Interpump Group — Earnings Release 2015

Feb 12, 2016

Informazione Regolamentata n. 0159-16-2016		Data/Ora Ricezione 12 Febbraio 2016 13:40:51	MTA - Star
Societa'	:	INTERPUMP GROUP
Identificativo Informazione Regolamentata	:	69451
Nome utilizzatore	:	INTERPUMPNSS01 - BANCI
Tipologia	:	IRAG 03
Data/Ora Ricezione	:	12 Febbraio 2016 13:40:51
Data/Ora Inizio Diffusione presunta	:	12 Febbraio 2016 13:55:52
Oggetto	:		PRELIMINARY RESULTS AND RESULTS FOR THE FOURTH QUARTER OF 2015

Testo del comunicato

Vedi allegato.

PRESS RELEASE

MONTIPO':"ANOTHER TOP PERFORMANCE YEAR"

PRELIMINARY RESULTS FOR 2015

Net sales: €894.9 million (€672.0 million in 2014): + 33.2%

EBITDA: €180.3 million or 20.1% of sales (€136.1 million in 2014 or 20.3% of sales): +32.4%

EBIT: €136.9 million or 15.3% of sales (€104.4 million in 2014 or 15.5% of sales): +31,2%

Consolidated net profit: €117,0 million (+103%) including one-off financial income of €32.0 million (as per IFRS 3) - €57.7 million in 2014

Free cash flow: €85.2 million (€38.3 million in 2014): +123%

Net debt: €255.0 million (€152.0 million at 31 December 2014) after acquisitions and the purchase of treasury shares totaling €178.0 million

RESULTS FOR THE FOURTH QUARTER OF 2015

Net sales: €213.0 million (€161.9 million in the fourth quarter of 2014): +31.6%

EBITDA: €38.9 million or 18.3% of sales, (€30.4 million in the fourth quarter of 2014 or 18.8% of sales): +28.0%

EBIT: €26.1 million or 12.2% of sales, (€21.3 million in the fourth quarter of 2014 or 13.2% of sales): +22.2%

Consolidated net profit: €15.6 million (€7.7 million in the fourth quarter of 2014): +104%

Sant'Ilario d'Enza (RE), 12 February 2016 – The Chairman Fulvio Montipò: "After the outstanding results achieved in 2013 and 2014, the year 2015 has, as anticipated, additional outstanding results, higher than expected. Despite the difficult situation of global markets, our company continues to grows both through organic growth and through acquisition".

Interpump Group announces its consolidated results for the fourth quarter of 2015 and preliminary figures for the year which were approved by the Board of Directors meeting today.

The Walvoil Group and Osper for the Hydraulic Sector and Inoxihp and Bertoli for the Water Jetting Sector were consolidated for the first time in 2015.

PRELIMINARY RESULTS FOR 2015

Net sales

Net sales for 2015 amounted to €894.9 million, an increase of 33.2% over sales for 2014 which totaled €672.0 million (+8.9% on a like for like basis).

Details of sales by business sector and geographical area are as follows:

		Rest of	North	Far East and	Rest of the
(€/000)	Italy	Europe	America	Oceania	World	Total
2015
Hydraulic Sector	105,509	194,815	151,083	40,004	68,860	560,271
Water Jetting Sector	30,400	91,688	142,303	44,954	25,312	334,657
Total	135,909	286,503	293,386	84,958	94,172	894,928
2014
Hydraulic Sector	72,619	145,709	98,602	21,869	57,405	396,204
Water Jetting Sector	19,159	78,554	118,436	39,993	19,653	275,795
Total	91,778	224,263	217,038	61,862	77,058	671,999
Percentage changes 2015/2014
Hydraulic Sector	+45.3%	+33.7%	+53.2%	+82.9%	+20.0%	+41.4%
Water Jetting Sector	+58.7%	+16.7%	+20.2%	+12.4%	+28.8%	+21.3%
Total	+48.1%	+27.8%	+35.2%	+37.3%	+22.2%	+33.2%
Percentage changes 2015/2014 on a like for like basis
Hydraulic Sector	+9.1%	-3.2%	+16.8%	-1.4%	+2.6%	+5.0%
Water Jetting Sector	+13.2%	+10.4%	+19.0%	+8.3%	+19.1%	+14.6%
Total	+10.0%	+1.6%	+18.0%	+4.8%	+6.8%	+8.9%

