the World markets. The Billboard segment continued to remain challenging throughout the year with an encouraging Q4 in Europe (including France and the UK).
In 2014, the Group adjusted operating margin increased by +1.0% to €630.0 million from €623.6 million in 2013. The adjusted operating margin as a percentage of consolidated revenues was 22.4%, 90 basis points below the previous year.
| 2014 | 2013 | Change 14/13 | ||||
|---|---|---|---|---|---|---|
| (€m) | % of revenues |
(€m) | % of revenues |
Change (%) |
Margin rate (bp) |
|
| Street Furniture | 408.0 | 32.0% | 391.0 | 32.8% | +4.3% | -80bps |
| Transport | 175.7 | 16.3% | 170.2 | 16.8% | +3.2% | -50bps |
| Billboard | 46.3 | 10.1% | 62.4 | 13.3% | -25.8% | -320bps |
| Total | 630.0 | 22.4% | 623.6 | 23.3% | +1.0% | -90bps |
Street Furniture: Adjusted operating margin increased by +4.3% to €408.0 million in 2014. As a percentage of revenues, the adjusted operating margin decreased by -80bps to 32.0% due to new contracts in emerging markets where operating charges increased while revenues were still ramping up, partially offset by continued cost control throughout all geographies.
Transport: Adjusted operating margin increased by +3.2% to €175.7 million in 2014. As a percentage of revenues, the adjusted operating margin slightly decreased by -50bps at 16.3%, partly due to a different mix of revenues in China and to the start-up of new contracts in the US (Boston airport and renewal of Los Angeles airport).
Billboard: Adjusted operating margin decreased by -25.8% to €46.3 million in 2014. As a percentage of revenues, adjusted operating margin decreased by -320bps to 10.1%. It reflects the difficult conditions in the traditional billboard business where both in the UK and France there are still too many operators. As far as Russia is concerned, the market conditions remain very tough.
In 2014, adjusted EBIT before impairment charge decreased by -4.7% to €334.9 million compared to €351.6 million in 2013. As a percentage of consolidated revenues, this represented a -120bps decrease to 11.9%, from 13.1% in 2013. Consumption of maintenance spare parts slightly increased. Net amortization and provisions were up compared to last year. Other operating income and expenses slightly decreased.
The difficult market conditions in North America and the on-going geo-political tensions in Ukraine led to the booking of a -€31.8 million impairment charge as a result of impairment tests conducted on tangible and intangible assets and net asset of joint-controlled entities. Adjusted EBIT after impairment charge increased to €303.1 million compared to €219.6 million in 2013.
In 2014, net financial income was -€26.2 million compared to -€23.4 million in 2013. This evolution is mainly due to foreign exchange effect.
Share of net profit from equity affiliates increased to €70.3 million compared to €68.8 million last year, mainly due to APG|SGA result in Switzerland.
In 2014, net income Group share before impairment charge decreased by -1.9% to €215.6 million, compared to €219.8 million in 2013.
Taking into account the -€21.3 million impact from the impairment charge, net income Group share increased by +114.7% to €194.3 million compared to €90.5 million in 2013.
The decrease in net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) to €200.2 million is in line with our expectations.
Adjusted free cash flow was €297.9 million in 2014, increasing by +65.7% compared to €179.8 million in 2013. This increase is due to the higher operating cash flow, a lower level of capex (in line with our expectations) and a strong improvement of the change in working capital requirement.
The Group was fully deleveraged as of December 31st, 2014 with a net cash position of €83.5 million compared to a net debt position of €1.7 million as of December 31st , 2013.
At the next Annual General Meeting of Shareholders on May 13th, 2015, the Supervisory Board will recommend the payment of a dividend of €0.50 per share for the 2014 financial year, which represents a +4.2% increase compared to the previous year.
On the back of strong operating and financial performance, resulting in a net positive cash position of €83.5 million for the Group, the Executive Board of Directors has decided to optimize the Group's financial structure.
