Earnings Release • Sep 7, 2020
Earnings Release
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| Informazione Regolamentata n. 0533-40-2020 |
Data/Ora Ricezione 07 Settembre 2020 19:58:47 |
MTA - Star | |
|---|---|---|---|
| Societa' | : | ESPRINET | |
| Identificativo Informazione Regolamentata |
: | 136678 | |
| Nome utilizzatore | : | ESPRINETN02 - PERFETTI GIULIA | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 07 Settembre 2020 19:58:47 | |
| Data/Ora Inizio Diffusione presunta |
: | 07 Settembre 2020 19:58:48 | |
| Oggetto | : | H1 2020 SIGNIFICANTLY GROWING: EBITDA ADJ. +16%, ROCE 11.4%, |
POSITIVE NFP OF EURO 113.2 MILLION |
| Testo del comunicato |
Vedi allegato.
• Net Financial Position: positive for Euro 113.2 million (H1 2019: negative for Euro 183.1 million)
Vimercate (Monza Brianza), 7 September 2020 - On today's date, the Board of Directors of ESPRINET (PRT:IM) approved the Consolidated Half-Year Financial Report as at 30 June 2020.
Alessandro Cattani, Chief Executive Officer of ESPR Cattani INET: "Strong competitive position, clarity of goals, cohesion and flexibility of the team, breadth of the product portfolio, and financial strength confirmed the central role of ESPRINET in the IT supply chain. Despite the interruptions to the supply chain, the containment measures adopted by Governments and the uncertainty of the economic context, we have guaranteed and continue to ensure reliability and stability to suppliers and customers by satisfying the growing demand for digitalisation.
We registered the best ROCE result in the last 18 quarters thanks to the strong focus on improving the working capital.
We continue to develop our portfolio in areas with the greatest long-term growth potential: the acquisition of GTI, the leading distributor of "cloud" software and solutions in Spain, for which the Spanish Anti-Trust authorisation was obtained, is an important step in this direction. The results of the first half and the excellent performances in July and August, which recorded a 32% increase in revenues over the same two-month period of 2019 (up by roughly Euro 180 million), allow us to estimate, not counting the effect of the consolidation of GTI, sales of more than Euro 4.3 billion , the EBITDA Adjusted expected to be in a range between Euro 56 million and Euro 61 million in 2020, strongly growing compared to 2019, prelude to the progressive focus on profitability as main driver for ROCE growth".
1Gross of Euro 1.1 million in non-recurring expenses according to the definition of CONSOB resolution no. 15519 of 27 July 2006 and Consob Communication no. DEM/6064293 of 28 July 2006, relating for Euro 0.9 million to the costs incurred in the transaction aimed at the acquisition of the Spanish distributor of software and cloud solutions GTI Software y Networking S.A. ("GTI"), and for Euro 0.2 million to the costs incurred to deal with the Covid-19 pandemic.
In H1 2020, the large-scale and inevitable use of smart working and e-learning required rapid and effective implementation of the most cutting edge IT solutions, as well as the full availability of devices: in this context, the Group, thanks to the completeness of its portfolio of end-to-end products and solutions, has provided a speedy and effective response to customers' needs, confirming its role as a one-stop-shop in the IT supply chain.
The IT Clients market2 recorded growth of 6%, driven by the significant increase in demand for PCs, with double-digit growth from March, while Printing fell by -9% in the first half. As regards the Consumer Electronics market, the drivers of post-lockdown growth were Smartphones (+64% in June 2020) and White Goods (+61% in May 2020, +43% in June 2020). Advanced Solutions posted growth of 5% in the first half, propelled by the demand for Software, Services, Cloud, able to offset the lower demand for Hardware components (-5%).
Sales rose to Euro Sales1,834.7 1,834.7 1,834.7 million, +7%compared to Euro 1,717.5 million in H1 2019, with +15% in the Consumer Electronics segment, driven by the growth of +23% in Smartphones, and +5% increase in the IT Clients segment due to the notable increase in PCs (+11%). In the Advanced Solutions segment, sales relating to Software, Services and Cloud rose by +21%, also thanks to the investments by companies and Government institutions to guarantee the remote operation of its activities.
