- Quarter over quarter improvements for all divisions
- Adjusted EBITDA 29% higher than in second quarter of 2020
- Inflationary pressure partially mitigated by price actions – heavier impact expected in second half of the year
- Pension de-risking measures: successful completion of the ‘350 million Euro pension program’ resulting in a substantially lower net liability and decreasing cash outs
- Working capital stable as percentage of sales despite seasonal working capital build up – cost reduction programs continued
- Net profit of
15 million Euro
Mortsel (
“In the second quarter, all divisions performed markedly better than in the first three months of the year. Our activities are recovering from the impact of the pandemic and we are pleased to see that some of them have already returned to or exceeded pre-COVID levels.
With the price increase programs that we implemented where possible across our divisions, we were able to partially offset the increased inflationary pressure. However, for some activities, price actions are delayed through contract mechanisms. In the coming months, price management will be continued and even intensified, as we expect an even stronger impact of the hike in raw material costs in the second half of the year. We will also continue our disciplined working capital management and our broad cost reduction program. In the course of the second quarter, we successfully completed our extensive pension de-risking program,” said Pascal Juéry, President and CEO of the
Pension de-risking measures: successful completion of the ‘
The whole pension program is completed in the second quarter of 2021. The objective to reduce Agfa’s total net post-employment and long term benefit liabilities to below
Share buyback program on track
in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
Revenue | 441 | 397 | 11.1% (13.5%) |
Gross profit (*) | 135 | 120 | 13.0% |
% of revenue | 30.7% | 30.2% | |
Adjusted EBITDA (*) | 40 | 31 | 28.8% |
% of revenue | 9.1% | 7.9% | |
Adjusted EBIT (*) | 25 | 16 | 58.7% |
% of revenue | 5.6% | 3.9% |
(*) before restructuring and non-recurring items
Despite negative currency effects, all divisions improved quarter over quarter and most divisions substantially improved their top line compared to the COVID impacted second quarter of 2020. Partly due to successful price increases for medical film and increasing Direct Radiography sales, the Radiology Solutions division’s top line increased both versus the second quarter of 2020 and versus the first quarter of 2021. Both the Digital Print & Chemicals division and the Offset Solutions division were also supported by price increase actions and continued to recover from the COVID impact, but are still below the 2019 top line levels. The HealthCare IT division performed according to expectations in the second quarter, beating first quarter revenue and EBITDA. It needs to be noted that the second quarter of the previous year benefited strongly from the revenue and profit recognition of a very large project in
The Group’s gross profit margin improved from 30.2% of revenue in the second quarter of 2020 and 29.5% in the first quarter of 2021 to 30.7%.
Selling and General Administration expenses increased by 10% versus the second quarter of 2020, when the Group still benefited from temporary unemployment schemes and other COVID-related government measures. As the Group’s broad cost reduction program continues to bear fruit,
R&D expenses increased from
Adjusted EBITDA increased from
Restructuring and non-recurring items resulted in an income of
The net finance costs amounted to
Income tax expenses amounted to
As a result of the elements mentioned above, the
Financial position and cash flow
- Net financial debt evolved from a net cash position of
502 million Euro at the end of 2020 to a net cash position of349 million Euro . - Trade working capital remained stable as a percentage of sales for the third consecutive quarter, in spite of the seasonal working capital build up. In absolute numbers, trade working capital decreased from
462 million Euro (27% of sales) at the end of 2020 to460 million Euro (27% of sales) at the end ofJune 2021 . - In the second quarter, the Group generated a free cash flow before extra funding of the pensions of minus
19 million Euro .
Outlook
Overall, raw material costs are expected to have a stronger impact in the coming quarters.
