KME GROUP S.P.A. Milan Company Register and Tax I.D. No. 00931330583
www itkgroup.it
PRESS RELEASE THE BOARD OF DIRECTORS OF INTEK GROUP SPA APPROVES THE SEMIANNUAL FINANCIAL REPORT AT JUNE 30, 2014.
The Board of Directors of Intek Group SpA (hereinafter also the "Company"), a holding company with a diversified portfolio of investments and a dynamic investment management strategy, approved the Semiannual Financial Report at June 30, 2014.
At June 30, 2014, the investments held by the Company totaled 522 million euros (513 million euros at the end of 2013), broken down as follows: 73% in the "Copper" Sector, 11% in the "Financial and Real Estate Activities" Sector and 16% in the "Advanced Services" Sector.
The Company improved its already solid structure, with shareholders' equity of 440 million euros (+4.2 million euros compared with December 31, 2013) and net financial debt of 81.5 million euros (including 62.3 million euros in publicly traded debt instruments maturing in
2017).
The holding company reported a profit of 3.9 million euros, as against a loss of 3.0 million euros in the first half of 2013.
The most significant transaction executed in the first half of 2014 was the signing, in June, of a framework agreement with Vodafone for the sale, in connection with a tender offer launched by this telecommunications group, of the 51.4% interest held in Cobra AT SpA (hereinafter "Cobra") for a consideration of 74.3 million euros. The tender offer is expected to close on August 8, 2014, with the payment of the consideration by Vodafone and the transfer of the equity investment.
In addition, the agreements signed in 2013 in the copper sector concerning the divestment of the plumbing pipe operations in the UK and the joint venture in the connector sector with a top Chinese operator were implemented during the first half of 2014.
- Profit of 12.4 million euros, owing in part to the extraordinary transactions mentioned above.
"Financial and Real Estate Activities"- Divestment activities continued in 2014, generating proceeds of 8.2 million euros from tax credits held by FEB - Ernesto Breda.
"Advanced Services"- The divestment of the investment held in Cobra AT reached the final phase.
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Subsequent to the divestment of Cobra AT, the Group will have the following corporate structure:
"Copper"
KME A.G.100%
"Financial and
Real Estate
Activities"
Private Equity
Note:
Real Estate
Listed
company
Non performing loans and tax credits
ErgyCapital SpA49.04%
Subsequent to the divestment of the interest held in Cobra, the investment sectors of Intek
Group SpA will be the following:
the traditional "Copper" Sector, representing the Group's core industrial business, which includes the production and distribution of copper and copper-alloy products, is headed by the German subsidiary KME AG;
the Financial and Real Estate Activities Sector, which includes private equity activities, carried out mainly through the 12 Capital Partners closed investment fund, the collection of receivables and the management of real estate and other investments.
Previously, the Group established an "Advanced Services" Sector that included ErgyCapital and Cobra AT. Following Cobra's divestment, ErgyCapital will become part of the Financial and Real Estate Activities.
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Financial Highlights of INTEK Group SpA
The highlights of Intek Group's statement of financial position are summarized below:
Condensed Separate Statement of Financial Position |
(in thousands of euros) June 30, 2014 Dec. 31, 2013 |
Copper 383,176 73.42% 381,770 74.45% |
Financial and Real Estate Activities |
Private Equity 11,231 11,940 |
Non-operating assets 18,899 19,943 |
Real Estate/Other 24,210 24,150 |
Other 528 509 |
Total financial and real estate activities 54,868 10.51% 56,542 11.03% |
Advanced Services 81,145 15.55% 73,133 14.26% |
Other non-current assets/liabilities 2,727 0.52% 1,330 0.26% |
Carrying amount of investments 521,916 100.00% 512,775 100.00% |
Reclassified net financial debt (net of securities issued) (19,282) (17,074) |
2012 - 2017 8% Intek Group SpA Participatory Debt Financial Instruments (50,636) (48,469) |
2012 - 2017 8% Intek Group SpA bonds (11,624) (11,098) |
Reclassified net financial debt (81,542) -15.62% (76,641) -14.95% |
Total shareholders' equity 440,374 84.38% 436,134 85.05% |
In the "Copper" area, the Sector's operating units responded to the continuation of a challenging macroeconomic scenario by implementing two related programs. The first one includes activities aimed at strengthening operational efficiency and increasing organizational flexibility, as a prerequisite for resuming more vigorously the path to better operating results, as soon as more favorable conditions are restored in the Sector's target markets. The second one, which is steadily gaining in importance, is aimed at streamlining and maximizing the value of the Sector's assets, with the objective of focusing its resources on the production of items with greater value added and on faster growing markets, as customer who have relocated their activities in these market have indicated a need for a reliable supplier who can deliver quality in line with European standards.
