Q1 2020 Financial Results Presentation · LTM Q1 2020 Revenues: €756m LTM Q1 2020 Adjusted...
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Q1 2020 Financial Results Presentation 28 May 2020 Strictly Confidential
Transcript of Q1 2020 Financial Results Presentation · LTM Q1 2020 Revenues: €756m LTM Q1 2020 Adjusted...
Q1 2020 Financial Results Presentation28 May 2020
Strictly Confidential
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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 three months ended March 31,
2020. The statement of financial position for Adria Midco B.V. and its subsidiaries as at 31 March 2020 and as at 31 March 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 three 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.
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Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
4
United Group: Proven cable growth & sustainable leadership through
media
The leading multi-play communications and media
provider in South-East Europe
LTM Q1 2020 Revenues: €756m
LTM Q1 2020 Adjusted EBITDA: €301m
United Group is a well-diversified business with leading
market positions in Serbia, Croatia, Slovenia, Bosnia
Herzegovina, Montenegro and, with the signing of the
Vivacom acquisition, Bulgaria
5m households watching United Group channels
Over 1.86m 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
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
23%
18%
4%8%
12%
4%
24%
7%
Broadband Internet
Cable Pay-TV
OTT
Mobile serviceTelephony Fixed-line
DTH Pay-TV
Media
Other revenues
Revenue* by category (LTM Q1 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)
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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 growth and acquisitions
€742m
LTM Q1
2020
€459m
PF
L2QA**
Q1 2020
FY 2015 FY 2016 FY 2018FY 2017 FY 2019 L2QA*
Q1 2020
€1,479m
€377m€518m
€636m€756m €788m
CAGR
+18%
Revenue
FY 2018FY 2015 FY 2017FY 2016 PF
L2QA**
Q1 2020
L2QA*
Q1 2020
FY 2019 LTM Q1
2020
€547m
€295m€261m
€161m €190m €223m€301m €305m
CAGR
+16%
Adjusted EBITDA
* As reported L2QA performance of United Group.
** Pro Forma L2QA Adjusted EBITDA includes adjustment for Tele2 acquisition contribution before closing (Oct19-Feb20), United Media 2018 acquisitions synergies and PF adjustment for Vivacom acquisition.
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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
3rd party content such as world class sports
United Group‘s integrated business model is a key differentiator
Cable & 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
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Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
8
High growth of mobile RGUs mainly as a result of Tele2 acquisition
3.92m
2016
3.15m2.85m
2015
3.61m3.82m3.79m
4.90m
Q1 2020Q1 201920192018*2017
CAGR
+8%
+28%
RGUs
RGUs by service
Successful track record of up-selling and cross-selling multi-play packages
Q1
2019
Q1
2020
1.17m1.17m
0%
Q1
2019
Q1
2020
0.83m 0.87m
+5%
Q1
2019
Q1
2020
0.66m 0.70m
+7%
Q1
2020
Q1
2019
Tele20.94m
TM SLO0.56m
0.52m
1.50m
+187%
Cable Pay-TVBroadband
internet
Fixed-line
telephony
Mobile
servicesDTH pay-TV OTT Other services
0.45m
Q1
2020
Q1
2019
0.46m
-1%
0.13m
Q1
2019
Q1
2020
0.12m
+5%
0.08m0.07m
Q1
2019
Q1
2020
+20%
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Group Blended cable ARPU
Blended cable ARPU by subgroup
€22.8
€18.3
€22.5
2017 2018*2015
€19.4€20.6
Q1 2019 Q1 20202019
€22.0
2016
€23.5
CAGR
+6%
+4%
ARPU growth through up-selling, cross-selling and price increases
Q1 2019 Q1 2020
€19.5 €20.4
+5% €36.5
Q1 2019 Q1 2020
€36.5
0%
SBB Serbia Telemach Slovenia Telemach BH Telemach MNE
Q1 2020Q1 2019
€20.4€22.4
+10%
Q1 2019 Q1 2020
€18.0 €19.0
+6%
Steady ARPU growth at Group level for consecutive years
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Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
11
Revenue up 8% YoY
Revenue by subgroup
€377m
Q1 2019FY 2019FY 2016FY 2015
€179m
€518m
Q1 2020FY 2018FY 2017
€459m
€636m
€742m
€194m
+22%+13%
CAGR
+18%
+23%
+17%
+8%
Revenue
€60m
Q1
2019
