9m 2020 financial results presentation · 2020. 11. 23. · may bedifferent from similarly titled...

9M 2020 Financial Results PresentationNovember 26, 2020

Strictly Confidential

2

Disclosure regarding forward-looking statements and the presentation

of certain financial information

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 only 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 of such statements are

based.

This Presentation contains summary unaudited condensed financial information for Adria Midco B.V. and its subsidiaries for the nine months ended September

30, 2020 and 2019. The statement of financial position for Adria Midco B.V. and its subsidiaries as at September 30, 2020 and as at September 30, 2019,

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 prepared in accordance with IFRS, but have not been reviewed by our independent auditors. As a consequence, the summary condensed

financial information presented is subject to potential change. If in connection with any review there is any material change to such summary condensed

financial information, we intend to present a supplemental report detailing such change.

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

operating 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.

Adria Midco B.V. is providing this information voluntarily, and the material contained in this announcement is presented solely for information purposes and is

not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives, financial situation or particular needs of

any recipient. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,

completeness, correctness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own

judgment. None of Adria Midco B.V., or any of its directors, officers, employees, affiliates, direct or indirect shareholders, advisors or agents, accepts any

liability for any direct, indirect, consequential or other loss or damage suffered by any person as a result of relying on all or any part of this information, and

any liability is expressly disclaimed.

3

Agenda

Introduction

Operational review

Financial review

Mergers & Acquisitions

Appendices

03

02

04

05

01

4

United Group: Proven cable growth and sustained leadership through

media The leading multi-play communications and media provider

in South-East Europe

LTM 9M 2020 Revenues: €940m

LTM 9M 2020 Adjusted EBITDA: €361m

United Group is a well-diversified business with leading

market positions in Serbia, Croatia, Slovenia, Bosnia

Herzegovina, Montenegro and, with the closing of the

Vivacom acquisition in July, Bulgaria

5m households watching United Group channels

Over 3.67m homes using broadband and telecoms

services, attracted by superior service and range of

offering

Operating in a market characterized by continued growth

in Pay-TV and broadband, that remains underpenetrated

relative to other CEE and Western European markets

The Group is expanding its mobile market through organic

and, after the Vivacom and Telemach Croatia (formerly as

Tele2 Croatia) acquistion, inorganic growth

Reputation for providing the most attractive content in our

respective markets, available across all devices and formats

Led by a dynamic and entrepreneurial founder with an

experienced home-grown management team

19%

16%

4%

7%22%

3%

17%

11%

OTT

Cable Pay-TV

Telephony Fixed-line

Broadband Internet

DTH Pay-TVMobile service

Media

Other revenues

Revenue** by category (LTM 9M 2020)

Large and growing integrated media business well-positioned across the media value chain Regional platform delivers strategic scale for monetisation of content investments

** External revenue (Excluding inter-segment revenue)

5

United Group: an outstanding track record of growth

Compound annual growth rates from 2015-

2019

Revenue: 18%

Adjusted EBITDA: 16%

Completed more than 100 successful

acquisitions since 2000

Owned by funds affiliated with BC Partners

and KKR, EBRD and by management

Biggest PE / FDI investment in South Eastern

Europe

First regional company to raise foreign debt

First to attract investment from EBRD

Outstanding track record of growth resulting from organic development and acquisitions

FY 2015 PF

L2QA**

9M 2020

FY 2016 FY 2018FY 2017 LTM 9M

2020

FY 2019 L2QA*

9M 2020

€377m €459m€518m

€636m€742m

€940m€1,091m

€1,673m

CAGR

+18%

Revenue

LTM 9M

2020

FY 2015

€417m

L2QA*

9M 2020

FY 2016 FY 2017 FY 2018 FY 2019 PF

L2QA**

9M 2020

€161m€190m

€223m€261m

€295m€361m

€589m

CAGR

+16%

Adjusted EBITDA

* As reported L2QA performance of United Group.

** Pro Forma L2QA Adjusted EBITDA and Revenues includes adjustment for Vivacom acquisition contribution before closing (Apr20-Jul20) and PF adjustment for Forthnet acquisition, while Pro

Forma L2QA Adjusted EBITDA also includes United Media 2018 acquisitions synergies.

