Earnings Release • Mar 10, 2017
Earnings Release
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10 MARCH 2017
The 360° strategy of Roularta Media Group (RMG) is bearing fruit. RMG is omnipresent on TV, radio, in print and digitally with strong brands that are appreciated by viewers, listeners, readers, surfers and advertisers alike.
With a slight increase over last year of 1.1% in combined sales (incl. joint ventures) to 476.4 million euros, and a limited decline of -4.7% over last year in consolidated sales (excl. joint ventures) to 276.5 million euros, Roularta Media Group performed well in the media sector.
The Group's EBITDA increased by 2% in 2016, both including and excluding joint ventures. The 2016 consolidated (excl. joint ventures) EBITDA of 34.4 million euros is 2.4% or 0.8 million euros above that of 2015. The 2016 combined (excl. joint ventures) EBITDA of 51.8 million euros is 2.1% or 1.1 million euros above that of 2015. However, in 2016 there are important investments for the future that will put pressure on EBITDA such as launch costs for the e-commerce platform Storesquare.be and the telecom branch Mobile Vikings.
Consolidated EBIT for 2016 amounts to 24.9 million euros, a decline of 6.5 million euros. The reason for the rise in EBITDA and a decline in EBIT is principally the one-off positive effect in 2015 of the reversal of provisions and write-downs against 2016 for 5.7 million euros. A similar effect can be seen in the combined EBIT for 2016 of 34.8 million euros, 5.8 million euros less than last year.
The decline in net financial costs by 0.8 million euros to 4.7 million euros in 2016 on a consolidated basis, brings the net result attributable to RMG to 21.5 million euros, or 7.8% on sales or 1.72 euros per share. The proposal of the Board of Directors is to keep the dividend the same as last year, i.e. 0.50 euros per share, representing a payout of approximately 30% of the consolidated net profit.
The Group's strong cash flow reduces the net debt position by 18.2 million euros to 57.4 million euros on a consolidated basis. The liquidity, gearing and solvency ratios also improved significantly in 2016 due to the stronger balance sheet.
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Due to application of the IFRS 11 standard, the joint ventures were included in the consolidation using the equity method instead of the proportionate method. All references to 'consolidated' figures always concern the official data in application of IFRS 11. In the income statement, the net result of the joint ventures is included in the EBITDA as 'Share in the result of associated companies and joint ventures'.
In order to ensure the continuity of information about underlying operational performance and in accordance with IFRS 8, however, the financial information is given by segment as 'combined' figures, including the pro-rated share of Roularta Media Group in joint ventures, after elimination of intra-group elements, in accordance with the proportional consolidation method.
1.1 Consolidated key figures
| in thousands of euros | 31/12/16 | 31/12/15 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 276,464 | 290,226 | -13,762 | -4.7% |
| Adjusted sales (1) | 276,427 | 289,416 | -12,989 | -4.5% |
| EBITDA (2) | 34,405 | 33,598 | 807 | +2.4% |
| EBITDA - margin | 12.4% | 11.6% | ||
| EBIT (3) | 24,887 | 31,363 | -6,476 | -20.6% |
| EBIT - margin | 9.0% | 10.8% | ||
| Net finance costs | -4,687 | -5,441 | 754 | +14% |
| Income taxes | 72 | 46,089 | -46,017 | -100% |
| Net result from continuing operations | 20,272 | 72,011 | -51,739 | -72% |
| Result of discontinued operations | 0 | -7,770 | 7,770 | -100% |
| Net result | 20,272 | 64,241 | -43,969 | -68% |
| Attributable to minority interests | -1,201 | -127 | -1,074 | -846% |
| Attributable to equity holders of RMG | 21,473 | 64,368 | -42,895 | -67% |
| Net result attributable to equity holders of RMG - margin | 7.8% | 22.2% | ||
| Number of employees at closing date (4) | 1,354 | 1,364 | -10 | -0.8% |
(1) Adjusted sales is the sales comparable to 2015 excluding changes in the consolidation scope.
(2) EBITDA is equal to EBIT plus depreciation, write-downs and provisions.
(3) EBIT is equal to operating income, including the share in the result of associated companies and joint ventures.
(4) Excluding joint ventures (Medialaan, Bayard, etc.).
