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Smartphoto Group N.V.
Earnings Release • Mar 4, 2024
4001_er_2024-03-04_b65f59ee-fe93-45d3-972b-8684f6025b9c.pdf
Earnings Release
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PRESS RELEASE – Regulated information
Wetteren, 4 March, 2024 – 6.00 p.m.
smartphoto group - Euronext Brussels: SMAR
2023 ANNUAL RESULTS
Smartphoto group shows resilience and confirms with growth in turnover and profitability
Dividend proposal
- Increase in revenue from 76.3 million euro in 2022 to 77.3 million euro (+1.4%) in 2023, and this under difficult economic conditions.
- The EBITDA amounts to 13.1 million euro in 2023, an increase of 1.2%, compared to 2022 (13.0 million euro), due to strict cost control and increased margins.
- Increase in net profit from 5.5 million euro in 2022 to 6.9 million euro in 2023 (+26.2%).
- Increase in net cash of 1.3 million euro (+6.9%) from 18.4 million euro in 2022 to 19.7 million euro in 2023, and this notwithstanding the increased dividend payment and additional purchase of treasury shares. Net cash, excluding lease liabilities pursuant to IFRS 16, amounts to 23.3 million euro as at 31 December 2023, compared to 21.8 million euro as at 31 December 2022 (+6.9%).
- Proposal to pay a gross dividend for 2023 of 1.05 euro per share (or a 5.0% increase).
Key figures
Audited figures, prepared in accordance with IFRS
| (in K euro) | 2022 | 2023 | A in % 2023 |
|---|---|---|---|
| Revenue | 76 295 | 77 346 | 1.4% |
| Profit/loss (- ) from operating activities (EBIT) | 9 850 | 9 207 | -6.5% |
| Depreciation, amortisation, write-downs, impairment and provisions from operating activities |
3 119 | 3 923 | 25.8% |
| Profit/loss (-) from operating activities, corrected for depreciation, amortisation, write-downs, impairment and provisions (EBITDA) |
12 969 | 13 130 | 1.2% |
| Financial result | -1 416 | -383 | 73.0% |
| Profit/loss (-) before taxes (EBT) | 8 434 | 8 824 | 4.6% |
| Income taxes expense (-)/income | -2 944 | -1 896 | 35.6% |
| Profit/loss (-) for the period | 5 490 | 6 928 | 26.2% |
| (in K euro) | 2022 | 2023 | A in % 2023 |
| Total assets | 82 886 | 81 383 | -1.8% |
| Cash and cash equivalents | 24 143 | 25 179 | 4.3% |
| Gross financial debt (-) | -5 736 | -5 495 | -4.2% |
| Net financial debt (-)/Net cash | 18 407 | 19 683 | 6.9% |
| Total equity | 48 627 | 49 294 | 1.4% |
| Solvency ratio | 58.7% | 60.6% | 3.2% |
| Current ratio | 127.8% | 133.7% | 4.5% |
The audited financial statements in accordance with IFRS, with more detailed figures, are included at the end of this press release.
Explanation
Smartphoto group, the innovative e-commerce group from Wetteren, realised an increase in revenue to 77.3 million euro in 2023. This increase of 1.4% (or 1.0 million euro) was achieved in a year that was characterised by very difficult economic conditions, due to, among other things, the continuation of the war in Ukraine, the return of the war in the Middle East, and the still high inflation that weighed on consumer behaviour.
In this context, smartphoto group realised an EBITDA of 13.1 million euro in 2023, compared to 13.0 million euro in 2022 (+1.2%).
The smartphoto division achieved sales of 61.0 million euro (*) and an EBITDA of EUR 10.2 million euro (*) . The division managed to limit the increase in operating costs despite higher personnel costs due to wage indexations and higher production, transport and material costs. By implementing strict cost control and smart price increases, margins could still be increased and profitability preserved.
As planned, the B2B division was able to expand its business. NaYan experienced an increase in revenue from 15.5 million euro (*) in 2022 to 16.8 million euro (*) in 2023, and an increase in EBITDA from 2.7 million euro (*) to 2.9 million euro (*) . The teams were further expanded and a number of new business customers could be welcomed.
Net cash increased from 18.4 million euro in 2022 to 19.7 million euro in 2023. As at 31 December 2023, net cash, without taking into account lease liabilities under IFRS 16, amounts to 23.3 million euro, or an increase of 6.9% compared to 21.8 million euro as at 31 December 2022. This 6.9% increase was achieved through a positive free cash flow, versus investments in property, plant and equipment and intangible assets, the increased dividend payment and additional purchase of treasury shares.
