REG - Intl Con Airline Grp - 1st Half Results 2016 <Origin Href="QuoteRef">ICAG.L</Origin> - Part 2
29/07/2016 07:09
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9,891 9,089
Total assets 28,344 28,229
Shareholders' equity
Issued share capital 1,066 1,020
Share premium 6,105 5,867
Treasury shares (96) (113)
Other reserves (2,596) (1,548)
Total shareholders' equity 4,479 5,226
Non-controlling interest 308 308
Total equity 4,787 5,534
Non-current liabilities
Interest-bearing long-term borrowings 7,768 7,498
Employee benefit obligations 1,677 858
Deferred tax liability 253 419
Provisions for liabilities and charges 2,085 2,049
Derivative financial instruments 85 282
Other long-term liabilities 207 223
12,075 11,329
Current liabilities
Current portion of long-term borrowings 1,051 1,132
Trade and other payables 3,933 3,803
Deferred revenue on ticket sales 5,543 4,374
Derivative financial instruments 471 1,328
Current tax payable - 124
Provisions for liabilities and charges 484 605
11,482 11,366
Total liabilities 23,557 22,695
Total equity and liabilities 28,344 28,229
CONSOLIDATED CASH FLOW STATEMENT
Six months to June 30
E million 2016 2015
Cash flows from operating activities
Operating profit 789 555
Depreciation, amortisation and impairment 658 620
Movement in working capital 1,620 909
Increase in trade and other receivables, prepayments, inventories and current assets (739) (745)
Increase in trade and other payables, deferred revenue on ticket sales and current liabilities 2,359 1,654
Payments related to restructuring (net of provision) (91) (101)
Employer contributions to pension schemes (680) (484)
Pension scheme service costs 108 127
Provision and other non-cash movements 66 99
Interest paid (107) (97)
Taxation (104) (37)
Net cash flows from operating activities 2,259 1,591
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets (1,731) (606)
Sale of property, plant and equipment and intangible assets 83 103
Net proceeds from sale of investments - 6
Interest received 21 23
Increase in other current interest-bearing deposits (861) (483)
Increase in financial assets (103) -
Dividends received 1 1
Other investing movements 5 3
Net cash flows from investing activities (2,585) (953)
Cash flows from financing activities
Net proceeds from long-term borrowings 1,083 325
Repayment of borrowings (74) (72)
Repayment of finance leases (259) (288)
Acquisition of treasury shares (25) (20)
Distributions made to holders of perpetual securities and other (10) (11)
Dividend paid (40) -
Net cash flows from financing activities 675 (66)
Net increase in cash and cash equivalents 349 572
Net foreign exchange differences (190) 124
Cash and cash equivalents at 1 January 2,909 1,528
Cash and cash equivalents at period end 3,068 2,224
Interest-bearing deposits maturing after more than three months 3,493 4,197
Cash, cash equivalents and other interest-bearing deposits 6,561 6,421
At June 30, 2016 British Airways held E53 million equivalent of restricted cash in Nigeria.
At June 30, 2016 Aer Lingus held E48 million of restricted cash within interest-bearing deposits maturing after more than three months relating to the pension escrow.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months to June 30, 2016
Issuedsharecapital Sharepremium Treasuryshares Otherreserves(1) Totalshareholders'equity Non-controllinginterest Totalequity
E million
January 1, 2016 1,020 5,867 (113) (1,548) 5,226 308 5,534
Total comprehensive income for the period (net of tax) - - - (859) (859) 10 (849)
Cost of share-based payments - - - 26 26 - 26
Vesting of share-based payment schemes - - 42 (76) (34) - (34)
Acquisition of treasury shares - - (25) - (25) - (25)
Dividend - (106) - (106) (212) - (212)
Issue of ordinary shares related to conversion of convertible bond 46 344 - (33) 357 - 357
Distributions made to holders of perpetual securities - - - - - (10) (10)
June 30, 2016 1,066 6,105 (96) (2,596) 4,479 308 4,787
(1)Closing balance includes retained earnings of E331 million (excluding pensions restatement: retained earnings of E2,380 million).
