Elis: 2020 Annual Results

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Very good 2020 financial performance:EBITDA margin improvement, record free cash-flow and debt reduction Elis’ flexibility, geographical diversification and broad portfolio of activities enabled the Group to deliver a very solid 2020 financial performance despite a drop in activity due to the crisis linked to the Covid-19 pandemic 2020 revenue at €2,806.3m (-14.5% and -13.3% on an organic basis)EBITDA margin up +20bps to 33.8% of salesHeadline net income at €138.7mRecord Free cash flow (after lease payments) of €216.8m, (+24.5% yoy) Strong responsiveness to the crisis: protecting the health of Elis employees, cost base adjustments and development of a specific service offer Headcount adjustments in all country head offices and in all plants impacted by a decrease in activity, to optimize production capacity and control costsTemporary shutdown or near-total stoppage of up to c. 100 plants during the lockdown periodImplementation of sustainable cost-saving measures: Permanent shutdown of plants, reorganization of plants, reduction of central costs, review of the 2020/2021 industrial capex plan and cancellation of most projects to increase capacity Launch of numerous commercial initiatives to address new client needs Strong improvement in cash generation and reduction in Group indebtedness Record free cash-flow driven by (i) the decrease in capacity driven investments and in linen investments due to the activity slowdown, (ii) very good cash collection and (iii) lower interest payments€91.1m reduction in Group debt for the 2020 financial year€1.04bn euros of available liquidityLeverage ratio of 3.7x as of 31 December 2020 Further consolidation of the Group’s existing footprint 5 new acquisitions finalized in Europe and in Latin AmericaContinued highly selective approach New developments regarding the Group’s corporate social responsibility CSR committee established in November 2020Efficiency of the action plans supporting the non-financial objectives set for 2025 2021 outlook Q1 2021 organic revenue growth should be c. -15% due to a difficult 2020 comparable base in January and FebruaryThe comparable base will become favorable from Q2 onwards and H1 2021 organic revenue growth should be stableIn a context where many uncertainties remain around the evolution of the sanitary crisis (efficiency of vaccination campaigns, emergence of new virus variants, rebound in international travel), our working assumptions currently factor a modest activity improvement in our markets starting in Q2 2021, leading to c. +3% organic revenue growth for the yearEBITDA margin should be slightly up on the back of savings achieved in 2020 and the Group’s proven ability to variabilize its costs in a context of activity slowdownFree cash flow after lease payments should be between €190m and €230m, the main variable being the change in working capital (impact of year-end activity on trade receivables) Dividend suspension maintained given the persisting uncertainties linked to the crisis In millions of euros2020 2019restated1Var.Revenue2,806.33,281.8-14.5%EBITDA947.51,103.1-14.1%EBITDA margin33.8%33.6%+20bpsEBIT291.5454.9-35.9%EBIT margin10.4%13.9%-350bpsNet income3.9141.8-97.2%Headline net income138.7256.1-45.9%Free cash-flow (after lease payments)216.8174.2+24.5% 1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release Margin rates and percentage change calculations are based on actual figures Saint-Cloud, March 9, 2021 - Elis, an international multi-service provider, offering textile, hygiene and facility services solutions that is present in Europe and Latin America, today announces its 2020 full-year financial results. The accounts have been approved by the Management Board and examined by the Supervisory Board on March 8, 2021. They have been audited and the auditors issued a report without any qualification. Commenting on the announcement, Xavier Martiré, CEO of Elis, said: “In 2020, Elis demonstrated the robustness of its business model: In an environment marked by the Covid-19 pandemic and despite a 14.5% revenue decrease, the Group delivered EBITDA margin improvement and posted record free