Smartphoto group, together with the Sustainability team, managed to implement the planned actions according to the 2023 action plan. The evaluation committee of the Voka Charter Sustainable Business (VCDO) will carry out its audit during March 2024. Also in 2024, further actions will be undertaken as part of sustainability. Smartphoto group will also already take the necessary steps this year in preparation of the implementation of the upcoming CSRD reporting applicable as of 2025.
In December 2023, smartphoto was recognised by Test Aankoop as the best and cheapest online photo printing service, based on comparative and independent test results and analyses. For smartphoto, this is a confirmation of the quality of our services and products.
(*)excluding intercompany eliminations
Financial result
The financial result evolved positively from -1.4 million euro in 2022 to -0.4 million euro in 2023. This increase is mainly due to the decrease in foreign exchange gains/losses (-) from -0.3 million euro to -0.2 million euro, and the decrease in the loss on realisation of other receivables of 0.8 million euro, regarding the amount receivable towards the seller of naYan NV.
Income taxes expense (-)/income
The balance of income taxes expense (-)/income evolved from -2.9 million euro in 2022 to -1.9 million euro in 2023.
Income taxes expense of -2.9 million euro in 2022 consists, on the one hand, of the net decrease in deferred tax assets of 2.3 million euro, and, on the other hand, of current income taxes expense of 0.6 million euro. The income taxes expense of -1.9 million euro in 2023 consists, on the one hand, of the net decrease in deferred tax assets of 0.8 million euro, and, on the other hand, of the current taxes expense on income of 1.1 million euro.
Profit and loss and other comprehensive income
As at 31 December 2023, the net profit amounts to 6.9 million euro, an increase of 26.2% compared to the net profit of 5.5 million euro as at 31 December 2022.
This positive evolution of the realised profit for the 2023 period, with an increase of 1.4 million euro, is mainly explained by:
- a negative evolution of the profit from operating activities of 0.6 million euro;
- a positive evolution of the financial result of 1.0 million euro; and,
- a positive impact of the income taxes expense (-)/income of 1.0 million euro.
The other comprehensive income after taxes amounts to -0.02 million euro in 2023 and relates, on the one hand, to the remeasurement of the net defined benefit liability (asset), also taking into account income taxes payable, for a net amount of -0.1 million euro; and, on the other hand, to translation differences for a net amount, after income taxes, of 0.1 million euro. Other comprehensive income after taxes amounted to -0.1 million euro in 2022, and related purely to translation differences.
Total other comprehensive income amounts to 6.9 million euro as at 31 December 2023, compared to 5.4 million euro a year earlier.
Dividend
The Board of Directors will propose to the General Meeting of Shareholders on 8 May 2024 to distribute a gross dividend for 2023 of 1.05 euro per share (or a 5.0% increase).
Statement of financial position
The balance sheet total decreased by 1.5 million euro, and amounts to 81.4 million euro as at 31 December 2023. Mainly the following elements contributed to this:
Property, plant and equipment
The carrying amount of property, plant and equipment decreased by 0.8 million euro. This decrease can be explained by:
- the investments for 0.9 million euro, mainly consisting of investments in production machinery and renovations relating to the building at Kwatrecht (Wetteren).
- the depreciation of property, plant and equipment for the amount of 1.7 million euro.
Right-of-use assets
The carrying amount of the right-of-use assets amounts to 3.6 million euro as at 31 December 2023, compared to a carrying amount of 3.4 million euro as at 31 December 2022. The increase of 0.2 million euro consists, on the one hand, of investments for 0.8 million euro relating to the new agreement on a building in Malmö (Sweden) and new agreements on vehicles, as well as changes due to index adjustments for 0.2 million euro. On the other hand, depreciation for the period amounts to 0.8 million euro.
Goodwill
The goodwill remained unchanged at 17.2 million euro.
Intangible assets
The carrying amount of the intangible assets has increased by 0.4 million euro and amounts to 3.6 million euro as at 31 December 2023.
This increase is mainly related to investments of 1.8 million euro on the one hand, and depreciation for the period of 1.4 million euro, on the other. The investments mainly relate to investments to improve the web platform and underlying control tools. This expenditure meets the recognition criteria for capitalisation in accordance with IAS 38.57.
