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Gpi
Earnings Release • Sep 29, 2023
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Earnings Release
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PRESS RELEASE
GPI H1 2023: DOUBLE-DIGIT GROWTH DRIVEN BY SOFTWARE
REVENUE +14% AND EBITDA +50%
- Revenue € 193 M, +14% (H1 22: € 169 M)
- · Software: € 82 M (H1 22: € 58 M, +42%)
- · Care: € 83 M (H1 22: € 88 M, -5%)
- · Other SBAs: € 28 M (H1 22: € 24 M, +18%)
- · Overseas revenue: € 27 M (H1 22: € 16 M, +68%)
- EBITDA € 26 M (H1 22: € 17 M, +50%)
- NFD: € 174 M (FY 22: € 143 M), o/w net debt to financial institutions amounting to € 119 M (FY22: € 65 M)
Conference call Tuesday, 3 October 2023 – 11:00 CET
Details and information on how to attend are given at the end of this press release
Trento, 29 September 2023
The Board of Directors of Gpi S.p.A. (GPI:IM), a leading company in information systems and services for health and social care, listed in the Tech Leaders segment of the Euronext Milan market, met today and approved the consolidated half-year financial report as at 30 June 2023, prepared in accordance with IAS/IFRS.
Fausto Manzana, CEO of the Gpi Group: "In the first half of 2023, the Gpi Group confirmed solid growth in both revenues and profit margins. The results obtained bear witness to and confirm the soundness of the Group's strategy of increasing its focus on its core business of software and IT services for healthcare, in Italy and abroad. About 14% of consolidated revenues were generated internationally. In keeping with this development and focus strategy, with a view to creating value for its shareholders, the Group considers it a priority to reduce consolidated debt, including through the possible disposal of certain businesses deemed non-strategic, starting with Argentea S.r.l. (essentially coinciding with the SBA Pay).
Achieving technological innovation and interpreting the evolution of healthcare service models are our goals and recognised areas of expertise. Our sustainable development process thus continues according to the 2022-2024 strategic plan, projecting us into international markets. The acquisition of the France-based Evolucare, completed in early August of this year, confirms this development.
Our vision remains unchanged: to lead the process of digitalisation and sustainable technological transformation of the processes of prevention, healthcare, treatment and personal well-being."
Right after the end of the semester the acquisition of 96.58% of the share capital of the French Evolucare Group was finalised on 4 August. In 2022, Evolucare reported revenues of € 42.9 M and EBITDA of € 15.7 M (values determined according to French GAAP). The consideration agreed for the acquisition of 96.58% of the Evolucare Group is approximately € 109 M, determined on the basis of an equity value for 100% of the fully-diluted share capital of € 116 M, corresponding to an EV/adj. EBITDA 2022 multiple of about 11.0x. The financial resources were drawn mainly from the € 140 M capital increase, completed in December 2022, through which CDP Equity S.p.A. and major Italian and foreign institutional investors acquired interests in the company.
The acquisition is part of the strategic guidelines that Gpi has already prepared and announced in its 2022 - 2024 Strategic Business Plan. The Evolucare Group sells its software solutions dedicated to healthcare systems, mainly in France and Germany. The solutions offered by Evolucare and Gpi complement each other perfectly, in terms of both technological solutions and target markets. The acquisition considerably increases the share of Gpi's revenues generated abroad and creates a major player in software in France, where Gpi will integrate the operations of the Group's other recently acquired French companies to achieve new industrial and product synergies.
The Gpi Group's growth process is therefore focused on the European market of the Software SBA, a highmargin strategic area and vehicle for the digital, sustainable transformation of healthcare, also focusing on integrating the recently acquired companies in order to maximise synergies and improve competitive positioning in an increasingly international market.
Accordingly, the Board of Directors of Gpi S.p.A. today resolved to initiate a formal competitive process for the monetisation of Argentea S.r.l. (SBA Pay) through possible sale. In FY 2022 Argentea reported Revenue of € 14.1 M and EBITDA of € 5.7 M.
In FY 2023, pro forma consolidated revenues are estimated to be around € 460 M (with an overseas component exceeding 20%), pro forma consolidated EBITDA about € 88 M and net financial debt less than € 340 M (of which about € 50 M relates to residual debt from extraordinary M&A transactions).
These parameters allow existing covenants to be observed in full.
