h1 2020 financial results presentation · 2020. 8. 27. · this presentation contains summary...
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H1 2020 Financial Results PresentationAugust 27, 2020
Strictly Confidential
2
Disclosure regarding forward-looking statements and the presentation
of certain financial information
This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any
statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “estimates”, “would”,
“will”, “could”, “should” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and
other important factors beyond our control that could cause our actual performance or achievements to be materially different from future performance or
achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our
present and future strategies and the environment in which we will operate in the future. These forward-looking statements speak only as at the date of this
Presentation. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are
based.
This Presentation contains summary unaudited condensed financial information for Adria Midco B.V. and its subsidiaries for the six months ended June 30,
2020. The statement of financial position for Adria Midco B.V. and its subsidiaries as at June 30, 2020 and as at June 30, 2019, as well as the condensed
consolidated interim statements of profit or loss and cash flows for Adria Midco B.V. and its subsidiaries for the six months periods then ended have been
prepared in accordance with IFRS, but have not been reviewed by our independent auditors. As a consequence, the summary condensed financial information
presented is subject to potential change. If in connection with any review there is any material change to such summary condensed financial information, we
intend to present a supplemental report detailing such change.
Certain financial measures and ratios related thereto in this Presentation, including EBITDA, Adjusted EBITDA, Adjusted EBITDA minus capital expenditure,
RGUs and ARPU (collectively, the ‘‘Non-IFRS Measures’’) are not specifically defined under IFRS or any other generally accepted accounting principles. These
measures are presented here because we believe that they and similar measures are widely used in our industry as a means of evaluating a company’s
operating performance and financing structure. Our management believes this information, along with comparable IFRS measures, is useful to investors
because it provides a basis for measuring the operating performance in the periods presented. These measures are used in the internal management of our
business, along with the most directly comparable IFRS financial measures, in evaluating the operating performance. These measures may not be comparable
to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, and you should
not consider such items as alternatives to net income (loss), operating income or any other performance measures derived in accordance with IFRS, and they
may be different from similarly titled measures used by other companies.
Adria Midco B.V. is providing this information voluntarily, and the material contained in this announcement is presented solely for information purposes and is
not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives, financial situation or particular needs of
any recipient. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness, correctness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own
judgment. None of Adria Midco B.V., or any of its directors, officers, employees, affiliates, direct or indirect shareholders, advisors or agents, accepts any
liability for any direct, indirect, consequential or other loss or damage suffered by any person as a result of relying on all or any part of this information, and
any liability is expressly disclaimed.
3
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
4
United Group: Proven cable growth and sustained leadership through
media
The leading multi-play communications and media provider
in South-East Europe
LTM H1 2020 Revenues: €793m
LTM H1 2020 Adjusted EBITDA: €309m
United Group is a well-diversified business with leading
market positions in Serbia, Croatia, Slovenia, Bosnia
Herzegovina, Montenegro and, with the closing of the
Vivacom acquisition in July, Bulgaria*
5m households watching United Group channels
Over 1.88m homes using broadband and telecoms
services, attracted by superior service and range of
offering
Operating in a market characterized by continued growth
in Pay-TV and broadband, that remains underpenetrated
relative to other CEE and Western European markets
The Group is expanding its mobile market through organic
and inorganic (Tele2 Croatia and Vivacom acquisition)
growth
Reputation for providing the most attractive content in our
respective markets, available across all devices and formats
Led by a dynamic and entrepreneurial founder with an
experienced home-grown management team
A significant private employer in the region
22%
18%
4%7%
16%
3%
21%
8%
OTT
Cable Pay-TV
Telephony Fixed-line
Broadband Internet
Other revenues
DTH Pay-TV
Mobile service
Media
Revenue** by category (LTM H1 2020)
Large and growing integrated media business well-positioned across the media value chain Regional platform delivers strategic scale for monetisation of content investments
** External revenue (not including Inter-segment revenue)
* The transaction for Vivacom was closed on 31.7.2020. Vivacom figures are not yet included in above mentioned LTM numbers and pie chart.