Deferred tax assets
The deferred tax assets decreased from 8.0 million euro as at 31 December 2022 to 5.9 million euro as at 31 December 2023, a decrease of 2.1 million euro. This net decrease is mainly due to the reversal and utilisation of deferred tax assets relating to deferred tax benefits due to tax loss carryforwards (-0.8 million euro), and netting with deferred tax liabilities (-1.3 million euro).
Inventories
The inventory decreased slightly from 4.0 million euro as at 31 December 2022 to 3.7 million euro as at 31 December 2023.
Trade and other receivables
Trade receivables and other receivables (non-current and current) decreased slightly from 6.1 million euro as at 31 December 2022 to 6.0 million euro as at 31 December 2023, or a decrease of 0.1 million euro. This decline is due to an increase of 0.1 million euro in trade receivables on the one hand, and a decrease of 0.2 million euro in other receivables on the other. The decline in other receivables includes a decrease of 0.1 million euro regarding the receivable against the seller of naYan NV, which was further withdrawn in 2023 in proportion to the further settlement of VAT regularisations.
Net cash
Net cash increased from 18.4 million euro in 2022 to 19.7 million euro in 2023.
This increase in net cash is due to the realised free cash flow on the one hand, and on the other hand, to the investments in property, plant and equipment and intangible assets (2.7 million euro), the increased dividend payment (3.6 million euro), and the additional purchase of treasury shares (2.6 million euro).
Cash flow from operating activities amounts to 11.2 million euro in 2023, compared to 13.8 million euro in 2022. The cash conversion ratio for 2023 amounts to 85.0%. Excluding the payment of the remaining portion of the purchase price related to the acquisition of naYan NV (0.8 million euro), the cash conversion ratio would amount to 90.7%.
See also the 2023 cash flow statement at the end of this press release.
Total equity
Total equity increased by 1.4% to 49.3 million euro as at 31 December 2023. The following elements contributed to this:
- the net profit of 6.9 million euro in the 2023 financial year;
- the other comprehensive income, net of taxes for -0.02 million euro;
- the payment of the 2022 dividend for -3.6 million euro; and
- the purchase of treasury shares for -2.6 million euro, being 51 629 treasury shares for -1.5 million euro under the share purchase programme with start date 6 March 2023, and 39 704 treasury shares for -1.1 million euro under the share purchase programme with start date 19 October 2023.
Non-current and current interest-bearing financial liabilities
Interest-bearing financial liabilities amount to 1.9 million euro as at 31 December 2023, compared to 2.4 million euro as at 31 December 2022.
During 2023, an amount of 0.5 million euro was repaid regarding the loans in the context of the acquisition of Aultmore NV, following the purchase of the additional production building.
No new interest-bearing financial liabilities were incurred during 2023.
Non-current and current lease liabilities
The lease liabilities amount to 3.6 million euro as at 31 December 2023, compared to 3.4 million euro as at 31 December 2022. This net increase of 0.2 million euro is the result of the repayment of current lease liabilities on the one hand, and the entry into new lease agreements regarding a building in Malmö (Sweden), changes due to index adjustments, and the entry into new lease agreements regarding vehicles, on the other.
Non-current and current employee benefit liabilities
The employee benefit liabilities increased by 0.2 million euro and amount to 3.9 million euro at the end of 2023. An amount of 0.7 million euro relates to long-term employee benefit liabilities concerning the pension obligations of the companies in the consolidation scope.
Deferred tax liabilities
The deferred tax liabilities decreased from 2.2 million euro as at 31 December 2022 to 0.8 million euro as at 31 December 2023. This decrease of 1.4 million euro mainly relates to the netting with deferred tax assets (-1.3 million euro).
The deferred tax liabilities relate to the revaluation gains of land and buildings, taxable temporary differences on property, plant and equipment and intangible assets, and translation differences.
Trade payables and other payables
The trade and other payables decreased by 0.7 million euro, and amount to 21.5 million euro at the end of 2023.
This net decrease includes, on the one hand, a decrease in trade payables of 0.4 million euro, a decrease in other liabilities of 1.7 million euro, of which 0.8 million euro relating to the outstanding balance of the purchase price relating to the acquisition of naYan NV, and the decrease in accrued expenses and deferred income of 0.4 million euro; and, on the other hand, an increase of 1.8 million euro relating to value added tax payables.
Opinion of the Statutory auditor
The Statutory Auditor Deloitte Bedrijfsrevisoren BV, represented by Charlotte Vanrobaeys, has confirmed that its audit work has been substantially completed. The audit work did not reveal any significant corrections that should be applied to the consolidated comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity and the consolidated cash flow statement as included in this press release.