cash-flow, along with debt reduction of more than €90m. This remarkable performance demonstrates once again the relevance of our strategy: Our diversified geographical footprint, the great variety of our clients and of our product portfolio largely helped limit the impact of the crisis on our financial results. From the outset of the crisis, Elis made the health of its employees one of its main priorities. Today, I wish to warmly thank all the Group’s employees, who continued to work with passion and commitment in 2020, allowing us to keep providing outstanding quality of service to our clients in our 28 countries, notably to public health organizations, such as the NHS in the UK or AP-HP in France, thus contributing to the global effort to contain the pandemic. From a financial standpoint, the confinement measures implemented in most countries in which we operate obviously had an impact on our activity, especially in Hospitality. As a result, Elis’ organic revenue was down 13% in 2020. In this context, Elis swiftly adjusted its operational and managerial structures to preserve its margins and cash flow. More than 100 plants were shut down during this period and production teams have been cut on a case by case basis. On top of these adjustments linked to activity, Elis has launched a cost reduction plan in all its countries’ head offices to ensure a sustainable decrease in the cost base. 2020 EBITDA margin was up 20 basis points and free cash flow after lease payments was €217m, an improvement of €43m compared to the same period last year, representing an increase of +24% year-on-year. Depending on the evolution of the sanitary situation, organic growth could be around +3% in 2021, assuming a slight activity improvement from Q2 onwards. The impressive efforts made in 2020 and the Group’s capacity to variabilize its cost base should lead to a further improvement in 2021 EBITDA margin. 2021 free cash flow should be between €190m and €230m, depending on the impact from change in working capital at year-end. The current situation impels us to remain cautious, but we look to the future with confidence: The Group’s fundamentals are strong, our diversification is a major advantage and our business model will enable Elis to assert its leadership in all the countries in which it is present.” Revenue In millions of euros H12020H2 FY H1 2019H2 FY H1 Var.H2 FYFrance412.5455.3867.8518.9546.81,065.7-20.5%-16.7%-18.6%Central Europe343.3360.8704.2357.9373.1731.0-4.1%-3.3%-3.7%Scandinavia & East. Eur.233.3240.7474.0249.8257.2507.0-6.6%-6.4%-6.5%UK & Ireland143.8161.3305.1195.0201.1396.1-26.3%-19.8%-23.0%Southern Europe97.2101.1198.2142.0156.1298.2-31.6%-35.3%-33.5%Latin America108.7104.7213.4129.5133.0262.5-16.0%-21.3%-18.7%Others12.930.643.510.610.821.4+21.6%+184.4%+103.6%Total1,351.71,454.52,806.31,603.71,678.13,281.8-15.7%-13.3%-14.5% « Others » includes Manufacturing Entities and HoldingsPercentage change calculations are based on actual figures 2020 organic revenue growth H1 organic growthH2 organic growth2020 organic growthFrance-20.5%-16.7%-18.6%Central Europe-6.0%-6.0%-6.0%Scandinavia & East. Eur.-7.1%-6.6%-6.8%UK & Ireland-26.5%-22.1%-24.2%Southern Europe-31.6%-35.3%-33.5%Latin America+3.6%+7.1%+5.4%Others+21.7%+188.2%+105.5%Total-14.7%-12.0%-13.3% « Others » includes Manufacturing Entities and HoldingsPercentage change calculations are based on actual figures As announced on January 28, 2021, Group revenue for 2020 was down -14.5% (-13.3% on an organic basis) in the context of an unprecedented health crisis. In France, 2020 revenue was down -18.6% (entirely organic). The strong slowdown in Hospitality (which represented c. 1/3 of Elis’ 2019 total French revenue) despite a decent summer season has weighed on activity since the beginning of the crisis. After a slowdown in Q2 in all end-markets, activity picked up in Industry, Healthcare and Trade & Services, with good commercial successes in Workwear and in Hygiene and well-being. In Central Europe, 2020 revenue was down a limited -3.7% (-6.0% on an organic basis). In a region where the Group has very limited exposure to Hospitality, industrial activities showed good resilience with new Workwear contracts wins. In