MAIN CONSOLIDATED RESULTS AS AT 30 JUNE 2023
REVENUE
In the first six months of 2023, in a complex, volatile macroeconomic environment, Gpi recorded a significant improvement in its key economic indicators. In the half-year ended 30 June 2023, consolidated revenue rose € 24 M to € 193 M (€ 169 M in H1 22, +14%, of which 6.5% organic), and consolidated EBITDA
was up € 9 M to € 26 M (€ 17 M in H1 22, +50%), thus showing more substantial growth due to a greater weight of the technology areas and especially the Software SBA.
REVENUE BY STRATEGIC BUSINESS AREA (SBA)
Gpi organises its operations into Strategic Business Areas (SBAs) to meet the needs of customers, which operate in the crucial and complex healthcare market, according to an integrated, comprehensive approach, based on the composable digital care paradigm. All Strategic Business Areas do business with both public and private customers.
In H1 2023, 85.5% of revenues was generated by the two main SBAs, Software and Care (86% in H1 22).
The Software SBA is the area that makes most use of technology drivers – big data and analytics, artificial intelligence, cloud technology and the Internet of things – which support organisational and clinical processes in the healthcare world, making them more efficient and sustainable. Revenues amounted to € 82 M (42.4% of total revenues), up +42% on the first half of 2022 (when they accounted for 34.1% of the total). The growth of over € 24 M, of which 11 M. was organic, is mainly due to the Group's ability to increase its sales, improve the level of installed products and gain new customers.
The Care SBA reported revenues of € 83 M (43.1% of the total, - 5%) compared to € 88 M in H1 22 (51.9% of the total). The first half of 2022 provides an inadequate basis for comparison, because it saw record revenues related to the end of the SARS-Cov-2 pandemic emergency. The first half of 2023 shows a return to a normality in the time series, with higher revenues expected in the second half of the year. Almost 50% of the Italian population continue to turn to Gpi for their needs to contact healthcare facilities and book services.
The Pay SBA recorded total revenues of approximately € 7.2 M, an increase of 14% compared to approximately € 6.4 M in H1 22.
The Automation and ICT SBAs recorded total revenues of about € 21 M, an increase of +20% compared to € 17 M in H1 22.
| PERFORMANCE HIGHLIGHTS BY SBA in thousands of Euros |
Software | Care | Pay | Other operating segments |
Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| H123 | H122 | H123 | H122 | H123 | H122 | H123 | H122 | H123 | H122 | |
| Revenue and other income | 81,777 | 57,655 | 83,121 | 87,628 | 7,245 | 6,375 | 20,752 | 17,256 | 192,895 | 168,914 |
| Gross operating profit | 19,523 | 11,301 | 660 | 2,250 | 2,261 | 1,702 | 3,578 | 2,094 | 26,022 | 17,347 |
| EBITDA % | 23.9% | 19.6% | 0.8% | 2.6% | 31.2% | 26.7% | 17.2% | 12.1% | 13.5% | 10.3% |
REVENUE BY GEOGRAPHICAL AREA
Foreign revenues accounted for 14% of total revenues, an increase of about 68% compared to H1 2022; the acquisition of Tesi and the robust contribution of organic growth, with flagship technology products winning over the most demanding international customers, played an important role.
Automation, with the Riedl Phasys automated warehouse, won new contracts in Germany, Switzerland and Hungary, made landfill on the Canary Islands (Spain) to automate five hospitals and expanded into China and Japan.
The Gpi4Blood product suite, with its modular solutions to meet various customer needs, increased sales in the US and gained new customers in Spain through up-selling, due in part to synergies with Tesi.
| In EUR thousands | 30 June 2023 | % | 30 June 2022 | % |
|---|---|---|---|---|
| Italy | 166,209 | 86.2% | 153,007 | 90.6% |
| Abroad | 26,686 | 13.8% | 15,908 | 9.4% |
| Total | 192,895 | 168,914 |
ADJUSTED REVENUE
Adjusted revenue reflects the value of total revenue net of the amounts attributable to the principal companies in temporary groupings. In the first half of 2023, adjusted revenue amounted to € 180 M, +14% on € 158 M in H1 22.
EBITDA
EBITDA amounted to € 26 M, compared to € 17 M in H1 22, an increase of +50%, with a significant contribution from the Software SBA. The EBITDA margin was thus 13.5% (10.3% in H1 22), a sharp improvement. In addition, eliminating the effects of revenue from temporary groupings, the EBITDA margin on adjusted revenues was 14.4% in the first half of 2023 (11% in H1 22). The profitability levels of the main SBAs are typically characterised by a weaker first half of the year than the second, due to the spending dynamics of the Italian government, which tends to allocate resources towards the end of the year.