6

Major local producer of quality content across genres:

Supports growth, increased choice and innovation

Provides predictable carriage fees

Independent news – CNN / N1 partnership

Distribution partner of choice for premium third party

content such as world class sports

United Group‘s integrated business model is a key differentiator

Cable and Mobile

#1 multi-play operator

Leading integrated media

platform

Large, well-invested network

38,900km of fiber optic cable

Fully upgraded to EuroDOCSIS 3.0, 87% DOCSIS

3.1 ready (50% of the footprint)

GPON on 20% of the footprint and growing fast

XGS 10/10 Gbps speed FTTH access network to be

introduced throughout UG in 2021

Market leading broadband speeds (~70% of the

access capable of Gbps)

First in the region with OTT (2013)

World first internally developed content management and

distribution system (EON TV partnership with Google)

Differentiated by excellence in customer service reflected in:

Consistently high customer satisfaction scores

Low customer churn of approximately 9-10% per

annum

Differentiation

Virtuous

circle of

growth

Pan regional platform

7

Agenda

Introduction

Operational review

Financial review


Appendices

03

02

04

05

01

8

Significant growth in total RGUs driven by Vivacom and Telemach

CRO acquisition

20172016 20182015 2019 9M 2019 9M 2020

2.85m3.15m

3.61m 3.79m3.92m 3.87m

9.53mCAGR

+8%

+146%RGUs

RGUs by service

Successful track record of up-selling and cross-selling multi-play packages

9M

2020

9M

2019

1.17m1.46m

+25%

9M

2020

9M

2019

0.84m

1.37m

+62%

9M

2019

9M

2020

0.68m

1.27m

+87% TM CRO 0.98

0.54m

9M

2019

Vivacom

2.96m

TM SLO

0.59m

9M

2020

4.54m

+739%

Cable Pay-TVBroadband

internet

Fixed-line

telephony

Mobile

servicesDTH pay-TV OTT Other services

9M

2020

9M

2019

0.45m0.68m

+53%

0.12m

9M

2019

9M

2020

0.12m

+3%

9M

2019

9M

2020

0.07m 0.08m

+8%

9

Group Blended CableARPU

Blended Cable ARPU* by subgroup

2018*2015

€20.6€19.4

2017 9M 2019*

€18.3

2019*

€21.9€22.7

2016

€22.5€21.5

9M 2020*

CAGR

+6% -4%

Group Blended Cable ARPU impacted by inclusion of Vivacom in the Group

9M 2019 9M 2020

€19.5 €20.3

+4%

9M 2019 9M 2020

€35.7 €35.3

-1%

SBB Serbia Telemach Slovenia Telemach BH Telemach MNE

€20.9

9M 2019 9M 2020

€21.8

+4%

9M 2019 9M 2020

€18.5€18.1

+2%

Continued ARPU growth at Group level for consecutive years

€10.2€9.8

9M 20209M 2019

+4%

Vivacom*

* Please note that due to the acquisition of Vivacom certain key operating measures definitions were amended to align methodology across the group (Homes Passed, Unique Cable Subscribers and Blended

Cable ARPU). Due to this change there was also a minor restatement of blended cable ARPU figures for periods from 2018 forward. No restatement was done for periods before that.

** Prior year figures included for presentation purposes only. Vivacom acquired in August 2020.

10

Agenda

Introduction

Operational review

Financial review


Appendices

03

02

04

05

01

11

Revenue up 37% YoY

Revenue by subgroup*

FY 2015

€542m

FY 2016 FY 2017

€377m

FY 2018 FY 2019 9M 2019

€742m

9M 2020

€636m

€459m€518m

€740m+22%

+13%

CAGR

+18%

+23%+17% +37%

Revenue

9M

2019

9M

2020

€179m €182m

+2%

SBB SerbiaTelemach

SloveniaTelemach BH Telemach MNE

YoY revenue growth mainly due to Vivacom and Telemach CRO acquisitions

9M

2019

9M

2020

€171m €180m

+5%

9M

2019

€56m

9M

2020

€55m

+1%

€11m

9M

2019

9M

2020

€10m

-7%

9M

2020

9M

2019

€182m€200m

-9%

United Media Other

9M

2020

9M

2019

€26m€23m

+16%

Drivers of revenue growth:

• acquisition of Vivacom and

Telemach CRO

• price increases

• cross-selling

• growth in the number of

subscribers

9M

2019

9M

2020

€116m

Telemach CRO

9M

2019

9M

2020

€89m

Vivacom

* Segment revenues (including inter-segment revenues)

12

Maintaining a strong track record of profitable growth

Adjusted EBITDA and Adj. EBITDA margin

Adjusted EBITDA by subgroup

200

400

0

300

0.02

100

-0.04

0.04

-0.02

0.00

0.06

FY 2016FY 2015

€221m

€287m

FY 2017 FY 2018 FY 2019 9M 2019

€161m

9M 2020

€190m€223m

€261m€295m

CAGR

+16%+30%

9M

2020

9M

2019

€89m€87m

+2%

9M

2019

9M

2020

€56m €59m

+7%

9M

2019

9M

2020

€18m€19m

-10%

Vivacom and Telemach CRO contributionand operational efficiency key to maintaining robust EBITDA growth

SBB SerbiaTelemach

SloveniaTelemach BH Telemach MNE United Media Other

9M

2019

9M

2020

€3m €2m

-28%

9M

2019

€54m

9M

2020

€60m

-10%

€-3m

9M

2019

9M

2020

€-6m

-66%

+17%

vs

2016

+17%

vs

2017

41%43% 43% 41% 40%

+18%

vs

2015

Drivers of Adj. EBITDA growth:

• acquisition of Vivacom and

Telemach CRO

• price increases

• cross-selling

• growth in the number of

subscribers

• cost discipline+13%

vs

2018

41% 39%

€36m

9M

2019

9M

2020

Telemach CRO

€35m

9M

2019

9M

2020

Vivacom

13

Sustained investment underpins high growth

Capex (as % of revenue)

9M 2020FY 2015 FY 2016 FY 2017 FY 2019

€133m

FY 2018 9M 2019

€144m€150m €137m

€185m €188m €178m

CAGR

+6%

+23%

Capex by subgroup

€42m

9M

2020

€49m

9M

2019

-13%

Majority of investments related to fixed and mobile networks, CPE and own and exclusive content

€40m

9M

2019

9M

2020

€43m

+6%

SBB SerbiaTelemach

SloveniaTelemach BH Telemach MNE United Media Other

9M

2019

9M

2020

€11m €13m

+18%

9M

2019

9M

2020

€3m €3m

-9%€40m

9M

2020

9M

2019

€49m

+20%

€1m€1m

9M

2020

9M

2019

+59%

Drivers of CAPEX growth:

• acquisitions (e.g. Vivacom and

Telemach CRO)

• mobile Network investment

• investment in TV equipment

• R&D investments (United Cloud)

40% 29% 26% 29% 25% 27% 24%

9M

2020

9M

2019

€17m

Telemach CRO

9M

2019

9M

2020

€10m

Vivacom

14

Positive momentum in cash conversion*

Cash conversion

€11m

FY 2018

€109m

FY 2015 FY 2016 FY 2019FY 2017 9M 2019 9M 2020

€107m

€57m

€87m€76m €77m

CAGR

+76%+41%

Cash conversion by subgroup

9M

2020

9M

2019

€39m€47m

+20%

Higher capex investments offset by Adj. EBITDA growth on a YoY basis

SBB SerbiaTelemach

Slovenia Telemach BH Telemach MNE United Media Other

€17m

9M

2019

9M

2020

€15m

+11%

9M

2020

€5m

9M

2019

€9m

-45%

9M

2019

€-1m

9M

2020

€0m

-390%

9M

2019

€19m

9M

2020

€5m

-73%

€-4m

9M

2019

9M

2020

€-7m

-65%

* Adjusted EBITDA less CAPEX

9M

2019

9M

2020

€19m

Telemach CRO

€25m

9M

2019

9M

2020

€0m

Vivacom

15

Net leverage decreased compared to H1 2020

** Annualized Adjusted Pro Forma EBITDA is calculated as two times Q3 2020 + Q2 2020 Adjusted

EBITDA plus €6.9 million of United Media expected synergies p lus €134.7m of Vivacom Standalone