Scandinavia & Eastern Europe, 2020 revenue decrease was contained at -6.5% in the region (-6.8% on an organic basis). The fact that the greater portion of our clients operates in the Industry segment enabled the region to be quite resilient since the beginning of the crisis. In the United Kingdom & Ireland, 2020 revenue was down -23.0% (-24.2% on an organic basis). After a second quarter marked by decreases of nearly -50% in April and May, activity picked up slightly during the summer. Hospitality, which normally represents around one-third of the region’s revenue, was down -60% since the beginning of the crisis. In Southern Europe, 2020 revenue decreased by -33.5% in the region (entirely organic) with a slowdown of c. -40% in Spain and c. -30% in Portugal. The geography is highly exposed to the Hospitality segment (more than 60% of total revenue in 2019) and suffered from the sharp decline of activity, especially given that the share of international tourism is normally very high. In Latin America, revenue was down -18.7%. Organic revenue was up +5.4% but the currency effect was -24.6%. Mix of activity in the region is favorable with a high share of clients in Healthcare and the food processing Industry. EBITDA In millions of euros20202019Var. 20/19 H1H2TotalH1H2TotalH1H2TotalFrance145.0184.9329.9188.6217.5406.1-23.1%-15.0%-18.8%As of % of revenue35.1%40.6%38.0%36.3%39.8%38.0%-120bps+80bps=Central Europe110.8120.3231.0108.0123.8231.8+2.6%-2.8%-0.3%As of % of revenue32.1%33.3%32.7%30.0%33.2%31.6%+210bps+10bps+110bpsScandinavia & East. Eur.91.393.1184.494.6101.6196.3-3.5%-8.4%-6.0%As of % of revenue39.1%38.7%38.9%37.9%39.5%38.7%+120bps-80bps+20bpsUK & Ireland36.851.988.754.958.6113.5-33.0%-11.4%-21.8%As of % of revenue25.6%32.2%29.0%28.0%29.1%28.6%-240bps+310bps+40bpsSouthern Europe22.423.345.738.947.085.9-42.5%-50.3%-46.8%As of % of revenue23.0%23.1%23.0%27.4%30.1%28.8%-440bps-700bps-580bpsLatin America38. of % of revenue34.9%32.5%33.7%29.6%31.1%30.4%+530bps+140bps+330bpsOthers(4.5)0.2(4.3)(4.3)(5.9)(10.2)+2.7%-102.7%-57.7%Total439.9507.6947.5519.0584.01,103.1-15.3%-13.1%-14.1%As of % of revenue32.5%34.9%33.8%32.4%34.8%33.6%+10bps+10bps+20bps Margin rates are based on actual figures« Others » includes Manufacturing Entities and Holdings In 2020, the Group delivered EBITDA of €947.5m. EBITDA margin increased +20bps to 33.8% of sales. France In 2020, EBITDA was down -18.8% at €329.9m but EBITDA margin was stable at 38.0%. This good performance reflects the operational adjustments and the savings achieved in a context of strong decrease in activity, especially in Hospitality. Central Europe In 2020, EBITDA was broadly stable at €231.0m despite a -3.7% revenue decline. EBITDA margin in the region was up +110bps at 32.7%. In Germany, operational adjustments and further productivity gains led to a +120bps EBITDA margin improvement at 27.3%. The Netherlands, Poland and Belux all delivered EBITDA margin improvement. In Switzerland, which is more exposed to Hospitality, we saw more impact from the crisis and EBITDA margin was down. Scandinavia & Eastern Europe In 2020 EBITDA was down -6,0% at €184.4m but EBITDA margin was up +20bps at 38.9%. Almost all countries in the region delivered EBITDA margin improvement, on the back of the efficient variabilization of costs and savings. UK & Ireland In 2020, despite a -23.0% revenue decrease, EBITDA margin was up +40bps at 29.0%. This performance underscores both the successful measures put in place since the acquisition of Berendsen to improve operations and the efficient operational adjustments implemented from March 2020 to limit the impact of the crisis. Southern Europe In 2020, EBITDA was down -46.8% at €45.7m, with EBITDA margin down -580bps at 23.0%. In this region, where the share of 2019 revenue in Hospitality was the Group’s highest (c. 60%), the saving measures implemented could not offset the -33.5% revenue decrease. In particular, first-half EBITDA was impacted by a lag in the implementation of some operational adjustments due to prevailing labor procedures in the country. Latin America In 2020, EBITDA margin was up +330bps at 33.7%, on the back of cost savings, further productivity improvement in the region’s