EBIT
Operating profit doubled to € 8.9 M (€ 4.5 M in H1 2022), after an increase in amortisation, depreciation and impairment losses of € 2.8 M, due to the impact of the completion of investments related to product development, particularly for the Software SBA.
FINANCIAL OPERATIONS
As a percentage of total revenues, financial operations amounted to 3.8% (1.6% in H1 22), increasing due to the rising cost of money.
NET PROFIT
The net profit amounted to € 0.5 M, a sharp increase compared to the first half of 2022.
NET INVESTED CAPITAL
Net working capital increased by about € 22 M compared to the end of the previous year, due to the increase in total trade receivables of around € 18.5 M, the increase in inventories of around € 2 M and the decrease in trade payables of € 1.5 M.
Fixed assets increased by approximately € 9 M due to investments in new products and innovative solutions by the Software SBA.
Other operating assets and liabilities amounted to approximately € 59 M and increased by € 13.5 M.
As a result of these changes, net invested capital as at 30 June 2023 amounted to approximately € 409 M, an increase of approximately € 18 M compared to 31 December 2022.
SHAREHOLDERS' EQUITY
Shareholders' equity amounted to € 235 M. The decrease compared to the end of 2022 is mainly due to the distribution of dividends (€ 14.5 M) in May 2023.
NET FINANCIAL DEBT
Net Financial Debt (NFD) was € 174 M as at 30 June 2023, an increase of approximately € 31 M compared to the end of financial year 2022.
NFD also includes liabilities for extraordinary transactions of € 42 M; for IFRS16 about € 13 M, therefore net of this component, net debt to financial institutions is € 119 M.
The increase in debt in the presence of an EBITDA increased to € 26 M was due to:
- approximately € 23 M in investments;
- net working capital, which resulted in an absorption of about € 11 M, due to the start-up of new software contracts with the Italian government;
- € 14.5 M for the distribution of dividends;
- net financial expenses of almost € 7 M;
- approximately € 1 M for M&A transactions.
EMPLOYEES
As at 30 June 2023, the Group had a total of 7,589 employees, an increase compared to both 31 December 2022 (+5%) and 30 June 2022 (+9%). Personnel is mainly employed by Gpi S.p.A. and the Italian subsidiaries (95.6% of the total).
In the first half of 2023, Gpi continued to invest in the professional development of its employees through initial, refresher and retention training programmes, providing 63,000 hours of training. The main objectives for the first half of 2023 were to consolidate company competencies, mitigate the risk of skill shortages and promote a culture of continuous learning. Corporate training is considered a strategic lever to support the growth of the organisation as a whole and of the people within it. It aims to develop specialised skills, ensure technical and professional updates and promote transversal competences and skills.
BOND ISSUES AND MATURING ISSUES
The redemption value of the bonds issued by GPI S.p.A. maturing in the 18 months following the periodend close as at 30 June 2023 is as follows:
Nominal redemption value in thousands of Euros and maturities
| Bond | ISIN Code | October/December 2023 | June 2024 | December 2024 |
|---|---|---|---|---|
| GPI S.p.A. - 4.3% 2016 - 2023 | IT0005187320 | 1,500 | -- | -- |
| GPI S.p.A. 3.5% 2019-2025 | IT0005394371 | 8,333 | 8,333 | 8,333 |
SIGNIFICANT EVENTS DURING THE PERIOD
In January, the Gpi Group, in a consortium with the companies awarded the Consip framework agreement "Digital Health - Clinical and Healthcare Information Systems", was awarded the contract for the implementation of the Regional Electronic Medical Records of the Lombardy Region. Under the € 32.7 M contract, it is to supply an application solution for the system based on a single technology platform extended to all 19 health authorities in the Lombardy Region. The total term of the supply contract is four years. Gpi's 38% share is approximately € 12.4 M.
Also, in January, and in the same context of the above-mentioned Consip framework agreement, the consortium led by Gpi was awarded the contract for the implementation of the Pathological Anatomy digital solution for all the departments and services of the Veneto Region's health authorities. The contract, worth € 5.9 M, almost entirely awarded to Gpi, has a term of four years.