After a Q1 2020 with revenues up by +4% to Euro 913.8 million, in Q2 2020, the Group recorded Sales of Euro 920.9 million, +9% compared to Q2 2019 (Euro 842.0 million), thanks to the brilliant performances in May and June, which more than offset the drop of -19% registered in April. ESPRINET strengthened its market shares and, in Q2 2020, recorded the best result in the last few years in all reference markets.
The favorable trend in sales is further confirmed in the two-month period July-August which recorded sales up by about 180 million euros, equal to + 32% on the same two-month period in 2019
In H1 2020, the Group's reference markets recorded growth: according to Context data, the market in Italy stands at Euro 3.9 billion (+7.9% compared to H1 2019), while Spain is worth Euro 2.6 billion (+2.9% over H1 2019) and Portugal is worth approximately Euro 652 million (+7.9%). ESPRINET outperformed the market in Spain (+10%) and Portugal (+68%), rewarding the investments made for the on-site warehouse; the Italian market grew by +6%. After a first twomonth period which posted significant growth, the market fell in the March-April two-month period due to the containment measures put in place by Governments; May witnessed growth in the Italian market and a slowdown in the decline in the Spanish market, while June confirmed the recovery in all markets (+35% in Italy, +19% in Spain and +19% in Portugal).
2 Source: Context
In H1 2020, the market recorded growth of +5% in the Business Segment, and +7% in the Consumer Segment. The monthly performance shows, for IT Resellers (Business Segment) continuous growth and significant resilience in April (-6.6%) also favoured by many "smart working" projects implemented by companies and Government institutions; the Consumer Segment instead recorded a significant slump in volumes in the March-April two-month period (-14% and -23% respectively) due to the long period of closure of the sales points, only partially offset by the better performance of on-line sales, then recorded double-digit post-lockdown growth of +50% in June.
Group Sales recorded an increase in both the Business Segment (+6%) and the Consumer Segment (+7%); in this context ESPRINET helped to guarantee the business continuity of end users of IT Resellers, also dealing with spikes in post-lockdown demand of the Retailer / E-tailer channel.
The Gross Sales Margin Gross Sales Margin Gross Sales Margin came to Euro 82.8 million, marking an increase of +2% compared to H1 2019 (Euro 81.4 million) due to higher sales, which offset the slight reduction in the percentage margin (4.51% compared to 4.74%) and despite the diluting effect linked to the significant drop in sales and corresponding margin of Celly caused by the partial suspension of activities.
EBITDA A EBITDA Adjusted, djusted, amounted to Euro 24.0 million, +16% compared to Euro 20.6 million in H1 2019, calculated gross of one-off costs of Euro 1.1 million (Euro 0.9 million linked to the transaction aimed at the acquisition of GTI, and Euro 0.2 million incurred to deal with the Covid-19 pandemic).
EBIT Adjusted Adjusted, gross of Euro 2.2 million in non-recurring expenses (Euro 1.1 million of one-off costs abovementioned and Euro 1.1 million of goodwill impairment related to the CGU attributable to the distribution of accessories of mobile phones which Celly deals with) , therefore came to Euro 16.8 million, +20% compared to Euro 14.0 million in the H1 2019. EBIT was equal to 14.6 million euro, showing an incr EBIT ease of +4% compared to H1 2019.
Profit before income taxes stood at Euro 10.7 millio taxes n (+5% compared to Euro 10.2 million in H1 2019)
Net Income Income amounted to Euro 7.7 million, +1% (Euro 7.6 million in H1 2019).
The Cash Conversion Cycle3 recorded the best performance ever, closing at 12 days, a reduction of -8 days compared to Q1 2020, -16 days compared to Q2 2019 and -22 days with respect to the peak at the start of 2018. In particular, the inventory days fell by 1 day compared to Q1 2020 (4 days compared to Q2 2019), DSO dropped by 1 day compared to Q1 2020 and Q2 2019 and DPO rose by 6 days compared to Q1 2020 (11 days with respect to Q2 2019).