Q1
2020
€62m
+3%
SBB Serbia Telemach
SloveniaTelemach BH Telemach MNE
YoY revenue growth mainly due to Tele2 acquisition
Q1
2020
Q1
2019
€57m €58m
+3%
Q1
2020
Q1
2019
€19m€18m
+6%
€3m
Q1
2019
Q1
2020
€4m
-7%
Q1
2019
€62m
Q1
2020
€66m
-6%
United Media Other
Q1
2020
Q1
2019
€7m€8m
-4%
Drivers of revenue growth:
• acquisition of Tele2 (increase in
mobile revenues)
• price increases
• cross-selling
• growth in the number of
subscribers
• increase in Cable and National TV
carriage fees
€15m
Q1
2019
Q1
2020
Tele2
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Maintaining a strong track record of profitable growth
Adjusted EBITDA and Adj. EBITDA margin
Adjusted EBITDA by subgroup
0.02
-0.02100
0
0.06400
200
0.04300
-0.04
0.00
€190m
Q1 2019
€78m
FY 2017 Q1 2020FY 2015 FY 2016 FY 2018 FY 2019
€295m
€223m€261m
€73m
€161m
CAGR
+16%
+7%
Q1
2020
Q1
2019
€29m €30m
+4%
Q1
2019
Q1
2020
€19m €20m
+6%
€6m
Q1
2019
Q1
2020
€6m
-2%
Tele2 contribution and operational efficiency key to maintaining robust EBITDA growth
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
Q1
2019
Q1
2020
€1m €1m
-32%€19m
Q1
2020
Q1
2019
€18m
-5%
€-1m
Q1
2019
Q1
2020
€-1m
-29%
+17%
vs
2016
+17%
vs
2017
41%43% 43% 41% 40%
+18%
vs
2015
Drivers of Adj. EBITDA growth:
• acquisition of Tele2 (increase in
mobile revenues)
• price increases
• cross-selling
• growth in the number of
subscribers
• increase in Cable and National
TV carriage fees
• cost discipline
+13%
vs
2018
41% 40%
Q1
2019
Q1
2020
€5m
Tele2
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Sustained investment underpins high growth
Capex (as % of revenue)
FY 2018FY 2015 Q1 2020FY 2016 FY 2017 Q1 2019FY 2019
€185m
€150m€133m €137m
€188m
€44m€56m
CAGR
+6%
+27%
Capex by subgroup
Q1
2019
Q1
2020
€15m €16m
+3%
Majority of investments related to fixed and mobile networks, CPE and own and exclusive content
Q1
2019
Q1
2020
€16m€15m
+11%
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
Q1
2019
Q1
2020
€3m €5m
+57%
€1m
Q1
2019
€1m
Q1
2020
+53%
Q1
2019
Q1
2020
€10m€16m
+55%
Q1
2019
Q1
2020
€0m€0m
-46%
Drivers of CAPEX growth:
• Acquisitions (e.g. Tele2)
• Network investment (fixed & mobile)
• Investment into production of new
exclusive content
• Cost of sport rights
• R&D investments (United Cloud)
40% 29% 26% 29% 25% 25% 29%
€2m
Q1
2019
Q1
2020
Tele2
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Positive momentum in cash conversion*
Cash conversion
Q1 2019FY 2017 Q1 2020
€11m
FY 2016FY 2015 FY 2018 FY 2019
€57m
€87m€76m
€107m
€29m €22m
CAGR
+76%
-23%
Cash conversion by subgroup
Q1
2019
€15m
Q1
2020
€14m
+6%
Higher Capex investments were partially offset by Adj. EBITDA growth on YoY basis
SBB SerbiaTelemach
SloveniaTelemach BH Telemach MNE United Media Other
€4m
Q1
2019
Q1
2020
€3m
-13%
Q1
2020
Q1
2019
€3m
€1m
-66%
Q1
2019
Q1
2020
€-1m
€0m
-412%
Q1
2019
Q1
2020
€2m
€8m
-77%
Q1
2020
Q1
2019
€-1m €-1m
-5%
* Adjusted EBITDA less CAPEX
Q1
2020
Q1
2019
€2m
Tele2
15
Net leverage increased compared to FY 2019
** Annualized Adjusted Pro Forma EBITDA is calculated as two times Q1 2020 + Q4 2019 Adjusted
EBITDA plus €6.9 million of United Media expected synergies plus €35.8m of Tele2 Standalone
L2QA Adj. EBITDA Contribution (Oct19-Feb20) plus Vivacom annualized Q1 2020 + Q4 2019
Adjusted EBITDA (€199.6 million)
Net debt Leverage
€-47m
Q1 2020*
€1,745m
FY 2019
€2,847m
€-80m
€1,699m
€2,768m
+63%
Cash
Adj. Gross debt
Gross
leverage
Net
leverage
4.84x
4.71x
FY 2019
Net
leverage**
Gross
leverage**
5.20x
5.06x
* Cash and cash equivalents figure includes cash and cash equivalents of United Group and
Vivacom and excludes the amount of unpaid transaction costs on Tele2 acquisition; Gross debt
figure excludes capitalized transaction costs as shown in the Statement of Financial Position as
for IFRS
Q1 2020
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Expected impact of COVID-19
The existence of novel coronavirus (COVID-19) was confirmed in early 2020 and has spread rapidly across the globe,
causing disruptions to businesses and economic activity. In the countries of the Group’s operations, COVID-19 pandemic was
generally announce mid-March 2020.