In February, in order to increase the development of the Group's activities in the UK after Brexit, the company Gpi Britannia Limited was established in Cannock, Staffordshire. The wholly-owned company is fully consolidated by the Gpi Group.
In February, GPI acquired the CODIN business unit, which operates in the field of healthcare information services and IT security: the estimated consideration, subject to price adjustment mechanisms, is € 0.8 M.
In March, Gpi led the consortium that, in the context of the Consip framework agreement described above, was awarded the contract for the implementation of the Friuli Venezia Giulia Region's telemedicine processes. The telemedicine software platform provided by Gpi includes telemedical examination, teleconsultation, telehealth cooperation, telemonitoring, telecontrol, telehealth and telerehabilitation. The contract has a term of four years and is worth € 2.1 M, one of which is attributable to Gpi.
In March, POHEMA, Gpi's telemedicine platform was the first in Italy to obtain MDR 745/2017 (Medical Device Regulation) certification. The European Regulation, in force since May 2021, brings important improvements to the compliance of medical devices with the aim of improving the quality, safety and reliability of medical devices placed on the European market.
In April, Gpi – through its subsidiary GPI Iberia – won the tender for the automation of five hospitals of the Servicio Canario de la Salud. The contract is worth almost € 2 M and involves the supply of seven Riedl Phasys systems, including eight years of maintenance.
In May, Gpi signed a memorandum of understanding with the Operational Centre for Cyber Security of the Trentino-South Tyrol Postal Police. The initiative is part of the broader, consolidated "participatory" security model and aims to further strengthen the prevention network to defend against cyber-attacks on sensitive infrastructures, with the efforts of the Postal Police and the most qualified representatives of the Trentino Region's economy and business community converging towards this goal.
In May, Gpi, in a temporary grouping of companies consisting of its subsidiary Contact Care Solutions s.r.l. (member) and Comdata S.p.A. (lead company), was awarded the contract for the supply of front office services to the Lombardy Regional Contact Centre. The contract, worth € 280 M (70% share for Gpi), has a total term of six years.
In June, Gpi (the lead company), in a temporary business grouping with Almaviva S.p.A. (member), won the tender for both lots in which it participated for the award of the computerised personnel management service for the Lombardy Region, regional authorities and companies. The contract is worth € 7 M (€ 5.9 M for Gpi) and has a term of 7 years.
In June, Gpi joined Euronext Tech Leaders, an initiative dedicated to more than 120 European high-growth companies and leaders in the technology sector, listed on the European stock exchanges of Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris.
Merger of the French companies Guyot-Walser Informatique S.a.s. and Medinfo International Hemoservice into Gpi France SASU on 30 June 2023. The transaction is part of the reorganisation process to strengthen offerings in France, due in part to the acquisition of the Evolucare Group and the resulting industrial synergies.
Innovation activities in the first half of 2023 included the project developed by Gpi's Research and Development laboratories, which, through the adoption of sophisticated artificial intelligence (deep learning) algorithms, designed to analyse the voice and identify the fundamental emotions in human speech, has proven to be an effective screening tool for post-partum depression. This is an important, rare case of the application of artificial intelligence to clinical practice, put to the test in daily practice (154 new
mothers screened). Carried out in collaboration with Professor Vassilios Fanos, tenured professor in Cagliari, director of Neonatology and president of the Italian Society of Paediatric Psychology, it achieved interesting and promising preliminary results, confirming the superimposability of the results obtained with the Edinburgh Test (the tool of choice) and also enabling the development of two medical degree theses and a scientific paper accepted by the prestigious journal JPNIM.
OUTLOOK
The healthcare digitalisation process is a fundamental step in improving the value-for-money of health services, optimising resources (particularly waste in care coordination), reducing differences between areas and innovating reception and caretaking relations to improve the quality perceived by citizens.
Italy has chosen to make use of digital health tools, including Electronic Health Records, telemedicine and the dematerialisation of patient files and reports, drawing on the substantial economic resources made available at both national and European level. Although those in charge of managing this change have been clearly identified, development of digital health in Italy remains slow: for example, the portal for implementation of the Consip Framework Agreements was down for six months and became partially operational again in September.
Gpi nonetheless continues to manage important projects that are considered strategic for the country, such as the Electronic Health Records for the Lombardy Region, scheduled to be launched this October. This investment is an important asset in our product portfolio, and is also destined for the international market, thanks to European MDR (Medical Device Regulation) certification.