3 Equal to the days of turnover of operating net working capital calculated as the sum of trade receivables, inventories and trade payables.
The Net Financial Position, influenced by technical factors such as the seasonality of the business and the dynamics of the behavioural models of customers and suppliers in the different periods of the year which therefore do not make it representative of the average levels of net financial debt observed in the half year, was a positive Euro 113.2 million, marking a significant improvement compared to 31 March 2020 (negative for Euro 127.1 million) and compared to 30 June 2019 (negative for Euro 183.1 million),
It benefits from a better management of Working Capital (equal to Euro 61.5 million compared to Euro 285.5 million as at 31 March 2020 and Euro 339.8 million as at June 30 2019) whose result is influenced also by the degree of use of factoring, securitization and technical forms of advance collection of receivables showing the same effects – i.e. 'confirming' -, programs which generated an overall impact on consolidated net financial debt of approximately Euro 343 million, in line with the Euro 334 million as at 30 June 2019.
The ROCE recorded a significant increase increase, sitting at 11.4%, compared to 8.4% in H1 2019.
| €/millions | H1 2020 | Q1 2020 | H1 2019 |
|---|---|---|---|
| Operating income (EBIT) LTM4 | 42.6 | 40.7 | 42.5 |
| Average net invested capital5 | 277.3 | 350.7 | 379.3 |
| ROCE6 | 11.4% | 8.7% | 8.4% |
The main changes related to this trend can be summarised as follows:
The officer charged with the drawing up of the accounting documents of the Company, Pietro Aglianò, declares that, in compliance with the provisions of paragraph 2 of art. 154-bis of Legislative Decree No. 58/1998 (T.U.F. - Finance Consolidation Act), the financial data shown in this press release corresponds to the findings resulting from accounting documents, books and accounting records.
4 Equal to the sum of the EBIT- excluding the effects of the IFRS16 accounting principle - of the last four quarters.
5 Equal to the average of "Loans" at the closing date of the period and at the four previous quarterly closing dates (excluding the equity effects of IFRS 16).
6 Equal to the ratio between (a) EBIT – excluding the effects of IFRS 16 – net of taxes calculated at the effective tax rate of the last set of published annual consolidated financial statements, and (b) average net invested capital.
Esprinet (PRT:IM – ISIN IT0003850929), with around Esprinet 1,300 employees and Euro 4 billion in turnover in 2019, is the leading company in Southern Europe (Italy, Spain and Portugal) in the distribution of Information Technology and Consumer Electronics to IT resellers, VARs, System Integrators, specialised stores, retailers and ecommerce portals, as well as the fourth largest distributor in Europe and in the top 10 at global level.
The Group supplies roughly 130,000 products (PCs, printers, accessories, software, cloud, datacentres & cybersecurity, smartphones, audio-video, TV, gaming, white goods, electric mobility) of more than 650 manufacturers to 31,000 business and consumer resellers through multiple sales models, both self-service (best-in-class e-commerce platform and Cash & Carry stores) and assisted (tele-sales and system engineers in the field).
In addition to providing traditional wholesale sales services (bulk breaking and credit), Esprinet has evolved into a genuine technology services hub, becoming a real enabler and simplifier of the use of technology. The Group provides, for example, a turnkey e-commerce platform to hundreds of resellers, in-shop management for thousands of retail sales points, specialised payment and financing solutions for the resellers community, by also offering the generation of demand by end users and big data analysis to the main technology manufacturers and resellers which outsource marketing activities increasingly more frequently.
Cloud services, collaboration software, video-conference systems, advanced IT infrastructures and specialised consumer electronics solutions such as connected household appliances or gaming platforms are the new areas of value added growth which fuel further increase in sales for the sector, while logistics and financial services, as well as the "consumption-based" sales model, offer future opportunities for margin growth.