To this effect, JCDecaux announces its intention to buy back, by way of a Simplified Public Tender Offer ("Offre Publique d'Achat Simplifiée", OPAS), up to €500 million of its share capital. The terms thereof will be set after the Annual General Meeting which will take place on May 13th , 2015 and during which shareholders will be called to vote to renew or amend existing authorizations. JCDecaux Holding SAS has stated that it will tender shares pro rata to its ownership of JCDecaux capital. JCDecaux plans to cancel the shares bought back.
Under IFRS 11, applicable from January 1st, 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 will 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 shall comply with the Group's internal information, and the Group's external financial
communication will therefore rely on this operating financial information. Financial information and comments will therefore be based on "adjusted" data, consistent with historical data, which will be 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 2014, the impact of IFRS 11 on our adjusted aggregates was:
The full reconciliation between IFRS figures and adjusted figures is provided on page 6 of this release.
Q1 2015 revenues: May 6 th , 2015 (after market) Annual General Meeting of Shareholders: May 13th, 2015
+33 (0) 1 30 79 34 99 – [email protected] Investor Relations: Arnaud Courtial +33 (0) 1 30 79 79 93 – [email protected]
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.
| Profit & Loss | 2014 | 2013 | |||||
|---|---|---|---|---|---|---|---|
| €m | Adjusted | Impact of companies under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS | |
| Revenues | 2,813.3 | (331.1) | 2,482.2 | 2,676.2 | (342.1) | 2,334.1 | |
| Operating costs | (2,183.3) | 232.1 | (1,951.2) | (2,052.6) | 236.0 | (1,816.6) | |
| Operating margin | 630.0 | (99.0) | 531.0 | 623.6 | (106.1) | 517.5 | |
| Spare parts | (42.1) | 1.2 | (40.9) | (37.0) | 1.0 | (36.0) | |
| Amortization and provisions (net) | (254.2) | 19.0 | (235.2) | (236.5) | 18.9 | (217.6) | |
| Other operating income/ expenses | 1.2 | 0.9 | 2.1 | 1.5 | 2.0 | 3.5 | |
| EBIT before impairment charge | 334.9 | (77.9) | 257.0 | 351.6 | (84.2) | 267.4 | |
| Impairment charge (1) | (31.8) | 7.1 | (24.7) | (132.0) | 6.4 | (125.6) | |
| EBIT after impairment charge | 303.1 | (70.8) | 232.3 | 219.6 | (77.8) | 141.8 |
(1) Including impairment charge on net assets of companies under joint control
| Cash-flow Statement | |
|---|---|
| Cash-flow Statement | 2014 | 2013 | ||||||
|---|---|---|---|---|---|---|---|---|
| €m | Impact of companies Adjusted under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS | |||
| Funds from operations net of maintenance costs |
494.6 | (20.8) | 473.8 | 459.7 | (16.1) | 443.6 | ||
| Change in working capital requirement |
3.5 | 3.4 | 6.9 | (57.8) | 43.7 | (14.1) | ||
| Net cash flow from operating activities |
498.1 | (17.4) | 480.7 | 401.9 | 27.6 | 429.5 | ||
| Capital expenditure | (200.2) | 32.1 | (168.1) | (222.1) | 13.7 | (208.4) | ||
| Free cash flow | 297.9 | 14.7 | 312.6 | 179.8 | 41.3 | 221.1 |
| In million euros | 31/12/2014 | 31/12/2013 | 31/12/2012 |
|---|---|---|---|
| Restated (1) | Restated (1) | ||
| Goodwill | 1,170.8 | 1,125.4 | 1,259.1 |
| Other intangible assets | 299.6 | 270.1 | 279.7 |
| Property, plant and equipment | 1,022.6 | 1,018.0 | 1,028.8 |
| Investments under equity method | 475.2 | 485.3 | 392.3 |
| Financial investments | 0.8 | 1.1 | 2.1 |
| Other financial assets | 75.4 | 38.8 | 24.0 |
| Deferred tax assets | 31.1 | 20.2 | 22.9 |
| Current tax assets | 1.3 | 1.2 | 0.9 |
| Other receivables | 31.7 | 32.9 | 34.0 |
| NON-CURRENT ASSETS | 3,108.5 | 2,993.0 | 3,043.8 |
| Other financial assets | 5.5 | 16.3 | 18.4 |
| Inventories | 92.5 | 83.4 | 97.0 |
| Financial instruments | 2.0 | 0.0 | 0.0 |
| Trade and other receivables | 787.2 | 680.2 | 661.1 |
| Current tax assets | 6.2 | 6.8 | 11.0 |
| Financial assets for treasury management purposes | 41.8 | 40.7 | 0.0 |
| Cash and cash equivalents | 794.8 | 684.0 | 388.3 |
| CURRENT ASSETS | 1,730.0 | 1,511.4 | 1,175.8 |
| TOTAL ASSETS | 4,838.5 | 4,504.4 | 4,219.6 |
(1) The data is restated following the retrospective application of IFRS 11.
