REG - Hellenic Telecomms - 3rd Quarter Results 2022
10/11/2022 08:30
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RNS Number : 9697F Hellenic Telecomms Organization S A 10 November 2022
OTE GROUP REPORTS 2022 THIRD QUARTER RESULTS
Highlights
· Further Group revenue growth; Adjusted EBITDA (AL) up on positive Greece
and Romania
· Greek operations fueled by buoyant mobile, ICT and TV performance
o Mobile Service Revenues up strong 5.2%, driven by roaming and postpaid
o Positive Broadband KPIs-FTTx subscribers up 30%, representing 62% of
broadband user base; FTTH subscriber base reaches 110k, utilization rate
rising to 16% -733k homes passed
· Romania revenues down 5.0% on ICT comparison effect and Mobile Termination
Rate cuts
(€ mn) Q3'22 Q3'21 Change 9M'22 9M'21 Change
Revenues 904.8 854.1 +5.9% 2,569.9 2,460.9 +4.4%
Adjusted EBITDA (AL) 358.1 352.5 +1.6% 1,016.2 964.1 +5.4%
Margin % 39.6% 41.3% -1.7pp 39.5% 39.2% +0.3pp
Operating profit before financial and investing activities 209.8 342.1 -38.7% 539.5 660.9 -18.4%
Profit to owners of the parent 160.2 209.7 -23.6% 396.4 386.5 +2.6%
Adj. Profit to owners of the parent 162.1 158.7 +2.1% 424.1 366.6 +15.7%
Basic EPS (€) 0.3673 0.4628 -20.6% 0.9000 0.8476 +6.2%
Adjusted Capex 178.1 161.4 +10.3% 438.9 398.5 +10.1%
Adjusted Free Cash Flow (AL) 113.9 115.8 -1.6% 501.6 441.4 +13.6%
Free Cash Flow (AL) 80.3 108.0 -25.6% 459.3 381.9 +20.3%
Cash & Other financial assets 528.2 904.2 -41.6% 528.2 904.2 -41.6%
Adjusted Net Debt (excl. leases) 525.6 421.8 +24.6% 525.6 421.8 +24.6%
Adjusted Net Debt 769.1 763.9 +0.7% 769.1 763.9 +0.7%
Note 1: The purpose and calculations of all 'Adjusted' data are detailed in
the Alternative Performance Measures Section (#APM)
Note 2: Changes in accounting policies and changes in reporting structure
(#AGENT)
Note 3: All figures in 2021 adjusted to reflect only continuing operations;
TELEKOM ROMANIA operations along with certain significant commercial
transactions (MVNO agreement and handset sales) that existed between TELEKOM
ROMANIA and TELEKOM ROMANIA MOBILE until the completion of the sale of TELEKOM
ROMANIA have been treated as discontinued operations. The sale was concluded
on September 30, 2021.
ATHENS, Greece - November 10, 2022 - Hellenic Telecommunications Organization
SA
(ASE: HTO; OTC MARKET: HLTOY), the Greek full-service telecommunications
provider, today announced consolidated results (prepared under IFRS) for the
third quarter of 2022.
Message from the Chairman & CEO, Michael Tsamaz:
"OTE's strengths were once again in evidence in the third quarter, as we
bolstered our competitive positions in a challenging inflationary environment,
and sustained sound operational and financial performances. We also pursued
our expansion into adjacent territories with the launch of Payzy, an
e-transaction and mobile payment platform.
"Leveraging the efficiency and reliability of our fixed and mobile networks, a
key competitive edge, we are taking major steps to cement customer loyalty.
Our doubling of broadband data speeds at no extra charge is almost complete,
and we are expanding voice and broadband offers. We are enhancing customer
satisfaction as well as our market position. We are confident that our
initiatives will prove to be the right decisions at a time of heightening
competition and will support our topline and profitability in the near
future."
Outlook
Intensifying inflationary trends around the world are having an adverse impact
on the macroeconomic environment and consumer spending in the Group's markets.
OTE is not immune to inflationary pressure and is taking actions to protect
itself in certain areas. However, the Group's cash flow generation remains
intact. In a highly competitive environment, OTE benefits from its ongoing
investments in advanced network infrastructure in fixed and mobile.
Continuously expanding the deployment of its FTTH infrastructure along with
expansion of its 5G network enable the Company to offer best-in-class services
to a growing part of the population. Increasing FTTH availability, the upgrade
of broadband speeds along with the Company's competitive offerings are
expected to enhance the value proposition to the customer and further
strengthen loyalty. Moreover, enhanced TV sports content is anticipated to
support steady growth in TV subscribers and revenue.
For full year 2022, as the outlook for Greek GDP remains positive, OTE Group
expects to achieve a further revenue increase and deliver low-to
mid-single-digit EBITDA growth. In coming years, the gradual deployment of the
EU Recovery and Resilience Fund (RRF) in Greece should support economic
growth, providing a favorable environment for OTE to leverage its expertise in
the ICT segment. Ongoing investments in FTTH and 5G networks are anticipated
to gradually lead to higher demand and recovery of growth.
OTE maintains its Free Cash flow guidance of approximately €600mn for 2022.
Adjusted Group CAPEX is expected to reach approximately €640mn, reflecting
increased spending in the FTTH rollout during 2022. Total 2022 Shareholder
Remuneration is targeted at €500mn, equally split between a cash dividend of
€0.558 per share and an approximately €250mn share buyback program, of
which €210mn had already been disbursed as of October 31, 2022. The dividend
was paid out on July 7, 2022.
OTE GROUP HIGHLIGHTS
OTE's Consolidated Revenues rose 5.9% in Q3'22 to €904.8mn, sustaining the
positive momentum achieved in prior quarters. In Greece, Revenues were up 6.1%
to €830.0mn, mainly reflecting strong Mobile and ICT performances, while TV
and Broadband also extended their positive trajectory. In Romania, revenues
were down 5.0% at €76.8mn, mainly reflecting certain ICT revenues recorded
in the comparable 2021 quarter as well as the impact of mobile termination
rate (MTR) cuts.
Total Operating Expenses, excluding depreciation, amortization, impairment,
and charges related to restructuring costs (primarily voluntary leave schemes)
and non-recurring litigation, amounted to €527.1mn in Q3'22, up 9.6%
compared to Q3'21, reflecting the revenue increase in certain lower-margin
segments, as well as certain seasonality adjustments, particularly related to
personnel provisions.