HealthCare IT – Q2 2021
in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
Revenue | 56 | 62 | -9.7% (-6.8%) |
Adjusted EBITDA (*) | 7.9 | 10.5 | -24.4% |
% of revenue | 14.2% | 17.0% | |
Adjusted EBIT (*) | 5.8 | 8.4 | -30.6% |
% of revenue | 10.5% | 13.6% |
(*) before restructuring and non-recurring items
The HealthCare IT division performed according to expectations in the second quarter, beating first quarter revenue and EBITDA. It needs to be noted that the second quarter of the previous year benefited strongly from the revenue and profit recognition of a very large project in
Agfa HealthCare’s order book remains at a very healthy level. The division continues to gain market momentum attracting new customers and expanding the scope of its solutions at existing customers. The division recently signed Enterprise Imaging contracts with leading health organizations such as InnovaPuglia (
A recent survey on cybersecurity conducted by KLAS and Censinet positions
Agfa’s strategy to target customer segments and geographies for which its Enterprise Imaging solution is best fit and to prioritize higher value revenue streams continues to be a success. Mainly driven by improved service efficiencies related to the further maturing of the service organization and product offering, the gross profit margin reached 45.4% of revenue. Adjusted EBITDA reached
Ultimately, the division’s strategy will allow it to reach the targeted growth of EBITDA: starting from a mid-single-digit percentage in 2019 to percentages in the high-teens over the next years.
Radiology Solutions – Q2 2021
in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
Revenue | 121 | 113 | 7.3% (9.7%) |
Adjusted EBITDA (*) | 21.0 | 23.8 | -11.7% |
% of revenue | 17.3% | 21.1% | |
Adjusted EBIT (*) | 15.3 | 17.7 | -13.4% |
% of revenue | 12.6% | 15.6% |
(*) before restructuring and non-recurring items
Following an exceptionally slow first quarter of the year, the Radiology Solutions division was able to post significantly better top line and bottom line results in the second quarter. However, the division’s revenue is not yet back to pre-COVID levels.
In several countries and regions, including
In a market that is still marked by uncertainties, the top line of Agfa’s Direct Radiography (DR) business increased considerably compared to the second quarter of 2020, which was disrupted by the COVID-19 pandemic. At the start of the pandemic, hospitals were mostly looking for mobile DR solutions for bed-side imaging. More recently, the focus started to shift back to comprehensive X-ray rooms. Examples of leading care organizations that chose to implement Agfa’s multi-purpose DR 800 room are Radiologie Muenster (
In the second quarter,
Partly market driven and partly due to diminishing effects related to COVID-19, the top line of the Computed Radiography range continued to decline.
The division was able to substantially improve its profitability versus the first quarter of the year. Versus the second quarter of 2020, the gross profit margin decreased from 38.8% of revenue to 37.5% (32.1% in Q1 2021), mainly due to volume decreases in medical film and CR, product/mix effects in DR and high raw material costs. Furthermore, certain operational costs and service-related costs that were lower in the midst of the COVID-19 pandemic, have now started to come back.
The division’s adjusted EBITDA margin amounted to 17.3% of revenue, versus 21.1% in the second quarter of 2020 and 7.3% in the first quarter of 2021. In absolute figures, adjusted EBITDA reached
Digital Print & Chemicals – Q2 2021
in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
Revenue | 81 | 67 | 21.1% (23.3%) |
Adjusted EBITDA (*) | 6.8 | 3.6 | 88.0% |
% of revenue | 8.4% | 5.4% | |
Adjusted EBIT (*) | 3.9 | 1.0 | 267.7% |
% of revenue | 4.7% | 1.6% |
(*) before restructuring and non-recurring items
The Digital Print & Chemicals division continued to recover from the COVID-19 impact, which is reflected in the strong top line growth versus the second quarter of 2020 and also versus the first quarter of 2021. Furthermore, price increases have been implemented in almost all business areas to tackle the increasing raw material, packaging and freight costs; from which the company expects to see only partial impacts in 2021. The gross profit margin improved from 26.2% of revenue in the second quarter of 2020 to 28.7% of revenue. The adjusted EBITDA margin evolved from 5.4% of revenue (
In the field of digital print, the ink product ranges for sign & display applications continued to perform well, returning to or exceeding pre-COVID levels. The large-format printing equipment business continues to recover from the strong COVID-19 impact. The lower-end of the market – which
In the second quarter,
The sales of inks for industrial applications continued to grow strongly, partly due to the solutions for new digital printing applications, such as laminate floorings and furniture panels and leather decoration. As a key sustainability investment,
Agfa’s range of products for the production of printed circuit boards performed well in the second quarter with price increases being implemented to tackle the increase in silver costs.