L2QA Adj. EBITDA Contribution (Apr20-Jul20) plus Forthnet annualized Q3 2020 + Q2 2020

Adjusted EBITDA (€30.2 million)

Net debt Leverage

9M 2020*

€-95m €-115m

€2,844m

H1 2020

€2,953m

€2,749m€2,838m

+3%

Adj. Gross debt

Cash

Gross

leverage

Net

leverage

5.17x

5.00x

H1 2020

5.02x

Net

leverage**

Gross

leverage**

4.82x

* Gross debt figure excludes capitalized transaction costs as shown in the Statement of

Financial Position in accordance with IFRS

9M 2020

16

COVID-19 updateResponse

The Group’s main priority has been the health and safety of all employees and stakeholders, and the continuous provision of

services. Accordingly, the Group has adhered to instructions issued by the relevant state authorities, relating to:

Travel restrictions

Enforced working from home.

9M impact

Management believes that the impact of COVID-19 on the Group in 9M 2020 is limited, with no immediate material

adverse operational or financial impact.

The Group’s telco segments continued to meet customers’ expectations on service level and its network operating centre has

maintained normal service levels.

The impact of COVID-19 on newly acquired companies, Vivacom and Telemach CRO, is currently estimated to be similar to

that of the Group’s existing telco operations.

FY 2020 impact

No significant change in the customer base expected as customers are unlikely or unable to easily migrate during the crisis.

Telco segment:

Organic Revenues and Adjusted EBITDA expected to remain broadly stable YoY.

Media segment:

c. 5-6% YoY revenue decline expected, due to the postponement of certain sports events, and lower advertising &

media selling revenues.

Adjusted EBITDA expected to be broadly stable YoY.

Group:

Organic consolidated revenues are estimated to decline c.1-2% YoY.

Revenue streams affected: advertising, media selling, mobile handsets sales and mobile international roaming.

Management expects to mitigate any revenue shortfall by the implementation of cost optimisation initiatives to record

a stable organic Adjusted EBITDA compared to last year.

The Group has amended its plans for Capex spend during 2020, where possible, without hindering the Group’s

ability for future growth and quality of services provided.

Management will continue to follow the various national and/or state authorities’ policies and, in parallel, intend to do the

utmost to continue operations as the situation evolves.

17

Agenda

Introduction

Operational review

Financial review


Appendices

03

02

04

05

01

18

Mergers & AcquisitionsOngoing Mergers & Acquisitions Completed Mergers & Acquisitions

•The Group agreed to acquire the remaining part ofGrand Production d.o.o.

•The Group agreed to acquire Ansat d.o.o.

Year Company Business Country

2020 Forthnet Telecoms f ixed

2020 Telecoms f ixed


2020 KRS Štepanjskonaselje Telecoms f ixed

2020 E-commerce


2020 E-commerce


2020 Telecoms mobile

2020 I.R.V. d.o.o. Media




2018 Media

2018 Media

2018 Media

2018 BH OTT TV OTT Worldwide

2018 Kabel Group Telecoms f ixed

2018 Media


2017 Media

2017 Media





2015 Telecoms mobile

20152014

Telecoms f ixed

19

Agenda

Introduction

Operational review

Financial review


Appendices

03

02

04

05

01

20

Vivacom* SBB Serbia Telemach SLO Telemach CRO* Telemach BH Telemach MNE

ARPU 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020 9M 2019 9M 2020

Cable pay-TV €8.8 €9.0 €10.5 €10.5 €19.1 €18.3 - - €10.5 €10.8 €11.3 €11.3

Broadband internet €5.3 €5.2 €10.6 €11.0 €18.3 €18.2 - - €9.8 €10.0 €8.2 €8.2

Fixed-line telephony €5.1 €5.2 €3.6 €3.6 €3.2 €3.0 - - €6.8 €6.5 €2.8 €2.7

Mobile services €6.5 €6.9 - - €10.8 €10.9 €12.8 €13.0 - - - -

DTH pay-TV €8.2 €9.0 €10.6 €10.1 €18.4 €18.2 - - €9.3 €9.3 €11.9 €11.0

Blended cable** €9.8 €10.2 €19.5 €20.3 €35.7 €35.3 - - €20.9 €21.8 €18.1 €18.5

ARPU growth YoY mainly from price increases, up-selling and cross-selling

ARPU by service

* Prior year figures included for presentation purposes only. Vivacom acquired in August 2020, while Telemach CRO acquired in March 2020. 9M 2020 ARPU is for the period after the closing.

