United Group BO 9M 2017 financial results presentation 28 November - - PowerPoint PPT Presentation
United Group BO 9M 2017 financial results presentation 28 November - - PowerPoint PPT Presentation
United Group BO 9M 2017 financial results presentation 28 November 2017 Disclosure regarding forward-looking statements and the presentation of certain financial information This presentation contains forward-looking statements, which include
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This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “estimates”, “would”, “will”, “could”, “should” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual performance or achievements to be materially different from future performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future strategies and the environment in which we will operate in the future. These forward-looking statements speak
- nly as at the date of this presentation. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any
- f such statements are based.
This presentation contains summary reviewed condensed financial information for Adria Midco B.V. and its subsidiaries for the nine months ended September 30, 2017. The statement of financial position for Adria Midco B.V. and its subsidiaries as at 30 September 2017 and as at 30 September 2016, as well as the condensed consolidated interim statements of profit or loss and cash flows for Adria Midco B.V. and its subsidiaries for the nine months periods then ended have been reviewed by our independent auditors in accordance with the International Standard on Review Engagements 2410 and have been prepared in accordance with IFRS. Certain financial measures and ratios related thereto in this presentation, including EBITDA, Adjusted EBITDA, Adjusted EBITDA minus capital expenditure, RGUs and ARPU (collectively, the ‘‘Non-IFRS Measures’’) are not specifically defined under IFRS or any other generally accepted accounting principles. These measures are presented here because we believe that they and similar measures are widely used in our industry as a means of evaluating a company’s
- perating performance and financing structure. Our management believes this information, along with comparable IFRS measures, is useful to investors
because it provides a basis for measuring the operating performance in the periods presented. These measures are used in the internal management of our business, along with the most directly comparable IFRS financial measures, in evaluating the operating performance. These measures may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, and you should not consider such items as alternatives to net income (loss), operating income or any other performance measures derived in accordance with IFRS, and they may be different from similarly titled measures used by other companies.
Disclosure regarding forward-looking statements and the presentation of certain financial information
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Highlights Financial review Mergers & Acquisitions
Agenda
Introduction Operational review Appendices
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Introduction to United Group
- South-East Europe’s leading provider of pay-TV and
broadband services, with a strong presence in mobile telephony following the Tušmobil acquisition
- 3.5 million cable and satellite TV, broadband, fixed-line
and mobile RGUs across the six countries of former Yugoslavia
- Operating in a market characterized by growing pay-TV
and broadband that is currently underpenetrated relative to other CEE and Western European markets
- Broad reach via cable and direct-to-home platforms
across the region, and ethnically targeted over-the-top content platforms internationally
- Reputation for providing the most attractive content in
- ur respective markets, available across all devices and
formats
- Group strategy leverages established proven strengths
–
extensive network,
–
differentiated content offerings, and
–
loyal customer base to further strengthen market leadership in the region and to target the region’s expat community with best in class local content delivered through the internet
- Owned by funds affiliated with KKR, EBRD and the
management