The widespread use of technology and the need for quicker and simpler methods to make technologies increasingly more connected and diversified for people and companies, pave the way for further improvements of the technological distribution industry scenarios
Press release available on www.esprinet.com on
For more information:
Tel. +39 02 404961 Giulia Perfetti [email protected]
Tel. +39 02 45473884 Maria Antonietta Pireddu [email protected] Federico Nasta [email protected]
Paola Bramati Tel. +39 02 404961; Mobile +39 346 6290054 [email protected]
| euro/million millionmillion | H1 2020 | H1 2019 | Var. % |
|---|---|---|---|
| PC (notebook, tablet, desktop, monitor) | 704.5 | 633.8 | 11% |
| Printing devices and supplies | 193.5 | 210.8 | -8% |
| Other IT products | 115.4 | 118.2 | -2% |
| IT CLIENTS CLIENTS |
1.013.4 1.013.4 | 962.8 | 5% |
| Smartphones | 487.3 | 395.1 | 23% |
| White goods | 26.4 | 23.3 | 13% |
| Gaming (hardware e software) | 8.5 | 10.4 | -18% |
| Other consumer electronics products | 69.4 | 85.4 | -19% |
| CONSUMER ELECTRONICS ELECTRONICS |
591.6 | 514.2 | 15% |
| Hardware (networking, storage, server and others) | 174.3 | 204.4 | -15% |
| Software, Services, Cloud | 85.5 | 70.8 | 21% |
| ADVANCED SOLUTIONS ADVANCED |
259.8 | 275.2 | -6% |
| IFRS15 and other adjustments | (30.1) | (34.7) | -13% |
| SALES FROM CONTRACTS WITH CUSTOMERS FROM WITH CUSTOMERS USTOMERS |
1,834.7 1,834.7 | 1,717.5 1,717.5 | 7% |
| euro/million millionmillion | H1 2020 | H1 2019 | Var. % |
|---|---|---|---|
| Italy | 1,184.2 | 1,112.3 | 6% |
| Spain | 613.6 | 559.9 | 10% |
| Portugal | 23.0 | 13.7 | 68% |
| Other EU Countries | 8.8 | 21.3 | -59% |
| Extra EU Countries | 5.1 | 10.3 | -50% |
| SALES FROM CONTRACTS WITH CUSTOMERS FROM WITH CUSTOMERS |
1,834.7 1,834. |
1,717.5 1,717. |
7% |
| euro/million millionmillion | H1 2020 | H1 2019 | Var. % |
|---|---|---|---|
| IT Reseller (Business Segment) | 1,030.2 | 973.5 | 6% |
| Retailer / E-tailer (Consumer Segment) | 834.6 | 778.7 | 7% |
| IFRS15 and other adjustments | (30.1) | (34.7) | -13% |
| SALES FROM CONTRACTS WITH CUSTOMERS FROM WITH CUSTOMERS |
1,834.7 1,834.7 | 1,717.5 1,717.5 | 7% |
| (€/000) | H1 2020 | H1 2019 H1 2019 |
% Var. Var. |
Q2 2020 | Q2 2019 2019 | % Var. |
|---|---|---|---|---|---|---|
| Sales from contracts with customers Sales from customers |
1,834,676 1,834,676 |
1,717,485 1,717,485 1,717,485 | 7% | 920,914 920,914 | 842,020 842,020 | 9% |
| Cost of goods sold excl. factoring/securitisation | 1,750,181 | 1,634,060 | 7% | 879,483 | 800,534 | 10% |
| Financial cost of factoring/securisation(1) | 1,692 | 1,994 | -15% | 912 | 1,043 | -13% |
| Gross Profit(2) | 82,803 82,803 |
81,431 81,431 |
2% | 40,519 | 40,443 | 0% |
| Gross Profit % | 4.51% | 4.74% | 4.40% | 4.80% | ||
| Personnel costs | 32,961 | 32,450 | 2% | 16,077 | 16,184 | -1% |
| Other operating costs | 25,891 | 28,344 | -9% | 12,419 | 13,963 | -11% |
| EBITDA adjusted | 23,951 23,951 |
20,637 20,637 |
16% | 12,023 | 10,296 | 17% |
| EBITDA adjusted % | 1.31% | 1.20% | 1.31% | 1.22% | ||
| Depreciation e amortisation | 2,184 | 2,315 | -6% | 1,063 | 1,140 | -7% |
| IFRS 16 Right of Use depreciation | 4,939 | 4,339 | 14% | 2,475 | 1,917 | 29% |
| Goodwill impairment | - | - | n/s | - | - | n/s |