Gpi confirms its identity as an innovative company, through research and development activities that increasingly mark it as a company with a scientific focus. The technological solutions introduced in AI and one health contribute to the Group's reputation, which is now at the highest level.
Gpi is also in a phase of significant inorganic growth. Diversity of values, cultures and individuals offers a unique potential to meet the challenge of the global market.
***
The half-yearly financial report as at 30 June 2023, prepared in accordance with current regulations and complete with the Auditing Company's report, has been filed at the registered office in Trento, via Ragazzi del '99 no. 13, with the authorised storage mechanism () and published on the Company's website www.gpigroup.com - section Investors, Statements & Reports, 2023. The manager in charge of financial reporting, Federica Fiamingo, hereby declares, pursuant to article 154-ter of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.
***
Live Video Webcast Tuesday, 03 October 2023 - 11:00 CET
Presentation of H1 23 results
To participate in the event, please complete your registration using the link provided below: https://channel.royalcast.com/landingpage/gpi/20231003\_1/
Supporting material will be available within an hour of the start of the event the following www.gpigroup.com/en/investors/events/
GPI GROUP
GPI is the partner of choice for software, technologies and services for healthcare, social services and the public administration. Founded more than 30 years ago in Trento, GPI has grown through significant investments in M&A (in Italy and abroad) and in R&D, carried out in partnership with leading Italian universities and research centres to transfer scientific, technological, functional and process knowledge into the e-health, e-welfare, and well-being sectors.
Also drawing on the solutions and know-how gained from the companies that have joined its ecosystem, the Group has masterfully translated the needs of the healthcare industry into cutting-edge high-tech solutions and new service models that optimise prevention, diagnosis and care processes, improving people's lives.
The offer combines specialised IT expertise with advisory and design capabilities enabling it to operate in a range of business areas: Software, Care, Automation, ICT and Payment Services.
The Company reported consolidated revenues of €360.2 million in 2022, with over 7,100 employees at year end, and more than 3,000 customers in over 70 countries.
GPI was listed on Borsa Italiana in 2016 (AIM segment) and moved to the MTA (now EXM) market in 2018. In 2023 it became part of Euronext Tech Leaders, the Borsa Italiana initiative of dedicated to high-growth and leading tech companies. ISIN ordinary shares: IT0005221517
Press release available at www.gpigroup.com and
CONTACTS
Investor Relations
GPI | Fabrizio Redavid, Lorenzo Giollo | [email protected] | T: +390461381515 | Via Ragazzi del '99, 13 - 38123 Trento
Media Relations
GPI | Daniela Filbier, Enrico Orfano| [email protected] | T: +390461381515 | Via Ragazzi del '99, 13 - 38123 Trento
Specialist
Banca Akros | Bruno Mestice | [email protected] | T. +3902434441 | Viale Eginardo, 29 – 20149 Milan
| CONSOLIDATED INCOME STATEMENT in thousands of Euros |
H1 2023 | H1 2022 |
|---|---|---|
| Revenue | 189,833 | 167,470 |
| Other income | 3,062 | 1,445 |
| Total revenue and other income | 192,895 | 168,914 |
| Raw materials and consumables | (9,058) | (5,445) |
| Service costs | (48,045) | (45,962) |
| Personnel expense | (107,955) | (98,510) |
| Amortisation, depreciation and impairment losses | (14,945) | (12,132) |
| Other provisions | (2,187) | (681) |
| Other operating costs | (1,815) | (1,650) |
| Operating profit | 8,890 | 4,534 |
| Financial income | 2,109 | 1,857 |
| Financial expense | (9,460) | (4,507) |
| Net financial expense | (7,351) | (2,650) |
| Share of profit/(loss) of equity-accounted investees, net of tax | 5 | (1) |
| Profit (loss) before tax | 1,544 | 1,884 |
| Income taxes | (1,037) | (1,634) |
| Profit for the period | 506 | 250 |
| Profit for the period attributable to: | ||
| Owners of the parent | 571 | 331 |