As a result, Group Adjusted EBITDA (AL) rose 1.6% to €358.1mn, resulting in a margin of 39.6%. In Greece, Adjusted EBITDA (AL) rose by 1.0% to €345.5mn, and the margin stood at 41.6%. Romania Mobile operations recorded an Adjusted EBITDA (AL) of €12.6mn, reflecting savings in operating expenses and the reversal of certain provisions.
Group profit before tax amounted to €205.6mn, down 27.0% from the comparable
2021 quarter. In Q3'21, Group profit before tax had benefited from a €134mn
one-off reversal related to OTE's pension fund for voluntary leave schemes of
earlier years. As a result, the Income Tax charge recorded by the Group in
Q3'22 was €45.3mn, down 36.3% from Q3'21.
Adjusted Capex amounted to €178.1mn, up 10.3% from Q3'21 on ongoing FTTH and
5G rollout as well as higher TV content investments. Capex in Greece and
Romania mobile stood at €168.1mn and €10.0mn, respectively.
Group Adjusted Free Cash Flow (AL) reached €113.9mn in Q3'22, down 1.6%
year-on-year, while reported Free Cash Flow stood at €80.3mn, down 25.6%
versus Q3'21, as payments for Voluntary Exit Schemes and higher Capex offset
higher EBITDA and lower income tax payments.
The Group's Adjusted Net Debt stood at €769.1mn at the end of Q3'22, up 0.7%
compared to September 30, 2021. The Group's ratio of Adjusted Net Debt to
12-month Adjusted EBITDA (AL) stood at 0.6x, stable compared to the
year-earlier level. Repayment during the quarter of a maturing €375mn,
2.375% bond, together with refinancing at lower rates, led to a 28-basis-point
decrease in OTE's weighted average interest rate compared to September 2021.
As OTE's next significant bond maturity is due in September 2026, the Group
has little medium-term exposure to the global rise in interest rates.
Revenues (€mn) Q3'22 Q3'21 Change 9M'22 9M'21 Change
Greece 830.0 782.6 +6.1% 2,341.5 2,249.7 +4.1%
Romania mobile 76.8 80.8 -5.0% 233.4 232.7 +0.3%
Eliminations (2.0) (9.3) -78.5% (5.0) (21.5) -76.7%
OTE GROUP 904.8 854.1 +5.9% 2,569.9 2,460.9 +4.4%
Adjusted EBITDA After Lease (AL) (€mn) Q3'22 Q3'21 Change 9M'22 9M'21 Change
Greece 345.5 342.0 +1.0% 978.2 944.0 +3.6%
Margin (%) 41.6% 43.7% -2.1pp 41.8% 42.0% -0.2pp
Romania mobile 12.6 10.5 +20.0% 38.0 20.1 +89.1%
Margin (%) 16.4% 13.0% +3.4pp 16.3% 8.6% +7.7pp
OTE GROUP 358.1 352.5 +1.6% 1,016.2 964.1 +5.4%
Margin (%) 39.6% 41.3% -1.7pp 39.5% 39.2% +0.3pp
GREECE
Operational highlights:
Q3'22 Q3'21 y-o-y change y-o-y Q3'22
diff net adds
Fixed lines access 2,701,728 2,698,927 +0.1% 2,801 (12,368)
Broadband subscribers 2,298,001 2,221,725 +3.4% 76,276 10,998
of which Fiber service 1,430,415 1,099,784 +30.1% 330,631 15,009
TV subscribers 643,776 600,167 +7.3% 43,609 2,198
Mobile Subscribers 7,411,445 7,040,252 +5.3% 371,193 89,022
Postpaid 2,924,312 2,790,102 +4.8% 134,210 25,783
Prepaid 4,487,133 4,250,150 +5.6% 236,983 63,239
Fixed Segment:
Having recorded strong net subscriber additions during the two years of
pandemic restrictions, OTE secured its market share in a contracting
fixed-line market. The Company is making further progress in the post-Covid
environment, as its competitive offerings and capacity to upgrade customers
led to another increase in total broadband subscribers, to 2,298k. Broadband
penetration on total fixed lines thereby stood at 85% at the end of Q3'22.
OTE posted another quarter of positive fiber additions, totaling 15k, raising
the total number of fiber (FTTx) subscribers to 1,430k, while penetration on
the total broadband base increased by 12.7 percentage points year-on-year,
reaching 62.2%. The share of subscribers using broadband speeds of 100Μbps or
higher stood at 44% of fiber connections at the end of Q3'22, compared to 23%
one year earlier, boosted by the doubling of speeds. The upgrade of broadband
speeds was nearly complete as of the end of the quarter, further improving
subscriber satisfaction metrics. OTE continues to enhance customer service and
upgrades its offering to subscribers on an ongoing basis, meeting the growing
demand for broadband connectivity through its expanding FTTH network.
OTE expanded its FTTH footprint to 733k homes passed as of the end of
September. The Company expects to accelerate the pace of FTTH deployment,
targeting close to 1 million homes by the end of 2022. During the quarter, OTE
launched speeds of 300Mbps, 500Mbps and 1Gbps on its FTTH infrastructure,
further enhancing the value of its offering. The FTTH subscriber base
increased by 18k in the quarter, to a total of 110k, with utilization on homes
passed rising to 16%, compared to 10% one year earlier and 14% at the end of
Q2'22. This reflects active sales efforts as well as state-subsidized vouchers
encouraging FTTH connections, which were available intermittently until
September 2022. A new voucher subsidy scheme, currently under consultation, is
anticipated in 2023. Combined with OTE's ambitious and targeted rollout and
investment plan, and increasing customer satisfaction, this should further
support customer acquisition and speed upgrades, supporting revenue growth in
2023.
OTE further expanded its TV subscriber base in the quarter, reaching 644k, a
strong year-on-year increase of 7.3%, despite competitive challenges and
piracy. Consistent with its strategy to invest and offer superior TV content
to its customers, the Company leverages its streaming platform and enriched
content portfolio. In the quarter, the Company renewed the Greek Football Cup
broadcasting rights.
Mobile Segment:
OTE's mobile customer base continued to grow in the quarter, to a total of
7.4mn, a 5.3% increase from the year-earlier level. Both the postpaid and
prepaid segments grew in the period, by 4.8% and 5.6%, respectively,
consistent with the trends achieved since the beginning of the year. This
growth reflects Cosmote's network superiority, consistently recognized by all
major market reviews and even more apparent with the widespread deployment of
its 5G network.