plants, especially in Brazil, and short-term, very profitable contracts (supply of overgowns for Brazilian hospitals). EBITDA was down -9.7% at €72.0m due to a very negative currency effect. From EBITDA to Net income In millions of euros2020 2019 restated1Var.EBITDA947.51,103.1-14.1%As a % of revenue33.8%33.6%+20bpsD&A(656.0)(648.2) EBIT291.5454.9-35.9%As a % of revenue10.4%13.9%-350bpsCurrent operating income276.4442.0-37.5%Amortization of intangible assets recognized in a business combination(93.0)(88.5) Non-current operating income and expenses(64.1)(18.4) Operating income119.3335.2-64.4%Financial result(88.4)(150.0) Income tax(27.1)(47.5) Income from continuing operations3.9137.7-97.2%Net income3.9141.8-97.3%Headline net income2138.7256.1-45.9% 1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release2: A reconciliation is provided in the “From Income from continuing operations to Headline net income” section of this releasePercentage change calculations are based on actual figures EBIT As a percentage of revenue, EBIT was down -350bps in 2020. The 2017-2019 capex program dedicated to Berendsen impacted 2020 D&A (+1.2% vs 2019). However, the very material capex reduction in 2020 (especially in linen capex) led to a -2.4% D&A decrease in H2 2020 compared to H2 2019. Around 60% of the D&A corresponds to linen amortization and c. 40% to amortization of other assets (mainly industrial). Operating income The main items between EBIT and Operating income are as follows: Expenses related to free-share plans correspond to the requirements of the IFRS 2 accounting standard. They showed a +€2.4m increase in 2020 compared to 2019.The amortization of intangible assets recognized in a business combination is partly related to the goodwill allocation of Berendsen. The increase in 2020 is mainly due to the change in the amortization schedule of the Berendsen trademark, following the faster-than-planned rebranding.Non-current operating expenses are mainly made up of (i) c. €33m of restructuring costs relating to saving plans and site shutdowns and (ii) c. €22m of additional costs directly tied to the sanitary crisis in Q2. Financial result In 2020, net financial expense was €88.4m. It decreased by -€61.6m compared to 2019. It is mainly made up of (i) interests on financial debt for c. €50m, (ii) interest expenses on lease liabilities related to the application of IFRS 16 for c. €10m, (iii) notional interests related to OCEANE for €9m and (iv) amortization of issuing costs for previous loans for c. €7m. Income from continuing operations Income from continuing operations was €3.9m in 2020 compared to €137.7m in 2019. From Income from continuing operations to Headline net income In millions of euros20202019restated1Income from continuing operations3.9137.7Amortization of intangible assets recognized in a business combination273.570.8IFRS 2 expense213.410.6Accelerated amortization of loans issuing costs20.112.2Refinancing costs2-4.5Unwinding of swaps2-12.9Non-current operating income and expenses including:47.87.4Litigation provisions reversal0.6(11.6)Exceptional expense relating to the sanitary crisis216.5-Acquisition-related costs225.26.5Restructuring costs24.16.6Other21.45.9Headline net income138.7256.1 1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release2: Net of tax effect Headline net income was €138.7m in 2020, down -45.9% compared to 2019. Cash-flow statement In millions of euros20202019restated1EBITDA947.51,103.1Non-recurring items and provision variance(55.2)(24.4)Acquisition and cession fees(3.8)(10.2)Other(1.4)(0.6)Cash flows before net finance costs and tax887.11,067.9Net capex(493.8)(660.3)Change in working capital requirement26.726.9Net interest paid (including interest on lease liabilities)(64.1)(110.7)Tax paid(65.8)(76.2)Lease liabilities payments (principal)(73.4)(73.3)Free cash-flow216.8174.2Acquisitions of subsidiaries, net of cash acquired(88.1)(83.2)Other change arising from subsidiaries (gain or loss of control)(4.2)(15.1)Other flows related to financing operations(4.8)(20.0)Proceeds from disposal of subsidiaries, net of cash transferred0.530.0Dividends paid-(81.2) Equity increase, treasury shares, lease reclassification from financial to