The specialty chemicals range of the division is well-positioned for future growth with products and solutions that target specific promising markets. Agfa’s Orgacon conductive materials, for instance, are used in hybrid and electric car technology. This business recorded solid revenue growth in the second quarter and volumes are back to pre-COVID levels.
The company’s range of Zirfon membranes for advanced alkaline electrolysis is setting a new efficiency standard in the production of green hydrogen; and is being recognized by customers and experts as the industry reference. In the second quarter,
Volumes of the division’s specialty film and foil products continued to recover, be it at different paces. These products are mostly used in industries that have been hit by the COVID-19 pandemic, including aviation, the oil and gas industry and the printing industry. As expected, sales figures for the SYNAPS range of synthetic papers picked up strongly, based on the recovery of the relevant printing markets and on the success of certain new applications. Also here sustainability is at the heart of Agfa’s product development with currently more than 1/3 of total SYNAPS being produced using recycled industrial materials.
Offset Solutions – Q2 2021
in million Euro | Q2 2021 | Q2 2020 | % change (excl. FX effects) |
Revenue | 183 | 155 | 17.8% (20.1%) |
Adjusted EBITDA (*) | 8.0 | (2.8) | |
% of revenue | 4.4% | -1.8% | |
Adjusted EBIT (*) | 3.3 | (7.6) | |
% of revenue | 1.8% | -4.9% |
(*) before restructuring and non-recurring items
Excluding currency effects, the Offset Solutions division’s top line improved by 20.1% compared to the second quarter of 2020, which was heavily impacted by the COVID situation. Apart from the partial recovery of the offset markets, the revenue increase was also fueled by price increases that have been implemented to tackle the raw material, packaging and freight cost inflation. In spite of this revenue increase, the division did not return to pre-COVID levels.
Although affected by mix effects and cost inflation, the Offset Solutions division’s gross profit margin improved from 18.2% of revenue in the second quarter of 2020 and 22.2% in the first quarter of 2021 to 22.7%. Adjusted EBITDA improved to
The bulk of the cost inflation will impact the business during the second half of the year, mitigated by pricing actions when the contractual situation allows.
To improve profitability and to address the decline in market demand,
In March,
In
Results after six months
in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects |
Revenue | 836 | 832 | 0.6% (3.2%) |
Gross profit (*) | 252 | 255 | -1.2% |
% of revenue | 30.1% | 30.7% | |
Adjusted EBITDA (*) | 56 | 55 | 0.5% |
% of revenue | 6.6% | 6.7% | |
Adjusted EBIT (*) | 24 | 23 | 6.2% |
% of revenue | 2.9% | 2.7% |
(*) before restructuring and non-recurring items
HealthCare IT – year to date
in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
Revenue | 111 | 117 | -5.6% (-1.9%) |
Adjusted EBITDA (*) | 14.4 | 15.2 | -5.2% |
% of revenue | 13.0% | 13.0% | |
Adjusted EBIT (*) | 9.9 | 10.4 | -4.5% |
% of revenue | 8.9% | 8.8% |
(*) before restructuring and non-recurring items
Radiology Solutions – year to date
in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
Revenue | 220 | 231 | -4.8% (-2.2%) |
Adjusted EBITDA (*) | 28.2 | 40.1 | -29.8% |
% of revenue | 12.8% | 17.4% | |
Adjusted EBIT (*) | 16.8 | 27.7 | -39.4% |
% of revenue | 7.6% | 12.0% |
(*) before restructuring and non-recurring items
Digital Print & Chemicals – year to date
in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
Revenue | 154 | 141 | 9.0% (10.9%) |
Adjusted EBITDA (*) | 12.1 | 7.1 | 68.8% |
% of revenue | 7.8% | 5.1% | |
Adjusted EBIT (*) | 6.2 | 1.9 | 219.2% |
% of revenue | 4.0% | 1.4% |
(*) before restructuring and non-recurring items
Offset Solutions – year to date
in million Euro | H1 2021 | H1 2020 | % change (excl. FX effects) |
Revenue | 352 | 342 | 2.7% (5.3%) |
Adjusted EBITDA (*) | 9.6 | 0.9 | 935.2% |
% of revenue | 2.7% | 0.3% | |
Adjusted EBIT (*) | 0.2 | (9.0) | |
% of revenue | 0.1% | -2.6% |
(*) before restructuring and non-recurring items
End of message
Management Certification of Financial Statements and Quarterly Report
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of
"The Board of Directors and the Executive Committee of
Statement of risk
This statement is made in order to comply with new European transparency regulation enforced by the Belgian Royal Decree of
"As with any company,
Key risk management data is provided in the annual report available on www.agfa.com.