Profitability

Gross operating income (EBITDA) amounted to €180.3 million (20.1% of sales) compared to €136.1 million in 2014 (20.3% of sales), an increase of 32.4%. On a like for like basis EBITDA rose by 10.6% to reach €150.5 million or 20.6% of sales, increasing the margin by 0.3 percentage points. The following table sets out EBITDA by business sector:

	2015 €/000	% of total	2014 €/000	% of total	Increase/
		sales		sales	decrease
Hydraulic Sector	96,605	17.2%	69,366	17.5%	+39.3%
Water Jetting Sector	83,671	24.9%	66,701	24.1%	+25.4%
Other Sectors	(18)	N/A	39	N/A	N/A
Total	180,258	20.1%	136,106	20.3%	+32.4%

On a like for like basis the EBITDA of the Hydraulic Sector rose by 4.1% (17.4% of sales). Again on a like for like basis the EBITDA of the Water Jetting Sector rose by 17.4% (24.7% of sales).

Operating income (EBIT) amounted to €136.9 million (15.3% of sales) compared to €104.4 million in 2014 (15.5% of sales), an increase of 31.2%. On a like for like basis EBIT rose by 11.3% to reach €116.2 million or 15.9% of sales, with the margin accordingly increasing by 0.4 percentage points.

Net profit totaled €117.0 million, benefiting from one-off financial income of €32.0 million recognized in accordance with international accounting standards (IFRS 3) and arising from the decision by put option holders to exercise their options earlier than contractually provided, with figures being estimated and based on a forecast of profitability and cash generation through 2018 and through 2020. As a result of this a liability was originally recognized that exceeded the amount actually paid. Net profit amounted to €57.7 million in 2014 and

accordingly has more than doubled. Basic earnings per share performed equally well passing from €0.541 in 2014 to €1.089 in 2015.

Capital employed rose from €692.6 million at 31 December 2014 to €899.5 million at 31 December 2015. This increase is mainly due to the consolidation of Walvoil, Inoxihp, Bertoli and Osper, which led to an increase of €185.8 million, and to the revaluation of foreign currencies against the euro, causing a rise of €18.8 million. ROCE amounted to 15.2% (15.1% in 2014). ROE reached 18.8% (12.4% in 2014).

Financial situation

Net cash of €121.7 million was generated by operations (€95.8 million in 2014), a rise of 27.1%. A considerable improvement was achieved in free cash flow which reached €85.2 million, more than doubling the figure of €38.3 million for 2014.

Net debt at 31 December 2015 stood at €255.0 million (€152.0 million at 31 December 2014), following outlays of €145.2 million for acquisitions and €32.7 million for the purchase of treasury shares. In addition, the Group has binding commitments of €23.2 million to acquire minority interests in subsidiaries (€74.1 million at 31 December 2014).

At 31 December 2015 Interpump Group S.p.A. held 1,125,912 treasury shares, representing 1.03% of share capital, purchased at an average price of €11.6443.

RESULTS FOR THE FOURTH QUARTER OF 2015

Net sales

Net sales for the fourth quarter of 2015 totaled €213.0 million, exceeding 2014 sales by 31.6% (€161.9 million). On a like for like basis the increase was 7.6%.