* On June 30, 2017, we had in place a €775 million bond that was issued under the 2013 indenture. These notes were redeemed in full on July 27, 2017 (€817.5 million paid, including accrued and unpaid interest plus redemption costs). In addition, all outstanding borrowings under the RCF dated November 5, 2013 and the PIK facility agreement dated July 3, 2014 were paid
Issuer United Group B.V. Listed International Stock Exchange (Channel Islands) Governing Law State of New York Outstanding notes €575 million Coupon 4.375% Maturity 1-Jul-22 Coupon dates 15 January & 15 July Outstanding notes €325 million Coupon 4.875% Maturity 1-Jul-24 Coupon dates 15 January & 15 July Outstanding notes €450 million Coupon Three-month EURIBOR plus 4.375% Maturity 1-Jul-23 Coupon dates 15 October, 15 January, 15 April, 15 July United Group B.V. Senior Notes * 2022 Fixed Rate Notes 2024 Fixed Rate Notes Floating Fixed Rate Notes
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Highlights Financial review Mergers & Acquisitions
Agenda
Introduction Operational review Appendices
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9M 2017: operational highlights
- Healthy
year-on-year RGU growth across all services – Driven predominantly by
- rganic
subscriber growth, increased multi-play subscribers and acquisitions of Ikom in Serbia with 161k RGUs
- Homes passed up by 13% to 1,750k YoY due to
– Expansion of and investment in our network – Acquisitions in Serbia
- Blended cable ARPU up by 5% to €20.2 YoY as a
result of – Successful execution of our strategy aimed at selling more services to our cable subscribers – Increased revenue from cable network-based services – Migration from lower-priced to higher-priced service packages – Price increases in Serbia, Slovenia and Bosnia and Herzegovina
1,553 1,750 9M 2016 9M 2017
Homes passed (k)
+13% 19.3 20.2 9M 2016 9M 2017
Blended cable ARPU (€)
+5%
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9M 2017: financial highlights
- Revenues up 14% YoY to €382.6million as a result of
- Organic growth and acquisitions
- Growing number of RGUs
- Price increases
- Adjusted EBITDA up 19% YoY to €168.0 million
- Driven by our focus on profitable growth
- Like-for-like
margin improvements in both cable and mobile businesses
- Net leverage* up to 5.12x from 3.98x
- Gross leverage** up to 5.27x vs. H1 2017 due to issuance of new
Bond notes with total face value of €1.35 billion
* Annualized Last Two Quarter Adjusted Pro Forma EBITDA is calculated as two times the amount of Consolidated Adjusted L2Q EBITDA plus two times 1 month 2017 Ikom adjusted EBITDA (Ikom was consolidated into United Group from May 1, 2017), plus €1.6 million of expected synergies with Ikom ** Gross indebtedness was reduced by €200 million, which is the amount deposited on a special account for the acquisition of CME assets in Slovenia and Croatia. The adjustment was made as CME EBITDA is not included in the Group EBITDA which is used in the leverage calculation 336.4 382.6
9M 2016 9M 2017
Revenues (€ m)
+14% 140.9 168.0
9M 2016 9M 2017
Adjusted EBITDA (€ m)
+19% 4.08x 5.27x 3.98x 5.12x
H1 2017 9M 2017
Leverage
Gross leverage Net leverage
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Highlights Financial review Mergers & Acquisitions
Agenda
Introduction Operational review Appendices
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SBB Serbia
- Increase of 19% caused by organic
network expansion and acquisition of Ikom with 143.5k homes passed Telemach Slovenia
- Organic increase against 9M 2016,
with 3.7k additional homes passed Telemach BH
- Increase
- f
4% due to
- rganic
network expansion Telemach MNE
- Increase of 33% caused by organic
network expansion following the acquisition of M-Kabl
Homes passed across key markets Key developments
Network expansion
892 1,059 306 310 309 321 45 60 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE
Homes passed (k)
19% +1% +4% +33%
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RGUs vs. Unique cable subscribers Key developments
Increasing subscribers and RGUs
- Increasing
cable subscribers as a result of organic network growth and acquisitions of Ikom with 93k unique cable subscribers
- Faster growth in RGUs per unique
cable subscriber driving
- verall
performance
SBB Serbia, Telemach BH & Telemach MNE
- Cross-selling of multi-play offers to 1-
Play subscribers at both entities
- RGU per subscriber growth in Serbia to