liabilities(1.3)29.0 Other(27.7)(48.0)Net debt variance91.1(14.4)Net financial debt3,281.03,372.1 1: A reconciliation is provided in the “Restated income statement for prior financial years” section of this release Capex In 2020, the Group’s Net capex represented 17.6% of revenue vs 20.1% in 2019. This reflects the finalization of the capex program dedicated to Berendsen (completed at the end of 2019), lower linen investments in a context of lower client activity and the cancellation of some capacity-driven industrial projects. Change in operating working capital requirement In 2020, the Change in working capital requirement was c. +€27m. The lower activity led to lower trade receivables and accounts payable. Furthermore, strong focus was put on cash collection. Central inventories were up c. €13m as a result of lower linen consumption in the plants. Free cash-flow 2020 Fee cash-flow (after lease liabilities payments) reached €216.8m, up +€42,6m yoy (+24,5%). Net financial debt The Group’s net financial debt at December 31, 2020 stood at €3,281.0m compared to €3,372.1m at December 31, 2019. Leverage Ratio was 3.7x as of December 31, lower than Group’s initial covenant of 3.75x. As a reminder, Elis obtained in 2020 a waiver regarding its June 30, 2020, December 31, 2020, and June 30, 2021 bank covenant tests. The renegotiated covenants are 5.0x, 4.75x and 4.5x respectively. Pay-out for the 2020 financial year Given the many persisting uncertainties surrounding the sanitary crisis, the suspension of the dividend is maintained and there will be no payout in 2021 for the 2020 financial year. Restated income statement for prior financial years The table below presents the adjustments linked to previous business combinations (IFRS3) at December 31, 2020 compared to the previously published income statement as of December 31, 2019: In millions of euros2019 reportedIFRS 32019 restatedRevenue3,281.8-3,281.8EBITDA1,103.00.01,103.1EBIT454.9(0.0)454.9Current operating income442.1(0.0)442.0Amortization of intangible assets recognized in a business combination(88.3)(0.2)(88.5)Non-current operating income and expenses(18.5)0.1(18.4)Operating income335.3(0.1)335.2Financial result(150.0)(0.0)(150.0)Income tax(47.6)0.1(47.5)Income from continuing operations137.7(0.0)137.7Net income141.9(0.0)141.8 Financial definitions Organic growth in the Group’s revenue is calculated excluding (i) the impacts of changes in the scope of consolidation of “major acquisitions” and “major disposals” (as defined in the Document de Base) in each of the periods under comparison, as well as (ii) the impact of exchange rate fluctuations.EBITDA is defined as EBIT before depreciation and amortization net of the portion of subsidies transferred to income. It excludes non-recurring items directly related to the sanitary crisis, which are accounted for accounted for in “Non-current operating income and expenses”.EBITDA margin is defined as EBITDA divided by revenues.EBIT is defined as net income (or net loss) before financial expense, income tax, share in income of equity-accounted companies, amortization of customer relationships, goodwill impairment, non-current operating income and expenses, miscellaneous financial items (bank fees recognized in operating income) and expenses related to IFRS 2 (share-based payments).Free cash-flow is defined as cash EBITDA minus non-cash-items items, minus change in working capital, minus linen purchases and manufacturing capital expenditures, net of proceeds, minus tax paid, minus financial interests’ payments and minus lease liabilities payments.The leverage ratio is a leverage ratio calculated for bank loan covenants: Total net leverage is equal to [Net financial debt, less current accounts held for employee profit-sharing and accrued interest not yet due, plus unamortized debt issuance costs and finance lease liabilities as measured under IAS 17 had the standard had continued to apply] divided by [Pro forma EBITDA of acquisitions finalized during the last 12 months after synergies and excluding the impact of IFRS 16]. These alternative performance measures are meant to facilitate the analysis of Elis’ operating trends, financial performance and financial position and allow the provision to investors of additional information that the Managing Board believes to be useful and relevant regarding Elis’ results. These alternative performance measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these alternative performance measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. 