As for the "Financial and Real Estate Activities" Sector, which includes tax credits and non- performing loans and the ownership of some industrial buildings, activities aimed at accelerating their gradual disposal/collection continued in the first half of 2014.
In the case of private equity investments, future plans are focused on maximizing the value of the investments of the closed mutual fund I2 Capital Partners SGR, which is reserved for qualified investors. Please note that the fund completed the investment period in July 2013.
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Shareholders' EquityThe Company's shareholders' equity totaled 440 million euros, for a gain of 4.2 million euros attributable mainly to the profit for the period. Reserves accounted for 28% of the entire shareholders' equity and shareholders' equity per share was equal to 1.11 euros.
Reclassified Net Financial DebtThe reclassified net financial debt amounted to 81.5 million euros, which includes 62.3 million euros for the principal and accrued interest of the 2012-2017 Participatory Debt Financial Instruments (PFIs) and the 2012-2017 bonds issued in 2012 in exchange for the common shares tendered in response to the public exchange offers. The Company's debt was equal to 16% of the value of its investments and less than one-fifth of its shareholders' equity, showing a solid financial structure.
"Copper" Sector Investment Sectors
The" Copper" Sector, which includes the production and distribution of copper and copper- alloy semifinished products, is headed by the German subsidiary KME A.G. and represents the core industrial business of the INTEK Group.
In the Group's target markets, demand for copper and copper-alloy semifinished products continued to be conditioned by a level of economic activity that is still characterized by a lack of continuity and uneven performances in the main geographic regions, with growth rates that remain modest overall, despite strongly expansionary monetary policies in the main advanced countries. Considerable elements of fragility, caused in part by the current geopolitical tensions, undermine expectations of a more solid and widespread recovery.
During the first half of the year, the improvement in economic conditions was most pronounced in the United States, now that the effect of inclement winter weather has ended, the United Kingdom and, to a lesser degree, Japan. In the emerging economies, while a recovery got under way in India, the growth rate showed signs of moderating in China and Brazil, while in Russia the already fragile economic environment is being adversely affected by geopolitical tensions involving that country.
In the Eurozone, the recovery in production activity, still very modest thus far, was driven by the positive contribution of international trade and an improvement in spending for capital goods, while consumption was virtually flat; an indication of the persisting presence of significant uncertainty in the EU economy is the pronounced decline in inflation rates. The German economy was the one with the most upward momentum, while a situation of virtual stagnation prevailed in France and Italy.
As described in the Report on Operations for the 2013 reporting year, in response to this challenging macroeconomic context of recent years, which aggravated the structural production overcapacity in some industries with a resulting increase in competitive pressure, the "Copper" Sector's operating units strengthened their operating efficiency and organizational flexibility, while at the same time maximizing the value of their businesses, with the aim of increasingly focusing their resources on products with greater value added and on more rapidly growing markets.
The goal of this strategic approach is to eliminate non-core activities that are either too small or not competitive and reduce the Group's overall complexity, focusing on cash flow generation and identifying solutions, which may include agreements or partnerships, to spur grow in those areas that are currently unable to deliver an acceptable return on invested resources.
Agreements reached in China and Great Britain are consistent with this approach.
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The first one involves the construction of a facility to produce laminates for connectors in Henan Province (Xinxiang City). The local partner, Golden Dragon, has provided the contractually required financial resources needed to start construction of a new production unit, which should be completed by 2015, while the KME Group has made available its factory in Stolberg (Germany) with its equipment, knowhow, KME brand and a portfolio of global customers. The first finishing line should be operational later this year, providing an initial access to the Chinese market with semifinished product from the Stolberg plant. The objective is to create a partnership with a top operator in a rapidly growing region, while at the same time maximizing the value of assets that would otherwise be only marginally productive.
The second agreement resulted in the sale of the copper plumbing pipe operations located at the Kirkby (Liverpool) plant and the refocusing of the remaining commercial operations of the KME Group carried out in the U.K. (laminates, bars and industrial tubing). In this case as well, the agreement enabled the Group to monetize non-performing assets, generating a gross capital gain of about 18 million euros and an overall financial benefit of about 33 million euros.