Consolidated sales in 2016, which under IFRS 11 takes no account of joint ventures including Medialaan and Plus Magazine (in Belgium, the Netherlands and Germany), declined slightly (-4.7%, from 290 to 276 million euros). The decrease in advertising revenues at Local Media and the magazines (-6%) was offset by the strong performance of internet advertising revenue (+14%). Subscription revenue was virtually stable (-1%). Newsstand sales (-9%) dropped due to the disappearance of Belgian sales of Point de Vue. In addition, there was less commercial printing of the Group's former French magazines (-6%).
The increase in EBITDA for 2016 amounts to 0.8 million euros or +2% compared to 2015. This increase is due to non-recurring costs in 2015 for payment in the Kempenland dispute (6.7 million euros). In 2016 we invested in future digital activities such as the e-commerce platform Storesquare.be and the telecom/data platform Mobile Vikings, which also put pressure on the EBITDA. EBIT in 2016 contains no more major one-off items, which was still the case in 2015 (Kempenland and impairment losses on titles), and amounted to 24.9 million euros.
Lower net finance costs due to a lower debt position in 2016 compared to 2015 result in a net result attributable to equity holders of RMG of 21.5 million euros, or 1.72 euros per share.
| Consolidated key figures | in euros | 31/12/16 | 31/12/15 | Trend (%) |
|---|---|---|---|---|
| EBITDA | 2.75 | 2.69 | +2% | |
| EBIT | 1.99 | 2.51 | -21% | |
| Net result attributable to equity holders of RMG | 1.72 | 5.16 | -67% | |
| Net result attributable to equity holders of RMG after dilution | 1.70 | 5.14 | -67% | |
| Weighted average number of shares | 12,515,767 | 12,486,031 | +0.2% | |
| Weighted average number of shares after dilution | 12,611,686 | 12,517,300 | +0.8% |
(applying the proportional consolidation method for joint ventures)
| in thousands of euros | 31/12/16 | 31/12/15 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 476,406 | 471,027 | 5,379 | +1.1% |
| Adjusted sales (1) | 460,199 | 470,217 | -10,018 | -2.1% |
| EBITDA (2) | 51,821 | 50,765 | 1,056 | +2.1% |
| EBITDA - margin | 10.9% | 10.8% | ||
| EBIT (3) | 34,772 | 40,537 | -5,765 | -14.2% |
| EBIT - margin | 7.3% | 8.6% | ||
| Net finance costs | -4,829 | -5,319 | 490 | +9% |
| Income taxes | -9,671 | 36,793 | -46,464 | -126% |
| Net result from continuing operations | 20,272 | 72,011 | -51,739 | -72% |
| Result of discontinued operations | 0 | -7,770 | 7,770 | -100% |
| Net result | 20,272 | 64,241 | -43,969 | -68% |
| Attributable to minority interests | -1,201 | -127 | -1,074 | -846% |
| Attributable to equity holders of RMG | 21,473 | 64,368 | -42,895 | -67% |
| Net result attributable to equity holders of RMG - margin | 4.5% | 13.7% | ||
| Number of employees at closing date (4) | 1,836 | 1,830 | 6 | +0.3% |
(1) Adjusted sales is the sales comparable to 2015 excluding changes in the consolidation scope.
(2) EBITDA is equal to EBIT plus depreciation, write-downs and provisions.
(3) EBIT is equal to operating income, including the share in the result of associated companies and joint ventures.
(4) Joint ventures (Medialaan, Bayard, etc.) are included proportionally.
Combined sales increased by 5.4 million euros or 1.1%, mainly due to advertising revenue for television at Medialaan and the acquisition of Mobile Vikings.
EBITDA increased compared to last year by 1.1 million euros to 51.8 million euros, despite investments in future digital activities such as e-commerce platform Storesquare.be and the telecom/data platform Mobile Vikings. Net financial expenses decreased in line with the declining debt position. Taxes mainly came from the audiovisual segment.
Intersegment eliminations on sales are in line with last year and amount to 1.5 million euros.
| 2016 - in thousands of euros | Printed Media | Audiovisual Media |
Eliminations between segments |
Combined total |
Impact IFRS11 |
Consolidated total |
|---|---|---|---|---|---|---|
| Sales of the segment | 295,220 | 182,729 | -1,543 | 476,406 | -199,942 | 276,464 |
| Sales external customers | 294,393 | 182,013 | 476,406 | -199,942 | 276,464 | |
| Sales with other segments | 827 | 716 | -1,543 | 0 | 0 |
For further commentary on the combined key figures, we refer you to the following sections.
