United Group BO FY 2017 financial results presentation 30 April - - PowerPoint PPT Presentation

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United Group BO FY 2017 financial results presentation 30 April - - PowerPoint PPT Presentation

United Group BO FY 2017 financial results presentation 30 April 2018 Disclosure regarding forward-looking statements and the presentation of certain financial information This presentation contains forward-looking statements, which include all


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FY 2017 financial results presentation

30 April 2018

United Group BO

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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 audited condensed financial information for Adria Midco B.V. and its subsidiaries for the twelve months ended December 31, 2017. The statement of financial position for Adria Midco B.V. and its subsidiaries as at 31 December 2017 and as at 31 December 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 twelve months periods then ended have been audited by our independent auditors 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 multi-play telecommunications and media provider

  • 3.6 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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FY 2017: operational highlights

  • Healthy

year-on-year RGU growth across all services – Driven predominantly by

  • rganic

subscriber growth, increased multi-play subscribers and acquisitions – Serbia: Ikom (RGUs: +161k) and Kabel Group 85 (RGUs: +4k) – Slovenia: Teleing (RGUs: +31k)

  • Homes passed up by 13% to 1,770k YoY due to

– Expansion of and investment in our network – Acquisitions in Serbia and Slovenia

  • Blended cable ARPU up by 5% to €20.3 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

1,571 1,770 FY 2016 FY 2017

Homes passed (k)

+13%

19.4 20.3

FY 2016 FY 2017

Blended cable ARPU (€)

+5%

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FY 2017: financial highlights

  • Revenues up 13% YoY to €520.6 million as a result of
  • Organic growth and acquisitions
  • Growing number of RGUs
  • Price increases
  • Adjusted EBITDA up 17% YoY to €223.3 million
  • Driven by our focus on profitable growth
  • Like-for-like

margin improvements in both cable and mobile businesses

  • Net leverage* up to 5.20x from 5.12x
  • Gross leverage** up to 5.34x vs. 9M 2017 due to cash outflow

related to Floating Fixed Rate Notes interest payment in October and closing of Kabel Group 85 and Teleing transactions

* Annualized Last Two Quarter Adjusted Pro Forma EBITDA is calculated as two times Consolidated Adjusted L2Q EBITDA plus two times €0.6 million of 5 months 2017 Teleing EBITDA (Teleing consolidated in United Group from 1 December 2017) plus two times €0.03 million of 4 months 2017 Kabel Group EBITDA (Kabel Group consolidated in United Group from 1 November 2017) plus €1.3 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 190.4 223.3

FY 2016 FY 2017

Adjusted EBITDA (€ m)

+17%

5.27x 5.34x 5.12x 5.20x 9M 2017 FY 2017

Leverage

Gross leverage Net leverage 459.0 520.6 FY 2016 FY 2017

Revenue (€ m)

+13%

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Highlights Financial review Mergers & Acquisitions

Agenda

Introduction Operational review Appendices

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SBB Serbia

  • Increase of 17% driven by organic

network expansion and acquisition of Ikom with 143.5k homes passed Telemach Slovenia

  • Additional 21.7k homes passed due

to both

  • rganic

growth and acquisition of Teleing (+19k) Telemach BH

  • Increase
  • f

4% due to

  • rganic

network expansion Telemach MNE

  • Increase of 33% driven by organic

network expansion following the acquisition of M-Kabl

Homes passed across key markets Key developments

Network expansion

902 1,057 308 329 312 324 45 60 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE

Homes passed (k)

17% +7% +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

Ikom (RGUs: +161k)

Kabel Group 85 (RGUs: +4k)

Teleing (RGUs: +31k)

  • 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 in all three entities

  • RGU per subscriber growth in Serbia

and Bosnia to 2.1x, and in Montenegro to 1.9x

Telemach Slovenia

  • Cross-selling of 3-Play offers to 1-Play

subscribers

Mobile offering supporting take up

  • f multi-play packages
  • Upgrading

existing customers to premium products Our 1,119k unique cable subscribers order on average between 1.9x and 2.6x different services

967 1,119 FY 2016 FY 2017

Unique cable subs (k)

+16% 3,154 3,627 FY 2016 FY 2017

RGUs (k)

+15% RGUs vs. Unique cable subscribers FY 2016 FY 2017 SBB Serbia 2.0x 2.1x Telemach Slovenia 2.6x 2.6x Telemach BH 2.0x 2.1x Telemach MNE 1.6x 1.9x

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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 and Teleing acquisitions

Broadband internet RGUs increased by 20% as a result of organic growth and acquisitions in Serbia and Slovenia (56k and 9k, respectively)