* Please note that due to the acquisition of Vivacom certain key operating measures definitions were amended to align methodology across the group (Homes Passed, Unique Cable Subscribers and Blended

Cable ARPU). Due to this change there was also a minor restatement of blended cable ARPU figures.

21

Bond

Issuer United Group B.V.

Listed International Stock Exchange (Guernsey)

Governing Law State of New York

Outstanding notes €525 million

Coupon 4.875%

Maturity 01-Jul-24

Coupon dates 15 January & 15 July


CouponThree-month EURIBOR (subject to a zero floor)

plus 4.125%

Maturity 15-May-25

Coupon dates15 February, 15 May, 15 August

and 15 November

United Group B.V. Senior Notes

2024 Fixed Rate Notes

2025 Floating Rate Notes


Coupon 3.125%

Maturity 15-Feb-26

Coupon dates 15 February & 15 August


CouponThree-month EURIBOR (subject to a zero floor)

plus 3.25%

Maturity 15-Feb-26

Coupon dates15 February, 15 May, 15 August

and 15 November


Coupon 3.625%

Maturity 15-Feb-28

Coupon dates 15 February & 15 August

2026 Floating Senior Secured Notes

2028 Refinancing Senior Secured Notes

2026 Fixed Rate Senior Secured Notes

22

Income statement

in €000 9M 2019 9M 2020

Revenue 541,753 739,601 Other income 7,520 4,024 Content costs (89,347) (87,041)Link and interconnection costs (29,280) (51,196)Cost of end-user equipment and other material cost (34,853) (92,143)Staff costs (79,404) (83,846)Media buying (28,413) (22,920)Net impairment on trade and other receivables, including contract assets (5,390) (8,592)Net impairment on other financial assets (17) (176)Other operating expenses (86,557) (119,824)IFRS EBITDA 196,012 277,887

Depreciation (77,767) (96,394)Depreciation (right-of-use assets) (13,574) (26,935)Amortization of intangible assets (59,321) (74,448)Results from operating activities 45,350 80,110

Finance income 4,717 983 Finance costs (64,923) (103,332)Net finance costs (60,206) (102,349)

Share of profit/loss of equity -accounted investee, net of tax - (837)

Profit/(loss) before tax (14,856) (23,076)

Income tax (expenses)/benefit (4,810) (10,362)Profit/(loss) for the period (19,666) (33,438)

Other comprehensive loss Items that are or may be reclassified subsequently to profit and loss Currency translation differences 1,324 (2,691)Other comprehensive income/loss for the period 1,324 (2,691)

Total comprehensive income/loss for the period (18,342) (36,129)

Profit/(loss) attributable to: Owners of the Company (22,238) (34,991)Non-controlling interests 2,572 1,553 Profit/(loss) for the period (19,666) (33,438)

Total comprehensive income/(loss) attributable to: Owners of the Company (20,914) (37,682)Non-controlling interests 2,572 1,553 Total comprehensive income/(loss) for the period (18,342) (36,129)

23

Statement of financial position

in €000 9M 2019 9M 2020

Assets

Property, plant and equipment 416,700 867,510

Goodwill 765,276 1,461,947

Intangible assets 296,798 393,854

Investment property 297 73,223

Right-of-use assets 108,101 268,639

Loans to related parties - 6,866

Other financial assets 7,526 129,396

Non-current prepayments 134 1,676

Non-current trade receivables - 16,898

Equity-accounted investees - 8,596

Contract assets 5,598 12,226

Deferred costs 5,538 164

Deferred tax assets 3,757 10,512

Non-current assets 1,609,725 3,251,507

Inventories 21,508 52,074

Trade and other receivables 149,001 252,105

Short-term loans receivables and deposits 214,681 10,724

Prepayments 32,842 50,248

Contract assets 23,009 44,679

Derivative financial instruments - 16,296

Income tax receivables 8,445 9,216

Assets classified as held for sale - 523

Cash and cash equivalents 55,356 114,966

Current assets 504,842 550,831

Total assets 2,114,567 3,802,338

24

Statement of financial position - continued

in €000 9M 2019 9M 2020

Equity

Issued and fully paid share capital 125 125

Share premium 352,557 527,046

Capital reserves 54,468 54,468

Translation reserves (13,718) (15,166)