| in thousands of euros | 31/12/16 | 31/12/15 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 295,220 | 308,130 | -12,910 | -4.2% |
| Adjusted sales (1) | 294,842 | 307,321 | -12,479 | -4.1% |
| EBITDA (2) | 20,608 | 18,821 | 1,787 | +9.5% |
| EBITDA - margin | 7.0% | 6.1% | ||
| EBIT (3) | 10,640 | 16,281 | -5,641 | -34.6% |
| EBIT - margin | 3.6% | 5.3% | ||
| Net finance costs | -4,582 | -5,303 | 721 | +14% |
| Income taxes | -786 | 44,639 | -45,425 | -102% |
| Net result from continuing operations | 5,272 | 55,617 | -50,345 | -91% |
| Result of discontinued operations | 0 | -7,770 | 7,770 | -100% |
| Net result | 5,272 | 47,847 | -42,575 | -89% |
| Attributable to minority interests | -1,200 | -126 | -1,074 | -852% |
| Attributable to equity holders of RMG | 6,472 | 47,973 | -41,501 | -87% |
| Net result attributable to equity holders of RMG - margin | 2.2% | 15.6% |
(1) Adjusted sales is the sales comparable to 2015 excluding changes in the consolidation scope.
(2) EBITDA is equal to EBIT plus depreciation, write-downs and provisions.
(3) EBIT is equal to operating income, including the share in the result of associated companies and joint ventures.
Sales from the Printed Media division fell by 4%, from 308 to 295 million euros. Adjusted sales in 2016 amount to 295 million euros compared to 307 million euros in 2015.
Adjusted sales from advertising in the Printed Media segment decreased by 3%. This decline is reflected in most of the products, namely newspapers, magazines and free newspapers, but was compensated for by the surge in internet advertising, where we note an increase of more than 14%.
Revenue from the readership market (newsstand sales and subscriptions) fell slightly by 2% compared to 2015. This is mainly due to the disappearance from Belgian newsstand sales of Point de Vue.
Sales to third parties of typesetting and printing services decreased by 6% compared to 2015. This is largely explained by the decline in printing orders from the former French activities.
Revenue from other income, the smallest segment, decreased by 11% compared to 2015, among other things due to the decline in paper sales for the former French activities.
EBITDA rose from 18.8 to 20.6 million euros, mainly as a result of lower operating costs in 2016, the absence of restructuring costs in 2016 and the payment in 2015 related to the Kempenland dispute.
EBIT fell from 16.3 to 10.6 million euros. The reason for the rise in EBITDA and a decline in EBIT is principally the one-off positive effect in 2015 of the reversal of provisions and write-downs for 5.7 million euros versus 2016.
There is a further decline in net finance costs of 0.7 million euros to 4.6 million euros. Taxes amounted to 0.8 million euros in 2016, mainly from the operations of our joint venture with Groupe Bayard.
The net result attributable to equity holders of RMG at the print division amounted to 6.5 million euros. The 1.2 million euros in minority interests in 2016 came mainly from the loss at Storesquare NV, for which RMG currently holds 71% of the shares.
| in thousands of euros | 31/12/16 | 31/12/15 | Trend | Trend (%) |
|---|---|---|---|---|
| INCOME STATEMENT | ||||
| Sales | 182,729 | 164,096 | 18,633 | +11.4% |
| Adjusted sales (1) | 166,900 | 164,095 | 2,805 | +1.7% |
| EBITDA (2) | 31,213 | 31,944 | -731 | -2.3% |
| EBITDA - margin | 17.1% | 19.5% | ||
| EBIT (3) | 24,132 | 24,256 | -124 | -0.5% |
| EBIT - margin | 13.2% | 14.8% | ||
| Net finance costs | -247 | -16 | -231 | -1,444% |
| Income taxes | -8,885 | -7,846 | -1,039 | -13% |
| Net result from continuing operations | 15,000 | 16,394 | -1,394 | -9% |
| Net result | 15,000 | 16,394 | -1,394 | -9% |
| Attributable to minority interests | -1 | -1 | ||
| Attributable to equity holders of RMG | 15,001 | 16,395 | -1,394 | -9% |
| Net result attributable to equity holders of RMG - margin | 8.2% | 10.0% |
(1) Adjusted sales is the sales comparable to 2015 excluding changes in the consolidation scope.
(2) EBITDA is equal to EBIT plus depreciation, write-downs and provisions.
(3) EBIT is equal to operating income, including the share in the result of associated companies and joint ventures.
Sales from the Audiovisual Media division increased by 11.4%, from 164 to 183 million euros. Adjusted sales in 2016, not including revenue from acquisitions Mobile Vikings and CAZ, amount to 167 million euros, an increase of 2%.