Contact:
Director Corporate Communication
Septestraat 27
2640 Mortsel -
T +32 (0) 3 444 71 24
E viviane.dictus@agfa.com
Johan Jacobs
Corporate Press Relations Manager
T +32 (0) 3 444 80 15
E johan.jacobs@agfa.com
The full press release and financial information is also available on the company's website: www.agfa.com.
Consolidated Statement of Profit or Loss (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | |
Continuing operations | ||||
Revenue | 441 | 397 | 836 | 832 |
Cost of sales | (305) | (277) | (584) | (577) |
Gross profit | 135 | 120 | 252 | 255 |
Selling expenses | (58) | (51) | (113) | (113) |
Administrative expenses | (40) | (34) | (79) | (71) |
R&D expenses | (24) | (22) | (49) | (47) |
Net impairment loss on trade and other receivables, including contract assets | - | (1) | - | (2) |
Other operating income | 12 | 4 | 26 | 9 |
Other operating expenses | 2 | (47) | (10) | (58) |
Results from operating activities | 28 | (31) | 27 | (27) |
Interest income (expense) - net | - | (1) | (1) | (3) |
Interest income | - | - | 1 | 1 |
Interest expense | (1) | (1) | (2) | (3) |
Other finance income (expense) - net | (3) | (8) | (3) | (14) |
Other finance income | 2 | 1 | 6 | 4 |
Other finance expense | (4) | (9) | (9) | (18) |
Net finance costs | (3) | (9) | (4) | (17) |
Share of profit of associates, net of tax | - | - | - | - |
Profit (loss) before income taxes | 25 | (40) | 23 | (43) |
Income tax expenses | (9) | (5) | (14) | (7) |
Profit (loss) from continuing operations | 15 | (45) | 9 | (51) |
Profit (loss) from discontinued operation, net of tax | - | 714 | - | 720 |
Profit (loss) for the period | 15 | 668 | 9 | 670 |
Profit (loss) attributable to: | ||||
Owners of the Company | 15 | 667 | 10 | 668 |
Non-controlling interests | - | 2 | (1) | 1 |
Results from operating activities | 28 | (31) | 27 | (27) |
Restructuring and non-recurring items | 3 | (47) | 2 | (49) |
Adjusted EBIT | 25 | 16 | 24 | 23 |
Earnings per | 0.09 | 3.97 | 0.06 | 3.98 |
of which continuing operations | 0.09 | (0.27) | 0.06 | (0.30) |
of which discontinued operations | - | 4.25 | - | 4.29 |
Consolidated Statements of Comprehensive Income for the period ending June2020 / June2021 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies
H1 2021 | H1 2020 | |
Profit / (loss) for the period | 9 | 670 |
Profit / (loss) for the period from continuing operations | 9 | (51) |
Profit / (loss) for the period from discontinued operations | - | 720 |
Other Comprehensive Income, net of tax | ||
Items that are or may be reclassified subsequently to profit or loss: | 12 | (16) |
Exchange differences: | 15 | (19) |
Exchange differences on translation of foreign operations | 15 | (19) |
Cash flow hedges: | (3) | 3 |
Effective portion of changes in fair value of cash flow hedges | 3 | (2) |
Changes in the fair value of cash flow hedges reclassified to profit or loss | (2) | 1 |
Adjustments for amounts transferred to initial carrying amount of hedged items | (4) | 5 |
Income taxes | - | - |
Items that will not be reclassified subsequently to profit or loss: | 81 | (1) |
Equity investments at fair value through OCI – change in fair value | 2 | (1) |
Remeasurements of the net defined benefit liability | 82 | - |
Income tax on remeasurements of the net defined benefit liability | (3) | - |
Total Other Comprehensive Income for the period, net of tax | 92 | (17) |
Total Other Comprehensive Income for the period from continuing operations, net of tax | 92 | (17) |