As for market trends during the first half of the current year, demand for copper and copper- alloy semifinished products in the construction industry continued to be characterized by the underlying weakness that persisted throughout 2013. Sales volumes of laminates contracted further compared with the levels in the previous year; weak demand continued to nullify the positive effect generated by the increase in value added achieved with an appropriate pricing policy and with an incisive program to promote innovative solutions for the home building and home furnishing businesses.
Unit sales of tubing for the construction industry declined, but the policy pursued by the
Group succeeded in protecting price levels.
The trend in demand for copper and copper-alloy semifinished products in the industrial sector confirmed the earlier signs of greater stability, albeit not in all segments, benefiting both industrial laminates, which, however, reflected the negative impact of price pressure, and industrial tubing.
Sales of specialty products continued at the levels reached in 2013, showing that economic activity in the main emerging countries has been holding steady; the market for bars improved slightly.
As for the Sector's overall economic performance, the programs implemented at the manufacturing and commercial level consolidated their positive effect on costs, which, however, was not sufficient to offset the impact of a 6.6% drop in revenue (-3% at comparable scope of consolidation), net of raw materials. In the first half of 2014, operating profitability declined by 18.2% compared with the same period last year, due in part to a lower contribution generated by optimizing raw material use caused by the reduction in market availability of scrap metal, and resulting cost increase, that already affected the second half of last year; however, profitability did improve compared with the second half of 2013.
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Consolidated Financial Highlights of the Copper Sector
(in millions of euros) 6/30/14 6/30/13 |
Revenue 1,097.5 1,240.1 |
Revenue (net of raw materials) 329.0 352.4 |
EBITDA 30.5 37.3 |
EBIT 10.3 15.6 |
Profit/(Loss) before nonrecurring items 1.3 7.7 |
Nonrecurring income/(expense) 32.5 (2.3) |
Impact of IFRS inventory measurement (10.0) (11.0) |
Consolidated profit/(loss) 12.4 (8.0) |
Net debt 189.7 (30,06,2014) 264.0 (31,12,2013) |
Shareholders' equity(*) 142.3 (6/30/14) 132.4 (12/31/13) |
(*) Shareholders' equity does not include 109.8 million euros of goodwill allocated to the Copper
Sector in Intek Group's consolidated financial statements.
Consolidated revenue totaled 1,097.5 million euros in the first half of 2014, for a decrease of11.5 % compared with 1,240.1 million euros in 2013. This contraction reflects the impact of lower average prices for raw materials. Net of the value of raw materials, revenue decreased from 352.4 million euros to 329.0 million euros, for a reduction of 6.6% (3% at comparable scope of consolidation).
EBITDA totaled 30.5 million euros in the first half of 2014, down 18.2% compared with2013, when they amounted to 37.3 million euros. The reduction in personnel expense and other operating expenses confirms the positive effect of the efficiency and flexibility programs adopted in response to a drop in production, thanks in part to the agreements reached with the labor unions, which made it possible to avoid layoffs through the use of social safety-net programs and variable performance bonuses. As mentioned earlier in this Report, the Sector's operating profitability in the first half of 2014 was adversely affected by the compression of profit margins resulting from a reduced optimization of raw material use caused by the market scarcity of scrap metal. The ratio of EBITDA to revenue (net of raw materials) declined from 10.6% to 9.3%.
EBIT totaled 10.3 million euros (15.6 million euros in 2013).
The profit before nonrecurring items amounted to 1.3 million euros (7.7 million euros in
2013).
The Copper Sector reported a consolidated net profit of 12.4 million euros (loss of 8.0
million euros in 2013) thanks to the gains realized on the sale of the plumbing pipe operations in Great Britain and divestment of the German operations in the connector area, conveyed to the Chinese joint venture described above.
At June 30, 2014, the net financial position, while negative by 189.7 million euros, improved compared with net financial debt of 264.0 million euros at the end of December 2013. The return of working capital to normal levels, compared with the end of December, and, for about 20 million euros, the net financial effects from the sale of the plumbing pipe operations in Great Britain and the deconsolidation of the Stolber plant are the reasons for the decrease in indebtedness.
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After June 30, 2024, the Group entered into agreements extending to July 31, 2016 a facility provided by a pool of banks that was due to expire in January 2015, consisting of credit lines usable on a revolving basis for a total amount of 505 million euros. The cost of the new facility is in line with that of the extended facility. Another agreement was also executed extending to June 30, 2016 factoring without recourse contracts with GE Factofrance SAS, for credit lines totaling 355 million euros, and with Mediocredito Italiano SpA., for credit lines amounting to 170 million euros.