For the six months to June 30, 2015
E million Issuedsharecapital Sharepremium Treasuryshares Otherreserves(1) Totalshareholders'equity Non-controllinginterest Totalequity
January 1, 2015 1,020 5,867 (6) (3,396) 3,485 308 3,793
Total comprehensive income for the period (net of tax) - - - 1,291 1,291 10 1,301
Cost of share-based payments - - - 17 17 - 17
Vesting of share-based payment schemes - - 5 (3) 2 - 2
Acquisition of treasury shares - - (20) - (20) - (20)
Dividend of a subsidiary - - - - - (1) (1)
Distributions made to holders of perpetual securities - - - - - (10) (10)
June 30, 2015 1,020 5,867 (21) (2,091) 4,775 307 5,082
(1)Closing balance includes a retained deficit of E50 million (excluding pensions restatement: retained earnings of E1,999 million).
NOTES TO THE ACCOUNTS
For the six months to June 30, 2016
1. Corporate Information AND BASIS OF PREPARATION
International Consolidated Airlines Group S.A. (hereinafter 'International
Airlines Group', 'IAG' or the 'Group') is a leading European airline group,
formed to hold the interests of airline and ancillary operations. IAG is a
Spanish company registered in Madrid and was incorporated on April 8, 2010. On
January 21, 2011 British Airways Plc and Iberia Líneas Aéreas de España S.A.
Operadora (hereinafter 'British Airways' and 'Iberia' respectively) completed
a merger transaction becoming the first two airlines of the Group. Vueling
Airlines S.A. ('Vueling') was acquired on April 26, 2013, and Aer Lingus Group
Plc ('Aer Lingus') on August 18, 2015.
IAG shares are traded on the London Stock Exchange's main market for listed
securities and also on the stock exchanges of Madrid, Barcelona, Bilbao and
Valencia (the 'Spanish Stock Exchanges'), through the Spanish Stock Exchanges
Interconnection System (Mercado Continuo Español).
The condensed consolidated interim financial statements were prepared in
accordance with IAS 34 and authorised for issue by the Board of Directors on
July 28, 2016. The condensed consolidated interim financial statements herein
are not the Company's statutory accounts and are unaudited. The Directors
consider that the Group has adequate resources to remain in operation for the
foreseeable future and have therefore continued to adopt the going concern
basis in preparing the interim financial statements.
The basis of preparation and accounting policies set out in the IAG Annual
Report and Accounts for the year to December 31, 2015 have been applied in the
preparation of these condensed consolidated interim financial statements,
except as disclosed in note 2. IAG's financial statements for the year to
December 31, 2015 have been filed with the Registro Mercantil de Madrid, and
are in accordance with the International Financial Reporting Standards as
adopted by the European Union (IFRSs as adopted by the EU) and with those of
the Standing Interpretations issued by the IFRS Interpretations Committee of
the International Accounting Standards Board (IASB). The report of the
auditors on those financial statements was unqualified.
On May 6, 2016 IAG announced that it had exercised its option to redeem all of
its outstanding E390 million 1.75 per cent convertible bonds due in 2018. As
an alternative to the redemption of the bonds, the bondholders had the option
under the terms and conditions to exchange bonds for ordinary shares in the
Company. In June 2016, all remaining bondholders exercised their option to
exchange their convertible bonds for ordinary shares, resulting in the issue
of 91,981,118 new shares.
The financial statements for the prior year include reclassifications that
were made to conform to the current year presentation.
In 2016 the Group reviewed and amended the reporting of individual line items
in the consolidated Income statement to better reflect the nature of
underlying transactions and improve comparability between reporting periods.
As a result, for the year to December 31, 2015, revenue previously reported as
Other revenue has been reclassified to Passenger revenue and Cargo revenue.
Expenditure in respect of certain subcontracted services, previously allocated
to Property, IT and other costs, has been reclassified to Handling, catering
and other operating costs. These reclassifications have not affected reported
total revenue, expenditure or operating profit for 2015. Details of these
adjustments are provided in the table below.