2.0x, in Bosnia 2.1x and in Montenegro 1.7x
Telemach Slovenia
- Cross-selling of 3-Play offers to 1-Play
subscribers
–
Mobile offering to accelerate take up of multi-play packages
- Upgrading
existing customers to premium products Our 1,091k unique cable subscribers order on average between 1.7x and 2.6x different services 958 1,091 9M 2016 9M 2017
Unique cable subs (k)
+14% 3,060 3,498 9M 2016 9M 2017
RGUs (k)
+14% RGUs vs. Unique cable subscribers 9M 2016 9M 2017 SBB Serbia 1.9x 2.0x Telemach Slovenia 2.6x 2.6x Telemach BH 2.0x 2.1x Telemach MNE 1.5x 1.7x
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RGUs by service Key developments
Increasing RGUs
Healthy YoY RGU growth across almost all services
Cable pay TV growth due to organic growth and Ikom acquisitions
Broadband internet RGUs increased by 19% as a result of organic growth and acquisition in Serbia
DTH pay-TV RGUs increased by 3% compared to 9M 2016 due to additional subscribers
- btained through organic growth
OTT subscribers increased by 10% driven by
- rganic growth and a new agency agreement
for 2.4k subscribers
Fixed line telephony RGUs up 25% YoY due to continued growth of this service at SBB and Telemach Bosnia
Mobile services up 18% due to high organic growth at Telemach Slovenia with around 38% share of gross adds in the market
Other service RGUs decreased by 8% mostly due to full migration from MMDS service in Montenegro and lower number of MMDS subs in Bosnia
958 484 112 603 404 380 118 1,091 501 123 721 506 448 108 Cable pay-TV DTH pay-TV OTT Broadband internet Fixed -line telephony Mobile services Other services
RGUs by service (k)
9M 2016 9M 2017 +14% +3% +10% +19% +25%
- 8%
+18%
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Group
- Blended cable ARPU up 5% to €20.2 in 9M
2017 as a result of positive trends across all markets SBB Serbia
- Key drivers included migration to multi-play
packages and a price increase for analogue TV service as of January 1, 2017 Telemach Slovenia
- Growth in multi-play subscribers
- Pay-TV and internet revenues positively
affected by price increase in April 2017 Telemach BH
- Growth in subscribers for multi-play offering
- Increase in revenue from cable services
- Price increase for analogue TV service as of
August 1, 2016
- Conversion of ARPU levels at companies
acquired in 2015 to Group levels Telemach MNE
- Introduction of cable subscriber base due to
acquisition of M-Kabl in August 2016, blended cable ARPU €15.7 (increase of 2% compared to Aug-Sep 2016)
Blended cable ARPU Key developments
ARPU development
16.1 17.0 32.2 33.8 16.0 18.1 15.4 15.7 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 2M 2016* 9M 2017 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE
Blended cable ARPU per segment (€)
+6% +5% +14% +2%
in € 9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017 2M 2016* 9M 2017 Cable pay-TV 8.9 9.4 17.2 18.1 7.8 8.9 10.3 10.6 Broadband internet 9.9 9.4 16.1 16.7 8.6 9.3 10.2 8.4 Fixed-line telephony 5.0 4.6 3.8 3.6 9.7 8.6 4.0 5.3 Blended cable ARPU 16.1 17.0 32.2 33.8 16.0 18.1 15.4 15.7 Telemach MNE SBB Serbia Telemach Slovenia Telemach BH
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Highlights Financial review Mergers & Acquisitions
Agenda
Introduction Operational review Appendices
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Revenue development 9M 2017 Key drivers
Revenue development by segment
Group
- 9M 2017 revenues up 14% YoY to 382.6 million driven
by growing RGUs, overall increase in ARPU, organic growth and acquisitions SBB Serbia
- Reported revenues up by 13% YoY to €154.9 million
- Price increase and organic growth of unique cable
subscribers and RGUs, and positive effect of Ikom acquisition Telemach Slovenia
- Revenue up by 6% to €147.3 million
- Increase in the number
- f mobile and multi-play
subscribers Telemach BH
- Revenue up by 14% to €46.0 million
- Growth of internet and fixed-line telephony segments
Telemach MNE
- Revenue up by 21% to €10.7 million as a result of
- rganic
growth at Telemach Montenegro and the acquisition of M-Kabl
United Media
- Growth of 60% due to higher sales of distribution rights
and price increase for own channels, and acquisition of IDJ and Fight channel
Other Businesses
- Revenue growth of 77% YoY as a result of organic
growth in Solford and intragroup revenues in Holding companies