2021 outlook The guidance provided in this press release has been prepared in a manner comparable to the historical financial information, and in line with the Group's accounting methods. Consolidated financial statements Consolidated financial statements for the year 2020 are available at this address: https://fr.elis.com/en/group/investors-relations/regulated-information Geographical breakdown FranceCentral Europe: Germany, Netherlands, Switzerland, Poland, Belgium, Austria, Czech Republic, Hungary, Slovakia, LuxembourgScandinavia & Eastern Europe: Sweden, Denmark, Norway, Finland, Latvia, Estonia, Lithuania, RussiaUK & IrelandSouthern Europe: Spain & Andorra, Portugal, ItalyLatin America: Brazil, Chile, Colombia Presentation of Elis’ 2020 full-year results (in English) Date: Tuesday 9 March 2021 at 8:00am GMT (9:00am CET) Speakers: Xavier Martiré (CEO) and Louis Guyot (CFO) Webcast link (for live and replay): https://edge.media-server.com/mmc/p/96wikk65 Conference call dial in numbers: United Kingdom: +44(0) 207 192 8338United States: +1 646 774 0219France: +33(0)1 70 70 07 81 Confirmation code: 8118956 Investor presentation An investor presentation will be available at 7:45am GMT (8:45am CET) at this address: https://fr.elis.com/en/group/investors-relations/regulated-information Forward looking statements This document may contain information related to the Group’s outlook. Such outlook is based on data, assumptions and estimates that the Group regarded as reasonable at the date of this press release. Those data and assumptions may change or be adjusted as a result of uncertainties relating particularly to the economic, financial, competitive, regulatory or tax environment or as a result of other factors of which the Group was not aware on the date of this press release. Moreover, the materialization of certain risks described in chapter 4 “Risk factors, risk control, insurance policy, and vigilance plan” of the Universal Registration Document for the financial year ended December 31, 2019, and Section 1.4 “Risk Factors” of the half-year financial report as at June 30, 2020, which are available on Elis’s website (www.elis.com), may have an impact on the Group’s activities, financial position, results or outlook and therefore lead to a difference between the actual figures and those given or implied by the outlook presented in this document. Elis undertakes no obligation to publicly update or revise the Group’s outlook or any of the abovementioned data, assumptions or estimates, except as required by applicable laws and regulations. Reaching the outlook also implies success of the Group’s strategy. As a result, the Group makes no representation and gives no warranty regarding the attainment of any outlook set out above. Next information Q1 2021 revenue: May 5, 2021 (after market) Contact Nicolas Buron, Investor Relations Director - Phone: +33 1 75 49 98 30 - [email protected] Consolidated Financial Statements ExcerptP&L (in millions of euros)12/31/202012/31/2019 restatedRevenue2,806.3 3,281.8 Cost of linen, equipment and other consumables(527.9)(532.0)Processing costs(1,018.7)(1,230.4)Distribution costs(466.9)(538.3)Gross margin792.8 981.1 Selling, general and administrative expenses(502.7)(539.6)Net impairment on trade and other receivables(13.7)0.5 Operating income before other income and expenses and amortization of intangible assets recognized in a business combination276.4 442.0 Amortization of intangible assets recognized in a business combination(93.0)(88.5)Goodwill impairment- - Other operating income and expenses(64.1)(18.4)Operating income119.3 335.2 Net financial income (expense)(88.4)(150.0)Income (loss) before tax30.9 185.2 Income tax expense(27.1)(47.5)Income from continuing operations3.9 137.7 Income from discontinued operation, net of tax- 4.1 Net income (loss)3.9 141.8 Attributable to: - owners of the parent3.9 142.0 - non-controlling interests(0.0)(0.2)Earnings (loss) per share (EPS) (in euros): - basic, attributable to owners of the parent€0.02 €0.64 - diluted, attributable to owners of the parent€0.02 €0.63 Earnings (loss) per share (EPS) from continuing operations (in euros): - basic, attributable to owners of the parent€0.02 €0.63 - diluted, attributable to owners of the parent€0.02 €0.61 Balance SheetAssets (in millions of euros)12/31/202012/31/2019 restatedGoodwill3,765.9 3,795.6 Intangible assets782.5 869.5 Right-of-use assets438.6 410.8 Property, plant and equipment1,883.8 1,998.5 Other equity investments0.2 0.2 Other non-current assets64.4 69.0 Deferred tax assets36.6 23.2 Employee benefit assets34.1 32.1 TOTAL NON-CURRENT ASSETS7,006.2 7,198.9 Inventories137.3 124.8 Contract assets27.6 36.2 Trade and other receivables519.1 632.4 Current tax assets13.6 11.8 Other assets18.8 21.1 Cash and cash equivalents137.6 172.3 Assets held for sale0.4 0.7 TOTAL CURRENT ASSETS854.4 999.2 TOTAL ASSETS7,860.6 8,198.0 Liabilities (in millions of euros)12/31/202012/31/2019 restatedShare capital221.8 221.3 Additional paid-in capital2,575.6 2,646.4 Treasury share reserve(11.2)(10.1)Other reserves(366.2)(192.2)Retained earnings (accumulated deficit)387.2 290.3 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT2,807.3 2,955.7 NON-CONTROLLING INTERESTS0.6 0.8 TOTAL EQUITY2,808.0 2,956.6 Provisions83.7 85.8 Employee benefit liabilities111.0 119.1 Borrowings and financial debt3,066.6 3,116.3 Deferred tax liabilities299.4 316.7 Lease liabilities368.3 343.7 Other non-current liabilities23.5 8.4 TOTAL NON-CURRENT LIABILITIES3,952.5 3,990.0 Current provisions14.5 17.0 Current tax liabilities25.5 23.7 Trade and other payables221.3 288.5 Contract liabilities62.7 71.5 Current lease liabilities79.0 63.7 Other liabilities345.1 359.0 Bank overdrafts and current borrowings352.0 428.1 Liabilities directly associated with assets held for sale- - TOTAL CURRENT LIABILITIES1,100.1 1,251.4 TOTAL EQUITY AND LIABILITIES7,860.6 8,198.0 Cash-flow statement (in millions of euros)12/31/202012/31/2019 restatedConsolidated net income (loss)3.9 141.8 Income tax expense27.1 48.2 Net financial income (expense)88.4 150.2 Share-based payments12.9 11.0 Depreciation, amortization and provisions751.0 721.5 Portion of grants transferred to income(0.3)(0.4)Net gains and losses on disposal of property, plant and equipment and intangible assets4.2 2.4 Other(0.1)(6.8)CASH FLOWS BEFORE FINANCE COSTS AND TAX887.1 1 067.9 Change in inventories(13.0)(2.6)Change in trade and other receivables and contract assets114.5 33.2 Change in other assets2.4 7.6 Change in trade and other payables(57.6)3.2 Change in contract liabilities and other liabilities(20.3)(13.4)Other changes2.7 0.2 Employee benefits(1.9)(1.3)Tax paid(65.8)(76.2)NET CASH FROM OPERATING ACTIVITIES848.0 1,018.5 Acquisition of intangible assets(16.0)(23.2)Proceeds from disposal of intangible assets0.1 0.0 Acquisition of property, plant and equipment(483.2)(659.1)Proceeds from disposal of property, plant and equipment5.3 22.0 Acquisition of subsidiaries, net of cash acquired(88.1)(83.2)Proceeds from disposal of subsidiaries, net of cash transferred0.5 30.0 Changes in loans and advances(1.3)(2.0)Dividends earned0.0 0.0 Investment grants0.0 0.0 NET CASH FROM INVESTING ACTIVITIES(582.6)(715.5)Capital increase(0.0)6.6 Treasury shares(1.3)1.5 Dividends and distributions paid - to owners of the parent0.0 (81.2)- to non-controlling interests- - Change in borrowings (1)(146.6)(34.6)- Proceeds from new borrowings868.6 2,392.0 - Repayments of borrowings(1,015.2)(2,426.5)Lease liability payments - principal(73.4)(73.3)Net interest paid (including interest on lease liabilities)(64.1)(110.7)Other cash flows related to financing activities(4.8)(20.0)NET CASH FROM FINANCING ACTIVITIES(290.2)(311.7)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(24.8)(8.7)Cash and cash equivalents at beginning of period170.8 179.1 Effect of changes in foreign exchange rates on cash and cash equivalents(8.4)0.4 CASH AND CASH EQUIVALENTS AT END OF PERIOD137.6 170.8 (1) Net change in credit lines Attachment Elis - 2020 Annual Results (Press release)

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