Outlook 2024 (1)
In 2024, the focus will continue to be on growth, both for the activities of smartphoto as well as for naYan. For smartphoto, this will include expansion of the product range, the implementation of price increases and the improvement of conversion. Besides focusing on growth by gaining new customers for its EaaS ('E-commerce as a Service'), naYan will also focus on optimisations of the underlying processes and structures.
Definitions
Turnover= Total revenue recognised in the statement of profit or loss for the period.
EBITDA= Profit/loss (-) from operating activities adjusted for depreciation, amortisation, write-downs, impairment losses and provisions.
EBT= Profit/loss (-) before taxes.
Cash surplus= Net cash= Total cash and cash equivalents less non-current and current interest-bearing financial liabilities and lease liabilities.
Cash conversion ratio= The ratio of cash flow from operating activities and EBITDA. This ratio measures the efficiency to convert earnings into cash.
Dividend= The part of profit (or reserves) which is distributed to the shareholders.
Balance sheet total= Total assets= Total of equity and liabilities.
Gross financial debt (-)= Non-current and current interest-bearing financial liabilities, increased by total non-current and current lease liabilities.
Solvency ratio= The ratio of the 'Total equity' to the 'Balance sheet total'.
Liquidity Ratio= The ratio of the 'Current assets' to the 'Current liabilities'.
About smartphoto group
Smartphoto group, the innovative e-commerce group, operates in B2C e-commerce under the name smartphoto TM in 12 European countries with affordable, high-quality personalised products such as gifts, cards, photo books, photo calendars, prints and wall decorations.
Additionally, smartphoto group, through naYan, active in B2B e-commerce, is one of the market leaders in e-commerce distribution in Europe by offering a unique 'E-commerce as a Service' (EaaS) for international brands looking for growth, and the sale to businesses of personalised gift packages containing chocolate, alcohol, fruit or flowers through websites such as Gift.be and GiftsforEurope.com.
Smartphoto group's shares are traded on Euronext Brussels (ISIN BE0974323553, ticker symbol SMAR).
Financial calendar
| 3 February 2025 | |
|---|---|
| 4 March 2025 |
8 May 2024 at 2 p.m. Annual General Meeting of Shareholders 22 August 2024 after trading hours Half-year results and half-yearly financial report for 2024 (2) after trading hours Trading update 2024 (2) after trading hours Annual results 2024
For additional information
Stef De corte*, CEO smartphoto group NV Kwatrechtsteenweg 160 B- 9230 Wetteren Tel. +32.9.365.99.10
E-mail: [email protected] - Internet: www.smartphotogroup.com
* Fixed representative of Acortis BV
(1) This press release contains forward-looking information based on current internal estimates and expectations. The forward-looking statements involve inherent risks and speak only as of the date they are communicated. It cannot be excluded that actual results differ materially from the forward-looking expectations contained in this release. (2) Indicative dates
This press release is a free English translation of the official Dutch version.
Audited financial statements
Statement of profit or loss for the period
| (in K euro) | 2022 | 2023 |
|---|---|---|
| Revenue | 76 295 | 77 346 |
| Other operating income | 1 313 | 871 |
| Changes in inventory of finished goods and work in progress | 0 | -6 |
| Capitalisation of internally generated intangible assets | 1 271 | 1 619 |
| Trade goods, raw materials and consumables | -22 984 | -20 710 |
| Employee benefits | -17 073 | -19 196 |
| Depreciation, amortisation, write-downs and impairment | -3 125 | -3 960 |
| Other operating expenses | -25 852 | -26 758 |
| Profit/loss (-) from operating activities | 9 850 | 9 207 |
| Financial income | 449 | 424 |
| Financial expenses | -1 865 | -807 |
| Financial result | -1 416 | -383 |
| Profit/loss (-) before taxes | 8 434 | 8 824 |
| Income taxes expense (-)/ income | -2 944 | -1 896 |
| Profit/loss (-) for the period | 5 490 | 6 928 |
| Profit/loss (-) for the period attributable to equity holders of the parent company |