Sales for the fourth quarter by business area and geographical area were as follows:

		Rest of	North	Far East and	Rest of the
(€/000)	Italy	Europe	America	Oceania	World	Total
4th quarter 2015
Hydraulic Sector	25,865	45,486	34,313	9,419	15,168	130,251
Water Jetting Sector	6,736	22,789	34,366	12,655	6,253	82,799
Total	32,601	68,275	68,679	22,074	21,421	213,050
4th quarter 2014
Hydraulic Sector	17,791	32,753	25,617	5,427	13,160	94,748
Water Jetting Sector	5,216	20,021	26,410	10,591	4,948	67,186
Total	23,007	52,774	52,027	16,018	18,108	161,934
Percentage changes 2015/2014
Hydraulic Sector	+45.4%	+38.9%	+33.9%	+73.6%	+15.3%	+37.5%
Water Jetting Sector	+29.1%	+13.8%	+30.1%	+19.5%	+26.4%	+23.2%
Total	+41.7%	+29.4%	+32.0%	+37.8%	+18.3%	+31.6%

Percentage changes 2015/2014 on a like for like basis

		Rest of	North	Far East and	Rest of the
(€/000)	Italy	Europe	America	Oceania	World	Total
Hydraulic Sector	+10.4%	+0.6%	+0.7%	+1.0%	+0.3%	+2.5%
Water Jetting Sector	-20.4%	+4.8%	+29.7%	+15.9%	+12.2%	+14.9%
Total	+3.4%	+2.2%	+15.4%	+10.8%	+3.6%	+7.6%

Profitability

Gross operating income (EBITDA) amounted to €38.9 million (18.3% of sales) compared to €30.4 million in the fourth quarter of 2014, representing 18.8% of sales, a rise of 28.0%. On a like for like basis EBITDA increased by 7.5% to reach €32.7 million or 18.8% of turnover. The following table sets out EBITDA by business sector:

	4th quarter	% of	4th quarter	% of	Increase/
	2015	total	2014	total	decrease
	€/000	sales	€/000	sales
Hydraulic Sector	19,190	14.7%	14,201	15.0%	+35.1%
Water Jetting Sector	19,765	23.7%	16,173	24.0%	+22.2%
Other Sectors	(10)	N/A	47	N/A	N/A
Total	38,945	18.3%	30,421	18.8%	+28.0%

On a like for like basis the EBITDA of the Hydraulic Sector amounted to €14.3 million (14.8% of net sales), while again on a like for like basis the EBITDA of the Water Jetting Sector amounted to €18.4 million (23.7% of net sales), an increase of 13.7%.

Operating income (EBIT) amounted to €26.1 million (12.2% of sales) compared to €21.3 million in the fourth quarter of 2014 (13.2% of sales), a rise of 22.2%. On a like for like basis EBIT increased by 11.1% to reach €23.7 million, or 13.6% of turnover, increasing the margin by 0.4 percentage points.

Consolidated net profit totaled €15.6 million (€7.7 million in the fourth quarter of 2014), a rise of 104%.

Basic earnings per share amounted to €0.144 (€0.073 in the fourth quarter of 2014).

Sant'Ilario d'Enza (RE), 12 February 2016 On behalf of the Board of Directors

The Chairman Fulvio Montipò

The manager responsible for drafting company accounting documents, Carlo Banci, declares pursuant to the terms of section 2, article 154-bis of the Consolidated Finance Act that the accounting disclosures in the present release correspond to the contents of the underlying documents, the accounting books and the accounting entries.

Sant'Ilario d'Enza (RE), 12 February 2016 Manager responsible for drafting

For further information please contact: Moccagatta Associati Tel. +39 02 8645.1695 Fax +39 02 8645.2082 segreteria@moccagatta.it www.interpumpgroup.it

company accounting documents Carlo Banci

INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 – 42049 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311 FAX. +39.0522.904444 - E-mail info@interpumpgroup.it CAP . SOC. Euro 56.617.232,88 I.V. - REG. IMPRESE R.E. - COD.FISCALE 11666900151 - C.C.I.A.A. R.E.A. N. 204185

Consolidated statement of financial position

(€/000)	31/12/2015	31/12/2014
ASSETS
Current assets
Cash and cash equivalents	135,130	87,159
Trade receivables	178,799	135,634
Inventories	238,637	182,463
Tax receivables	15,554	10,477
Derivative financial instruments	2	-
Other current assets	7,807	6,855
Total current assets	575,929	422,588
Non-current assets
Property, plant and equipment	286,066	209,073
Goodwill	347,388	279,373
Other intangible assets	33,193	24,649
Other financial assets	1,025	994
Tax receivables	1,934	2,456
Deferred tax assets	26,276	22,035
Other non-current assets	1,209	1,380
Total non-current assets	697,091	539,960
Assets held for sale	-	615
Total assets	1,273,020	963,163