OTE pursues the expansion of its 5G network, with speeds exceeding 1Gbps in
certain areas, and is well on track to achieve its target of 80% population
coverage by the end of 2022. The Company has set a target of 90% for 2023 year
end. While continuing to promote data usage over its superior 4G/4G+/5G
network, OTE leverages the growth of data consumption, its rapid launch of 5G
services, and its network superiority to further strengthen its revenue base.
The Company will deploy a 5G Standalone network, the next stage in the 5G
network development, by the end of 2023.
Consistent with its vision to become a 360º digital service provider, OTE
Group has recently entered the e-transaction and mobile payment services
market with the launch of a new mobile wallet application, "payzy by
COSMOTE'', operated by its Cosmote Payments subsidiary and allowing users to
access a broad range of e-payment and transaction solutions via their mobile
phones. Given the relatively low usage of mobile payments in Greece, Cosmote
believes this service enjoys significant potential.
Financial highlights:
(€ mn) Q3'22 Q3'21 Change 9M'22 9M'21 Change
Revenues 830.0 782.6 +6.1% 2,341.5 2,249.7 +4.1%
Retail Fixed Services 230.2 241.2 -4.6% 706.1 710.3 -0.6%
Mobile Service Revenues 275.3 261.7 +5.2% 747.1 713.3 +4.7%
Wholesale Services 150.7 144.7 +4.1% 440.2 427.2 +3.0%
Other Revenues 173.8 135.0 +28.7% 448.1 398.9 +12.3%
Adjusted EBITDA (AL) 345.5 342.0 +1.0% 978.2 944.0 +3.6%
margin (%) 41.6% 43.7% -2.1pp 41.8% 42.0% -0.2pp
Greek operations recorded sharp revenue growth of 6.1% to €830.0mn,
supported by strong mobile and ICT performance.
Retail fixed service revenues decreased by 4.6%, largely due to a drop in
voice revenues. The sharper than usual decline reflected a planned switch by
certain customers from traditional voice services to data communications,
which will be completed in the following quarter. The pace of growth in
broadband revenues moderated, reflecting the doubling of broadband speeds,
serving to improve OTE's customer loyalty, as well as competitive offerings in
the period. The TV segment recorded another positive quarter, as a result of
ongoing investment in superior sports content.
Mobile service revenues posted another sharp increase, of 5.2%, supported by
solid recovery in visitor revenues, up 33% in the quarter. Roaming revenues in
the first nine months of the year were already ahead of full-year pre-pandemic
levels. Excluding the contribution from roaming, service revenues were up more
than 2% on positive performance in both the postpaid and prepaid segments,
reflecting the successful execution of OTE's more-for-more strategy, notably
during the summer period, as well as the higher number of subscribers.
Wholesale revenues were up 4.1% in the quarter, reflecting higher
international transit traffic revenues and national wholesale due to
increasing fiber upselling in the market.
Other revenues were up 28.7% in the quarter, on positive ICT momentum and
higher handset sales, positively impacted by a government subsidy program in
the educational sector. ICT revenues were up 43% compared to Q3'21, while
revenues from system solutions posted another solid increase, up 54% in the
quarter. Recent projects include the digitalization of the National Health
System of Cyprus and the implementation of a digital card for the Ministry of
Labor. Beyond the steady growth in ICT revenue, the exceptionally sharp
revenue increase in the quarter was due to certain past projects.
Total Adjusted EBITDA (AL) in Greece rose 1.0% in the quarter to €345.5mn,
yielding a margin of 41.6%, compared to 43.7% in Q3'21. The margin decline
reflected the change in revenue mix this quarter and certain one-off cost
items. The continuous higher energy costs, due to the global crisis, were
partially mitigated this quarter as a result of the measures implemented in
earlier periods.
ROMANIA MOBILE
Operational Data Q3'22 Q3'21 y-o-y change y-o-y Q3'22
diff net adds
Mobile Subscribers 4,081,628 3,602,058 +13.3% 479,570 141,057
Postpaid 1,824,384 1,717,177 +6.2% 107,207 37,475
Prepaid 2,257,244 1,884,881 +19.8% 372,363 103,582
(€ mn) Q3'22 Q3'21 Change 9M'22 9M'21 Change
Revenues 76.8 80.8 -5.0% 233.4 232.7 +0.3%
Mobile Service Revenues 51.2 56.1 -8.7% 154.1 165.4 -6.8%
Other Revenues 25.6 24.7 +3.6% 79.3 67.3 +17.8%
Adjusted EBITDA (AL) 12.6 10.5 +20.0% 38.0 20.1 +89.1%
margin (%) 16.4% 13.0% +3.4pp 16.3% 8.6% +7.7pp
Total revenues from Telekom Romania Mobile amounted to €76.8mn in the
quarter, down 5.0% year on year, largely reflecting a one-off ICT project
recorded in the same quarter last year, as well as the impact of mobile
termination rate (MTR) reductions.
Mobile service revenues totaled €51.2mn, down 8.7%, due to the reduction in
MTR, as well as recent offerings privileging retention initiatives.
The total subscriber base recorded sharp growth in the quarter, reflecting
ongoing year-on-year increases in postpaid subscribers, up 6.2% in Q3'22, and
a significant increase in the prepaid base on certain marketing campaigns.
Other revenues were up 3.6%, the increase in handset sales more than
offsetting the impact of the ICT project recorded in the same quarter last
year.
Adjusted EBITDA (AL) stood at €12.6mn, due to reduction in operating
expenses, as Telekom Romania Mobile implements cost-containment initiatives
and certain non-recurring provision reversals recorded in the quarter. TKRM
continues to adapt its operations and cost base to its mobile-only strategy.
SIGNIFICANT EVENTS OF THE QUARTER
€150mn Bank Loan from the European Bank for Reconstruction and Development
(EBRD)
On July 7, 2022, OTE signed a €150mn, eight-year loan agreement with the
EBRD. The facility will be used to finance part of the rollout of OTE's
Fiber-to-the-Home (FTTH) network in certain Greek regions, amounting to a
total of €187.5mn. Of the total loan amount, €93.75mn is financed by the
European Union's Recovery and Resilience Facility, channeled through the Greek
Ministry of Finance, while the balance is financed by the EBRD. The project's
remaining €37.5mn requirement will be covered by OTE's own funds.
On July 13, OTE proceeded to draw down the full amount under the €150mn EBRD
Loan, which bears a total blended fixed interest rate of 1.561% per annum.
Repayment of Bond under the Global Medium-Term Note (GMTN) Program of OTE PLC
On July 18, 2022, OTE PLC repaid at maturity the €400mn fixed-rate bond,
with outstanding balance of €374.58mn, issued under its Global Medium-Term
Note Program on July 18, 2018.