5 490 | 6 928 |
| (in euro) | 2022 | 2023 |
| Profit/loss (-) for the period per share based on the weighted average | ||
| number of shares with dividend rights | 1.4852 | 1.9232 |
| Profit/loss (-) for the period per share attributable to equity holders of the parent company based on the weighted average number of shares |
1.4852 | 1.9232 |
Statement of profit or loss and other comprehensive income for the period
| (in K euro) | 2022 | 2023 |
|---|---|---|
| Profit/loss (-) for the period | 5 490 | 6 928 |
| Other comprehensive income: | ||
| [Items which will not be reclassified to profit or loss | ||
| Remeasurement of the net defined benefit liability (asset) | -137 | |
| Taxes on remeasurement of the net defined benefit liability (asset) | 25 | |
| Total of items which will not be reclassified to profit or loss | -111 | |
| Items which possibly will be reclassified to profit or loss | ||
| Translation differences | -120 | 103 |
| Taxes on translation differences | 22 | -14 |
| Total of items which possibly will be reclassified to profit or loss | -98 | 89 |
| Other comprehensive income, net of taxes | -98 | -23 |
| Total of profit or loss and other comprehensive income | 5 392 | 6 905 |
| Total of profit or loss and other comprehensive income for the period attributable to equity holders of the parent company |
5 392 | 6 905 |
Statement of financial position as at the end of the period
| ASSETS (in K euro) |
2022 | 2023 |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipment | 16 789 | 15 967 |
| Right-of-use assets | 3 350 | 3 555 |
| Goodwill | 17 220 | 17 220 |
| Intangible assets | 3 194 | 3 614 |
| Other financial assets | 0 | 0 |
| Trade and other receivables | 96 | 111 |
| Deferred tax assets | 7 995 | 5 858 |
| Total non-current assets | 48 643 | 46 325 |
| Current assets | ||
| Inventories | 3 956 | 3 748 |
| Trade and other receivables | 6 052 | 5 918 |
| Other financial assets | 3 | 3 |
| Cash and cash equivalents | 24 143 | 25 179 |
| Current tax assets | 88 | 211 |
| Total current assets | 34 243 | 35 058 |
| TOTAL ASSETS | 82 886 | 81 383 |
| EQUITY AND LIABILITIES (in K euro) |
2022 | 2023 |
|---|---|---|
| Total equity | ||
| Capital | 41 381 | 41 381 |
| Reserves and retained earnings/accumulated loss (-) | 4 684 | 8 003 |
| Revaluation surplus | 6 956 | 6 956 |
| Remeasurement of the net defined benefit liability (asset) | 0 | -111 |
| Treasury shares (-) | -6 663 | -9 292 |
| Currency translation adjustments | 2 268 | 2 357 |
| Shareholder's equity | 48 627 | 49 294 |
| Total equity | 48 627 | 49 294 |
| Non-current liabilities | ||
| Interest-bearing financial liabilities | 1 888 | 1 409 |
| Lease liabilities | 2 690 | 2 809 |
| Employee benefit liabilities | 594 | 716 |
| Provisions | 118 | ਰੇਤੇ |
| Deferred tax liabilities | 2 183 | 831 |
| Total non-current liabilities | 7 473 | 5 858 |
| Current liabilities | ||
| Interest-bearing financial liabilities | 476 | 478 |
| Lease liabilities | 682 | 798 |
| Trade and other payables | 22 208 | 21 499 |
| Employee benefit liabilities | 3 099 | 3 179 |
| Current tax liabilities | 322 | 276 |
| Total current liabilities | 26 786 | 26 231 |
| TOTAL EQUITY AND LIABILITIES | 82 886 | 81 383 |
Statement of changes in equity for the period
| (in K euro) | Capital Reserves and retained earnings/ accumulated loss (-) |
Revaluation Remeasurement surplus of the net defined benefit liability (asset) |
Treasury shares (-) |
Currency translation adjustments |
Shareholder's equity |
||
|---|---|---|---|---|---|---|---|
| Balance as at 31.12.2021 | 41 381 | 1 615 | 6 956 | -3 379 | 2 366 | 48 939 | |
| Profit/loss (-) for the period | 5 490 | 5 490 | |||||
| Other comprehensive income: | |||||||
| Items which possibly will be reclassified to profit or loss | |||||||
| Translation differences | -120 | -120 | |||||
| Taxes on translation differences | 22 | 22 | |||||
| Total of items which possibly will be reclassified to profit or loss | -98 | -98 | |||||
| Other comprehensive income, net of taxes | -98 | -98 | |||||
| Total of profit or loss and other comprehensive income | 5 490 | -98 | 5 392 | ||||