Total Other Comprehensive Income for the period from discontinued operations, net of tax | - | - |
Total Comprehensive Income for the period, net of tax | 102 | 653 |
Attributable to | ||
Owners of the Company (continuing operations) | 101 | (67) |
Non-controlling interests (continuing operations) | 1 | - |
Owners of the Company (discontinued operations) | - | 720 |
Non-controlling interests (discontinued operations) | - | - |
Consolidated Statements of Comprehensive Income for the quarter ending June 2020 / June 2021 (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies
Q2 2021 | Q2 2020 | |
Profit / (loss) for the period | 15 | 668 |
Profit / (loss) for the period from continuing operations | 15 | (45) |
Profit / (loss) for the period from discontinued operations | - | 714 |
Other Comprehensive Income, net of tax | ||
Items that are or may be reclassified subsequently to profit or loss: | 2 | 4 |
Exchange differences: | 2 | (2) |
Exchange differences on translation of foreign operations | 2 | (2) |
Cash flow hedges: | - | 6 |
Effective portion of changes in fair value of cash flow hedges | 3 | 4 |
Changes in the fair value of cash flow hedges reclassified to profit or loss | (1) | 1 |
Adjustments for amounts transferred to initial carrying amount of hedged items | (2) | 2 |
Income taxes | - | - |
Items that will not be reclassified subsequently to profit or loss: | 80 | 2 |
Equity investments at fair value through OCI – change in fair value | 1 | 1 |
Remeasurements of the net defined benefit liability | 82 | 1 |
Income tax on remeasurements of the net defined benefit liability | (3) | - |
Total Other Comprehensive Income for the period, net of tax | 81 | 6 |
Total Other Comprehensive Income for the period from continuing operations, net of tax | 81 | 6 |
Total Other Comprehensive Income for the period from discontinued operations, net of tax | - | - |
Total Comprehensive Income for the period, net of tax | 97 | 674 |
Attributable to | ||
Owners of the Company (continuing operations) | 96 | (40) |
Non-controlling interests (continuing operations) | - | - |
Owners of the Company (discontinued operations) | - | 714 |
Non-controlling interests (discontinued operations) | - | - |
Consolidated Statement of Financial Position (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
30/06/2021 | 31/12/2020 | |
Non-current assets | 783 | 714 |
273 | 265 | |
Intangible assets | 17 | 19 |
Property, plant & equipment | 128 | 127 |
Right-of-use assets | 76 | 78 |
Other financial assets | 8 | 7 |
Assets related to post-employment benefits | 61 | - |
Trade receivables | 14 | 15 |
Receivables under finance leases | 75 | 68 |
Other assets | 14 | 16 |
Deferred tax assets | 117 | 120 |
Current assets | 1,389 | 1,490 |
Inventories | 445 | 389 |
Trade receivables | 293 | 297 |
Contract assets | 69 | 64 |
Current income tax assets | 57 | 63 |
Other tax receivables | 32 | 15 |
Financial assets | 11 | 9 |
Receivables under finance lease | 19 | 29 |
Other receivables | 1 | 9 |
Other assets | 24 | 18 |
Derivative financial instruments | 6 | 9 |
Cash and cash equivalents | 428 | 585 |
Non-current assets held for sale | 2 | 4 |
TOTAL ASSETS | 2,172 | 2,204 |
30/06/2021 | 31/12/2020 | |
Total equity | 713 | 620 |
Equity attributable to owners of the company | 662 | 570 |
Share capital | 187 | 187 |
Share premium | 210 | 210 |
Retained earnings | 1,332 | 1,412 |
Reserves | 4 | (76) |
Translation reserve | (28) | (42) |
Post-employment benefits: remeasurements of the net defined benefit liability | (1,043) | (1,122) |