As for the business outlook, the progress made in terms of cost dynamics thanks to the implementation of programs to streamline the Sector's organization and manufacturing system, enabled the Group to mitigate the negative effects of a market that remains stagnant and far from showing the long-awaited signs of a recovery; projections concerning the operating performance of the Copper Sector of the Intek Group over the coming months of the current year are closely tied both to a decisive trend reversal in economic conditions and to an increased availability of scrap metal, the lack of which adversely affected profit margins in recent quarters.
This Sector includes the activities originally headed by Intek SpA and its subsidiaries in the field of private equity, which are also carried out through the I2 Capital Partners closed fund, reserved for qualified investors, and in the real estate sector, carried out through investee companies.
In the first half of 2014, the Sector continued the process of monetizing these assets and investing in special situations, with FEB - Ernesto Breda SpA collecting 8.3 million euros in tax credits.
* * *
ErgyCapital reported consolidated revenues of 8.7 million euros for the first six months of
2014, down slightly compared with the first half of 2013 (8.9 million euros).
Consolidated EBITDA at June 30, 2014 were positive by 4.2 million euros, substantially in line with the amount earned in the first half of 2013 (4.3 million euros).
At June 30, 2014, the Group reported a consolidated net loss of 1.6 million euros (loss of 0.8 million euros in the first half of 2013). Nonrecurring charges resulting from an arbitration award related to an investment account for this negative change.
* * *
In July 2014, consistent with the commitment to accept the voluntary tender offer launched by Vodafone for all of the shares of Cobra Automotive Technologies SpA ("Cobra") it held, undertaken pursuant to the agreement executed with the offeror, as communicated to the market on June 16, 2014, KME Partecipazioni, a wholly owned subsidiary of Intek Group, tendered all of the 49,891,560 Cobra common shares it held, equal to 51.402% of Cobra's share capital, for a total consideration of 74.3 million euros (computed based on the Offer price of 1.49 euros per share).).
As of August 1, 2014, all of the conditions precedent of the Offer Memorandum had been met. Consequently, the closing of the transaction is subject only on Vodafone verifying , by the day before the payment date, that the company's regular operations had been correctly managed since the signing of the agreements. At this point, there seem to be no factor that could impede the regular implementation of the agreement.
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KME Partecipazioni issued a bank surety for 5.1 million euros, with a duration of three years, extendible for an additional two years under certain circumstance, to secure the indemnification obligation set forth in the framework agreement. The surety will go into effect on the payment date.
The transaction is expected to close on August 8, 2014 with the payment of the consideration and the transfer of the shares subject of the tender offer.
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Consolidated Financial Statements of Intek Group
The Group's consolidated financial statements also show a much improved bottom line, with a profit of 15.4 million euros, as against a loss of 12 million euros in the first half of 2013.
The consolidated shareholders' equity grew to 290.6 million euros, up from 274.2 million euros at December 31, 2013. The reclassified net financial debt also improved significantly, falling from 367.3 million euros at December 31, 2013 to 288.8 million euros at June 30, 2014.
The full economic and financial benefits generated by the divestment of Cobra AT will be felt in the second half of 2014.
* * *
Giuseppe Mazza, the Corporate Accounting Documents Officer, acting pursuant to Article 154 bis, Section 2, of the Uniform Financial Code (Legislative Decree No. 58/1998), declares that the accounting information contained in this press release is consistent with the data in the supporting documents and in the Company's books of accounts and other accounting records.
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This press release is available on the Company website, www.itkgroup.it. Additional information may be obtained directly from the Company (telephone number +39.02.806291; e-mail: info@itk.it) and through the 1INFO authorized storage system operated by Computershare SpA at the address www.1info.it .
Milan, August 5, 2014 The Board of Directors
Annexes:
1) Reclassifications and Reconciliations to the IFRS Accounting Principles
2) Reclassified Consolidated Income Statement
3) Consolidated Statement of Financial Position
4) Operational Consolidated Statement of Cash Flows
Note: This press release contains reclassifications of the income statement data and uses some alternative performance indicators that are not contemplated in the IFRS accounting principles. The meaning and content of these reclassifications and performance indicators is discussed in the Annexes.