Accumulated losses (368,358) (445,413)

Equity attributable to owners of the Company 25,074 121,060

Non-controlling interests 9,530 11,032

Total equity 34,604 132,092

Liabilities

Loans and borrowings 71,403 146,231

Other financial liabilities - bonds 1,637,161 2,723,323

Long-term liabilities 3,510 4,358

Long-term provisions 21,512 98,748

Deferred operating lease income 3,621 5,758

Contract liabilities 1,877 3,724

Lease liabilities 91,266 217,680

Deferred tax liabilities 27,539 88,511

Employee benefits 618 5,653

Non-current liabilities 1,858,507 3,293,986

Trade and other payables 150,455 267,068

Current tax liabilities 8,698 13,312

Loans and borrowings 27,801 2,192

Deferred operating lease income 3,994 3,568


Lease liabilities 19,844 55,917

Current liabilities 221,456 376,260

Total liabilities 2,079,963 3,670,246

Total equity and liabilities 2,114,567 3,802,338

25

Consolidated statement of cash flows

in €000 9M 2019 9M 2020

Cash flows from operating activ ities

(Loss)/profit for the period (19,666) (33,438)

Adjustments for:

Depreciation 91,341 123,329

Amortization 59,321 74,448

Impairment of trade and other receivables 4,821 7,895

Impairment of contract assets 569 695

Impairment of other financial assets 17 178

Impairment loss of goodwill - 354

Impairment of property, plant and equipment - 495

Impairment of inventories 626 1,001

Income tax (benefit)/expense 4,810 10,362

Long-term provisions (1,183) 11

Share based payment 21,659 -

Net finance cost 60,206 102,349

Operating cash flows before WC changes 222,521 287,679

Changes in:

Trade and other receivables 11,243 5,273

Deferred revenue (3,527) (1,463)

Deferred cost (1,153) 17

Contract assets (12,104) (9,742)


Employee benefits (13) 107

Inventories 69 (4,712)

Prepayments 2,794 3,785

Trade and other payables (41,633) 22,759

Cash generated from operations 181,231 313,997

Interest paid(60,946)

(104,568)

Income tax paid (9,229) (13,178)

Net cash from operating activities 111,056 196,252

in €000 9M 2019 9M 2020

Cash flows from investing activ ities

Acquisition of property, plant and equipment (89,637) (112,065)

Acquisition of intangible assets (51,245) (62,109)

Acquisition of subsidiaries, net of cash acquired (52,769) (1,049,975)

Acquisition of associate - (9,433)

Proceeds from sale of property, plant and equipment and assets held for sale

- 152

Short-term loans receivable and deposits inflow (208,969) (1,349)

Short-term loans receivable and deposits outflow - 1,641

Cash outflow for acquisition of the loan receivable from associate

- (18,270)

Acquisition of derivative - (16,296)

Cash outflow other non-current financial assets - (3,483)

Cash inflow other non-current financial assets 30,000 311

Other (outflows)/inflows 389 (760)

Net cash used in investing activities (372,231) (1,271,636)

Cash flows from financing activ ities

Proceeds from share premium 15,000 174,489

Proceeds from bond issue 757,000 1,675,000

Repayment of bond (450,000) (587,578)

Proceeds from borrowings 221,920 140,000

Repayment of borrowings (195,834) (403,243)

Transaction costs related to loans and borrowings (6,373) (27,613)

Acquisition of non-controlling interest (1,095) (8)

Repayment from lease liabilities (15,754) (30,677)

Dividends paid (51,764) (78)

Net cash from financing activities 273,100 940,292

Net increase in cash and cash equivalents 11,925 (135,093)

Cash and cash equivalents at 1 January 43,430 250,058

Effect of movements in exchange rate on cash in hands 1 1

Cash and cash equivalents at end of period 55,356 114,966

9m 2020 financial results presentation · 2020. 11. 23. · may bedifferent from similarly titled...

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