| EBIT adjusted | 16,828 16,828 | 13,983 | 20% | 8,485 | 7,239 | 17% |
| EBIT adjusted % | 0.92% | 0.81% | 0.92% | 0.86% | ||
| Non recurring costs(3) | 2,216 | - | 100% | 2,216 | - | 100% |
| EBIT | 14,612 14,612 |
13,983 13,983 |
4% | 6,269 | 7,239 | -13% |
| EBIT % | 0.80% | 0.81% | 0.68% | 0.86% | ||
| IFRS 16 interest expenses on leases | 1,682 | 1,358 | 24% | 834 | 312 | >100% |
| Other financial (income) expenses | 1,350 | 1,711 | -21% | 932 | 822 | 13% |
| Foreign exchange (gains) losses | 841 | 676 | 24% | (370) | 48 | <100% |
| Profit before income taxes Profit taxes |
10,739 10,739 |
10,238 | 5% | 4,873 | 6,057 | -20% |
| Income taxes | 3,056 | 2,661 | 15% | 1,127 | 1,411 | -20% |
| Net income | 7,683 7,683 |
7,577 7,577 |
1% | 3,746 | 4,646 | -19% |
(1) Cash discounts for 'non-recourse' advances of trade receivables as part of revolving factoring and securitization programs.
(2) Gross of amortization/depreciation that, by destination, would be included in the cost of sales.
(3) Of which Euro 1.1 million otherwise included in "Other operating costs in 2018 and 1.1 million euro otherwise included in "Goodwill Impairment".
| (€/000) | H1 | non - | H1 | non - |
|---|---|---|---|---|
| 2020 2020 |
recurring | 2019 2019 |
recurring | |
| Sales from contracts with customers | 1,834,676 | - | 1,717,485 | - |
| Cost of sales | (1,752,267) | - | (1,636,406) | - |
| Gross profit | 82,409 | - | 81,079 | - |
| Sales and marketing costs | (24,888) | - | (26,003) | - |
| Overheads and administrative costs | (42,065) | (2,216) | (40,306) | - |
| Impairment loss/reversal of financial assets | (844) | - | (787) | - |
| Operating income (EBIT) | 14,612 | (2,216) | 13,983 | - |
| Finance costs - net | (3,873) | - | (3,745) | - |
| Profit before income taxes | 10,739 | (2,216) | 10,238 | - |
| Income tax expenses | (3,056) | - | (2,661) | - |
| Net income | 7,683 | (1,904) | 7,577 | - |
| - of which attributable to non-controlling interests | (130) | 260 | ||
| - of which attributable to Group | 7,813 | (1,904) | 7,317 | - |
| Earnings per share - basic (euro) | 0.16 | 0.14 | ||
| Earnings per share - diluted (euro) | 0.16 | 0.14 |
| H1 | H1 | |
|---|---|---|
| (€/000) | 2020 2020 |
2019 |
| Net income (A) | 7,683 7,683 |
7,577 |
| Other comprehensive income: | ||
| - Changes in 'cash flow hedge' equity reserve | - | (100) |
| - Taxes on changes in 'cash flow hedge' equity reserve | - | (16) |
| - Changes in translation adjustment reserve | (1) | (2) |
| Other comprehensive income not be reclassified in the separate income statement: |
||
| - Changes in 'TFR' equity reserve | (24) | (208) |
| - Taxes on changes in 'TFR' equity reserve | 6 | 58 |
| Other comprehensive income (B): | (19) (19) |
(268) (268) |
| Total comprehensive income (C=A+B) | 7,664 7,664 |
7,309 7,309 |
| - of which attributable to Group | 7,799 | 7,057 |
| - of which attributable to non-controlling interests | (135) | 252 |
| Q2 | non - | Q2 | non - | |
|---|---|---|---|---|
| (€/000) | 2020 2020 |
recurring | 2019 2019 |
recurring |
| Sales from contracts with customers | 920,914 | - | 842,020 | - |
| Cost of sales | (880,598) | - | (801,751) | - |
| Gross profit | 40,316 | - | 40,269 | - |
| Sales and marketing costs | (11,803) | - | (12,793) | - |