(€/000)	31/12/2015	31/12/2014
LIABILITIES
Current liabilities
Trade payables	94,098	80,273
Payables to banks	5,735	27,770
Interest-bearing financial payables (current portion)	83,833	64,298
Derivative financial instruments	77	169
Taxes payable	21,308	11,665
Other current liabilities	48,840	38,123
Provisions for risks and charges	4,423	4,162
Total current liabilities	258,314	226,460
Non-current liabilities
Interest-bearing financial payables	300,549	147,060
Liabilities for employee benefits	17,264	14,940
Deferred tax liabilities	50,875	33,436
Other non-current liabilities	22,017	72,605
Provisions for risks and charges	2,683	1,949
Total non-current liabilities	393,388	269,990
Liabilities held for sale	-	163
Total non-current liabilities	651,702	496,613
SHAREHOLDERS' EQUITY
Share capital	56,032	53,871
Legal reserve	11,323	11,323
Share premium reserve	136,794	101,237
Reserve for measurement of hedging derivatives
at fair value	(13)	(19)
Reserve for remeasurement of defined benefit plans	(3,501)	(5,273)
Translation reserve	22,655	3,809
Other reserves	392,557	295,747
Group shareholders' equity	615,847	460,695
Minority interests	5,471	5,855
Total shareholders' equity	621,318	466,550
Total shareholders' equity and liabilities	1,273,020	963,163

(€/000)	2015	2014
Net sales	894,928	671,999
Cost of sales	(577,310)	(426,585)
Gross industrial margin	317,618	245,414
% of net sales	35.5%	36.5%
Other operating income	13,133	12,563
Distribution costs	(84,321)	(68,074)
General and administrative expenses	(105,670)	(80,517)
Other operating costs	(3,864)	(5,019)
EBIT	136,896	104,367
% of net sales	15.3%	15.5%
Financial income	43,321	8,144
Financial expenses	(16,011)	(19,504)
Adjustment of the value of investments carried at equity	(262)	102
Profit for the year before taxes	163,944	93,109
Income taxes	(46,955)	(35,367)
Consolidated profit for the year	116,989	57,742
% of net sales	13.1%	8.6%
Attributable to:
Shareholders of the parent company	116,322	56,936
Minority shareholders of subsidiaries	667	806
Consolidated profit for the year	116,989	57,742
EBITDA	180,258	136,106
% of net sales	20.1%	20.3%
Shareholders' equity	621,318	466,550
Net debt	254,987	151,969
Debt for the purchase of equity investments	23,209	74,075
Capital employed	899,514	692,594
ROCE	15.2%	15.1%
ROE	18.8%	12.4%
Basic earnings per share	1.089	0.541
EBITDA = EBIT + depreciation + amortization + allocations

Consolidated income statement for the year

ROCE = EBIT / capital employed ROE = Consolidated profit for the year / Consolidated equity

* = Since EBITDA is not an accounting measure either as part of Italian accounting principles or as part of international accounting standards (IAS/IFRS), the calculation of this item may vary. EBITDA is a measure used by the company's management to monitor and assess its operating performance. Management believes that EBITDA is an important parameter for measuring the company's operating performance as it is not affected by the various criteria that may be used to determine taxable income, the amount and characteristics of capital employed and the relative depreciation and amortization policies. The criteria used by the company to determine EBITDA may not be consistent with that used by other companies/groups and the amount obtained may not be comparable with that calculated by them.