Revenues from advertising on TV and radio increased by 1% in 2016. Online video advertising increased by 22%.
Adjusted sales from other income-producing activities including line extensions, video-on-demand rights, audiovisual productions, etc. increased by 2%.
EBITDA decreased slightly by 0.7 million euros to 31 million euros or -2%, due mainly to increased mobile transmission and launch costs. EBIT is in line with last year: 24 million euros. This is because the increased depreciation for fixed assets – 2.2 million euros, mainly related to Mobile Vikings and CAZ – is offset by the near elimination of write-downs and provisions in 2016 compared to 2015.
The net result for the Audiovisual Media division amounts to 15 million euros, which is slightly lower than the 16 million euros in 2015 due to higher net finance costs and taxes.
| Balance sheet in thousands of euros |
31/12/16 | 31/12/15 |
|---|---|---|
| Net cash flow from operating activities (A) | 14,825 | -2,594 |
| Net cash flow from investing activities (B) | 8,202 | 8,243 |
| Net cash flow from financing activities (C) | -10,958 | -1,906 |
| Total decrease/increase in cash & cash equivalents (A+B+C) | 12,069 | 3,743 |
| Cash and cash equivalents, beginning balance | 38,496 | 34,753 |
| Cash and cash equivalents, ending balance | 50,565 | 38,496 |
The cash flow statement shows the source of the Group's strong cash generation of 12 million euros in 2016 compared to 4 million euros in 2015. This brings the total cash position at the end of 2016 to 50.6 million euros.
Normalisation in 2016 of cash flow from operating activities compared to 2015, where the disinvestments related to the French operations are still included, accounts for 15 million euros. For cash flow from investing activities, in 2016 there is the income of 16 million euros from the collection of the long-term receivable from the Altice Group for the divested French operations, in addition to the capital expenditure of 8 million euros. Cash flow from financing activities in 2016 consists mainly of the payment of 6 million euros in dividends and the repayment of bank debts amounting to 6 million euros.
| Balance sheet | in thousands of euros | 31/12/16 | 31/12/15 | Trend (%) |
|---|---|---|---|---|
| Non-current assets | 307,445 | 319,007 | -4% | |
| Current assets | 135,756 | 130,674 | +4% | |
| Balance sheet total | 443,201 | 449,681 | -1% | |
| Equity - Group's share | 222,293 | 207,649 | +7% | |
| Equity - minority interests | 1,762 | 1,868 | -6% | |
| Liabilities | 219,146 | 240,164 | -9% | |
| Liquidity (1) | 1.4 | 1.1 | +27% | |
| Solvency (2) | 50.6% | 46.6% | +9% | |
| Net financial debt | 57,443 | 75,680 | -24% | |
| Gearing (3) | 25.6% | 36.1% | -29% |
(5) Liquidity = current assets / current liabilities.
(6) Solvency = equity (Group's share + minority interests) / balance sheet total.
(7) Gearing = net financial debt / equity (Group's share + minority interests).
Equity - Group's share on 31 December 2016 amounted to 222 million euros, versus 208 million euros on 31 December 2015. The movement in equity consists mainly of the profit for 2016 (21.5 million euros) less the dividends paid (6.3 million euros).
As of 31 December 2016, consolidated net financial debt1 amounted to 57.4 million euros, a decrease of 18.3 million euros compared to the end of 2015, which is mainly explained by the repayment of bank loans amounting to 6.2 million euros and the 12 million euro increase in the cash position.
The evolution to a stronger balance sheet between 2015 and 2016 is also highlighted by improving indicators such as liquidity, solvency and gearing.
Total consolidated investments in 2016 amounted to 8 million euros, including a 0.5 million euro capital increase, 3.1 million euros in investments in intangible assets (mainly software) and 4.5 million euros in tangible fixed assets (mainly equipment).
The Board of Directors will propose to the General Assembly of May 16th, 2017 to pay a gross dividend of 0.50 euros per share.
The presentation of the 2016 results is available on our website www.roularta.be/en under the section: Roularta on the stock market > Financial > Financial reporting > 31.12.2016 > Presentation 2016 results
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1 Net financial debt = financial debts less current cash
Low visibility in the entire media sector regarding advertising expenditures in the market makes it difficult to make a forecast for the first half of 2017.
The advertising portfolio for the first quarter of 2017 shows an evolution in revenue that is in line with the print operations, audiovisual and internet activities for 2016, but with large variations from month to month, and increasingly later bookings. The readership market is relatively stable thanks to the subscriptions.