5
United Group: an outstanding track record of growth
Compound annual growth rates from 2015-
2019
Revenue: 18%
Adjusted EBITDA: 16%
Completed more than 100 successful
acquisitions since 2000
Owned by funds affiliated with BC Partners
and KKR, EBRD and by management
Biggest PE / FDI investment in South Eastern
Europe
First regional company to raise foreign debt
First to attract investment from EBRD
Outstanding track record of growth resulting from organic development and acquisitions
LTM H1
2020
FY 2019FY 2015 PF
L2QA**
H1 2020
FY 2016 FY 2017 FY 2018 L2QA*
H1 2020
€377m €459m €518m€636m
€742m €793m
€1,393m
€829m
CAGR
+18%
Revenue
FY 2015 FY 2017FY 2016
€550m
FY 2018 PF
L2QA**
H1 2020
FY 2019 LTM H1
2020
L2QA*
H1 2020
€161m €190m €223m€261m
€295m €309m €327m
CAGR
+16%
Adjusted EBITDA
* As reported L2QA performance of United Group.
** Pro Forma L2QA Adjusted EBITDA includes adjustment for Tele2 Croatia acquisition contribution before closing (Jan20-Feb20), United Media 2018 acquisitions synergies and PF adjustment for Vivacom
acquisition.
6
Major local producer of quality content
across genres:
Supports growth, increased choice
and innovation
Provides predictable carriage fees
Independent news – CNN / N1 partnership
Distribution partner of choice for premium
third party content such as world class sports
United Group‘s integrated business model is a key differentiator
Cable and Mobile
#1 multi-play operator
Leading integrated media
platform
Pan regional platform
Large, well-invested network
15,600km of fiber optic cable
Fully upgraded to EuroDOCSIS 3.0
Market leading broadband speeds
First in the region with OTT (2103) and 4G
(2015)
World first EONTV / Google partnership
Differentiated by excellence in customer
service reflected in:
Consistently high customer
satisfaction scores
Low customer churn of
approximately 10% per annum
Differentiation
Virtuous
circle of
growth
Croatia
7
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
8
Significant growth in total RGUs driven by Tele2 Croatia acquisition
2015 H1 2019 H1 2020
3.79m3.61m
20182016 2017 2019
3.92m
2.85m3.15m
3.84m
4.92mCAGR
+8%
+28%
RGUs
RGUs by service
Successful track record of up-selling and cross-selling multi-play packages
1.18m
H1
2020
H1
2019
1.17m
+2%
0.88m
H1
2019
H1
2020
0.83m
+6%
H1
2019
0.67m
H1
2020
0.71m
+6%
H1
2019
0.53m
Tele2 Croatia0.94m
TM SLO0.56m
H1
2020
1.50m
+182%
Cable Pay-TVBroadband
internet
Fixed-line
telephony
Mobile
servicesDTH pay-TV OTT Other services
0.45m
H1
2019
H1
2020
0.45m
-1%
H1
2020
0.12m
H1
2019
0.12m
+4%
0.08m0.07m
H1
2019
H1
2020
+7%
9
Group Blended cable ARPU
Blended cable ARPU by subgroup
H1 2020
€19.4
€23.3
2018
€18.3
2015 2016
€22.6
€20.6
20192017 H1 2019
€22.8€22.0
CAGR
+6%
+3%
ARPU growth through up-selling, cross-selling and price increases
H1 2019 H1 2020
€19.4 €20.3
+5%
H1 2020H1 2019
€36.4€36.6
-1%
SBB Serbia Telemach Slovenia Telemach BH Telemach MNE
€22.0€20.8
H1 2019 H1 2020
+6%
H1 2019 H1 2020
€18.1 €18.7
+3%
Robust ARPU growth at Group level for consecutive years
10
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
11
Revenue up 14% YoY
Revenue by subgroup
H1 2019 H1 2020
€415m€364m
€636m
€518m
FY 2016FY 2015 FY 2018
€742m
FY 2017
€459m
FY 2019
€377m
+22%+13%
CAGR
+18%
+23%
+17%
+14%
Revenue
€122m
H1
2019
H1
2020
€119m
+2%
SBB Serbia Telemach
SloveniaTelemach BH Telemach MNE
YoY revenue growth mainly due to Tele2 Croatia acquisition
€117m€113m
H1
2019
H1
2020
+3%
H1
2019
H1
2020
€38m€37m
+3%
H1
2019
€7m
H1
2020
€7m
-6%
H1
2019
H1
2020
€121m€138m
-12%
United Media Other
H1
2019
€17m
H1
2020
€14m
+17%
Drivers of revenue growth:
• acquisition of Tele2 Croatia