Consolidated income statement for the six months to June 30, 2015
E million Previously reported Reclassification Afterreclassification
Passenger revenue 9,119 30 9,149
Cargo revenue 505 35 540
Other revenue 739 (65) 674
Total revenue 10,363 - 10,363
Handling, catering and other operating costs 1,061 100 1,161
Property, IT and other costs 466 (100) 366
Other expenditure on operations 8,281 - 8,281
Total expenditure on operations 9,808 - 9,808
Operating profit 555 - 555
2. Accounting Policies
The Group has adopted the following standards, interpretations and amendments
for the first time in the six months to June 30, 2016:
IAS 1 (Amendment) 'Presentation of financial statements' disclosure
initiative; effective for periods beginning on or after January 1, 2016. The
amendments clarify guidance in IAS 1 on materiality and aggregation, the
presentation of subtotals, the structure of financial statements, and the
disclosure of accounting policies. The adoption of the amendments has not
resulted in a significant change to the presentation and disclosures in the
Group's financial statements.
IAS 19 (Amendment) 'Defined Benefit plans: Employee contributions'; effective
for periods beginning on or after February 1, 2015. The amendments clarify the
application of IAS 19 'Employee Benefits' (2011) to plans that require
employees or third parties to contribute towards the cost of benefits. The
amendments have not resulted in a change to the financial position or
performance of the Group.
Other amendments resulting from improvements to IFRSs did not have any impact
on the accounting policies, financial position or performance of the Group.
The Group has not early adopted any standard, interpretation or amendment that
has been issued but is not yet effective.
3. Business combination
On August 18, 2015, the Group acquired 100 per cent of the issued ordinary
share capital of Aer Lingus Group for E2.55 per share.
The fair values of the assets and liabilities arising from the acquisition
were presented in the financial statements for the year to December 31, 2015
on a provisional basis. During the six months to June 30, 2016 the valuation
exercise was finalised, resulting in an increase of E58 million to the fair
value of property, plant and equipment arising from the acquisition, and a
related E7 million deferred tax liability.
The goodwill is recognised as follows:
E million
Cash consideration 1,351
Fair value of identifiable net assets 1,079
Goodwill 272
4. Exceptional items
Six months to June 30
E million 2016 2015
Revision in US past service cost benefits (1) (51) -
Pre-acquisition cash flow hedge impact (2) (28) -
Recognised in expenditure on operations (79) -
Tax on exceptional items 14 -
Total exceptional credit after tax (65) -
(1) Revision in US past service cost benefits
During the period the Group made changes to the US PRMB (Post-Retirement
Medical Benefits) to further bring the level of benefits in line with national
trends seen in the US. This scheme is accounted for in a similar way to a
defined benefit plan, so any reduction in benefit results in the recognition
of a past service gain when the plan amendment occurs. This change has
resulted in a one-off gain in employee costs of E51 million in the six months
to June 30, 2016, and a related tax charge of E10 million.
(2) Derivatives and financial instruments
Under IFRS 3 Business combinations, gains or losses on cash flow hedges
acquired should not be recycled to the income statement but recognised in
equity. Following the acquisition of Aer Lingus, IAG continued to unwind the
cash flow fuel hedges acquired in reported fuel expense. For the six months to
June 30, 2016, a credit of E28 million was recognised as an exceptional item,
reversing the impact of unwinding the cash flow hedges to arrive at the total
Fuel, oil costs and emissions charges. A related tax charge of E4 million was
also recognised.
5. SEASONALITY
The Group's business is highly seasonal with demand strongest during the
summer months. Accordingly higher revenues and operating profits are usually
expected in the latter six months of the financial year than in the first six
months.
6. SEGMENT INFORMATION
a. Business segments
British Airways, Iberia, Vueling, Aer Lingus and Avios are managed as
individual operating companies. Each airline operates its network operations
as a single business unit. The chief operating decision maker is responsible
for allocating resources and assessing performance of the operating segments,
and has been identified as the IAG Management Committee. The IAG Management
Committee makes resource allocation decisions based on profitability,
primarily by reference to the passenger markets in which the companies
operate. The objective in making resource allocation decisions is to optimise
consolidated financial results. Therefore, based on the way the Group treats
its businesses, and the manner in which resource allocation decisions are
made, the Group has four (2015: three) reportable operating segments for
financial reporting purposes, reported as British Airways, Iberia, Vueling and
Aer Lingus.
In 2016, the Avios business has been treated as a separate operating unit and
is included in Other Group companies in the Business segment information; it
is not a separate reportable segment. In 2015, Avios was part of the British
Airways and Iberia operating segments based on ownership. The 2015
comparatives have been restated to reflect this change.