DTH pay-TV RGUs increased by 1% YoY due to additional subscribers obtained through

  • rganic growth

OTT subscribers increased by 8% driven by

  • rganic growth and a new agency agreement

for 2.4k subscribers

Fixed line telephony RGUs up 26% YoY due to continued growth of this service at SBB and Telemach Bosnia and acquisition of 12k and 8k subscribers in Serbia and Slovenia, respectively

Mobile services up 16% due to high organic growth at Telemach Slovenia with around 38.5% share of gross adds in the market in 2017

Other service RGUs increased by 2% mostly due to higher number of B2B and ADSL subscribers in Serbia and Slovenia

967 497 115 626 431 399 117 1,119 502 125 753 545 464 119

Cable pay-TV DTH pay-TV OTT Broadband internet Fixed -line telephony Mobile services Other services

RGUs by service (k)

FY 2016 FY 2017 +16% +1% +8% +20% +26% +2% +16%

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Group

  • Blended cable ARPU up 5% to €20.3 in FY

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

  • Since the acquisition of M-Kabl in July 2016

blended cable ARPU increased to €15.9 in FY 2017 (increase of 3% compared to Aug- Dec 2016)

Blended cable ARPU Key developments

ARPU development

in € FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 5M 2016* FY 2017 Cable pay-TV 8.9 9.5 17.2 18.2 8.0 8.9 10.2 10.6 Broadband internet 9.8 9.4 16.1 16.8 8.7 9.2 10.3 8.5 Fixed-line telephony 4.9 4.5 3.8 3.6 9.6 8.4 5.7 5.1 Blended cable ARPU 16.1 17.1 32.3 34.0 16.3 18.2 15.5 15.9 Telemach MNE SBB Serbia Telemach Slovenia Telemach BH

16.1 17.1 32.3 34.0 16.3 18.2 15.5 15.9

FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 5M 2016* FY 2017 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE

Blended cable ARPU per segment (€)

+6% +5% +12% +3%

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Highlights Financial review Mergers & Acquisitions

Agenda

Introduction Operational review Appendices

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Revenue development FY 2017 Key drivers

Revenue development by segment

Group

  • FY 2017 revenues up 13% YoY to 520.6 million driven

by growing RGUs, overall increase in ARPU, organic growth and acquisitions SBB Serbia

  • Reported revenues up by 13% YoY to €208.4 million

driven by price increase and organic growth of unique cable subscribers and RGUs, and positive effect of Ikom acquisition Telemach Slovenia

  • Revenue up by 6% to €202.5 million due to increase in

the number of mobile and multi-play subscribers Telemach BH

  • Revenue up by 12% to €61.9 million driven by growth
  • f internet and fixed-line telephony segments

Telemach MNE

  • Revenue up by 16% to €14.1 million as a result of
  • rganic

growth at Telemach Montenegro and the acquisition of M-Kabl

United Media

  • Growth of 59% due to higher sales of distribution rights,

a price increase for own channels, and acquisition of IDJ and Fight channels

Other Businesses

  • Revenue growth of 94% YoY as a result of organic

growth in Solford and intragroup revenues in Holding companies

184.1 191.1 55.1 12.1 73.9 19.4 208.4 202.5 61.9 14.1 117.5 37.6 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses

Revenue by segment (€ m)

FY 2016 FY 2017 +12% +59% +13% +6% +94% +16%

459.0 520.6 FY 2016 FY 2017

Revenue (€ m)

+13%

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Key drivers

Adjusted EBITDA development

Group

  • Adjusted EBITDA up by 17% YoY to €223.3 million as a result
  • f:

– Increased revenues, cost discipline and integration of acquired companies – Acquisition of cable operators Ikom in Serbia, Teleing in Slovenia and M-Kabl in Montenegro, and content companies Fight channel (Croatia) and IDJ

SBB Serbia

  • Growth of 21% YoY driven by a price increase in January,
  • rganic subscriber and RGU growth, and acquisitions

Telemach Slovenia

  • Increase of 3% compared to FY 2016 due to higher revenues

and Teleing acquisition

Telemach BH

  • EBITDA growth of 12% YoY driven by higher revenue,

supported by price increase for analogue service in August 2016, and cost control

Telemach MNE

  • Increase of 31% 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 FY 2017

190.4 223.3

FY 2016 FY 2017

Adjusted EBITDA (€ m)

+17%

76.0 63.1 19.1 2.8 23.7 5.8 92.1 65.2 21.4 3.7 40.2 0.7

SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses

Adjusted EBITDA by segment (€ m)