| In million euros | 31/12/2014 | 31/12/2013 | 31/12/2012 |
|---|---|---|---|
| Restated (1) | Restated (1) | ||
| Share capital | 3.4 | 3.4 | 3.4 |
| Additional paid-in capital | 1,064.7 | 1,052.3 | 1,021.3 |
| Consolidated reserves | 1,413.8 | 1,430.8 | 1,354.8 |
| Consolidated net income (Group share) | 194.3 | 90.5 | 164.3 |
| Other components of equity | (14.0) | (57.0) | (12.8) |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY |
2,662.2 | 2,520.0 | 2,531.0 |
| Non-controlling interests | (23.6) | (38.8) | (42.7) |
| TOTAL EQUITY | 2,638.6 | 2,481.2 | 2,488.3 |
| Provisions | 265.8 | 229.4 | 231.3 |
| Deferred tax liabilities | 81.6 | 86.9 | 91.4 |
| Financial debt | 544.8 | 626.7 | 138.3 |
| Debt on commitments to purchase non-controlling interests | 92.0 | 94.3 | 104.1 |
| Other payables | 14.8 | 15.5 | 25.7 |
| Financial instruments | 0.0 | 9.2 | 6.1 |
| NON-CURRENT LIABILITIES | 999.0 | 1,062.0 | 596.9 |
| Provisions | 37.1 | 35.0 | 30.5 |
| Financial debt | 193.1 | 77.8 | 259.4 |
| Debt on commitments to purchase non-controlling interests | 26.4 | 30.2 | 13.3 |
| Financial instruments | 5.6 | 0.8 | 22.5 |
| Trade and other payables | 891.8 | 780.1 | 763.7 |
| Income tax payable | 35.3 | 25.4 | 32.2 |
| Bank overdrafts | 11.6 | 11.9 | 12.8 |
| CURRENT LIABILITIES | 1,200.9 | 961.2 | 1,134.4 |
| TOTAL LIABILITIES | 2,199.9 | 2,023.2 | 1,731.3 |
| TOTAL EQUITY AND LIABILITIES | 4,838.5 | 4,504.4 | 4,219.6 |
(1) The data is restated following the retrospective application of IFRS 11.