Other Group companies include Avios and the head office companies IAG, IAG GBS
and IAG Cargo.
For the six months to June 30, 2016
2016
E million British Airways Iberia Vueling Aer Lingus Other Group companies Total
Revenue
External revenue 6,875 1,982 857 787 285 10,786
Inter-segment revenue 238 151 - - 230 619
Segment revenue 7,113 2,133 857 787 515 11,405
Depreciation, amortisation and impairment (487) (115) (9) (37) (10) (658)
Operating profit/(loss) before exceptional items 631 (6) (54) 42 97 710
Exceptional items (note 4) 51 - - - 28 79
Operating profit/(loss) after exceptional items 682 (6) (54) 42 125 789
Net non-operating costs (101)
Profit before tax 688
For the six months to June 30, 2015
2015
E million British Airways Iberia Vueling Other Group companies Total
Revenue
External revenue 7,365 2,013 786 199 10,363
Inter-segment revenue 162 169 - 219 550
Segment revenue 7,527 2,182 786 418 10,913
Depreciation, amortisation and impairment (520) (87) (6) (7) (620)
Operating profit/(loss) 488 (18) (5) 90 555
Net non-operating costs (143)
Profit before tax 412
6. SEGMENT INFORMATION
b. Geographical analysis
Revenue by area of original sale
Six months to June 30
E million 2016 2015
UK 3,854 3,826
Spain 1,659 1,577
USA 1,731 1,582
Rest of world 3,542 3,378
10,786 10,363
Assets by area
June 30, 2016
E million Property, plantand equipment Intangibleassets
UK 10,345 1,203
Spain 2,103 1,214
USA 24 12
Rest of world 767 609
Total 13,239 3,038
December 31, 2015
E million Property, plantand equipment Intangibleassets
UK 11,112 1,346
Spain 1,798 1,222
USA 26 14
Rest of world 736 664
Total 13,672 3,246
7. FINANCE COSTS AND INCOME
Six months to June 30
E million 2016 2015
Finance costs
Interest payable on bank and other loans, finance charges payable under finance leases (141) (132)
Unwinding of discount on provisions (11) (11)
Capitalised interest on progress payments 1 1
Change in fair value of cross currency swaps (2) 1
Total finance costs (153) (141)
Finance income
Interest on other interest-bearing deposits 18 19
Total finance income 18 19
8. Tax
The tax charge for the six months to June 30, 2016 is E134 million (2015: E80
million charge), and the effective tax rate is 20 per cent.
The UK corporation tax rate is reducing from 20 per cent to 19 per cent
effective from April 1, 2017 and from 19 per cent to 18 per cent effective
from April 1, 2020. A further reduction to 17 per cent effective from April 1,
2020 has been announced and is expected to be enacted later in 2016. The
effect of the corporation tax rate reduction is expected to be a deferred tax
credit of E42 million through the income statement.
9. EARNINGS PER SHARE AND SHARE CAPITAL
Six months to June 30
Millions 2016 2015
Weighted average number of ordinary shares in issue 2,030 2,039
Weighted average number for diluted earnings per share 2,210 2,161
Six months to June 30
E cents 2016 2015
Basic earnings per share 26.8 15.8
Diluted earnings per share 25.6 15.4
During the six months to June 30, 2016 the Company issued 92,910,220 ordinary
shares as a result of the conversion of the E390 million 1.75 per cent
convertible bonds due in 2018, resulting in a E46 million increase of Issued
share capital and a E344 million increase in Share premium. The ordinary
shares issued have the same rights as the other shares in issue.
The number of shares in issue at June 30, 2016 was 2,132,988,743 (June 30,
2015: 2,040,078,523) ordinary shares with a par value of E0.50 each.
10. DIVIDENDS
The Directors do not propose a dividend be paid for the six months to June 30,
2016 (June 30, 2015: nil).
The final dividend of 10 E cents per share for the year to December 31, 2015
was approved at the annual general meeting on June 16, 2016. This final
dividend, amounting to E212 million, has been recognised as a liability at
June 30, 2016 and was paid from July 4, 2016.
11. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
E million Property, plantand equipment Intangible assets
Net book value at January 1, 2016 13,672 3,246
Additions 1,685 70
Acquired through Business combination 58 (51)
Disposals (101) (18)
Reclassifications (25) 11
Depreciation, amortisation and impairment (609) (49)
Exchange movements (1,441) (171)
Net book value at June 30, 2016 13,239 3,038
E million Property, plantand equipment Intangibleassets
Net book value at January 1, 2015 11,784 2,438
Additions 575 69
Disposals (102) (31)
Reclassifications (11) 11
Depreciation, amortisation and impairment (591) (29)
Exchange movements 1,051 124
Net book value at June 30, 2015 12,706 2,582
Capital expenditure authorised and contracted but not provided for in the
accounts amounts to E14,307 million (December 31, 2015: E16,091 million). The
majority of capital expenditure commitments are denominated in US dollars, and
as such are subject to changes in foreign exchange rates.
12. IMPAIRMENT REVIEW
Goodwill and intangible assets with indefinite lives are tested for impairment
annually (in the fourth quarter) and when circumstances indicate the carrying
value may be impaired. The key assumptions used to determine the recoverable
amount for the different cash generating units are disclosed in the IAG Annual
Report and Accounts for the year to December 31, 2015. For the six months to
June 30, 2016, following consideration of the impact of the UK referendum, the
Group has concluded that there are no indicators that the carrying value may
exceed the recoverable amount.
13. NON-CURRENT ASSETS HELD FOR SALE
The non-current assets held for sale of E13 million represent one Boeing
737-400 engine and one Airbus A340-300 aircraft. These are presented within
the British Airways and Iberia operating segments respectively and will exit
the business within 12 months of June 30, 2016.
Assets held for sale with a net book value of E4 million were disposed of
during the six months to June 30, 2016, related to the sale of three Boeing
737-400 airframes and eight Boeing 737-400 engines, resulting in a profit of
E2 million.
At December 31, 2015 the non-current assets held for sale of E5 million
represented three Boeing 737-400 airframes and nine Boeing 737-400 engines
that had been stood down from use and were being marketed for sale. These were
presented within the British Airways segment.
14. FINANCIAL INSTRUMENTS
a. Financial assets and liabilities by category
The detail of the Group's financial instruments at June 30, 2016 and December
31, 2015 by nature and classification for measurement purposes is as follows:
June 30, 2016 Financial assets
E million Loans andreceivables Derivativesused forhedging Available-for-sale Non-financialassets Totalcarryingamount bybalance sheetitem
Non-current assets
Available-for-sale financial assets - - 68 - 68
Derivative financial instruments - 88 - - 88
Other non-current assets 422 - - 21 443
Current assets
Trade receivables 1,545 - - - 1,545
Other current assets 426 - - 630 1,056
Non-current assets held for sale - - - 13 13
Derivative financial instruments - 199 - - 199
Other current interest-bearing deposits 3,493 - - - 3,493
Cash and cash equivalents 3,068 - - - 3,068
Financial liabilities
E million Loans andpayables Derivativesused forhedging Non-financialliabilities Totalcarryingamount bybalance sheetitem
Non-current liabilities
Interest-bearing long-term borrowings 7,768 - - 7,768
Derivative financial instruments - 85 - 85
Other long-term liabilities 7 - 200 207
Current liabilities
Current portion of long-term borrowings 1,051 - - 1,051
Trade and other payables 3,626 - 307 3,933
Derivative financial instruments - 471 - 471
14. FINANCIAL INSTRUMENTS continued
a. Financial assets and liabilities by category
December 31, 2015 Financial assets
E million Loans and receivables Derivatives used for hedging Available-for-sale Non-financial assets Total carrying amount by balance sheet item
Non-current assets
Available-for-sale financial assets - - 74 - 74
Derivative financial instruments - 62 - - 62
Other non-current assets 345 - - 20 365
Current assets
Trade receivables 1,196 - - - 1,196
Other current assets 545 - - 690 1,235
Non-current assets held for sale - - - 5 5
Derivative financial instruments - 198 - - 198
Other current interest-bearing deposits 2,947 - - - 2,947
Cash and cash equivalents 2,909 - - - 2,909
Financial liabilities
E million Loans andpayables Derivativesused forhedging Non-financialliabilities Totalcarryingamount bybalance sheetitem
Non-current liabilities
Interest-bearing long-term borrowings 7,498 - - 7,498
Derivative financial instruments - 282 - 282
Other long-term liabilities 10 - 213 223
Current liabilities
Current portion of long-term borrowings 1,132 - - 1,132
Trade and other payables 3,442 - 361 3,803
Derivative financial instruments - 1,328 - 1,328
b. Fair value of financial assets and financial liabilities
The fair values of the Group's financial instruments are disclosed in
hierarchy levels depending on the nature of the inputs used in determining the
fair values as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and
liabilities. A market is regarded as active if quoted prices are readily and
regularly available from an exchange, dealer, broker, industry group, pricing
service, or regulatory agency, and those prices present actual and regularly
occurring market transactions on an arm's length basis;
Level 2: Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly. The fair
value of financial instruments that are not traded in an active market is
determined by valuation techniques. These valuation techniques maximise the
use of observable market data where it is available and rely as little as
possible on entity specific estimates; and
Level 3: Inputs for the asset or liability that are not based on observable
market data.