Statement of consolidated comprehensive income for the year

(€/000)	2015	2014
Consolidated profit for the year (A)	116.989	57,742
Other comprehensive income which will subsequently be reclassified to consolidated profit or loss
Cash flow hedge accounting for derivatives hedging interest rate risk: - Gains (losses) on derivatives for the year - Less: Adjustment for gains (losses) reclassified to profit or loss - Less: Adjustment for the recognition of fair value in equity in the previous year	- - -	- - 50
Total	-	50
Cash flow hedge accounting for derivatives hedging currency risk: - Gains (losses) on derivatives for the year - Less: Adjustment for gains (losses) reclassified to profit or loss	(19) -	(27) (14)
- Less: Adjustment for the recognition of fair value in equity in the previous year Total	27 8	- (41)
Gains (losses) on translating the financial statements of foreign companies	18,992	23,275
Gains (losses) from companies accounted for using the equity method	(16)	68
Relative taxation	(2)	(1)
Total other comprehensive income which will subsequently be reclassified to consolidated profit or loss, net of the tax effect (B)	18,982	23,351
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss, net of the tax effect (C)
Gains (losses) from the remeasurement of defined benefit plans	2,479	(2,640)
Relative taxation	(683)	726
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss, net of the tax effect (C)	1,796	(1,914)
Consolidated comprehensive income for the year (A) + (B) + (C)	137.767	79,179
Attributable to:
Owners of the parent	136.946	77,960
Minority interests of subsidiaries	821	1,219
Consolidated comprehensive income for the year (A) + (B) + (C)	137.767	79,179

(€/000)	2015	2014
Net sales	213,050	161,934
Cost of sales	(141.045)	(103,635)
Gross industrial margin	72.005	58,299
% of net sales	33,8%	36.0%
Other operating income	3,619	4,172
Distribution costs	(21,576)	(17,617)
General and administrative expenses	(26,356)	(21,608)
Other operating costs	(1,629)	(1,916)
EBIT	26.063	21,330
% of net sales	12.2%	13.2%
Financial income	2,542	2,090
Financial expenses	(3,580)	(9,509)
Adjustment of the value of investments carried at equity	(69)	315
Profit for the period before taxes	24.956	14,226
Income taxes	(9,310)	(6,574)
Consolidated profit for the period	15,646	7,652
% of net sales	7.3%	4.7%
Attributable to:
Shareholders of the parent company	15,358	7,560
Minority shareholders of subsidiaries	288	92
Consolidated profit for the period	15,646	7,652
EBITDA	38,945	30,421
% of net sales	18.3%	18.8%
Shareholders' equity	621,318	466,550
Net debt	254,987	151,969
Debt for the purchase of equity investments	23,209	74,075
Capital employed	899,514	692,594
Non-annualized ROCE	2.9%	3.1%
Non-annualized ROE	2.5%	1.6%
Basic earnings per share	0.144	0.073

Consolidated income statement for the fourth quarter

EBITDA = EBIT + depreciation + amortization + allocations ROCE = EBIT / capital employed

ROE = Consolidated profit for the period / Consolidated equity

* = Since EBITDA is not an accounting measure either as part of Italian accounting principles or as part of international accounting standards (IAS/IFRS), the calculation of this item may vary. EBITDA is a measure used by the company's management to monitor and assess its operating performance. Management believes that EBITDA is an important parameter for measuring the company's operating performance as it is not affected by the various criteria that may be used to determine taxable income, the amount and characteristics of capital employed and the relative depreciation and amortization policies. The criteria used by the company to determine EBITDA may not be consistent with that used by other companies/groups and the amount obtained may not be comparable with that calculated by them.