| 2014 | 2013 | |
|---|---|---|
| In million euros | Restated (1) | |
| REVENUE | 2,482.2 | 2,334.1 |
| Direct operating expenses | (1,550.9) | (1,455.5) |
| Selling, general and administrative expenses | (400.3) | (361.1) |
| OPERATING MARGIN | 531.0 | 517.5 |
| Depreciation, amortisation and provisions (net) | (259.9) | (218.6) |
| Impairment of goodwill | 0.0 | (124.6) |
| Maintenance spare parts | (40.9) | (36.0) |
| Other operating income | 12.7 | 17.5 |
| Other operating expenses | (10.6) | (14.0) |
| EBIT | 232.3 | 141.8 |
| Financial income | 9.8 | 10.1 |
| Financial expenses | (42.3) | (36.0) |
| NET FINANCIAL INCOME (LOSS) | (32.5) | (25.9) |
| Income tax | (69.8) | (81.7) |
| Share of net profit of companies under equity method | 70.3 | 68.8 |
| PROFIT OF THE YEAR FROM CONTINUING OPERATIONS | 200.3 | 103.0 |
| Gain or loss on discontinued operations | ||
| CONSOLIDATED NET INCOME | 200.3 | 103.0 |
| - Including non-controlling interests | 6.0 | 12.5 |
| CONSOLIDATED NET INCOME (GROUP SHARE) | 194.3 | 90.5 |
| Earnings per share (in euros) | 0.868 | 0.407 |
| Diluted earnings per share (in euros) | 0.866 | 0.406 |
| Weighted average number of shares | 223,845,979 | 222,681,270 |
| Weighted average number of shares (diluted) | 224,355,679 | 222,949,017 |
(1) The data is restated following the retrospective application of IFRS 11.
| 2014 | 2013 | |
|---|---|---|
| In million euros | Restated (1) | |
| CONSOLIDATED NET INCOME | 200.3 | 103.0 |
| Translation reserve adjustments on foreign operations (2) | 71.8 | (40.8) |
| Translation reserve adjustments on net foreign investments | 1.6 | (1.9) |
| Cash flow hedges | 1.2 | (0.1) |
| Tax on the other comprehensive income subsequently released to net income (3) | (0.2) | 0.3 |
| Share of other comprehensive income of companies under equity method (after | ||
| tax) | (18.5) | (11.4) |
| Other comprehensive income subsequently released to net income | 55.9 | (53.9) |
| Change in actuarial gains and losses on post-employment benefit plans and assets | ||
| ceiling | (9,8) | 2.8 |
| Tax on the other comprehensive income not subsequently released to net income | 2.9 | (1.3) |
| Share of other comprehensive income of companies under equity method (after | ||
| tax) | (3.5) | 6.8 |
| Other comprehensive income not subsequently released to net income | (10.4) | 8.3 |
| Total other comprehensive income | 45.5 | (45.6) |
| TOTAL COMPREHENSIVE INCOME | 245.8 | 57.4 |
| - Including non-controlling interests | 8.5 | 11.1 |
| TOTAL COMPREHENSIVE INCOME - GROUP SHARE | 237.3 | 46.3 |
(1) The data is restated following the retrospective application of IFRS 11.
(2) In 2014, the translation reserve adjustments on foreign transactions were related to changes in foreign exchange rates, of which €39.0 million in Hong Kong, €16.8 million in the United Kingdom, €6.3 million in the United States and €6.0 million in the United Arab Emirates. The item also included a €0.2 million transfer in the income statement following the takeover of MCDecaux Inc. (Japan), of JCDecaux BigBoard AS (Czech Republic) and of Beijing JCDecaux Pearl & Dean (previously Beijing Gehua JCD Advertising Co, Ltd) (China).
In 2013, the translation reserve adjustments on foreign transactions were related to changes in foreign exchange rates, of which €(11.2) million in Hong Kong, €(9.9) million in Australia, €(6.3) million in Brazil, €(4.6) million in the United Kingdom, €(3.0) million in France and €(2.4) million in Norway. The item also included a €2.3 million transfer in the income statement following the acquisition of joint control of Russ Outdoor (Russia), the 5% decrease of the financial interests in the BigBoard group (Ukraine), the liquidation of Guangzhou Yong Tong Metro Advertising Ltd. (China) and the liquidation of Xpomera AB (Sweden).
(3) In 2014, tax on the other comprehensive income subsequently released to net income was related to the translation reserve adjustments on net foreign investments.