Non-controlling interests | 52 | 51 |
Non-current liabilities | 873 | 1,046 |
Liabilities for post-employment and long-term termination benefit plans | 784 | 956 |
Other employee benefits | 13 | 13 |
Loans and borrowings | 53 | 54 |
Provisions | 17 | 16 |
Deferred tax liabilities | 5 | 4 |
Contract liabilities | 2 | 2 |
Other non-current liabilities | - | 1 |
Current liabilities | 586 | 538 |
Loans and borrowings | 27 | 29 |
Provisions | 34 | 63 |
Trade payables | 240 | 198 |
Contract liabilities | 120 | 103 |
Current income tax liabilities | 26 | 23 |
Other tax liabilities | 35 | 24 |
Other payables | 8 | 8 |
Employee benefits | 90 | 88 |
Other current liabilities | 3 | 1 |
Derivative financial instruments | 3 | 2 |
TOTAL EQUITY AND LIABILITIES | 2,172 | 2,204 |
Consolidated Statement of Cash Flows (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
H1 2021 | H1 2020 | Q2 2021 | Q2 2020 | |
Profit (loss) for the period | 9 | 670 | 15 | 668 |
Income taxes | 14 | - | 9 | (5) |
Share of (profit)/loss of associates, net of tax | - | - | - | - |
Net finance costs | 4 | 17 | 3 | 9 |
Operating result | 27 | 687 | 28 | 672 |
Depreciation & amortization | 17 | 21 | 9 | 10 |
Depreciation & amortization on right-of-use assets | 14 | 17 | 7 | 8 |
Impairment losses | - | - | - | 1 |
Exchange results and changes in fair value of derivates | 2 | (2) | (1) | (1) |
Recycling of hedge reserve | (2) | 1 | (1) | - |
Government grants and subsidies | (5) | (4) | (3) | (1) |
(Gains)/losses on the sale of intangible assets and PP&E and remeasurement of leases | (7) | (1) | - | - |
Result on the disposal of discontinued operations | - | (701) | - | (701) |
Expenses for defined benefit plans & long-term termination benefits | 13 | 15 | 6 | 7 |
Accrued expenses for personnel commitments | 35 | 42 | 15 | 16 |
Write-downs/reversal of write-downs on inventories | 5 | 5 | 2 | 2 |
Impairments/reversal of impairments on receivables | - | 2 | - | 1 |
Additions/reversals of provisions | (5) | 40 | (7) | 40 |
Operating cash flow before changes in working capital | 95 | 123 | 54 | 51 |
Change in inventories | (64) | (70) | (29) | (31) |
Change in trade receivables | 14 | 54 | 4 | 36 |
Change in contract assets | (3) | (8) | 5 | 1 |
Change in trade working capital assets | (52) | (24) | (20) | 5 |
Change in trade payables | 33 | 8 | 1 | (36) |
Change in contract liabilities | 14 | 39 | 5 | - |
Changes in trade working capital liabilities | 47 | 47 | 6 | (36) |
Changes in trade working capital | (5) | 23 | (14) | (30) |
H1 2021 | H1 2020 | Q2 2021 | Q2 2020 | |
Cash out for employee benefits | (206) | (110) | (162) | (82) |
Cash out for provisions | (25) | (14) | (13) | (5) |
Changes in lease portfolio | 4 | - | 4 | (2) |
Changes in other working capital | 3 | (11) | 2 | 15 |
Cash settled operating derivatives | 5 | (4) | 3 | (2) |
Cash generated from operating activities | (128) | 8 | (127) | (55) |
Income taxes paid | (1) | (10) | 1 | (13) |
Net cash from / (used in) operating activities | (130) | (2) | (126) | (68) |
of which related to discontinued operations | - | 28 | - | (10) |
Capital expenditure | (14) | (14) | (8) | (6) |
Proceeds from sale of intangible assets and PP&E | 11 | 3 | 1 | 2 |
Acquisition of subsidiaries, net of cash acquired | - | (1) | - | (1) |
Disposal of discontinued operations, net of cash disposed of | - | 914 | - | 914 |
Repayment of loans granted to 3rd parties | 1 | - | 1 | - |