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Annex 1) Reclassifications Made and Reconciliations to the IFRS Accounting PrinciplesThe review of operating results includes financial and economic information that were taken from the Group's operating systems and are based on accounting principles that differ from the IFRSs, mainly in terms of measurement and presentation. The main items are listed below:
1. Revenue is also shown net of the value of raw materials to eliminate the impact of fluctuations in raw material prices.
2. When valuing ending inventories of the copper and copper-alloy semifinished product sector, the portion of the metal component representing structural inventories (i.e., the portion of inventories that
was not set aside to fill customer orders) was valued by the LIFO method. The portion of inventories set aside for customer orders was valued based on the value of the corresponding orders, which is deemed
to be the realizable value. Under the IFRS method, inventories are valued at the lower of the cost computed by the FIFO method or net realizable value. The IFRS principles also require that inventory
buy and sell commitments and the corresponding hedges executed on the LME be disclosed separately
and shown in the financial statements as financial instruments measured at fair value. The IFRS principles, by not allowing the measurement of the Sector's ending inventories by the LIFO method, which is the method used for internal management controlling activities, introduced an exogenous economic component the variability of which makes it impossible to compare homogeneous data for different periods and does not allow an accurate presentation of the actual results from operations.
3. Nonrecurring items are shown below the EBITDA line. The table that follows shows the impact of the different measurement and presentation criteria applied to the data for the first half of 2014.
Operational Reclassified Consolidated Income Statement |
1st half st (in millions of euros) 2014 Reclassifi- Restate- 1 half 2014 IFRS cations ments reclassified |
Gross revenue 1,097.53 100.0% - - 1,097.53 |
Raw material costs - (768.60) - (768.60) |
Revenue net of raw material costs - 328.93 100.0% |
Personnel expense (148.88) 1.40 - (147.48) |
Other consumables and costs (896.01) 731.50 10.00 (154.51) |
EBITDA (*) 52.64 4.8% (35.70) 10.00 26.94 8.2% |
Depreciation and amortization (19.04) (1.30) - (20.34) |
EBIT 33.60 3.1% (37.00) 10.00 6.60 2.0% |
Net financial expense (7.84) 4.50 - (3.34) |
Result before nonrecurring items 25.76 2.3% (32.50) 10.00 3.26 1.0% |
Nonrecurring income / (expense) - 32.50 - 32.50 |
Impact of IFRS measured inventories and financial instruments - - (10.00) (10.00) |
Taxes under IFRS measured inventories and financial instruments - - 2.00 2.00 |
Current taxes (10.42) - - (10.42) |
Deferred taxes (0.77) - (2.00) (2.77) |
Result after taxes (IFRS measurement) 14.57 1.3% (0.00) - 14.57 4.4% |
Share of profit of equity-accounted investee companies 0.96 - - 0.96 |
Profit/(Loss) from discontinued operations - - - - |
Consolidated net profit (loss) 15.53 1.4% (0.00) - 15.53 4.7% |
Result attributable to non-controlling interests 0.10 - - 0.10 |
Result attributable to owners of the Parent 15.43 1.4% (0.00) - 15.43 4.7% |
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Annex 2) Reclassified Consolidated Income StatementOperational Reclassified Consolidated Income Statement |
st st (in millions of euros) 1 half 2014 1 half 2013 reclassified reclassified |
Gross revenue 1,097.53 1,240.10 |
Raw material costs (768.60) (887.70) |
Revenue net of raw material costs 328.93 100.0% 352.40 100.0% |
Personnel expense (147.48) (152.40) |
Other consumables and costs (154.51) (165.20) |
EBITDA (*) 26.94 8.2% 34.80 9.9% |
Depreciation and amortization (20.34) (22.50) |
EBIT 6.60 2.0% 12.30 3.5% |
Net financial expense (3.34) (8.00) |
Result before nonrecurring items 3.26 1.0% 4.30 1.2% |
Nonrecurring income / (expense) 32.50 (2.30) |
Impact of IFRS measured inventories and financial instruments (10.00) (11.10) |
Taxes under IFRS measured inventories and financial instruments 2.00 3.50 |
Current taxes (10.42) (9.33) |
Deferred taxes (2.77) 4.03 |
Result after taxes (IFRS measurement) 14.57 4.4% (10.90) -3.1% |
Share of profit of equity-accounted investee companies 0.96 (1.00) |
Profit/(Loss) from discontinued operations - - |
Consolidated net profit (loss) 15.53 4.7% (11.90) -3.4% |
Result attributable to non-controlling interests 0.10 0.10 |
Result attributable to owners of the Parent 15.43 4.7% (12.00) -3.4% |
The data contained in this schedule are currently being audited by the independent auditors.