| Non-controlling interests | (64) | (81) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION, | 30 June 2023 | 31 December 2022 |
|---|---|---|
| in thousands of Euros | ||
| Assets | ||
| Goodwill | 124,947 | 125,235 |
| Other intangible assets | 89,825 | 86,767 |
| Property, plant and equipment | 40,704 | 34,484 |
| Equity-accounted investments | 308 | 111 |
| Non-current financial assets | 11,401 | 11,580 |
| Deferred tax assets | 11,134 | 9,140 |
| Contract costs | 1,450 | 1,740 |
| Other non-current assets | 375 | 415 |
| Non-current assets | 280,144 | 269,471 |
| Inventories | 15,156 | 12,954 |
| Contract assets | 162,645 | 151,309 |
| Trade receivables and other current receivables | 94,220 | 83,668 |
| Cash and cash equivalents | 132,788 | 177,054 |
| Current financial assets | 21,515 | 17,104 |
| Current tax assets | 1,745 | 1,676 |
| Current assets | 428,069 | 443,764 |
| Total assets | 708,213 | 713,235 |
| Shareholders' equity | ||
| Share capital | 13,890 | 13,890 |
| Share premium reserve | 209,562 | 209,562 |
| Other reserves and retained earnings/(losses carried forward), including | 11,824 | 25,451 |
| profit/(loss) for the period | ||
| Capital and reserves attributable to owners of the parent | 235,276 | 248,903 |
| Capital and reserves attributable to non-controlling interests | (236) | 39 |
| Totale patrimonio netto | 235,040 | 248,942 |
| Total Shareholders' Equity | ||
| Non-current financial liabilities | 253,115 | 251,940 |
| Non-current provisions for employee benefits | 6,115 | 5,837 |
| Non-current provisions for risks and charges | 796 | 509 |
| Deferred tax liabilities | 9,794 | 10,476 |
| Trade payables and other current liabilities | 631 | 663 |
| Non-current liabilities | 270,453 | 269,424 |
| Contract liabilities | 6,251 | 6,514 |
| Trade payables and other liabilities | 113,997 | 99,215 |
| Current provisions for employee benefits | 2,476 | 2,421 |
| Current provisions for risks and charges | 823 | 805 |
| Current financial liabilities | 75,260 | 84,757 |
| Current tax liabilities | 3,913 | 1,156 |
| Current liabilities | 202,720 | 194,869 |
| Total liabilities | 473,173 | 464,293 |
| Total equity and liabilities | 708,213 | 713,235 |
| CONSOLIDATED CASH FLOW STATEMENT, | H1 2023 | H1 2022 |
|---|---|---|
| in thousands of Euros | ||
| Cash flows from operating activities | ||
| Profit for the period | 506 | 250 |
| Adjustments for: | ||
| – Depreciation of property, plant and equipment | 4,424 | 3,232 |
| – Amortisation of intangible assets | 10,231 | 7,654 |
| – Amortisation of contract costs | 290 | 1,247 |
| – Other provisions | 2,187 | 681 |
| – Net financial income | 7,346 | 2,650 |
| – Income tax | 1,037 | 1,634 |
| Changes in working capital and other changes | (10,770) | (3,831) |
| Interest paid | (7,337) | (2,739) |
| Income taxes paid | (799) | (1,634) |
| Net cash flows generated by operating activities | 7,115 | 9,144 |
| Cash flows from investing activities | ||
| Interest collected | 659 | 29 |
| Net investments in property, plant and equipment | (10,644) | (2,782) |
| Net investments in intangible assets | (12,190) | (7,483) |
| Net change in other current and non-current financial assets | (4,139) | (28,630) |
| Acquisition of subsidiaries, net of cash acquired and disposals | (748) | (1,020) |
| Change in liabilities for acquisition of equity investments | - | (360) |
| Net cash flows used in investing activities | (27,062) | (40,246) |
| Cash flows from financing activities | ||
| Capital increases and related charges | - | (1,049) |
| Dividends paid | (14,480) | (9,239) |
| Proceeds from bank borrowings | 30,000 | 155,817 |
| Repayments of bank loans | (2,963) | (87,680) |
| Repayments of bonds | (9,833) | (11,500) |
| Issuance of lease obligations | 2,329 | 963 |
| Payment of lease payables | (3,300) | (2,120) |
| Net change in other current and non-current financial liabilities | (3,872) | 2,949 |
| Change in payables for the purchase of equity investments | (22,200) | (721) |
| Net cash flows generated by financing activities | (24,319) | 47,420 |
| Net increase (decrease) in cash and cash equivalents | (44,266) | 16,318 |
| Opening cash and cash equivalents | 177,054 | 41,371 |
| Cash and cash equivalents | 132,788 | 57,689 |