(increase in mobile revenues)
• price increases
• cross-selling
• growth in the number of
subscribers
• increased TV carriage fees for
United Group channels
€62m
H1
2019
H1
2020
Tele2 Croatia
12
Maintaining a strong track record of profitable growth
Adjusted EBITDA and Adj. EBITDA margin
Adjusted EBITDA by subgroup
0
0.04
400
100
200
300
-0.04
-0.02
0.06
0.00
0.02€161m
€190m
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 H1 2019 H1 2020
€223m€261m
€295m
€150m €163m
CAGR
+16%
+9%
H1
2019
H1
2020
€58m €59m
+2%
H1
2019
€39m€36m
H1
2020
+8%
€12m
H1
2019
H1
2020
€13m
-8%
Tele2 Croatia contribution and operational efficiency key to maintaining robust EBITDA growth
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
H1
2019
€2m €1m
H1
2020
-31%
H1
2020
H1
2019
€36m€42m
-15%
H1
2019
H1
2020
€-3m€-1m
-116%
+17%
vs
2016
+17%
vs
2017
41%43% 43% 41% 40%
+18%
vs
2015
Drivers of Adj. EBITDA growth:
• acquisition of Tele2 Croatia
(increase in mobile revenues)
• price increases
• cross-selling
• growth in the number of
subscribers
• increased TV carriage fees for
United Group channels
• cost discipline
+13%
vs
2018
41% 39%
€18m
H1
2019
H1
2020
Tele2 Croatia
13
Sustained investment underpins high growth
Capex (as % of revenue)
H1 2020
€133m
H1 2019FY 2015 FY 2016 FY 2019FY 2017 FY 2018
€185m
€150m€137m
€188m
€94m €103m
CAGR
+6%
+10%
Capex by subgroup
€29m
H1
2020
H1
2019
€32m
-9%
Majority of investments related to fixed and mobile networks, CPE and own and exclusive content
H1
2020
H1
2019
€30m€29m
+3%
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
H1
2019
H1
2020
€7m €9m
+33%
€2m
H1
2019
H1
2020
€2m
+3% €24m
H1
2019
H1
2020
€24m
+2%
H1
2019
€0m
H1
2020
€1m
+197%
Drivers of CAPEX growth:
• acquisitions (e.g. Tele2 Croatia)
• mobile Network investment
• investment in TV equipment
• R&D investments (United Cloud)
40% 29% 26% 29% 25% 26% 25%
H1
2019
H1
2020
€8m
Tele2 Croatia
14
Positive momentum in cash conversion*
Cash conversion
€76m
H1 2020
€57m
FY 2015 FY 2018FY 2017 FY 2019FY 2016 H1 2019
€107m
€57m
€11m
€87m
€60m
CAGR
+76%
+6%
Cash conversion by subgroup
€30m
H1
2019
H1
2020
€26m
+15%
Higher capex investments were partially offset by Adj. EBITDA growth on a YoY basis
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
H1
2020
H1
2019
€8m€10m
+29%
H1
2020
H1
2019
€3m€6m
-53%
H1
2019
H1
2020
€0m
€-1m
-854%
H1
2019
H1
2020
€19m
€12m
-36%
H1
2019
H1
2020
€-2m€-4m
-136%
* Adjusted EBITDA less CAPEX
H1
2019
H1
2020
€11m
Tele2 Croatia
15
Net leverage decreased compared to Q1 2020
** Annualized Adjusted Pro Forma EBITDA is calculated as two times Q2 2020 + Q1 2020 Adjusted
EBITDA plus €6.9 million of United Media expected synergies plus €13.7m of Tele2 Croatia
Standalone L2QA Adj. EBITDA Contribution (Jan20-Feb20) plus Vivacom annualized Q2 2020 +
Q1 2020 Adjusted EBITDA (€202.6 million)
Net debt Leverage
Q2 2020*
€-80m
€2,847m
Q1 2020
€-95m
€2,844m
€2,768m €2,749m
-1%
Cash
Adj. Gross debt
Gross
leverage
5.20x
Net
leverage
5.06x
Q1 2020
Gross
leverage**
Net
leverage**
5.17x
5.00x
* Cash and cash equivalents figure includes cash and cash equivalents of United Group and
Vivacom and excludes the amount of unpaid transaction costs on Vivacom acquisition; Gross
debt figure excludes capitalized transaction costs as shown in the Statement of Financial
Position as for IFRS
Q2 2020
16
COVID-19 updateResponse
The Group’s main priority has been the health and safety of all employees and stakeholders, and the continuous provision of
services. Accordingly, the Group has adhered to instructions issued by the relevant state authorities, relating to:
Travel restrictions
Enforced working from home.