The governments in the region have imposed travel restrictions, lock downs and social distancing with a view to reducing the
spread of the virus and hopefully minimizing the number of fatalities. The Group has reacted swiftly and adhered to all
instructions issued by the authorities, with main priority of health and safety of employees and continuous provision of
service.
Management intends to continue following the various national and/or state authorities’ policies and, in parallel, intend to do
utmost to continue operations as the situation evolves.
The management estimates the COVID-19 impact to the Group’s operating performance as well as consolidated revenues,
profitability and cash flow in Q1 2020 as fairly minimal.
Based on the analysis performed for the remainder of the year 2020, fairly minimal impact to organic consolidated
revenues is estimated (2-3% comparing to previous year). Revenue streams most likely affected are advertising, media
selling, mobile handsets sales and mobile international roaming revenues. The management expects to be able to mitigate
revenues shortfall by cost optimisation to still record a slight organic EBITDA growth for the year 2020 comparing to previous
year. In addition to cost optimisation, 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.
Acquisitions of Tele2 (completed in March 2020) and Vivacom (expected to complete mid-year 2020) will represent
inorganic growth of the reported operational and financial performance of the Group in 2020. Impact of COVID-19 on the
acquired companies is currently estimated to be similar to that of the Group’s existing telco operations. The expected PF
contribution of the acquired companies has not materially changed given the crisis.
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Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
18
Mergers & Acquisitions
•The Group agreed to acquire Elcatel d.o.o.
•The Group agreed to acquire KRS Štepanjsko naselje.
•The Group agreed to acquire Vivacom, the largesttelecoms operator in Bulgaria. The transaction is expected to be completed in mid-year 2020.
Ongoing Mergers & Acquisitions Completed Mergers & Acquisitions
•The Group agreed to acquire Ansat d.o.o.
Year Company Business Country
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
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Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
Appendices
03
02
04
05
01
20
SBB Serbia Telemach SLO Telemach BH Telemach MNE Tele2*
ARPU Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020
Cable pay-TV €10.5 €10.5 €19.0 €18.6 €10.0 €11.0 €11.1 €11.7 - -
Broadband internet €10.6 €11.2 €18.2 €18.3 €9.8 €10.4 €8.3 €8.3 - -
Fixed-line telephony €3.7 €3.7 €3.4 €3.1 €6.9 €6.8 €2.9 €2.7 - -
Mobile services - - €10.7 €10.9 - - - - €12.6 €12.9
DTH pay-TV** €10.8 €10.3 €18.2 €18.3 €9.5 €10.1 €12.0 €11.3 - -
Blended cable €19.5 €20.4 €36.5 €36.5 €20.4 €22.4 €18.0 €19.0 - -
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. Q1 2020 ARPU is for the period after the closing.
** Q1 2019 ARPUs are restated due to allocation of IFRS 15 effects across lines of service.
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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
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Income statement
in €000 Q1 2019 Q1 2020
Revenue 179,363 193,974 Other income 1,515 1,723 Content costs (31,403) (28,551)Link and interconnection costs (9,865) (11,434)Cost of end-user equipment and other material cost (10,917) (16,964)Staff costs (31,255) (21,537)Media buying (8,058) (7,944)Impairment loss on trade and other receivables, including contract assets (84) (2,279)Impairment loss on other financial assets (42) -Other operating expenses (29,851) (30,630)IFRS EBITDA 59,403 76,358
Depreciation (26,144) (27,126)Depreciation (right-of-use assets) (4,478) (5,550)Amortization of intangible assets (19,431) (22,254)Operating profit 9,350 21,428
Finance income 1,692 1,342 Finance costs (18,260) (34,715)Net finance costs (16,568) (33,373)
Profit/(loss) before tax (7,218) (11,945)
Income tax (expenses)/benefit (1,274) (1,433)Profit/(loss) for the period (8,492) (13,378)
Other comprehensive loss Items that are or may be reclassified subsequently to profit and loss Currency translation differences 1,881 (2,832)Other comprehensive income/(loss) for the period 1,881 (2,832)
Total comprehensive income/(loss) for the period (6,611) (16,210)
Profit/(loss) attributable to: Owners of the Company (9,437) (14,192)Non-controlling interests 945 814 Profit/(loss) for the period (8,492) (13,378)