The fair value of cash and cash equivalents, other current interest-bearing
deposits, trade receivables, other current assets and trade and other payables
approximate their carrying value largely due to the short-term maturities of
these instruments.
14. FINANCIAL INSTRUMENTS continued
b. Fair value of financial assets and financial liabilities
The following methods and assumptions were used by the Group in estimating its
fair value disclosures for financial instruments:
Instruments included in Level 1 comprise listed asset investments classified
as available-for-sale and interest-bearing borrowings which are stated at
market value at the balance sheet date.
Instruments included in Level 2 include derivatives and interest-bearing
borrowings.
Forward currency transactions and over-the-counter fuel derivatives are
entered into with various counterparties, principally financial institutions
with investment grade ratings. These are measured at the market value of
instruments with similar terms and conditions at the balance sheet date using
forward pricing models. Counterparty and own credit risk is deemed to be not
significant.
The fair value of the Group's interest-bearing borrowings including leases is
determined by discounting the remaining contractual cash flows at the relevant
market interest rates at the balance sheet date.
All resulting fair value estimates are included in Level 2 except for certain
investments which are classified as Level 3.
The carrying amounts and fair values of the Group's financial assets and
liabilities at June 30, 2016 are set as follows:
Fair value Carrying value
E million Level 1 Level 2 Level 3 Total Total
Financial assets
Available-for-sale financial assets 9 - 59 68 68
Derivatives (1) - 287 - 287 287
Financial liabilities
Interest-bearing borrowings 1,290 7,703 - 8,993 8,819
Derivatives (2) - 556 - 556 556
(1)Current portion of derivative financial assets is E199 million.
(2)Current portion of derivative financial liabilities is E471 million.
December 31, 2015
Fair value Carrying value
E million Level 1 Level 2 Level 3 Total Total
Financial assets
Available-for-sale financial assets 9 - 65 74 74
Derivatives (1) - 260 - 260 260
Financial liabilities
Interest-bearing borrowings 2,102 7,248 - 9,350 8,630
Derivatives (2) - 1,610 - 1,610 1,610
(1)Current portion of derivative financial assets is E198 million
(2)Current portion of derivative financial liabilities is E1,328 million
There have been no transfers between levels of fair value hierarchy during the
period.
Out of the financial instruments listed in the previous table, only the
interest-bearing borrowings are not measured at fair value on a recurring
basis.
14. FINANCIAL INSTRUMENTS continued
c. Level 3 financial assets reconciliation
The following table summarises key movements in Level 3 financial assets:
E million June 30,2016 December 31,2015
Opening balance for the year 65 65
Settlements - (5)
Exchange movements (6) 5
Closing balance for the period 59 65
The fair value of Level 3 financial assets cannot be measured reliably; as
such these assets are stated at historic cost less accumulated impairment
losses with the exception of the Group's investment in The Airline Group
Limited, an unlisted investment. During 2014 other shareholders disposed of a
combined holding of 49.9 per cent providing a market reference from which to
determine a fair value. The investment remains classified as a Level 3
financial asset due to the valuation criteria applied not being observable,
with the resultant fair value uplift in 2014 being non-recurring in nature.
15. Borrowings
E million June 30,2016 December 31,2015
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