FY 2016 FY 2017 +12% +70% +21% +3%

  • 87%

+31%

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Capital expenditures

Capex development Key drivers

Group

  • Group Capex reached 27% of consolidated revenues in

2017

  • Capex not expected to exceed depreciation levels on a

long-term basis SBB Serbia

  • Growth in FY 2017 capex due to one-off investment in end-

user equipment related to the digitalization project and investment in coax/optic network expansion in Ikom Telemach Slovenia

  • Capex decline due to lower spending on mobile 4G

network compared to FY 2016 and acquisition of mobile frequencies in 2016 Telemach BH

  • Lower capex in FY 2017 due to lower investment in

network and DTH end-user equipment Telemach MNE

  • Higher capex in FY 2017 due to increased investment in

CPE for cable services, higher subscriber acquisition costs and network expansion United Media

  • Content investments up 81% vs. FY 2016 due to timing of

programming rights purchases and investment in proprietary software development (Cloud project) * IFRS view of CAPEX at United Group level

** Management view of Subgroup CAPEX. This figure includes capitalized

  • inventory. Restated 2016 figures

51.3 44.6 20.9 3.4 11.7 1.1 55.2 41.7 14.1 3.3 21.2 1.2

SBB Serbia Telemach Slovenia Telemach BH Telemach MNE United Media Group Other Businesses

Capex by segment (€ m)**

FY 2016 FY 2017

  • 32%

+81% +8%

  • 7%

+16%

  • 5%

145.5 139.3

FY 2016 FY 2017

Capex Group (€ m)*

  • 4%
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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 5.20x from 5.12x
  • Gross leverage** up to 5.34x

vs. 9M 2017 due to cash

  • utflow related to Floating Fixed

Rate Notes interest payment in October

  • * Annualized Last Two Quarter Adjusted Pro Forma EBITDA is calculated as two

times the amount of Consolidated Adjusted L2Q EBITDA plus two times € 0.6 million of 5 months 2017 Teleing EBITDA (Teleing consolidated in United Group from 1. December 2017) plus two times €0.03 million of 4 months 2017 Kabel Group EBITDA (Kabel Group consolidated in United Group from 1. November 2017) plus €1.3 million of expected synergies with Ikom

  • ** Gross and net indebtedness were 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

5.27x 5.34x 5.12x 5.20x

9M 2017 FY 2017

Leverage

Gross leverage Net leverage

44.9 84.1

FY 2016 FY 2017

Adjusted EBITDA - Capex (€ m)

+87%

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Highlights Financial review Appendices

Agenda

Introduction Operational review Mergers & Acquisitions

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Mergers & Acquisitions

  • 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 closed on April

5, 2017.

  • On April 20, 2017, the Group acquired IKOM, a cable operator in Serbia with 93 thousand unique cable subscribers, for a total consideration of €45 million.
  • On April 21, 2017, the Group acquired 51% of IDJ Digital Holding Limited, Malta, for €551 thousand.
  • On April 12, 2018, we announced that Slovenia Broadband has agreed to extend the long stop date for the CME Acquisition to June 30, 2018. In any event,

we will continue to endeavor to have this acquisition completed by May 31, 2018.

  • In June 2017, we signed an SPA for the acquisition of a cable operator Teleing in Slovenia with approximately 14,000 subscribers for a purchase price of

€10 million. The transaction closed on December 15, 2017

  • On October 18, 2017, the Group concluded an agreement to acquire the entire stake in Kabel Group 85 d.o.o. Serbia. The transaction closed on October

18 2017. Total consideration for the acquisition amounts to €2.1 million.

  • 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

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Income statement

in €000 FY 2016* FY 2017 Revenue 459,011 520,582 Other income 3,509 4,092 Content cost (65,567) (78,606) Satellite capacity cost (7,118) (6,291) Interconnection link cost (36,066) (39,090) Materials cost (44,693) (39,121) Staff costs (48,337) (55,059) Other operating expenses (91,504) (171,374) IFRS EBITDA 169,235 135,133 Depreciation (77,810) (89,524) Amortization of intangible assets (47,130) (58,934) Results from operating activities 44,295 (13,325) Finance income 8,547 17,549 Finance costs (67,041) (113,809) Net finance costs (58,494) (96,260) Profit/(loss) before tax (14,199) (109,585) Income tax (expenses)/benefit 1,162 (5,608) Minority share Profit/(Loss) for the period (13,037) (115,193) Other comprehensive loss Items that are or may be reclassified subsequently to profit and loss Currency translation differences (5,753) 6,857 Other comprehensive loss (income) for the period (5,753) 6,857 Total comprehensive loss (income) for the period (18,790) (108,336) (Loss)/profit attributable to: Owners of the Company (14,890) (117,628) Non-controlling interests 1,853 2,435 (Loss)/profit for the period (13,037) (115,193) Total comprehensive (loss)/income attributable to: Owners of the Company (20,643) (110,771) Non-controlling interests 1,853 2,435 Total comprehensive (loss)/income for the period (18,790) (108,336)