In 2013, tax on the other comprehensive income subsequently released to net income was related to the translation reserve adjustments on net foreign investments.
| Equity attributable to the owners of the parent company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Additional | Retained | Non | |||||||||||
| Share | paid-in | controlling | |||||||||||
| Capital | capital | earnings | Other components of equity | Total | interests | Total | |||||||
| In million euros | Cash flow hedges |
Available for-sale securities |
Translation reserve adjustments |
Reva luation reserves |
Actuarial gains and losses/ assets ceiling |
Other | Total other compo nents |
||||||
| Equity as of 31 December 2012 restated (1) |
3.4 | 1,021.3 | 1,519.1 | (0.2) | (0.1) | 27.3 | 0.9 | (41.5) | 0.8 | (12.8) | 2,531.0 | (42.7) | 2,488.3 |
| Capital increase (2) | 0.0 | 28.4 | (0.6) | 0.0 | 27.8 | (1.4) | 26.4 | ||||||
| Distribution of dividends | (97.7) | 0.0 | (97.7) | (11.7) | (109.4) | ||||||||
| Share-based payments | 2.6 | 0.0 | 2.6 | 2.6 | |||||||||
| Debt on commitments | |||||||||||||
| to purchase | |||||||||||||
| non-controlling interests (3) | 0.0 | 0.0 | (4.6) | (4.6) | |||||||||
| Change in consolidation scope (4) |
10.1 | 0.0 | 10.1 | 10.6 | 20.7 | ||||||||
| Consolidated net income | 90.5 | 0.0 | 90.5 | 12.5 | 103.0 | ||||||||
| Other comprehensive | |||||||||||||
| income | (0.1) | (52.3) | 8.2 | (44.2) | (44.2) | (1.4) | (45.6) | ||||||
| Total comprehensive | |||||||||||||
| income | 0.0 | 0.0 | 90.5 | (0.1) | 0.0 | (52.3) | 0.0 | 8.2 | 0.0 | (44.2) | 46.3 | 11.1 | 57.4 |
| Other | (0.1) | 0.0 | (0.1) | (0.1) | (0.2) | ||||||||
| Equity as of 31 December 2013 restated (1) |
3.4 | 1,052.3 | 1,521.3 | (0.3) | (0.1) | (25.0) | 0.9 | (33.3) | 0.8 | (57.0) | 2,520.0 | (38.8) | 2,481.2 |
| Capital increase (2) | 0.0 | 9.4 | (0.5) | 0.0 | 8.9 | 1.5 | 10.4 | ||||||
| Distribution of dividends | (107.3) | 0.0 | (107.3) | (12.3) | (119.6) | ||||||||
| Share-based payments | 3.0 | 0.0 | 3.0 | 3.0 | |||||||||
| Debt on commitments to purchase |
|||||||||||||
| non-controlling interests (3) Change in consolidation |
0.0 | 0.0 | 12.4 | 12.4 | |||||||||
| scope (4) | 0.6 | 0.0 | 0.6 | 5.1 | 5.7 | ||||||||
| Consolidated net income | 194.3 | 0.0 | 194.3 | 6.0 | 200.3 | ||||||||
| Other comprehensive | |||||||||||||
| income | 1.2 | 52.1 | (10.3) | 43.0 | 43.0 | 2.5 | 45.5 | ||||||
| Total comprehensive | |||||||||||||
| income | 0.0 | 0.0 | 194.3 | 1.2 | 0.0 | 52.1 | 0.0 | (10.3) | 0.0 | 43.0 | 237.3 | 8.5 | 245.8 |
| Other | (0.3) | 0.0 | (0.3) | (0.3) | |||||||||
| Equity as of 31 December 2014 |
3.4 | 1,064.7 | 1,608.1 | 0.9 | (0.1) | 27.1 | 0.9 | (43.6) | 0.8 | (14.0) | 2,662.2 | (23.6) | 2,638.6 |
(1) The data is restated following the retrospective application of IFRS 11.
(2) Increase in JCDecaux SA's additional paid-in capital related to the exercise of stock options and the delivery of bonus shares and share of non-controlling interests in capital increases and capital decreases of controlled entities.