336.4 382.6
9M 2016 9M 2017
Revenues (€ m)
+14% 137.4 139.3 40.3 8.9 53.0 11.7 154.9 147.3 46.0 10.7 84.8 20.7
SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses
Revenue by segment (€ m)
9M 2016 9M 2017 +14% +60% +13% +6% +77% +21%
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Key drivers
Adjusted EBITDA development
Group
- Adjusted EBITDA up by 19% YoY to €168.0 million as
a result of: – Increased revenues, cost discipline and integration of acquired companies – Acquisition of cable operators Ikom in Serbia and M-Kabl in Montenegro and content companies Fight channel and IDJ
SBB Serbia
- Growth of 22% YoY driven by price increase in
January, subscriber and RGU growth, both organic and through acquisition
Telemach Slovenia
- Increase of 4% compared to 9M 2016 due to higher
revenues
Telemach BH
- EBITDA
growth
- f
17% YoY driven by higher revenue, supported by price increase for analogue service in August 2016, and cost control
Telemach MNE
- Increase of 37% YoY driven by subscriber and RGU
growth and acquisition of M-Kabl
United Media
- EBITDA growth due to higher revenue and two
acquisitions
Other Businesses
- EBITDA decline due to negative impact of Holding
companies
Adjusted EBITDA development 9M 2017
140.9 168.0
9M 2016 9M 2017
Adjusted EBITDA (€ m)
+19% 56.4 46.1 13.9 2.1 17.8 4.5 68.9 47.8 16.3 2.9 28.1 4.0
SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses
Adjusted EBITDA by segment (€ m)
9M 2016 9M 2017 +17% +58% +22% +4%
- 13%
+37%
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Capital expenditures
Capex development Key drivers
Group
- Capex growth driven by network expansion and
digitalization process in Novi Sad
- Capex not expected to exceed depreciation levels
- n a long-term basis
SBB Serbia
- Growth in 9M 2017 capex due to one-off
investment in end-user equipment related to the digitalization project and investment in coax/optic network expansion at Ikom Telemach Slovenia
- Lower capex due to lower spending on mobile 4G
network compared to 9M 2016 and acquisition of mobile frequencies in 2016 Telemach BH
- Lower capex in 9M 2017 due to lower investment
in network and DTH end-user equipment Telemach MNE
- Higher capex in 9M 2017 due to increased
investment in DTH business, higher acquisition costs and network expansion United Media
- Content investments up 102% vs.9M 2016 due to
timing of programming rights purchases and investment in proprietary software development (Cloud project)
103.5 108.5
9M 2016 9M 2017
Capex Group (€ m)
+5%
34.9 38.9 15.1 2.4 11.6 0.6 42.4 29.2 10.0 2.7 23.3 0.8 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses
Capex by segment (€ m)
9M 2016 9M 2017
- 34%
+102% +21%
- 25%
+42% +14%
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Adjusted EBITDA-CAPEX and leverage development
Key drivers
- Adjusted EBITDA-Capex growth due to
EBITDA growth exceeding capex growth
- One-off Capex in Serbia (digitalization) and
Slovenia (FTE switch off of the two most popular programs in Slovenia)
- Net leverage* up to 5.12x from 3.98x
- Gross leverage** up to 5.27x vs. H1 2017
due to issuance of new Bond notes with total face value of €1.35 billion
*Annualized Last Two Quarter Adjusted Pro Forma EBITDA is calculated as two times the amount of Consolidated Adjusted L2Q EBITDA plus two times 1 month 2017 Ikom adjusted EBITDA (Ikom was consolidated into United Group from May 1, 2017), plus €1.6 million of expected synergies with Ikom ** Gross indebtedness was reduced by €200 million, which is the amount deposited on a special account for the acquisition of CME assets in Slovenia and Croatia. The adjustment was made as CME EBITDA is not included in the Group EBITDA which is used in the leverage calculation
Leverage Adjusted EBITDA-CAPEX
37.4 59.4
9M 2016 9M 2017
Adjusted EBITDA - Capex (€ m)
+59% 4.08x 5.27x 3.98x 5.12x
H1 2017 9M 2017
Leverage
Gross leverage Net leverage
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Highlights Financial review Appendices
Agenda
Introduction Operational review Mergers & Acquisitions
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Mergers & Acquisitions
- On August 29, 2016, we signed an SPA for the acquisition of Ikom, a cable operator in Serbia with 93 thousand unique cable subscribers, for a total
consideration of €45 million. This transaction closed on 20 April 2017.