H1 2020 impact
Management believes that the impact of COVID-19 on the Group in H1 2020 is limited, with no immediate material adverse
operational or financial impact.
The Group’s telco segments continued to meet customers’ expectations on service level and its network operating centre has
maintained normal service levels.
The impact of COVID-19 on newly acquired companies, Tele2 Croatia and Vivacom, is currently estimated to be similar to
that of the Group’s existing telco operations.
Expected impact of COVID-19 in H2 2020
No significant change in the customer base expected as customers are unlikely or unable to easily migrate during the crisis.
Telco segment:
Organic Revenues and Adjusted EBITDA expected to remain broadly stable YoY.
Media segment:
c.4-5% YoY revenue decline expected, due to the postponement of certain sports events, and lower advertising &
media selling revenues.
Adjusted EBITDA expected to be broadly stable YoY.
Group:
Organic consolidated revenues are estimated to decline c.1-2% YoY.
Revenue streams most likely affected: advertising, media selling, mobile handsets sales and mobile international
roaming.
Management expects to mitigate any revenue shortfall by the implementation of cost optimisation initiatives to record
a stable organic Adjusted EBITDA compared to last year.
The Group has amended its plans for Capex spend during 2020, where possible, without hindering the Group’s
ability for future growth and quality of services provided.
Management will continue to follow the various national and/or state authorities’ policies and, in parallel, intend to do the
utmost to continue operations as the situation evolves.
17
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
18
Mergers & Acquisitions
•The Group agreed to acquire Ansatd.o.o.
•The Group agreed to acquire Elcateld.o.o.
Ongoing Mergers & Acquisitions Completed Mergers & Acquisitions
•The Group agreed to acquire theremaining part of Grand Productiond.o.o.
•The Group agreed to acquire a minoritystake in Forthnet S.A. Greece and itsconvertible and non-convertible financialdebt.
Year Company Business Country
2020 Telecoms fixed
2020 KRS Štepanjsko naselje Telecoms fixed
2020 E-commerce
2020 Telecoms fixed
2020 E-commerce
2020 Telecoms fixed
2020 Telecoms mobile
2020 I.R.V. d.o.o. Media
2019 Telecoms fixed
2019 Telecoms fixed
2019 Telecoms fixed
2018 Media
2018 Media
2018 Media
2018 BH OTT TV OTT Worldwide
2018 Kabel Group Telecoms fixed
2018 Media
2017 Telecoms fixed
2017 Media
2017 Media
2017 Telecoms fixed
2016 Telecoms fixed
2016 Telecoms fixed
2015 Telecoms fixed
2015 Telecoms mobile
2015
2014Telecoms fixed
19
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
20
SBB Serbia Telemach SLO Telemach BH Telemach MNE Tele2 Croatia*
ARPU H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020 H1 2019 H1 2020
Cable pay-TV €10.5 €10.5 €19.1 €18.5 €10.3 €10.8 €11.2 €11.5 - -
Broadband internet €10.5 €11.1 €18.3 €18.2 €9.8 €10.1 €8.2 €8.2 - -
Fixed-line telephony €3.6 €3.7 €3.3** €3.0 €6.9 €6.6 €2.8 €2.7 - -
Mobile services - - €10.7** €11.0 - - - - €12.8 €12.7
DTH pay-TV** €10.7 €10.3 €18.4*** €18.3 €9.3 €9.6 €12.0 €11.1 - -
Blended cable €19.4 €20.3 €36.6 €36.4 €20.8 €22.0 €18.1 €18.7 - -
ARPU growth YoY mainly from price increases, up-selling and cross-selling
ARPU by service
* Prior year figures included for presentation purposes only. Tele2 Croatia acquired in March 2020. H1 2020 ARPU is for the period after the closing.