Total comprehensive income/(loss) attributable to: Owners of the Company (7,556) (17,024)Non-controlling interests 945 814 Total comprehensive income/(loss) for the period (6,611) (16,210)
23
Statement of financial position
in €000 Q1 2019 Q1 2020
Assets
Property, plant and equipment 406,072 504,700
Goodwill 761,905 823,955
Intangible assets 298,313 299,689
Investment property 323 292
Right-of-use assets 114,910 149,149
Loans to related parties - 6,856
Other financial assets 7,798 11,736
Non-current prepayments 161 447
Contract assets 4,151 6,122
Deferred costs 5,254 241
Deferred tax assets 3,808 9,240
Non-current assets 1,602,695 1,812,427
Inventories 23,522 31,499
Trade and other receivables 151,578 192,173
Short-term loans receivables and deposits 5,994 8,891
Prepayments 36,149 45,862
Contract assets 20,583 37,753
Income tax receivables 8,872 10,674
Restricted cash for acquisition purposes - 1,050,000
Cash and cash equivalents 82,525 67,213
Current assets 329,223 1,444,065
Total assets 1,931,918 3,256,492
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Statement of financial position - continued
in €000 Q1 2019 Q1 2020
Equity
Issued and fully paid share capital 125 125
Share premium 352,557 352,557
Capital reserves 45,724 54,468
Translation reserves (13,161) (15,307)
Accumulated losses (356,336) (424,729)
Equity attributable to owners of the Company 28,909 (32,886)
Non-controlling interests 10,514 10,838
Total equity 39,423 (22,048)
Liabilities
Loans and borrowings 121,167 57,010
Other financial liabilities - bonds 1,334,557 2,719,878
Long-term liabilities 3,539 5,827
Long-term provisions 23,664 40,684
Deferred operating lease income 3,799 5,334
Contract liabilities 1,998 1,747
Lease liabilities 96,720 117,092
Deferred tax liabilities 29,048 26,583
Employee benefits 627 784
Non-current liabilities 1,615,119 2,974,939
Trade and other payables 222,658 197,522
Current tax liabilities 12,891 16,404
Loans and borrowings 2,582 36,384
Deferred operating lease income 6,253 5,668
Contract liabilities 13,581 16,614
Lease liabilities 19,411 31,009
Current liabilities 277,376 303,601
Total liabilities 1,892,495 3,278,540
Total equity and liabilities 1,931,918 3,256,492
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Consolidated statement of cash flows
in €000 Q1 2019 Q1 2020
Cash flows from operating activities
(Loss)/profit for the period (8,492) (13,378)
Adjustments for:
Depreciation 30,622 32,676
Amortization 19,431 22,254
Impairment of trade and other receivables (90) 2,132
Impairment of contract assets 174 147
Impairment of other financial assets 42 -
Impairment loss of goodwill - 354
Impairment of inventories - 176
Income tax (benefit)/expense 1,274 1,433
Long-term provisions (92) (372)
Share based payment 12,915 -
Net finance cost 16,568 33,373
Operating cash flows before WC changes 72,352 78,795
Changes in:
Trade and other receivables 11,489 8,057
Deferred revenue (1,090) 215
Deferred cost (869) (60)
Contract assets (7,834) (5,545)
Contract liabilities 6,072 6,666
Employee benefits (4) (10)
Inventories (1,350) (4,016)
Prepayments (540) 435
Trade and other payables (7,862) 3,026
Cash generated from operations 70,364 87,563
Interest paid (26,164) (35,747)
Income tax paid (1,958) (1,869)
Net cash from operating activities 42,242 49,947
in €000 Q1 2019 Q1 2020
Cash flows from investing activities
Acquisition of property, plant and equipment (29,196) (37,626)
Acquisition of intangible assets (13,291) (18,186)
Acquisition of subsidiaries, net of cash acquired - (123,622)
Short-term loans receivable and deposits inflow 278 -
Short-term loans receivable and deposits outflow - (881)
Cash inflow other non-current financial assets 30,000 608
Cash outflow other non-current financial assets - (1,038)
Other (outflows)/inflows (282) (750)
Net cash used in investing activities (12,491) (181,495)
Cash flows from financing activities
Proceeds from share premium 15,000 -
Proceeds from bond issue - 1,675,000
Repayment of bond - (587,578)
Proceeds from borrowings 118,671 44,000
Repayment of borrowings (67,955) (113,928)
Transaction costs related to loans and borrowings - (12,257)
Acquisition of non-controlling interest (1,027) (7)
Repayment from lease liabilities (5,348) (6,448)
Dividends paid (50,000) (78)
Net cash from financing activities 9,341 998,704
Net increase in cash and cash equivalents 39,092 867,156
Cash and cash equivalents at 1 January 43,430 250,058
Effect of movements in exchange rate on cash in hands 3 (1)
Cash and cash equivalents at 31 March 82,525 1,117,213