Share Buyback Program and Cancellation of Own Shares
The Extraordinary General Meeting of Shareholders of January 18, 2022,
approved a new Share Buyback Program for a period of 24 months, covering up to
10% of the Company's share capital, at a price range between €1 and €30
per share. The Company acquired 10,686,972 own shares during the period from
February 24, 2022, to September 30, 2022, at an average price of €16.60 per
share. Out of these shares, 1,868,242 own shares acquired during the period
from February 24, 2022 to March 31, 2022, were cancelled and delisted on July
12, 2022, along with 3,749,040 own shares which were remaining to be cancelled
from the previous Share Buyback Program.
During the period from April 1, 2022, to September 30, 2022, the Company
acquired 8,818,730 own shares, at an average price of €16.57 per share. The
Extraordinary General Meeting of Shareholders of November 1, 2022, approved
the cancellation of these shares.
SUBSEQUENT EVENTS
Spin Off of Facility and Space Management Business Sector
The Extraordinary General Meetings of Shareholders of OTE and COSMOTE of
November 1, 2022, approved the Draft Demergers Agreement through Spin-Off of
the business sector Facility and Space Management and its absorption by the
OTE Group 100% subsidiary, OTE Estate Société Anonyme.
About OTE
OTE Group is the largest telecommunications provider in the Greek market and
offers mobile telecommunications services in Romania. OTE is among the largest
listed companies, with respect to market capitalization, in the Athens Stock
Exchange.
OTE Group offers the full range of telecommunications services: from
fixed-line and mobile telephony, broadband services, to pay television and ICT
solutions. In addition to its core activities, the Group is also involved in
maritime communications, real estate, insurance distribution and professional
training.
Additional Information is also available on: https://www.cosmote.gr
(https://www.cosmote.gr)
Conference Call Details
Thursday, November 10, 2022
5:00pm (EEST), 3:00pm (BST), 4:00pm (CEST), 10:00am (EDT)
Greece
+30 210 9460 800
Germany
+49 (0) 69 2222 4493
UK & International
+ 44 (0) 203 059 5872
USA
+1 516 447 5632
We recommend that you call any of the above numbers 5 to 10 minutes before the
conference call is scheduled to start.
Webcast Details
The conference call will be webcast and you may join by linking at:
https://87399.themediaframe.eu/links/otegroup221110.html
(https://87399.themediaframe.eu/links/otegroup221110.html)
If you experience difficulty, please call + 30 210 9460803.
Contacts:
Evrikos Sarsentis - Head of
Mergers, Acquisitions and Investor Relations
Tel: +30 210 611 1574, Email:
esarsentis@ote.gr (mailto:esarsentis@ote.gr)
Sofia Ziavra - Deputy Director, Investor
Relations
Tel: + 30 210 617 7628, Email:
sziavra@ote.gr
Elena Boua - Manager
Shareholder Services, Investor Relations
Tel: + 30 210 611 7364, Email:
eboua@ote.gr
Forward-looking Disclaimer:
Certain statements in this document constitute forward-looking statements.
Such forward looking statements are subject to risks and uncertainties that
may cause actual results to differ materially. These risks and uncertainties
include, among other factors, changing economic, financial, business or other
market conditions. OTE will not update such statements on a regular basis. As
a result, you are cautioned not to place any reliance on such forward-looking
statements. Nothing in this document should be construed as a profit forecast
and no representation is made that any of these statement or forecasts will
come to pass. Persons receiving this announcement should not place undue
reliance on forward-looking statements and are advised to make their own
independent analysis and determination with respect to the forecast periods,
which reflect the Group's view only as of the date hereof.
Exhibits to follow:
I. Alternative Performance Measures "APMs"
II. Consolidated Statements of Financial Position as of September
30, 2022 and December 31, 2021
III. Consolidated Income Statements for the quarter and nine months
ended September 30, 2022 and comparative 2021
IV. Group Revenues for the quarter and nine months ended September 30,
2022 and comparative 2021
V. Consolidated Statement of Cash Flows for the quarter and nine
months ended September 30, 2022 and comparative 2021
Changes in accounting policies and changes in reporting structure
Gross vs. Net Disclosure - Change in principal/agent position.
The Income Statements for OTE Group, Greece, OTE SA and GR Mobile have been
impacted by the new accounting policy regarding the principal vs agent
assessment especially in relation to digital branded products from other
providers.
More specifically based on the decision of the IFRS Interpretations Committee
published in May 2022 on the cases of software reselling, OTE Group has
revised its current accounting policy with regard to the distinction between
gross and net revenue and changed it at the beginning of the third quarter of
2022. As a result of this change in method, OTE Group only sees itself as the
principal and thus recognizes gross revenue only, in cases in which the
customer does not enter into any contractual relationship with the third-party
supplier and the Group has the control over the specific good or service (is
primarily responsible for product acceptance and the customer support) and is
able to price the customer. Compared to the previous accounting policy, this
leads to a decrease in revenue and operating expenses of €13.6mn each for
the first three quarters of 2022 and €15.9mn for the first three quarters of
2021. All prior periods have been restated accordingly to conform to this
presentation.
I. ALTERNATIVE PERFORMANCE MEASURES "APMs"
The Group uses certain Alternative Performance Measures ("APMs") in making
financial, operating and planning decisions as well as in evaluating and
reporting its performance. These APMs provide additional insights and
understanding to the Group's underlying operating and financial performance,
financial condition and cash flow. The APMs should be read in conjunction with
and do not replace by any means the directly reconcilable IFRS line items.
Definitions and reconciliations of Alternative Performance Measures ("APMs")
Alternative Performance Measures ("APMs")
In discussing the performance of the Group, Alternative Performance Measures
("APMs") are used such as: EBITDA and the respective margin %, Net Debt, CapEx
and Free Cash Flow. The definitions and the calculations of these are
presented in this section below.
Furthermore "Adjusted" measures are used such as: Adjusted EBITDA and the
respective margin %, Adjusted Net Debt, Adjusted CapEx and Adjusted Free Cash
Flow. These are calculated by deducting from the performance measures deriving
from directly reconcilable amounts of the Consolidated Statement of Financial
Position (Exhibit II), Consolidated Income Statement (Exhibit III) and
Consolidated Statement of Cash Flow (Exhibit V), the impact of costs or
payments related to voluntary leave schemes, costs or payments for
restructuring plans and non-recurring litigations and Spectrum acquisitions.