** In August 2019 Mobile interconnection revenues (€40 thousand) were reclassified to Telephony interconnection revenues.
*** In September 2019 DTH pay-TV Subscription Revenues (€21 thousand) were reclassified to Other revenues, which had negative effect on H1 19 DTH pay-TV ARPU.
21
Bond
Issuer United Group B.V.
Listed International Stock Exchange (Guernsey)
Governing Law State of New York
Outstanding notes €525 million
Coupon 4.875%
Maturity 01-Jul-24
Coupon dates 15 January & 15 July
Outstanding notes €550 million
CouponThree-month EURIBOR (subject to a zero floor)
plus 4.125%
Maturity 15-May-25
Coupon dates15 February, 15 May, 15 August
and 15 November
United Group B.V. Senior Notes
2024 Fixed Rate Notes
2025 Floating Rate Notes
Outstanding notes €600 million
Coupon 3.125%
Maturity 15-Feb-26
Coupon dates 15 February & 15 August
Outstanding notes €450 million
CouponThree-month EURIBOR (subject to a zero floor)
plus 3.25%
Maturity 15-Feb-26
Coupon dates15 February, 15 May, 15 August
and 15 November
Outstanding notes €625 million
Coupon 3.625%
Maturity 15-Feb-28
Coupon dates 15 February & 15 August
2026 Floating Senior Secured Notes
2028 Refinancing Senior Secured Notes
2026 Fixed Rate Senior Secured Notes
22
Income statement
in €000 H1 2019 H1 2020
Revenue 363,946 414,748 Other income 5,092 3,640 Content costs (60,762) (55,576)Link and interconnection costs (19,673) (27,359)Cost of end-user equipment and other material cost (22,217) (41,816)Staff costs (52,491) (48,003)Media buying (19,097) (14,284)Impairment loss on trade and other receivables, including contract assets (4,458) (5,813)Impairment loss on other financial assets (17) -Other operating expenses (56,380) (67,834)IFRS EBITDA 133,943 157,703
Depreciation (51,083) (56,228)Depreciation (right-of-use assets) (9,163) (14,707)Amortization of intangible assets (40,449) (45,046)Results from operating activities 33,248 41,722
Finance income 2,192 919 Finance costs (42,895) (69,271)Net finance costs (40,703) (68,352)
Profit/(loss) before tax (7,455) (26,630)
Income tax (expenses)/benefit (3,578) (2,977)Profit/(loss) for the period (11,033) (29,607)
Other comprehensive loss Items that are or may be reclassified subsequently
to profit and loss Currency translation differences 788 (1,638)Other comprehensive income/loss for the period 788 (1,638)
Total comprehensive income/loss for the period (10,245) (31,245)
Profit/(loss) attributable to: Owners of the Company (12,721) (30,965)Non-controlling interests 1,688 1,358 Profit/(loss) for the period (11,033) (29,607)
Total comprehensive income/(loss) attributable to: Owners of the Company (11,933) (32,603)Non-controlling interests 1,688 1,358 Total comprehensive income/(loss) for the period (10,245) (31,245)
23
Statement of financial position
in €000 H1 2019 H1 2020
Assets
Property, plant and equipment 411,520 511,177
Goodwill 764,105 835,338
Intangible assets 295,317 288,835
Investment property 310 316
Right-of-use assets 112,285 154,895
Loans to related parties - 6,866
Other financial assets 7,562 11,345
Non-current prepayments 132 532
Contract assets 5,518 8,145
Deferred costs 5,374 162
Deferred tax assets 3,579 9,017
Non-current assets 1,605,702 1,826,628
Inventories 22,538 29,308
Trade and other receivables 156,734 187,252
Short-term loans receivables and deposits 7,512 8,095
Prepayments 37,349 42,627
Contract assets 20,872 36,664
Income tax receivables 7,810 11,358
Restricted cash for acquisition purposes - 1,047,999
Cash and cash equivalents 33,473 86,463
Current assets 286,288 1,449,766
Total assets 1,891,990 3,276,394