Statement of consolidated comprehensive income for the fourth quarter

(€/000)	2015	2014
Consolidated profit for the period (A)	15,646	7,652
Other comprehensive income which will subsequently be reclassified to consolidated profit or loss
Cash flow hedge accounting for derivatives hedging interest rate risk: - Gains (losses) on derivatives for the period - Less: Adjustment for gains (losses) reclassified to profit or loss	- -	- -
- Less: Adjustment for the recognition of fair value in equity in the previous period	-	-
Total	-	-
Cash flow hedge accounting for derivatives hedging currency risk: - Gains (losses) on derivatives for the period - Less: Adjustment for gains (losses) reclassified to profit or loss	(25) -	(18) -
- Less: Adjustment for the recognition of fair value in equity in the previous period	-	-
Total	(25)	(18)
Gains (losses) on translating the financial statements of foreign companies	7,514	6,127
Gains (losses) from companies accounted for using the equity method	4	24
Relative taxation	8	5
Total other comprehensive income which will subsequently be reclassified to consolidated profit or loss, net of the tax effect (B)	7,501	6,138
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss, net of the tax effect (C)
Gains (losses) from the remeasurement of defined benefit plans	2,479	(2,640)
Relative taxation	(683)	726
Total other comprehensive income which will not subsequently be reclassified to consolidated profit or loss, net of the tax effect (C)	1,796	(1,914)
Consolidated comprehensive income for the period (A) + (B) + (C)	24,943	11,876
Attributable to:
Owners of the parent	24,598	11,691
Minority interests of subsidiaries	345	185
Consolidated comprehensive income for the period (A) + (B) + (C)	24,943	11,876

Consolidated cash flow statement for the year

(€/000)	2015	2014
Cash flows from operating activities
Profit before taxes	163,944	93,109
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets	(3,076)	(1,519)
Losses (gains) on the sale of business units and equity investments	-	(406)
Amortization, depreciation, impairment losses and reversals of impairment losses	41,886	30,085
Costs recognized in the income statement relative to stock options that do not involve monetary outflows for the Group	1,370	1,370
Losses (profits) from equity investments	262	(102)
Net change in risk provisions and allocations to employee benefit provisions	(973)	(147)
Expenditures for tangible assets to be leased	(11,201)	(7,180)
Proceeds from the disposal of leased tangible assets	7,643	3,792
Net financial (income) expenses	(27,310)	11,360
	172,545	130,362
(Increase) decrease in trade receivables and other current assets	2,105	(5,503)
(Increase) decrease in inventories	3,412	(14,145)
Increase (decrease) in trade payables and other current liabilities	(13,405)	(4,107)
Interest paid	(5,838)	(5,823)
Realized exchange differences	2,701	1,185
Taxes paid	(47,666)	(29,911)
Net cash from operating activities	113,854	72,058
Cash flows from investing activities
Payments for the purchase of investments net of cash received and gross of treasury
shares transferred	(176,227)	(47,784)
Sale of equity investments and business units including cash transferred	746	796
Capital expenditure on property, plant and equipment	(27,502)	(32,575)
Proceeds from the sale of tangible fixed assets	1,594	1,512
Increase in intangible assets	(3,054)	(3,000)
Financial income received	714	637
Other	290	883
Net cash used in investing activities	(203,439)	(79,531)
Cash flows from financing activities
Disbursement (repayment) of loans	145,847	28,325
Dividends paid	(20,390)	(18,166)
Payment for the purchase of treasury shares	(32,709)	(38,299)
Disposal of treasury shares to acquire equity investments	60,891	7,026
Proceeds from the sale of treasury shares to stock option beneficiaries	8,166	4,626
(Disbursement) repayment of loans to unconsolidated subsidiaries	-	21
Disbursement (repayment) of shareholder loans	(409)	(248)
Change in other financial fixed assets	(1)	1,017
Payment of finance lease installments (principal)	(3,368)	(4,306)
Net cash from (used in) financing activities	158,027	(20,004)
Net increase (decrease) in cash and cash equivalents	68,442	(27,477)

Net increase (decrease) in cash and cash equivalents	68,442	(27,477)
Exchange differences from translating the cash of non-EU companies	1,129	2,445
Opening cash and cash equivalents for companies consolidated on a line-by-line basis for the first time	435	41
Cash and cash equivalents at the beginning of the year	59,389	84,380
Cash and cash equivalents at the end of the year	129,395	59,389

	31/12/2015	31/12/2014
	€/000	€/000
Cash and cash equivalents as per the consolidated statement of financial position	135,130	87,159
Bank payables (overdrafts and subject to collection advances)	(5,735)	(27,770)
Cash and cash equivalents as per the consolidated cash flow statement	129,395	59,389