Costs or payments related to Voluntary Leave Schemes
Costs or payments related to Voluntary Leave Schemes comprise the exit
incentives provided to employees and the contributions to the social security
fund to exit/retire employees before conventional retirement age.
These costs are included within the income statement as well as within the
cash flow statement lines "costs related to voluntary leave schemes" and
"payment for voluntary leave schemes". However, they are excluded from the
adjusted results in order for the user to obtain a better understanding of the
Group's operating and financial performance achieved from ongoing activity.
Costs or payments related to other restructuring plans and non-recurring
litigations
Other restructuring costs and non-recurring litigations comprise non-ongoing
activity related costs arising from significant changes in the way the Group
conducts business and non-recurring legal expenses. These costs are included
in the Group's income statement, while the payment of these expenses is
included in the cash flow statement. However, they are excluded from the
adjusted results in order for the user to obtain a better understanding of the
Group's operating and financial performance achieved from ongoing activity.
Spectrum acquisition payments
Spectrum payments comprise the amounts paid to acquire rights (licenses)
through auctions run by the National Regulator to transmit signals over
specific bands of the electromagnetic spectrum. As those payments are of
significant size and of irregular timing, it is a common industry practice to
be excluded for the calculation of the Adjusted Free Cash Flow and Adjusted
Capital Expenditure (CapEx) in order to facilitate comparability with industry
peers.
Net Debt
Net Debt is an APM used by management to evaluate the Group's capital
structure and leverage. Net Debt is defined as short-term borrowings plus
long-term borrowings plus short-term portion of long-term borrowings less cash
and cash equivalents as illustrated in the table below. Following the adoption
of IFRS 16 financial liabilities related to leases are included in the
calculation of net debt from 2019 onwards.
Adjusted Net Debt
Adjusted Net Debt is used by management to evaluate the Group's capital
structure and leverage defined as Net Debt including other financial assets
(current and non-current) as they are highly liquidity assets. The
calculations are described in the table below:
OTE Group - Amounts in € mn 30/09/2022 30/09/2021 Change
Long-term borrowings 881.3 753.5 +17.0%
Short-term portion of long-term borrowings 23.1 422.5 -94.5%
Short-term borrowings 150.0 150.0 +0.0%
Lease liabilities (long-term portion) 173.6 276.6 -37.2%
Lease liabilities (short-term portion) 69.9 65.5 +6.7%
Cash and cash equivalents (523.7) (898.5) -41.7%
Net Debt 774.2 769.6 +0.6%
Other financial assets (4.5) (5.7) -21.1%
Non-current financial assets (0.6) - -
Adjusted Net Debt 769.1 763.9 +0.7%
Net Debt & Adjusted Net Debt excluding leases
Net Debt and Adjusted Net Debt excluding leases are used by management to
evaluate the Group's capital structure and leverage excluding financial
liabilities related to leases, for comparability purposes with prior years.
They are defined as Net Debt and Adjusted Net Debt (described above) deducting
financial liabilities related to leases as described below:
OTE Group - Amounts in € mn 30/09/2022 30/09/2021 Change
Net Debt 774.2 769.6 +0.6%
Lease liabilities (long-term portion) (173.6) (276.6) -37.2%
Lease liabilities (short-term portion) (69.9) (65.5) +6.7%
Net Debt (excluding leases) 530.7 427.5 +24.1%
Other financial assets (4.5) (5.7) -21.1%
Non-current financial assets (0.6) - -
Adjusted Net Debt (excluding leases) 525.6 421.8 +24.6%
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)
EBITDA is intended to provide useful information to analyze the Group's
operating performance. EBITDA is defined as total revenues plus other
operating income less total operating expenses before depreciation,
amortization and impairment, as illustrated in the table below. EBITDA margin
(%) is defined as EBITDA divided by total revenues.
Adjusted EBITDA (Operating profit before financial and investing activities,
depreciation, amortization and impairment, costs related to voluntary leave
schemes, other restructuring costs and non-recurring litigations)
Adjusted EBITDA is intended to provide useful information to analyze the
Group's operating performance excluding the impact of costs related to
voluntary leave schemes, other restructuring costs and non-recurring
litigations. Adjusted EBITDA is defined as EBITDA adding back costs related to
voluntary leave schemes, other restructuring costs and non-recurring
litigations, as illustrated in the table below. Adjusted EBITDA margin (%) is
defined as Adjusted EBITDA divided by total revenues.
OTE Group - Amounts in € mn Q3 '22 Q3 '21 Change 9M '22 9M '21 Change
Total Revenues 904.8 854.1 +5.9% 2,569.9 2,460.9 +4.4%
Other Operating Income 0.7 0.4 +75.0% 7.4 6.0 +23.3%
Total operating expenses before depreciation, amortization and impairment (529.7) (349.8) +51.4% (1,535.0) (1,313.3) +16.9%
EBITDA 375.8 504.7 -25.5% 1,042.3 1,153.6 -9.6%
margin % 41.5% 59.1% -17.6pp 40.6% 46.9% -6.3pp
Costs related to voluntary leave schemes 2.5 (132.5) -101.9% 35.2 (127.8) -127.5%
Other restructuring and non-recurring litigations 0.1 1.5 -93.3% 0.5 3.0 -83.3%
Adjusted EBITDA 378.4 373.7 +1.3% 1,078.0 1,028.8 +4.8%
margin % 41.8% 43.8% -2.0pp 41.9% 41.8% +0.1pp
EBITDA After Lease (AL) (Earnings before Interest, Taxes, Depreciation and
Amortization After Lease)
EBITDA After Lease (AL) is intended to provide useful information to analyze
the Group's operating performance. EBITDA After Lease (AL) is defined as
EBITDA deducting the depreciation and interest expense of leases, as
illustrated in the table below. EBITDA After Lease (AL) margin (%) is defined
as EBITDA After Lease (AL) divided by total revenues.
Adjusted EBITDA After Lease (AL) (Operating profit before financial and
investing activities, depreciation, amortization and impairment, costs related
to voluntary leave schemes, other restructuring costs and non-recurring
litigations After Lease)
Adjusted EBITDA After Lease (AL) is intended to provide useful information to
analyze the Group's operating performance.
Adjusted EBITDA After Lease (AL) is defined as EBITDA After Lease (AL) adding
back costs related to voluntary leave schemes, other restructuring costs and
non-recurring litigations, as illustrated in the table below. Adjusted EBITDA
After Lease (AL) margin (%) is defined as Adjusted EBITDA After Lease (AL)
divided by total revenues.