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Statement of financial position

in €000 FY 2016* FY 2017 Assets Property, plant and equipment 353,214 372,642 Goodwill 679,151 649,115 Intangible assets 227,099 257,382 Investment property 435 386 Loans to related parties 32,002 32,011 Other financial assets 545 3,088 Non current prepayments 30 1,239 Deferred costs 1,422 3,175 Deferred tax assets 9,539 9,311 Non-current assets 1,303,437 1,328,349 Programming rights held for sale Inventories 5,042 7,014 Trade and other receivables 83,981 110,674 Short term loan receivables and deposits 5,473 209,361 Prepayments 21,048 30,926 Income tax receivable 2,906 1,367 Cash and cash equivalents 13,941 32,560 Current assets 132,391 391,902 Total assets 1,435,828 1,720,251

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Statement of financial position - continued

Equity Issued and fully paid share capital 125 125 Share premium 568,592 337,557 Other capital reserves Translation and other reserves (20,883) (14,026) Accumulated losses (121,450) (237,152) Equity attributable to owners of the Company 426,384 86,504 Non-controlling interests 12,522 10,509 Total equity 438,906 97,013 Liabilities Loans and borrowings 37,141 77,729 Bonds 774,969 1,328,632 Amortization of bond related fees Long term liabilities 94 296 Long term provisions 7,476 10,831 Deferred revenue 6,106 7,185 Finance lease liabilities 6,011 1,449 Deferred tax liabilities 31,000 32,731 Employee benefits 599 639 Non-current liabilities 863,396 1,459,492 Trade and other payables 99,732 115,491 Interest payable 8,429 23,202 Current tax liabilities 873 4,218 Bonds Loans and borrowings 5,367 1,038 Deferred revenue 8,613 14,597 Finance lease liabilities 10,512 5,200 Current liabilities 133,526 163,746 Total liabilities 996,922 1,623,238 Total equity and liabilities 1,435,828 1,720,251

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Consolidated statement of cash flows

Capex data including capitalized inventory

in €000 FY 2016* FY 2017 Cash flows from operating activities Profit/(Loss) for the year (13,037) (115,193) Adjustments for: Depreciation 77,810 89,524 Amortisation 47,130 58,934 Impairment of trade and other receivables 4,547 6,303 Impairment of PPE and Intangibles 721 453 Impairment loss on goodwill 60,025 Tax (income)/expense (1,162) 5,608 Long term provision (694) Employee benefits Net finance cost 58,494 96,260 Operating cash flows before WC changes 174,503 201,221 Changes in working capital: Trade and other receivables (6,478) (33,619) Deferred revenue 485 5,041 Deferred cost (655) (1,753) Provision in employees benefits 65 40 Inventories 1,175 (1,972) Prepayments 4,620 (10,893) Trade and other payables (18,540) (915) Cash generated from operations 155,175 157,149 Interest paid (58,155) (80,322) Income tax paid (6,394) (4,355) Net cash from operating activities 90,626 72,472 Cash flows from investing activities Purchase of property, plant and equipment (103,919) (91,852) Purchase of intangible assets (38,501) (44,650) Acquisition of subsidiaries, net of cash acquired (16,210) (53,909) Change in short term loan receivables 665 (203,888) Change in other non-current financial asset (30,432) 197 Net cash used in investing activities (188,397) (394,102) Cash flows from financing activities Proceeds from bond issue 157,875 1,350,000 Proceeds from borrowings 140,325 199,617 Repayment of bond (775,000) Repayment of borrowings (164,061) (163,992) Transaction costs related to loans and borrowings (4,355) (23,165) Aquisition of NCI (903) (1,770) Proceeds from finance lease 5,928 Repayment of finance lease (15,365) (10,838) Distribution of share premium (22,000) (231,035) Dividends paid (845) (752) Repayment of derivate (2,871) Net cash used in financing activities 96,599 340,194 Net increase in cash and cash equivalents (1,172) 18,564 Cash and cash equivalents at 1 January 15,126 13,941 Cash at ESCROW account Effects of movements in exchange rates on cash held (13) 55 Cash and cash equivalents at end of period 13,941 32,560