Statement of changes in consolidated shareholders' equity

	ha S re l ita cap	l Le ga res erv e	S ha re ium pr em res erv e	Re ve f ser or ent me asu rem of hed ing g der iva tive t s a fa alu ir v e	ve f Re ser or rem eas ure m of ent def ine d ben ef it lan p s	nsl Tra ati on res erv e	her Ot res erv es	Gr oup sha reh old e rs' uit eq y	Mi rity no int sts ere	tal To
At 1 J 20 14 an ua ry	55 003 ,	11, 32 3	125 03 9 ,	( 27 )	( 3, 39 6)	( 19, 084 )	25 7, 82 8	42 6, 68 6	6, 26 3	43 2, 94 9
Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue ck tio d a nd rci sab le sto nte op ns gra exe	-	-	1, 370	-	-	-	-	1, 370	-	1, 370
Pu rch of sha tre ase asu ry res	( 1, 98 6)	-	( 35 970 ) ,	-	-	-	( 34 3)	( 38 299 ) ,	-	( 38 299 ) ,
Sal f tr sh ck tio n b fic iar ies s to sto e o eas ury are op ene	48 2	-	4, 144	-	-	-	-	4, 626	-	4, 626
nsf of sha fo ity Tra tre ent er asu ry res as pa ym r e qu inv est nts me	372		6,		-			02 7,		02 7,
Di vid end s d istr ibu ted	-	-	654	-		-	- ( 18, 108 )	6 ( 18, 108 )	- ( 58 )	6 ( 18, 166 )
Pu rch of ad dit ion al i t in Hy dro Ch ile nte ase an res car	-	-	-	-	-	-	( 54 2)	( 54 2)	( 1, 870 )	( 2, 41 2)
Eff of Hy dro Ch ile -Sy bin ati ect car sca m com on	-	-	-	-	-	-	( 82)	( 82)	28 9	20
Pu rch of idu al int in HC Hy dra uli st ase res ere cs		-	-	-	-	-				7
chn olo ies Ltd Te ( P) g	-	-	-	-	-	-	-	-	( 1)	( 1)
Eff of Co -G olf ect pa m erg er	-	-	-	-	-	-	58	58	( 58 )	-
Pu rch of IM M ase	-	-	-	-	-	-	-	-	71	71
Co reh ive in e f 20 14 mp ens com or	-	-	-	8	( 1, 877 )	22 893 ,	56 93 6 ,	77 96 0 ,	1, 219	79 179 ,
At 31 ber 20 14 De cem	53 87 1 ,	11, 32 3	10 1, 23 7	( 19)	( 5, 27 3)	3, 809	29 5, 74 7	46 0, 695	5, 855	46 6, 55 0
Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue
ck tio d a nd rci sab le sto nte op ns gra exe	-	-	1, 370	-	-	-	-	1, 370	-	1, 370
rch of sha Pu tre ase asu ry res	( 1, 322 )	-	( 31 387 ) ,	-	-	-	-	( 32 70 9) ,	-	( 32 70 9) ,
Sal f tr sh ck tio n b fic iar ies s to sto e o eas ury are op ene	92 1	-	245 7,	-	-	-	-	8, 166	-	8, 166
nsf of sha fo ity Tra tre ent er asu ry res as pa ym r e qu					-
inv est nts me	2, 562	-	58 329 ,	-		-	-	60 89 1 ,	-	60 89 1 ,
Di vid end s d istr ibu ted	-	-	-	-	-	-	( 19 1)	( 19 1)	( 28 0)	( 47 1)
Re nit ion in th e i of the fa ir val of st ate nt cog nco me me ue					-
ck tio d a nd rci sab le sto nte op ns gra exe	-	-	-	-		-	( 19, 32 1)	( 19, 32 1)	( 92 5)	( 20 24 6) ,
reh ive in e f 15 Co 20 mp ens com or	-	-	-	6	1, 77 2	18, 846	116 322 ,	136 94 6 ,	82 1	137 76 7 ,
At 31 ber 20 15 De cem	56 032 ,	11, 32 3	136 794 ,	( 13)	( 3, 50 1)	22 655 ,	39 2, 55 7	615 84 7 ,	47 1 5,	62 1, 31 8