OTE Group - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
EBITDA 375.8 504.7 -25.5% 1,042.3 1,153.6 -9.6%
margin % 41.5% 59.1% -17.6pp 40.6% 46.9% -6.3pp
Depreciation of lessee use rights to leased assets (18.2) (17.1) +6.4% (55.3) (52.1) +6.1%
Interest expense on leases (2.1) (4.1) -48.8% (6.5) (12.6) -48.4%
EBITDA After Lease (AL) 355.5 483.5 -26.5% 980.5 1,088.9 -10.0%
margin % 39.3% 56.6% -17.3pp 38.2% 44.2% -6.0pp
Costs related to voluntary leave schemes 2.5 (132.5) -101.9% 35.2 (127.8) -127.5%
Other restructuring costs and non-recurring litigations 0.1 1.5 -93.3% 0.5 3.0 -83.3%
Adjusted EBITDA After Lease (AL) 358.1 352.5 +1.6% 1,016.2 964.1 +5.4%
margin % 39.6% 41.3% -1.7pp 39.5% 39.2% +0.3pp
Greece - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
EBITDA 358.2 490.9 -27.0% 988.6 1,121.6 -11.9%
margin % 43.2% 62.7% -19.5pp 42.2% 49.9% -7.7pp
Depreciation of lessee use rights to leased assets (13.0) (12.5) +4.0% (39.7) (38.3) +3.7%
Interest expense on leases (1.7) (3.7) -54.1% (5.2) (11.2) -53.6%
EBITDA After Lease (AL) 343.5 474.7 -27.6% 943.7 1,072.1 -12.0%
margin % 41.4% 60.7% -19.3pp 40.3% 47.7% -7.4pp
Costs related to voluntary leave schemes 2.0 (132.7) -101.5% 34.5 (128.1) -126.9%
Other restructuring and non-recurring litigations - - - - - -
Adjusted EBITDA After Lease (AL) 345.5 342.0 +1.0% 978.2 944.0 +3.6%
margin % 41.6% 43.7% -2.1pp 41.8% 42.0% -0.2pp
Romania mobile - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
EBITDA 17.6 13.8 +27.5% 53.7 32.1 +67.3%
margin % 22.9% 17.1% +5.8pp 23.0% 13.8% +9.2pp
Depreciation of lessee use rights to leased assets (5.2) (4.6) +13.0% (15.6) (13.9) +12.2%
Interest expense on leases (0.4) (0.4) 0.0% (1.3) (1.4) -7.1%
EBITDA After Lease (AL) 12.0 8.8 +36.4% 36.8 16.8 +119.0%
margin % 15.6% 10.9% +4.7pp 15.8% 7.2% +8.6pp
Costs related to voluntary leave schemes 0.5 0.2 +150.0% 0.7 0.3 +133.3%
Other restructuring and non-recurring litigations 0.1 1.5 -93.3% 0.5 3.0 -83.3%
Adjusted EBITDA After Lease (AL) 12.6 10.5 +20.0% 38.0 20.1 +89.1%
margin % 16.4% 13.0% +3.4pp 16.3% 8.6% +7.7pp
Adjusted Profit to owners of the parent
Adjusted Profit for the period attributable to owners of the parent is
intended to provide useful information to analyze the Group's net
profitability excluding the impact of significant non-recurring or irregularly
recorded items in order to facilitate comparability with previous ongoing
performance. Adjusted Profit for the period (attributable to owners of the
parent) is calculated by adding back to the Profit of the period (attributable
to owners of the parent) the impact upon it of the following items: costs
related to voluntary leave schemes, net impact from impairments and write
offs, reassessment of deferred tax, reversal of provision related to assets
sales, other restructuring costs, non-recurring litigation expenses, gains /
losses from disposal of subsidiaries, effect of changes to tax rate, tax
effect from deductible investment losses and intercompany dividends and tax
effect from deductible provisions of prior years, as illustrated in the table
below:
Amounts in € mn - After Tax impact Q3'22 Q3'21 Change 9M'22 9M'21 Change
Profit to owners of the Parent from continuing operations (reported) 160.2 209.7 -23.6% 396.4 386.5 +2.6%
Costs related to voluntary leave schemes 2.0 (103.3) - 27.5 (99.6) -
Other restructuring & non-recurring litigations 0.1 1.4 -92.9% 0.4 2.5 -84.0%
(Gain)/Loss from disposal of subsidiary (0.2) 50.9 -100.4% (0.2) 50.9 -100.4%
Reversal of provision related to Assets Sales - - - - - -
Net Impact from Impairments - - - - - -
Τax effect from deductible investment losses/Intercompany dividends - - - - - -
Effect due to change in the income tax rates - - - - 26.3 -
Adjusted Profit to owners of the parent 162.1 158.7 +2.1% 424.1 366.6 +15.7%
Capital expenditure (CAPEX) and Adjusted Capital expenditure
Capital expenditure is defined as payments for purchase of property plant and
equipment and intangible assets. The Group uses capital expenditure as an APM
to ensure that the cash spending is in line with its overall strategy for the
use of cash. Adjusted capital expenditure is calculated by excluding from
Capital expenditure, spectrum payments as illustrated in the table below:
OTE Group - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
Purchase of property plant and equipment and intangible assets - CAPEX (178.1) (162.3) 9.7% (440.1) (400.5) +9.9%
Spectrum Payments - 0.9 -100.0% 1.2 2.0 -40.0%
Adjusted CAPEX (178.1) (161.4) +10.3% (438.9) (398.5) +10.1%
Free Cash Flow (FCF)
Free Cash Flow is an APM used by the Group and is defined as cash generated by
operating activities (excluding net cash flows from operating activities of
discontinued operations), after payments for purchase of property plant and
equipment and intangible assets (CAPEX) and adding the interest received. Free
Cash Flow is intended to measure the cash generation from the Group's
business, based on operating activities, including the efficient use of
working capital and taking into account its payments for purchases of property
plant and equipment and intangible assets. The Group presents Free Cash Flow
because it believes the measure assists users of the financial accounts in
understanding the Group's cash generating performance as well as availability
for debt repayment, dividend distribution and own reserves.
Free Cash Flow After Lease (AL)
Free Cash Flow After Lease is defined as Free Cash Flow adding the lease
repayments.