Medialaan is achieving strong ratings but due to low visibility, we foresee no automatic extension into 2017 of the increased advertising revenues. Striking, however, is the growing revenue from new viewing patterns such as slightly delayed viewing via Proximus, Telenet and our own Stievie platform, and growing advertising revenue from online video.
The new activities, such as mobile telecommunications, Storesquare.be, Digilocal..., require additional hiring and launch costs.
Greater attention is being paid to cost control.
The statutory auditor has confirmed that its auditing work, which is fundamentally complete, has not revealed the need for any significant corrections to the accounting information contained in the press release. Deloitte Bedrijfsrevisoren is represented by Mario Dekeyzer and Kurt Dehoorne
| Contact persons | Rik De Nolf (Chairman of the Board of Directors & IR) |
Xavier Bouckaert (CEO) | Jeroen Mouton (CFO) |
|---|---|---|---|
| Tel.: Email: URL: |
+32 51 26 63 23 [email protected] www.roularta.be |
+32 51 26 63 23 [email protected] |
+32 51 26 68 92 [email protected] |
| ASSETS | in thousands of euros 31/12/16 |
31/12/15 | Trend | |
|---|---|---|---|---|
| Non-current assets | 307,445 | 319,007 | -11,562 | |
| Intangible assets | 84,399 | 86,158 | -1,759 | |
| Goodwill | 5 | -5 | ||
| Property, plant and equipment | 56,023 | 57,025 | -1,002 | |
| Investments accounted for using the equity method | 127,722 | 120,735 | 6,987 | |
| Available-for-sale investments, loans, guarantees | 2,470 | 2,844 | -374 | |
| Trade and other receivables | 15,568 | 31,479 | -15,911 | |
| Deferred tax assets | 21,263 | 20,761 | 502 | |
| Current assets | 135,756 | 130,674 | 5,082 | |
| Inventories | 6,236 | 5,464 | 772 | |
| Trade and other receivables | 74,273 | 82,257 | -7,984 | |
| Short-term investments | 46 | 46 | ||
| Cash and cash equivalents | 50,565 | 38,496 | 12,069 | |
| Deferred charges and accrued income | 4,636 | 4,411 | 225 | |
| Total assets | 443,201 | 449,681 | -6,480 |
| LIABILITIES in thousands of euros |
31/12/16 | 31/12/15 | Trend |
|---|---|---|---|
| Equity | 224,055 | 209,517 | 14,538 |
| Group's equity | 222,293 | 207,649 | 14,644 |
| Issued capital | 80,000 | 80,000 | |
| Treasury shares | -23,931 | -24,376 | 445 |
| Retained earnings | 163,224 | 148,159 | 15,065 |
| Other reserves | 2,966 | 3,820 | -854 |
| Translation differences | 34 | 46 | -12 |
| Minority interests | 1,762 | 1,868 | -106 |
| Non-current liabilities | 118,842 | 123,862 | -5,020 |
| Provisions | 7,380 | 8,417 | -1,037 |
| Employee benefits | 5,079 | 3,527 | 1,552 |
| Deferred tax liabilities | 521 | 521 | |
| Financial debts | 105,825 | 111,360 | -5,535 |
| Other payables | 37 | 37 | |
| Current liabilities | 100,304 | 116,302 | -15,998 |
| Financial debts | 2,229 | 2,862 | -633 |
| Trade payables | 42,266 | 48,086 | -5,820 |
| Advances received | 17,582 | 19,841 | -2,259 |
| Social debts | 13,497 | 18,008 | -4,511 |
| Taxes | 771 | 1,630 | -859 |
| Other payables | 16,242 | 20,277 | -4,035 |
| Accrued charges and deferred income | 7,717 | 5,598 | 2,119 |
| Total liabilities | 443,201 | 449,681 | -6,480 |
| in thousands of euros | 31/12/16 | 31/12/15 |
|---|---|---|
| Sales | 276,464 | 290,226 |
| Own construction capitalised | 2,098 | 1,710 |
| Raw materials, consumables and goods for resale | -67,762 | -72,785 |
| Services and other goods | -101,638 | -102,880 |
| Personnel | -91,389 | -91,839 |
| Other operating income and expenses | -1,562 | -6,352 |
| Restructuring costs: costs | -3,535 | |
| Share in the result of associated companies and joint ventures | 18,194 | 19,053 |
| EBITDA | 34,405 | 33,598 |
| Depreciation, write-down and provisions | -9,518 | -2,077 |
| Depreciation and amortisation of intangible and tangible assets | -10,248 | -9,329 |
| Write-down of debtors and inventories | 42 | 914 |
| Provisions | 688 | 8,556 |
| Impairment losses | -2,218 | |