- In September 2016, we signed an SPA for the acquisition of Maxtel, a Dark fiber B2B operator in Slovenia, for a total consideration of €4 million. This
transaction closed in November 2016.
- On July 27, 2016, the Group closed the acquisition of M-Kabl, a cable operator in Montenegro with close to 23 thousand unique cable subscribers and 34
thousand RGUs, for €12.7 million.
- On December 28, 2016, the Group concluded an agreement to acquire 51% of IDJ Digital Holding Limited, Malta, for €551 thousand. This transaction
closed on 21 April 2017.
- On January 1, 2017, Total TV d.o.o. merged into Telemach d.o.o., Slovenia.
- On February 1, 2017, Eunet d.o.o. merged into SBB d.o.o., Serbia. Both mergers are a part of routine corporate structure optimization.
- On February 9, 2017, the Group concluded an agreement to acquire 100% of Fight Channel d.o.o., Croatia, for €2.5 million. The transaction completed on
5 April 2017.
- In June 2017, we signed an SPA for the acquisition of a cable operator in one of our core markets with approximately 14,000 subscribers for a purchase
price of €10 million. Following receipt of regulatory approval, closing of the transaction is expected in late November
- On July 9, 2017, the Group entered into a framework agreement with CME BV for the acquisition of all issued and outstanding share capital and capital
stock of NOVA TV d.d. (‘‘Nova Croatia’’) and Produkcija Plus storitveno podjetje d.o.o. (‘‘POP Slovenia’’, which includes POP TV d.o.o. and Kanal A d.o.o.) for a total consideration of €230 million, subject to customary completion accounts adjustments. The transaction is subject to customary regulatory approvals by the local competition authorities. In Slovenia, we have received a decision from the Ministry of Culture by which the transaction was de facto approved, while we continue to work with the Slovenian national competition authority on the approval process. In Croatia, we have been notified of the decision by the Croatian Agency for Electronic Media declaring that the acquisition of Nova TV d.d. would represent a prohibited media concentration within the meaning of the Croatian Electronic Media Law. We take notice of the decision and are in the process of considering the options open to us. Separately, we continue to work with the Croatian national competition authority on the approval process.
- On October 18, 2017, the Group concluded an agreement to acquire the entire stake in Kabel Group 85 do.o. Serbia. The transaction was closed on 18
October 2017. Total consideration for the acquisition amounts to €2,114 thousand.
- On October 9, 2017 Telemach Bosnia acquired the assets of ASK, a cable operator with approximately 2,000 subscribers, for total consideration of €0.56
million.
- United Group continually monitors M&A opportunities and is currently in the early stages of evaluating multiple potential opportunities. In line with its stated
strategy, the Group is looking for acquisitions that are value accretive and offer substantial synergies with the Group’s existing operations.
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Highlights Financial review Appendices
Agenda
Introduction Operational review Mergers & Acquisitions
21
Income statement
in €000 9M 2016 9M 2017 Revenue 336,402 382,550 Other income 2,185 2,907 Content cost (46,899) (57,354) Satellite capacity cost (5,542) (4,716) Interconnection link cost (29,552) (29,136) Materials cost (27,455) (26,658) Staff costs (37,201) (41,323) Other operating expenses (59,615) (79,400) IFRS EBITDA 132,323 146,870 Depreciation (54,296) (64,690) Amortisation of intangible assets (35,387) (44,375) Results from operating activities 42,640 37,805 Finance income 1,093 13,640 Finance costs (50,469) (97,555) Net finance costs (49,376) (83,915) Profit/(loss) before tax (6,736) (46,110) Income tax (expenses)/benefit (6,862) (5,021) Minority share Profit/(Loss) for the period (13,598) (51,131) Other comprehensive loss Items that are or may be reclassified subsequently to profit and loss Currency translation differences (2,569) 4,321 Other comprehensive loss (income) for the period (2,569) 4,321 Total comprehensive loss (income) for the period (16,167) (46,810) (Loss)/profit attributable to: Owners of the Company (14,338) (53,163) Non-controlling interests 740 2,032 (Loss)/profit for the period (13,598) (51,131) Total comprehensive (loss)/income attributable to: Owners of the Company (16,907) (48,842) Non-controlling interests 740 2,032 Total comprehensive (loss)/income for the period (16,167) (46,810)