OTE Group - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
Net cash flows from operating activities 278.2 302.3 -8.0% 958.0 916.7 +4.5%
Minus: Net cash flows from operating activities of discontinued operations - 17.0 - - 86.7 -
Interest received 0.8 0.3 +166.7% 1.7 0.7 +142.9%
Purchase of property, plant, equipment & intangible assets (178.1) (162.3) 9.7% (440.1) (400.5) 9.9%
Free Cash Flow 100.9 123.3 -18.2% 519.6 430.2 +20.8%
Lease repayments (20.6) (15.3) +34.6% (60.3) (48.3) +24.8%
Free Cash Flow After Lease (AL) 80.3 108.0 -25.6% 459.3 381.9 +20.3%
Adjusted Free Cash Flow
Adjusted Free Cash Flow facilitates comparability of Cash Flow generation with
industry peers. Adjusted Free Cash Flow is useful in connection with
discussions with the investment analyst community and debt rating agencies.
Adjusted Free Cash Flow is calculated by excluding from the Free Cash Flow
(defined earlier) the payments related to voluntary leave schemes, other
restructuring plans and non-recurring litigation expenses and spectrum.
Adjusted Free Cash Flow After Lease (AL)
Adjusted Free Cash Flow After Lease is defined as Adjusted Free Cash Flow
adding the lease repayments.
OTE Group - Amounts in € mn Q3'22 Q3'21 Change 9M'22 9M'21 Change
Free Cash Flow 100.9 123.3 -18.2% 519.6 430.2 +20.8%
Payment for voluntary leave schemes 33.6 3.9 - 36.0 51.6 -30.2%
Payment for restructuring costs and non-recurring litigations - 3.0 -100.0% 5.1 5.9 -13.6%
Spectrum payments - 0.9 -100.0% 1.2 2.0 -40.0%
Adjusted Free Cash Flow 134.5 131.1 +2.6% 561.9 489.7 +14.7%
Lease repayments (20.6) (15.3) +34.6% (60.3) (48.3) +24.8%
Adjusted Free Cash Flow After Lease (AL) 113.9 115.8 -1.6% 501.6 441.4 +13.6%
II. GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in € mn 30/09/2022 31/12/2021
ASSETS
Non - current assets
Property, plant and equipment 2,103.8 2,080.3
Right-of-use assets 249.0 264.7
Goodwill 376.6 376.6
Telecommunication licenses 323.8 348.9
Other intangible assets 358.1 387.7
Investments 0.1 0.1
Loans to pension funds 65.7 68.6
Deferred tax assets 189.3 197.9
Contract costs 24.5 24.3
Other non-current assets 81.6 75.9
Total non - current assets 3,772.5 3,825.0
Current assets
Inventories 47.1 38.0
Trade receivables 517.3 504.4
Other financial assets 4.5 5.6
Contract assets 46.9 34.6
Other current assets 133.8 176.9
Restricted Cash 1.7 1.8
Cash and cash equivalents 523.7 630.7
Total current assets 1,275.0 1,392.0
TOTAL ASSETS 5,047.5 5,217.0
Amounts in € mn 30/09/2022 31/12/2021
EQUITY AND LIABILITIES
Equity attributable to owners of the Parent
Share capital 1,252.2 1,292.6
Share premium 447.6 462.6
Treasury shares (146.2) (157.1)
Statutory reserve 440.7 440.7
Foreign exchange and other reserves (144.7) (168.6)
Changes in non-controlling interests (3,314.1) (3,314.1)
Retained earnings 3,388.8 3,414.4
Total equity attributable to owners of the Parent 1,924.3 1,970.5
Non-controlling interests 0.6 1.7
Total equity 1,924.9 1,972.2
Non-current liabilities
Long-term borrowings 881.3 753.7
Provision for staff retirement indemnities 108.3 139.9
Provision for youth account 87.1 98.4
Contract liabilities 35.4 33.2
Lease liabilities 173.6 189.2
Deferred tax liabilities 0.4 3.3
Other non - current liabilities 59.1 89.3
Total non - current liabilities 1,345.2 1,307.0
Current liabilities
Trade accounts payable 808.0 818.5
Short-term borrowings 150.0 -
Short-term portion of long-term borrowings 23.1 397.3
Income tax payable 90.7 44.0
Contract liabilities 115.8 118.4
Lease liabilities 69.9 71.7
Dividends payable 2.4 2.3
Other current liabilities 517.5 485.6
Total current liabilities 1,777.4 1,937.8
TOTAL EQUITY AND LIABILITIES 5,047.5 5,217.0
III. CONSOLIDATED INCOME STATEMENT
Amounts in € mn Q3'22 Q3'21 +/- % 9M'22 9M'21 +/- %
Total revenues 904.8 854.1 +5.9% 2,569.9 2,460.9 +4.4%
Other operating income 0.7 0.4 +75.0% 7.4 6.0 +23.3%
Operating expenses
Interconnection and roaming costs (116.1) (111.3) +4.3% (330.9) (318.4) +3.9%
Provision for expected credit losses (12.9) (15.9) -18.9% (39.0) (53.2) -26.7%
Personnel costs (110.0) (105.8) +4.0% (342.8) (335.3) +2.2%
Costs related to voluntary leave schemes (2.5) 132.5 -101.9% (35.2) 127.8 -127.5%
Commission costs (18.1) (20.2) -10.4% (58.8) (59.1) -0.5%
Merchandise costs (96.8) (69.6) +39.1% (250.4) (220.5) +13.6%
Maintenance and repairs (19.4) (18.3) +6.0% (58.6) (55.2) +6.2%
Marketing (18.8) (17.4) +8.0% (48.7) (45.2) +7.7%
Other operating expenses (135.1) (123.8) +9.1% (370.6) (354.2) +4.6%
Total operating expenses before depreciation, amortization and impairment (529.7) (349.8) +51.4% (1,535.0) (1,313.3) +16.9%
Operating profit before financial and investing activities, depreciation, 375.8 504.7 -25.5% 1,042.3 1,153.6 -9.6%
amortization and impairment
Depreciation, amortization and impairment (166.0) (162.6) +2.1% (502.8) (492.7) +2.0%
Operating profit before financial and investing activities 209.8 342.1 -38.7% 539.5 660.9 -18.4%
Income and expense from financial and investing activities
Interest and related expenses (8.2) (11.0) -25.5% (25.1) (35.0) -28.3%
Interest income 0.8 0.3 +166.7% 1.7 0.7 +142.9%
Foreign exchange differences, net 3.1 1.0 - 5.6 0.3 -