| Overheads and administrative costs | (21,832) | (2,216) | (19,980) | - |
| Impairment loss/reversal of financial assets | (412) | - | (257) | - |
| Operating income (EBIT) | 6,269 | (2,216) | 7,239 | - |
| Finance costs - net | (1,396) | - | (1,182) | - |
| Profit before income taxes | 4,873 | (2,216) | 6,057 | - |
| Income tax expenses | (1,127) | 312 | (1,411) | - |
| Net income | 3,746 | (1,904) | 4,646 | - |
| - of which attributable to non-controlling interests | (70) | 269 | ||
| - of which attributable to Group | 3,816 | (1,904) | 4,377 | - |
| Earnings per share - basic (euro) | 0.08 | 0.09 | ||
| Earnings per share - diluted (euro) | 0.08 | 0.08 |
| Q2 | Q2 | |
|---|---|---|
| (€/000) | 2020 2020 |
2019 |
| Net income (A) | 7,683 7,683 |
7,577 |
| Other comprehensive income: | ||
| - Changes in 'cash flow hedge' equity reserve | - | (69) |
| - Taxes on changes in 'cash flow hedge' equity reserve | - | (8) |
| - Changes in translation adjustment reserve | (1) | (1) |
| Other comprehensive income not be reclassified in the separate income statement: |
||
| - Changes in 'TFR' equity reserve | (307) | (124) |
| - Taxes on changes in 'TFR' equity reserve | 85 | (3) |
| Other comprehensive income (B): | (223) (223) |
(205) (205) |
| Total comprehensive income (C=A+B) | 7,460 7,460 |
7,372 |
| - of which attributable to Group | 7,548 | 7,109 |
| - of which attributable to non-controlling interests | (88) | 263 |
| (€/000) | 30/06/2020 30/06/2020 |
31/12/2019 |
|---|---|---|
| Fixed assets | 220,342 | 226,007 |
| Operating net working capital | 61,459 | (121,027) |
| Other current assets/liabilities | (11,328) | (1,354) |
| Other non-current assets/liabilities | (18,042) | (16,879) |
| Total uses | 252,431 252,431 |
86,747 |
| Short-term financial liabilities | 52,364 | 35,862 |
| Lease liabilities | 8,673 | 8,597 |
| Financial receivables from factoring companies | (654) | (3,526) |
| Other financial receivables | (9,476) | (9,719) |
| Cash and cash equivalents | (333,237) | (463,777) |
| Net current financial debt | (282,330) | (432,563) |
| Borrowings | 73,277 | 61,045 |
| Lease liabilities | 96,323 | 100,212 |
| Other financial receivables | (495) | (969) |
| Net Financial debt (A) | (113,225) | (272,275) |
| Net equity (B) | 365,656 | 359,022 |
| Total sources of funds (C=A+ B) | 252,431 252,431 |
86,747 |
| (€/000) | 30/06/2020 30/06/2020 |
31/12/2019 31/12/2019 |
|---|---|---|
| ASSETS | ||
| Non - current assets | ||
| Property, plant and equipment | 11,219 | 11,824 |
| Right of use assets | 102,719 | 107,310 |
| Goodwill | 89,616 | 90,716 |
| Intangibles assets | 682 | 480 |
| Deferred income tax assets | 13,921 | 13,469 |
| Receivables and other non - current assets | 2,680 | 3,177 |
| 220,837 | 226,976 | |
| Curent assets | ||
| Inventory | 492,029 | 497,220 |
| Trade receivables | 396,762 | 470,999 |
| Income tax assets | 3,190 | 1,514 |
| Other assets | 30,660 | 40,956 |
| Cash and cash equivalents | 333,237 | 463,777 |
| 1,255,878 | 1,474,466 | |
| Total assets | 1,476,715 1,476,715 |
1,701,442 |
| EQUITY | ||
| Share capital | 7,861 | 7,861 |
| Reserves | 347,609 | 325,554 |
| Group net income | 7,813 | 23,099 |
| Group net equity | 363,283 | 356,514 |