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Statement of financial position
in €000 9M 2016 9M 2017 Assets Property, plant and equipment 342,185 367,765 Goodwill 660,994 677,212 Intangible assets 246,832 278,545 Investment property 447 399 Loans to related parties 32,002 32,049 Other financial assets 4,774 Non current prepayments 14 29 Deferred costs 2,182 2,083 Deferred tax assets 7,860 10,211 Non-current assets 1,292,516 1,373,067 Inventories 6,245 8,407 Trade and other receivables 91,744 99,728 Short term loan receivables 4,541 9,279 Prepayments 22,208 29,038 Income tax receivable 939 5,492 Cash and cash equivalents 37,735 234,413 Current assets 163,412 386,357 Total assets 1,455,928 1,759,424
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Statement of financial position - continued
Equity Issued and fully paid share capital 125 125 Share premium 570,592 339,557 Translation and other reserves (16,757) (19,183) Accumulated losses (118,394) (171,109) Equity attributable to owners of the Company 435,566 149,390 Non-controlling interests 12,515 9,821 Total equity 448,081 159,211 Liabilities Loans and borrowings 34,214 59,020 Bonds 775,010 1,330,159 Long term liabilities 94 94 Long term provisions 7,225 7,033 Deferred revenue 6,222 8,843 Finance lease liabilities 7,576 2,051 Deferred tax liabilities 31,610 33,365 Employee benefits 502 628 Non-current liabilities 862,453 1,441,193 Trade and other payables 101,698 123,880 Interest payable 21,156 11,318 Current tax liabilities 2,471 4,634 Loans and borrowings 867 860 Deferred revenue 7,966 12,217 Finance lease liabilities 11,236 6,111 Current liabilities 145,394 159,020 Total liabilities 1,007,847 1,600,213 Total equity and liabilities 1,455,928 1,759,424
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Consolidated statement of cash flows
Capex data including capitalized inventory
in €000 9M 2016 9M 2017 Cash flows from operating activities Profit/(Loss) for the year (13,598) (51,131) Adjustments for: Depreciation 54,296 64,690 Amortisation 35,387 44,375 Impairment of trade and other receivables 2,777 4,282 Impairment of PPE and Intangibles 954 201 Tax (income)/expense 6,872 5,021 Long term provision
- (211)
Employee benefits (32) 29 Net finance cost 51,042 83,915 Operating cash flows before WC changes 137,698 151,171 Changes in working capital: Trade and other receivables (16,638) (19,889) Deferred revenue (46) 4,319 Deferred cost (1,415) (661) Inventories (28) (3,365) Prepayments 3,489 (7,795) Trade and other payables (17,584) 3,480 Cash generated from operations 105,476 127,260 Interest paid (27,471) (75,472) Income tax paid (3,427) (3,925) Net cash from operating activities 74,578 47,863 Cash flows from investing activities Purchase of property, plant and equipment (73,250) (73,264) Purchase of intangible assets (31,379) (37,250) Acquisition of subsidiaries, net of cash acquired (12,238) (41,578) Change in short term loan receivables 667 (3,806) Change in other non-current financial asset (30,000) (1,076) Net cash used in investing activities (146,200) (156,974) Cash flows from financing activities Proceeds from bond issue 157,875 1,350,000 Proceeds from borrowings 107,825 166,617 Repayment of bond (775,000) Repayment of borrowings (138,700) (149,776) Transaction costs related to loans and borrowings (4,359) (21,717) Aquisition of NCI (280) (1,770) Proceeds from finance lease 6,162 Repayment of finance lease (14,142) (9,025) Distribution of share premium (20,000) (229,035) Dividends (752) Net cash used in financing activities 94,381 329,542 Net increase in cash and cash equivalents 22,759 220,431 Cash and cash equivalents at 1 January 15,126 13,941 Effects of movements in exchange rates on cash held (150) 41 Cash and cash equivalents at end of period 37,735 234,413