Gains / (losses) from investments and other financial assets - Impairment 0.1 (50.9) - (0.2) (50.5) -99.6%
Total loss from financial and investing activities (4.2) (60.6) -93.1% (18.0) (84.5) -78.7%
Profit before tax 205.6 281.5 -27.0% 521.5 576.4 -9.5%
Income tax (45.3) (71.1) -36.3% (124.9) (191.2) -34.7%
Profit for the period from continuing operations 160.3 210.4 -23.8% 396.6 385.2 +3.0%
Profit from discontinued operations - 37.2 - - 103.9 -
Profit for the period 160.3 247.6 -35.3% 396.6 489.1 -18.9%
Attributable to:
Owners of the parent 160.2 235.1 -31.9% 396.4 457.1 -13.3%
Profit from continuing operations 160.2 209.7 -23.6% 396.4 386.5 +2.6%
Profit from discontinued operations - 25.4 - - 70.6 -
Non-controlling interests 0.1 12.5 -99.2% 0.2 32.0 -99.4%
IV. GROUP REVENUES
Amounts in € mn Q3'22 Q3'21 % 9M'22 9M'21 %
Fixed business:
Retail services revenues 230.2 241.2 -4.6% 706.1 710.3 -0.6%
Wholesale services revenues 150.6 144.5 +4.2% 440.1 426.8 +3.1%
Other revenues 90.8 65.5 +38.6% 230.5 190.0 +21.3%
Total revenues from fixed business 471.6 451.2 +4.5% 1,376.7 1,327.1 +3.7%
Mobile business:
Service revenues 326.3 316.8 +3.0% 900.8 875.5 +2.9%
Handset revenues 79.3 63.9 +24.1% 203.3 192.8 +5.4%
Other revenues 5.0 4.7 +6.4% 24.2 14.0 +72.9%
Total revenues from mobile business 410.6 385.4 +6.5% 1,128.3 1,082.3 +4.3%
Miscellaneous other revenues 22.6 17.5 +29.1% 64.9 51.5 +26.0%
Total revenues 904.8 854.1 +5.9% 2,569.9 2,460.9 +4.4%
V. CONSOLIDATED STATEMENT OF CASH FLOW
Amounts in € mn Q3'22 Q3'21 % 9M'22 9M'21 %
Cash flows from operating activities
Profit before tax 205.6 281.5 -27.0% 521.5 576.4 -9.5%
Adjustments for:
Depreciation, amortization and impairment 166.0 162.6 +2.1% 502.8 492.7 +2.0%
Costs related to voluntary leave schemes 2.5 (132.5) -101.9% 35.2 (127.8) -127.5%
Provision for staff retirement indemnities 1.0 1.0 0.0% 3.0 3.2 -6.3%
Provision for youth account 0.3 0.3 0.0% 0.9 0.9 0.0%
Foreign exchange differences, net (3.1) (1.0) - (5.6) (0.3) -
Interest income (0.8) (0.3) +166.7% (1.7) (0.7) +142.9%
(Gains) / losses from investments and other financial assets- Impairment (0.1) 50.9 -100.2% 0.2 50.5 -99.6%
Interest and related expenses 8.2 11.0 -25.5% 25.1 35.0 -28.3%
Working capital adjustments: (8.8) (10.9) -19.3% (10.6) (51.9) -79.6%
Decrease / (increase) in inventories (1.3) 0.8 - (9.1) (12.8) -28.9%
Decrease / (increase) in receivables (11.9) (18.3) -35.0% (30.5) (42.2) -27.7%
(Decrease) / increase in liabilities (except borrowings) 4.4 6.6 -33.3% 29.0 3.1 -
Payment for voluntary leave schemes (33.6) (3.9) - (36.0) (51.6) -30.2%
Payment of staff retirement indemnities and youth (2.7) (2.6) +3.8% (6.8) (7.5) -9.3%
account, net of employees' contributions
Interest and related expenses paid (except leases) (16.9) (17.4) -2.9% (23.2) (25.1) -7.6%
Interest paid for leases (2.1) (4.1) -48.8% (6.5) (12.6) -48.4%
Income tax paid (37.3) (49.3) -24.3% (40.3) (51.2) -21.3%
Net cash flows from operating activities of discontinued operations - 17.0 - - 86.7 -
Net cash flows from operating activities 278.2 302.3 -8.0% 958.0 916.7 +4.5%
Cash flows from investing activities
Sale or maturity of financial assets - 0.1 -100.0% 0.7 0.1 -
Purchase of financial assets (0.2) - - (0.6) - -
Repayment of loans receivable 2.4 1.8 +33.3% 6.0 5.4 +11.1%
Purchase of property, plant and equipment and intangible assets (178.1) (162.3) +9.7% (440.1) (400.5) +9.9%
Proceeds from disposal of subsidiaries/ investments 1.8 291.7 -99.4% 1.8 291.7 -99.4%
Payments related to disposal of subsidiaries/ investments (9.2) - - (9.6) - -
Cash and cash equivalents of subsidiaries disposed (0.7) (89.3) -99.2% (0.7) (89.3) -99.2%
Movement in restricted cash - 0.1 -100.0% 0.1 0.5 -80.0%
Interest received 0.8 0.3 +166.7% 1.7 0.7 +142.9%
Net cash flows from investing activities of discontinued operations - (18.2) - - (57.5) -
Net cash flows from/(used in) investing activities (183.2) 24.2 - (440.7) (248.9) +77.1%
Cash flows from financing activities
Acquisition of treasury shares (64.7) (47.1) +37.4% (215.4) (112.0) +92.3%
Payments to minority shareholders for their participation in subsidiary's (0.8) - - (0.8) - -
share capital reduction
Other payments for subsidiary's share capital increase (0.1) - - (0.1) - -
Proceeds from loans granted and issued 150.0 - - 300.0 350.0 -14.3%
Repayment of loans (386.2) (11.6) - (397.7) (229.0) +73.7%
Lease repayments (20.6) (15.3) +34.6% (60.3) (48.3) +24.8%
Dividends paid to Company's owners (249.8) (312.6) -20.1% (249.9) (312.8) -20.1%
Net cash flows from financing activities of discontinued operations - (1.7) - - (5.7) -
Net cash flows (used in) financing activities (572.2) (388.3) +47.4% (624.2) (357.8) +74.5%
Net increase/(decrease) in cash & cash equivalents (477.2) (61.8) - (106.9) 310.0 -134.5%
Cash and cash equivalents, at the beginning of the period 1,001.1 885.9 +13.0% 630.7 516.2 +22.2%
Net foreign exchange differences (0.2) (0.1) +100.0% (0.1) (1.0) -90.0%
Cash and cash equivalents of disposal group classified as held for sale at the - 74.5 - - 73.3 -
beginning of the period
Cash and cash equivalents, at the end of the period 523.7 898.5 -41.7% 523.7 898.5 -41.7%
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