| Restructuring costs: provisions | -158 | |
| Operational result - EBIT | 24,887 | 31,363 |
| Interest income | 1,413 | 1,308 |
| Interest expenses | -6,100 | -6,749 |
| Income taxes | 72 | 46,089 |
| Net result from continuing operations | 20,272 | 72,011 |
| Net result from discontinued operations | -7,770 | |
| Net result attributable to: | 20,272 | 64,241 |
| Minority interests | -1,201 | -127 |
| Equity holders of Roularta Media Group | 21,473 | 64,368 |
| in thousands of euros | 31/12/16 | 31/12/15 |
|---|---|---|
| Cash flow relating to operating activities | ||
| Net result of the consolidated companies | 20,272 | 64,204 |
| Share in the results of associated companies and joint ventures | -18,194 | -19,549 |
| Income tax expense / income | -72 | -46,089 |
| Interest expenses | 6,100 | 7,122 |
| Interest income (-) | -1,413 | -1,295 |
| Losses / gains on disposal of intangible assets and property, plant and equipment | 17 | -678 |
| Losses / gains on disposal of business | -398 | 4,620 |
| Dividends received from associated companies and joint ventures | 11,741 | 16,667 |
| Non-cash items | 10,036 | -1,337 |
| Depreciation of (in)tangible assets | 10,248 | 9,339 |
| Impairment losses | 2,218 | |
| Share-based payment expense | 152 | 16 |
| Losses / gains on non-hedging derivatives | -293 | |
| Increase / decrease in provisions | -688 | -11,403 |
| Unrealised exchange loss / gain | -1 | |
| Other non-cash items | 324 | -1,213 |
| Gross cash flow relating to operating activities | 28,089 | 23,665 |
| Increase / decrease in current trade receivables | 7,939 | 8,590 |
| Increase / decrease in current other receivables and deferred charges and accrued income | 809 | -7,726 |
| Increase / decrease in inventories | -734 | 547 |
| Increase / decrease in current trade payables | -5,820 | -20,744 |
| Increase / decrease in other current liabilities | -10,707 | -466 |
| Other increases / decreases in working capital (a) | 2,134 | -303 |
| Increase / decrease in working capital | -6,379 | -20,102 |
| Income taxes paid | -1,014 | -59 |
| Interest paid | -6,067 | -7,388 |
| Interest received | 196 | 1,290 |
| NET CASH FLOW RELATING TO OPERATING ACTIVITIES (A) | 14,825 | -2,594 |
(a) Increases and decreases in non-current other payables, non-current trade payables, provisions, non-current employee benefits and accrued charges and deferred income.
| in thousands of euros | 31/12/16 | 31/12/15 |
|---|---|---|
| Cash flow relating to investing activities | ||
| Intangible assets - acquisitions | -3,090 | -3,172 |
| Tangible assets - acquisitions | -4,448 | -2,288 |
| Intangible assets - other movements | -64 | |
| Tangible assets - other movements | 34 | 1,415 |
| Net cash flow relating to acquisition of subsidiaries | -450 | -1,622 |
| Net cash flow relating to disposal of subsidiaries | 16,000 | 12,782 |
| Net cash flow relating to loans to investments accounted for using the equity method | 142 | -725 |
| Available-for-sale investments, loans, guarantees - other movements | 14 | 1,137 |
| Increase / decrease in short-term investments | 780 | |
| NET CASH FLOW RELATING TO INVESTING ACTIVITIES (B) | 8,202 | 8,243 |
| Cash flow relating to financing activities | ||
| Dividends paid | -6,253 | |
| Treasury shares | 445 | 271 |
| Other changes in equity | 924 | -89 |
| Proceeds from current financial debts | 834 | |
| Redemption of current financial debts | -2,279 | -2,976 |
| Redemption of non-current financial debts | -3,938 | |
| Decrease in non-current receivables | 143 | 54 |
| NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) | -10,958 | -1,906 |
| TOTAL DECREASE / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) | 12,069 | 3,743 |
| Cash and cash equivalents, beginning balance | 38,496 | 34,753 |
| Cash and cash equivalents, ending balance | 50,565 | 38,496 |
| Net decrease / increase in cash and cash equivalents | 12,069 | 3,743 |
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