24
Statement of financial position - continued
in €000 H1 2019 H1 2020
Equity
Issued and fully paid share capital 125 125
Share premium 352,557 352,557
Capital reserves 47,313 54,468
Translation reserves (14,253) (14,113)
Accumulated losses (359,691) (441,423)
Equity attributable to owners of the Company 26,051 (48,386)
Non-controlling interests 9,499 11,303
Total equity 35,550 (37,083)
Liabilities
Loans and borrowings 35,475 74,775
Other financial liabilities - bonds 1,432,421 2,720,664
Long-term liabilities 3,522 5,353
Long-term provisions 21,524 40,894
Deferred operating lease income 3,670 5,761
Contract liabilities 1,941 1,641
Lease liabilities 94,183 121,789
Deferred tax liabilities 28,285 25,599
Employee benefits 623 843
Non-current liabilities 1,621,644 2,997,319
Trade and other payables 175,014 228,897
Current tax liabilities 9,165 17,592
Loans and borrowings 14,008 15,667
Deferred operating lease income 4,927 4,179
Contract liabilities 11,357 17,999
Lease liabilities 20,325 31,824
Current liabilities 234,796 316,158
Total liabilities 1,856,440 3,313,477
Total equity and liabilities 1,891,990 3,276,394
25
Consolidated statement of cash flows
in €000 H1 2019 H1 2020
Cash flows from operating activities
(Loss)/profit for the period (11,033) (29,607)
Adjustments for:
Depreciation 60,246 70,935
Amortization 40,449 45,046
Impairment of trade and other receivables 4,096 5,508
Impairment of contract assets 362 305
Impairment of other financial assets 17 -
Impairment loss of goodwill - 354
Impairment of property, plant and equipment - 273
Impairment of inventories 642 346
Income tax (benefit)/expense 3,578 2,977
Long-term provisions (1,171) (162)
Share based payment 14,504 -
Net finance cost 40,703 68,352
Operating cash flows before WC changes 152,393 164,327
Changes in:
Trade and other receivables 3,159 10,246
Deferred revenue (2,545) (848)
Deferred cost (989) 19
Contract assets (9,678) (6,637)
Contract liabilities 3,791 7,945
Employee benefits (8) 49
Inventories (977) (1,360)
Prepayments (1,711) 3,585
Trade and other payables (23,003) 12,578
Cash generated from operations 120,432 189,904
Interest paid (33,531) (48,227)
Income tax paid (5,821) (3,881)
Net cash from operating activities 81,080 137,796
in €000 H1 2019 H1 2020
Cash flows from investing activities
Acquisition of property, plant and equipment (57,993) (71,152)
Acquisition of intangible assets (31,303) (29,840)
Acquisition of subsidiaries, net of cash acquired (52,769) (133,957)
Short-term loans receivable and deposits inflow - 572
Short-term loans receivable and deposits outflow (1,537) (659)
Cash inflow other non-current financial assets 30,000 1,378
Cash outflow other non-current financial assets - (1,412)
Other (outflows)/inflows 282 (760)
Net cash used in by investing activities (113,320) (235,830)
Cash flows from financing activities
Proceeds from share premium 15,000 -
Proceeds from bond issue 550,000 1,675,000
Repayment of bond (450,000) (587,578)
Proceeds from borrowings 157,800 49,000
Repayment of borrowings (181,331) (121,932)
Transaction costs related to loans and borrowings (5,500) (14,533)
Acquisition of non-controlling interest (1,096) (7)
Repayment from lease liabilities (10,829) (17,439)
Dividends paid (51,761) (78)
Net cash from financing activities 22,283 982,433
Net increase in cash and cash equivalents (9,957) 884,399
Cash and cash equivalents at 1 January 43,430 250,058
Cash restricted for the acquisition of Vivacom - (1,047,999)
Effects of movements in exchange rates on cash held - 5
Cash and cash equivalents at end of period 33,473 86,463