Interests received | 1 | 1 | 1 | 1 |
Dividends received | - | - | - | - |
Net cash from / (used in) investing activities | (1) | 903 | (5) | 910 |
of which related to discontinued operations | - | 912 | - | 914 |
Interests paid | (2) | (4) | (1) | (2) |
Purchase of treasury shares | (9) | - | (9) | - |
Proceeds from borrowings | - | 57 | - | - |
Repayment of borrowings | (2) | (246) | - | (245) |
Payment of finance leases | (15) | (19) | (7) | (8) |
Changes in borrowings | (18) | (208) | (7) | (253) |
Proceeds / (payment) of derivatives | 1 | (4) | - | (2) |
Other financing income / (costs) incurred | 1 | (4) | (2) | (1) |
Net cash from/ used in financing activities | (26) | (220) | (19) | (261) |
of which related to discontinued operations | - | (4) | - | (1) |
Net increase / (decrease) in cash & cash equivalents | (157) | 681 | (150) | 581 |
Cash & cash equivalents at the start of the period | 585 | 99 | 578 | 190 |
Net increase / (decrease) in cash & cash equivalents | (157) | 681 | (150) | 581 |
Effect of exchange rate fluctuations on cash held | (1) | (5) | - | 2 |
Gains/(losses) on marketable securities | (1) | - | - | - |
Cash & cash equivalents at the end of the period | 427 | 775 | 427 | 775 |
Consolidated Statement of changes in Equity (in million Euro)
Unaudited, consolidated figures following IFRS accounting policies.
in million Euro | Share capital | Share premium | Retained earnings | Reserve for own shares | Revaluation reserve | Hedging reserve | Remeasurement of the net defined benefit liability | Translation reserve | Total | NON-CONTROLLING INTERESTS | TOTAL EQUITY |
Balance at | 187 | 210 | 803 | (82) | 1 | (3) | (1,028) | (5) | 83 | 47 | 130 |
Comprehensive income for the period | |||||||||||
Profit (loss) for the period | - | - | 668 | - | - | - | - | - | 668 | 1 | 670 |
Other comprehensive income, net of tax | - | - | - | - | (1) | 3 | - | (18) | (16) | (1) | (17) |
Total comprehensive income for the period | - | - | 668 | - | (1) | 3 | - | (18) | 652 | - | 652 |
Transactions with owners, recorded directly in equity | |||||||||||
Dividends | - | - | - | - | - | - | - | - | - | - | - |
Reclasses of remeasurements on defined benefit liability related to entities divested | - | - | (4) | - | - | - | 4 | - | - | - | - |
Total transactions with owners, recorded directly in equity | - | - | (4) | - | - | - | 4 | - | - | - | - |
Balance at June 30, 2020 | 187 | 210 | 1,467 | (82) | - | - | (1,024) | (23) | 735 | 47 | 782 |
Balance at | 187 | 210 | 1,412 | (82) | - | 7 | (1,122) | (42) | 570 | 51 | 620 |
Comprehensive income for the period | |||||||||||
Profit (loss) for the period | - | - | 10 | - | - | - | - | - | 10 | (1) | 9 |
Other comprehensive income, net of tax | - | - | - | - | 2 | (3) | 79 | 14 | 91 | 2 | 92 |
Total comprehensive income for the period | - | - | 10 | - | 2 | (3) | 79 | 14 | 101 | 1 | 102 |
Transactions with owners, recorded directly in equity | |||||||||||
Dividends | - | - | - | - | - | - | - | - | - | - | - |
Purchase of own shares | - | - | - | (9) | - | - | - | - | (9) | - | (9) |
Cancellation of own shares | - | - | (90) | 90 | - | - | - | - | - | - | - |
Total transactions with owners, recorded directly in equity | - | - | (90) | 81 | - | - | - | - | (9) | - | (9) |
Balance at June 30, 2021 | 187 | 210 | 1,332 | (1) | 2 | 3 | (1,043) | (28) | 662 | 52 | 713 |
Attachments
- CO_20210825_Q2_UK statements
- CO_20210825_Q2_UK final
- HY report 2021 ENG FINAL
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