| Non - controlling interest | 2,373 2,373 |
2,508 2,508 |
| Total equity | 365,656 365,656 |
359,022 359,022 |
| LIABILITIES | ||
| Non - current liabilities | ||
| Borrowings | 73,277 | 61,045 |
| Lease liabilities | 96,323 | 100,212 |
| Deferred income tax liabilities | 11,474 | 9,712 |
| Retirement benefit obligations | 4,743 | 4,669 |
| Provisions and other liabilities | 1,825 | 2,498 |
| 187,642 | 178,136 | |
| Current liabilities | ||
| Trade payables | 827,332 | 1,089,246 |
| Short-term financial liabilities | 52,364 | 35,862 |
| Lease liabilities | 8,673 | 8,597 |
| Income tax liabilities | 1,491 | 27 |
| Provisions and other liabilities | 33,557 | 30,552 |
| 923,417 | 1,164,284 | |
| Total liabilities | 1,111,059 1,111,059 |
1,342,420 1,342,420 |
| Total equity and liabilities | 1,476,715 1,476,715 |
1,701,442 1,701,442 |
| H1 H1 |
H1 H1 |
|
|---|---|---|
| (euro/000) | 2020 2020 |
2019 2019 |
| Cash flow provided by (used in) operating activities (D=A+B+C) s |
(154,417)(154,417) (154,417) |
(320,072) |
| Cash flow generated from operations (A) | 22,818 22,818 |
21,174 |
| Operating income (EBIT) | 14,612 | 13,983 |
| Depreciation, amortisation and other fixed assets write-downs | 8,222 | 6,653 |
| Net changes in provisions for risks and charges | (673) | 260 |
| Net changes in retirement benefit obligations | 33 | (341) |
| Stock option/grant costs | 624 | 619 |
| Cash flow provided by (used in) changes in working capital (B) capital (B) |
(172,896)(172,896) (172,896) |
(338,264) (338,264) |
| Inventory | 5,191 | 22,217 |
| Trade receivables | 74,237 | (4,578) |
| Other current assets | 5,505 | 2,796 |
| Trade payables | (261,844) | (349,059) |
| Other current liabilities | 4,015 | (9,640) |
| Other cash flow provided by (used in) operating activities (C) ivities |
(4,339) (4,339) |
(2,982) |
| Interests paid | (2,346) | (2,130) |
| Received interests | 63 | 39 |
| Foreign exchange (losses)/gains | (911) | (814) |
| Income taxes paid | (1,145) | (77) |
| Cash flow provided by (used in) investing activities (E) s (E) |
(2,105) (2,105) |
262 |
| Net investments in property, plant and equipment | (1,763) | (1,084) |
| Net investments in intangible assets | (365) | (129) |
| Net investments in other non current assets | 23 | (73) |
| 4Side business combination | - | 1,548 |
| Cash flow provided by (used in) financing activities (F) s (F) |
25,982 25,982 |
59,454 |
| Medium/long term borrowing | 24,000 | 47,000 |
| Repayment/renegotiation of medium/long-term borrowings | (7,785) | (20,238) |
| Net change in leasing liabilities | (4,086) | (4,520) |
| Net change in financial liabilities | 12,058 | 44,761 |
| Net change in financial assets and derivative instruments | 3,591 | (871) |
| Dividend payments | - | (6,919) |
| Own shares acquisition | (1,656) | - |
| Changes in third parties net equity | (140) | 241 |
| Net increase/(decrease) in cash and cash equivalents (G=D+E+F) s |
(130,540) (130,540) |
(260,356) (260,356) |
| Cash and cash equivalents at year-beginning | 463,777 | 381,308 |
| Net increase/(decrease) in cash and cash equivalents | (130,540) | (260,356) |
| Cash and cash equivalents at year-end | 333,237 333,237 |
120,952 120,952 |
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