| Total of profit or loss and other comprehensive income for the period attributable to equity holders of the parent company |
5 490 | -98 | 5 392 | ||||
| Dividend distributed to shareholders | -2 421 | -2 421 | |||||
| Transactions relating to treasury shares | -3 284 | -3 284 | |||||
| Balance as at 31.12.2022 | 41 381 | 4 684 | 6 956 | -6 663 | 2 268 | 48 627 |
| (in K euro) | Capital Reserves and retained earnings/ accumulated |
Revaluation Remeasurement surplus of the net defined benefit liability (asset) |
Treasury shares (-) |
Currency translation adjustments |
Shareholder's equity |
||
|---|---|---|---|---|---|---|---|
| Balance as at 31.12.2022 | 41 381 | loss (-) 4 684 |
6 956 | -6 663 | 2 268 | 48 627 | |
| Profit/loss (-) for the period | 6 928 | 6 928 | |||||
| Other comprehensive income: | |||||||
| Items which will not be reclassified to profit or loss | |||||||
| Remeasurement of the net defined benefit liability (asset) | -137 | ||||||
| Taxes on remeasurement of the net defined benefit liability (asset) | 25 | ||||||
| Total of items which will not be reclassified to profit or loss | -111 | -111 | |||||
| Items which possibly will be reclassified to profit or loss | |||||||
| Translation differences | 103 | 103 | |||||
| Taxes on translation differences | -14 | -14 | |||||
| Total of items which possibly will be reclassified to profit or loss | 89 | 89 | |||||
| Other comprehensive income, net of taxes | -111 | 89 | -23 | ||||
| Total of profit or loss and other comprehensive income | 6 928 | -111 | 89 | 6 905 | |||
| Total of profit or loss and other comprehensive income for the period attributable to equity holders of the parent company |
6 928 | -111 | 89 | 6 905 | |||
| Dividend distributed to shareholders | -3 609 | -3 609 | |||||
| Transactions relating to treasury shares | -2 628 | -2 628 | |||||
| Balance as at 31.12.2023 | 41 381 | 8 003 | 6 956 | -111 | -9 292 | 2 357 | 49 294 |
Statement of cash flows for the period
| (in K euro) | 2022 | 2023 |
|---|---|---|
| Operating activities | ||
| Net result | 5 490 | 6 928 |
| Depreciation, write-downs, impairment of property, plant and equipment | 1 659 | 1 703 |
| Depreciation, write-downs, impairment of right-of-use assets | 759 | 832 |
| Depreciation, amortisation, write-offs, impairment of intangible assets | 1 242 | 1 357 |
| Write-downs, impairment on current and non-current assets | 1 155 | 109 |
| Provisions | -851 | -36 |
| Net interest income (-)/expense | 187 | 111 |
| Loss/gain (-) on sale of property, plant and equipment | -29 | |
| Income tax expenses | 2 944 | 1 896 |
| Operating cash flow before changes in working capital | 12 555 | 12 899 |
| Decrease/increase (-) in trade and other receivables and current income | ||
| tax assets | 2 234 | 211 |
| Decrease/increase (-) in inventories | ਰੇਤ | 145 |
| Increase/decrease (-) in trade and other payables | -314 | -893 |
| Decrease/increase (-) in working capital | 2 016 | -538 |
| Operating cash flow after changes in working capital | 14 571 | 12 361 |
| Interest paid (-) | -141 | -82 |
| Interest paid (-) on lease liabilities | -32 | -97 |
| Interest received | 63 | |
| Income tax paid (-) | -586 | -1 085 |
| Cash flow from operating activities | 13 812 | 11 162 |
| Investing activities | ||
| Proceeds from sale of property, plant and equipment | 48 | |
| Acquisition of property, plant and equipment | -1 434 | -871 |
| Acquisition of other intangible assets | -1 300 | -1 777 |
| Cash flow from investing activities | -2 687 | -2 649 |
| Financing activities | ||
| Acquisition of treasury shares | -3 284 | -2 628 |
| Repayment of financial liabilities | -473 | -476 |
| Repayment of financial lease liabilities | -746 | -808 |
| Dividends paid | -2 421 | -3 609 |
| Cash flow from financing activities | -6 923 | -7 521 |
| Increase/decrease (-) in cash and cash equivalents | 4 202 | 992 |
| Effect of exchange rate fluctuations | -53 | 44 |
| Net increase/decrease (-) in cash and cash equivalents | 4 149 | 1 035 |
| Cash and cash equivalents at the beginning of the year | 19 994 | 24 143 |
| Cash and cash equivalents at the end of the period | 24 143 | 25 178 |
| Total cash and cash equivalents | 24 143 | 25 178 |