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Annex 3) Consolidated Statement of Financial Position(in thousands of euros) 6/30/14 12/31/13 Property, plant and equipment 510,965 540,426 |
Investment property 80,840 80,665 |
Goodwill 125,801 125,801 |
Other intangible assets 2,236 2,569 |
Investments in subsidiaries and associates 15,305 11,940 |
Investments in other companies 270 270 |
Investments in equity-accounted investees 87,819 38,601 |
Other non-current assets 6,075 6,252 |
Non-current financial assets 15,102 16,201 |
Deferred-tax assets 54,766 67,951 |
Total non-current assets 899,179 890,676 |
Inventories 443,889 525,593 |
Trade receivables 157,962 123,762 |
Other current receivables and assets 47,303 57,581 |
Current financial assets 127,200 101,270 |
Cash and cash equivalents 80,733 41,795 |
Total current assets 857,087 850,001 |
Non-current assets held for sale 34,720 7,795 |
Total assets 1,790,986 1,748,472 |
Share capital 314,225 314,225 |
Reserves (45,445) (19,742) |
Profit (Loss) for the period 15,424 (26,920) |
Equity attributable to owners of the Parent 284,204 267,563 |
Equity attributable to non-controlling interests 6,363 6,623 |
Total shareholders' equity 290,567 274,186 |
Employee benefits 231,234 234,664 |
Deferred-tax liabilities 90,488 101,012 |
Financial payables and non-current liabilities 111,988 154,464 |
Other non-current liabilities 9,745 12,139 |
Provisions for risks and charges 56,840 24,422 |
Total non-current liabilities 500,295 526,701 |
Current financial payables and liabilities 374,783 351,220 |
Trade payables 509,229 481,431 |
Other current liabilities 116,112 101,035 |
Provisions for risks and charges - 13,899 |
Total current liabilities 1,000,124 947,585 |
Total liabilities and shareholders' equity 1,790,986 1,748,472 |
The data contained in this schedule are currently being audited by the independent auditors.
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Annex 4) Operational Consolidated Statement of Cash Flowsst st (in thousands of euros) 1 half 1 half 2014 2013 |
(A) Cash and cash equivalents at the beginning of the year 41,795 65,813 |
Profit before taxes 26,713 (10,186) |
Depreciation and amortization 20,235 23,559 |
Impairment losses on current assets 1,274 464 |
Impairment losses/(Reversals of impairment losses) of non-current assets other than financial assets 442 (1,133) |
Impairment losses/(Reversals of impairment losses) of current and non-current financial assets 1,875 (460) |
Losses/(Gains) on disposal of non-current assets (23,189) 300 |
Change in provisions for pensions, post-employment benefits and stock options 17 (764) |
Change in provisions for risks and charges 18,969 (9,722) |
Decrease/(Increase) in inventories 50,930 36,114 |
Share of profit of equity-accounted investees (961) 961 |
(Increase)/Decrease in current receivables (28,851) (24,978) |
Increase/(Decrease) in current payables 67,840 70,036 |
Changes from currency translations (325) (954) |
Decrease/(Increase) in LME and currency forward contracts (2,488) (14,048) |
Paid taxes (10,412) (8,781) |
(B) Cash flow from operating activities 122,069 60,408 |
(Increase) in non-current intangible assets and property, plant and equipment (9,981) (7,590) |
Decrease in non-current intangible assets and property, plant and equipment 27,166 250 |
(Increase)/Decrease in investments (49,885) (9) |
Increase/Decrease in other non-current assets/liabilities (2,217) 297 |
Dividends received - 2 |
(C) Cash flow from investing activities (34,917) (7,050) |
Contributory change in shareholders' equity - - |
(Purchase)/Sale of treasury shares and similar transactions 360 - |
Increase/(Decrease) in current and non-current financial payables (18,940) (482) |
(Increase)/Decrease in current and non-current financial receivables (27,370) (18,895) |
Dividends paid and profits distributed - (430) |
(D) Cash flow from financing activities (45,950) (19,807) |
(E) Change in cash and cash equivalents (B) + (C) 41,202 33,551 + (D) |
(F) Change in scope of consolidation (2,264) - |
(G) Cash and cash equivalents at the end of the period (A) + (E) 80,733 65,813 |
The data contained in this schedule are currently being audited by the independent auditors.
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