(3) In 2014, write-back of a commitment to purchase non-controlling interests that had not been exercised. In 2013, new commitment to purchase non-controlling interests related to changes in consolidation scope. Discounting impacts were recorded in the income statement under the line item "Consolidated net income" in "Non-controlling
interests" for €(6.3) million in 2014 compared to €(2.5) million in 2013. (4) In 2014, changes in consolidation scope, primarily following the acquisition of 85% of Eumex group (Latin America), the takeover of the company MCDecaux Inc. (Japan) due to the acquisition of an additional interest of 25% and the disposal without loss of control of JCDecaux Chile SA (Chile) shares by JCDecaux Amériques Holding (France) to Equipamientos Urbanos de Mexico SA de CV (Mexico).
In 2013, changes in consolidation scope, primarily following the acquisition of 24.9% interest in Ankünder GmbH (Austria) and the disposal without loss of control of 20% of JCDecaux Korea (South Korea).
| Restated (1) In million euros Net income before tax 270.1 184.7 Share of net profit of companies under equity method (70.3) (68.8) Dividends received from companies under equity method 63.0 75.3 Expenses related to share-based payments 3.0 2.6 Depreciation, amortisation and provisions (net) 263.5 342.7 Capital gains and losses and net income (loss) on changes in scope (5.0) (11.2) Net discounting expenses 13.4 10.1 Net interest expense 11.8 11.8 Financial derivatives, translation adjustments and other 19.4 (10.2) Change in working capital 6.9 (14.1) Change in inventories (0.1) 11.8 Change in trade and other receivables (47.0) (56.4) Change in trade and other payables 54.0 30.5 CASH PROVIDED BY OPERATING ACTIVITIES 575.8 522.9 Interest paid (20.8) (12.2) Interest received 7.8 8.0 Income taxes paid (82.1) (89.2) NET CASH PROVIDED BY OPERATING ACTIVITIES 480.7 429.5 Cash payments on acquisitions of intangible assets and property, plant and equipment (172.5) (232.3) Cash payments on acquisitions of financial assets (long-term investments) net of cash acquired (52.8) (83.1) Acquisitions of other financial assets (42.0) (18.4) Total investments (267.3) (333.8) Cash receipts on proceeds on disposal of intangible assets and property, plant and equipment 4.4 23.9 Cash receipts on proceeds on disposal of financial assets (long-term investments) net of cash sold 0.0 3.2 Proceeds on disposal of other financial assets 6.7 12.2 Total asset disposals 11.1 39.3 NET CASH USED IN INVESTING ACTIVITIES (256.2) (294.5) Dividends paid (119.6) (109.4) Capital decrease 0.0 (2.2) Cash payments on acquisitions of non-controlling interests (0.7) (0.1) Repayment of long-term debt (24.8) (231.1) Repayment of debt (finance lease) (6.4) (4.6) Acquisitions and disposals of financial assets held for treasury management purposes 0.0 (40.0) Cash outflow from financing activities (151.5) (387.4) Cash receipts on proceeds on disposal of interests without loss of control 0.1 5.1 Capital increase 10.4 28.6 Increase in long-term borrowings 19.4 523.5 |
2014 | 2013 | |
|---|---|---|---|
| Cash inflow from financing activities | 29.9 | 557.2 | |
| NET CASH USED IN (PROVIDED BY) FINANCING ACTIVITIES (121.6) 169.8 |
|||
| CHANGE IN NET CASH POSITION 102.9 304.8 |
|||
| Net cash position beginning of period 672.1 375.5 |
|||
| Effect of exchange rate fluctuations and other movements 8.2 (8.2) |
|||
| Net cash position end of period (2) 783.2 672.1 |
(1) The data is restated following the retrospective application of IFRS 11.
(2) Including €794.8 million in cash and cash equivalents and €(11.6) million in bank overdrafts as of 31 December 2014, compared to €684.0 million and €(11.9) million, respectively, as of 31 December 2013.
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