Q1 2021 Financial Results Presentation
May 27, 2021
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,
2021 and 2020. The statement of financial position for Adria Midco B.V. and its subsidiaries as at March 31, 2021 and as at March 31, 2020, 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.
3
Agenda
Introduction
Operational review
Financial review
4
United Group: Proven cable growth and sustained leadership through
media
The leading multi-play communications and media provider in
South-East Europe
LTM Q1 2021 Revenues: €1,407m
LTM Q1 2021 Adjusted EBITDA*: €576m
United Group is a well-diversified business with leading
market positions in Serbia, Croatia, Slovenia, Bosnia and
Herzegovina, Montenegro, Bulgaria and Greece
8.2m households watching United Group channels
Over 3.72m homes using broadband and telecoms
services, attracted by superior service and range of
offering
United Group operates 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 growth (Telemach Croatia and Vivacom acquisitions)
United Group has a reputation for providing the most
attractive content in its respective markets, available across all
devices and formats
Led by a dynamic and entrepreneurial founder with an
experienced home-grown management team
14%
13%
4%
7%
6%
28%
14%
10%
4%
Cable Pay-TV
Sale of handset and material
Broadband Internet
Telephony Fixed-line
DTH Pay-TV
OTT and Out-of Footprint services
Other revenues
Mobile service
Media
Revenue** by category (LTM Q1 2021)
Large and growing integrated media business well-positioned across the media value chain
Regional platform delivers strategic scale for monetisation of content investments
5
United Group: a strong track record of growth
Compound annual growth rates from
2015-2020
Revenue: 25%
Adjusted EBITDA: 24%
Completed
more
than
100
successful
acquisitions since 2000
Owned by funds affiliated with BC Partners,
EBRD and by management
Biggest PE / FDI investment in South Eastern
Europe
First regional company to raise foreign debt
First to attract investment from the EBRD
Outstanding track record of growth resulting from organic development and acquisitions
FY 2018 FY 2019
FY 2015
FY 2017
€742m
FY 2016
LTM Q1
2021
FY 2020
L2QA*
Q1 2021
PF
L2QA**
Q1 2021
€518m
€377m €459m
€636m
€1,161m
€1,407m
€1,722m
€1,928m
CAGR
+25%
Revenue
LTM Q1
2021
FY 2020
FY 2018
FY 2015
FY 2016
FY 2017
FY 2019
L2QA*
Q1
2021
€223m
PF
L2QA**
Q1 2021
€190m
€261m
€161m
€316m
€481m
€576m
€690m
€763m
CAGR
+24%
Adjusted EBITDA***
* As reported L2QA performance of United Group.
** Pro Forma L2QA Adjusted EBITDA and Revenues includes adjustment for Forthnet acquisition contribution (Oct20), adjustment for Nova BG acquisition contribution (Oct20-Jan21) and L2QA contribution for other M&A companies.
Major local producer of quality content across genres in SEE:
Supports growth, increased choice and innovation
Provides predictable carriage fees
Independent news – CNN / N1 partnership and Newsmax TV
affiliation
Distribution partner of choice for premium third party content
such as world class sports
Distribution partner of choice for premium movies from
Hollywood studios WARNER, SONY, MGM
United Group’s integrated business model is a key differentiator
Cable and Mobile
#1 multi-play operator
Large, well-invested network
48,000km of fiber optic cable
Fully upgraded to EuroDOCSIS 3.0, 91% DOCSIS 3.1
ready (43% of the footprint)
GPON on 25% of the footprint and growing fast
XGS 10/10 Gbps speed FTTH access network to be
introduced throughout the Group in 2021
Market leading broadband speeds (~70% of network
gigabit-capable)
First in the region to offer OTT (2013)
World first internally developed content management and
distribution system EON TV, in partnership with Google
Differentiated by excellence in customer service reflected in:
Consistently high customer satisfaction scores
Low customer churn of approximately 9-10% per annum
Differentiation
Virtuous
circle of
growth
Pan regional platform
7
Agenda
Introduction
Operational review
Financial review
Significant growth in total RGUs driven by acquisitions of Vivacom
and Forthnet
3.92m
3.61m
4.90m
FY 2016
FY 2015
10.90m
FY 2017
3.15m
FY 2018
FY 2019
FY 2020
Q1 2020
Q1 2021
2.85m
3.79m
10.89m
CAGR
+31%
+122%
RGUs
RGUs by service
Successful track record of up-selling and cross-selling multi-play packages
1.17m
Q1
2020
Q1
2021
1.48m
+26%
Q1
2021
Q1
2020
0.87m
1.40m
+60%
Q1
2020
0.70m
Q1
2021
1.27m
+80%
Q1
2020
TM SLO 0.60m 0.56 0.944.47m
TM CRO 0.92 Vivacom 2.95mQ1
2021
1.50m
+199%
Cable Pay-TV
Broadband
internet
Fixed-line
telephony
Mobile
9
Group Blended Cable ARPU
Blended Cable ARPU* by subgroup
FY 2018*
Q1 2020*
€20.5
€19.4
€18.3
€18.3
€22.7
FY 2016
FY 2015
€23.3
FY 2019*
FY 2017
€20.6
€21.9
FY 2020*
Q1 2021*
CAGR
+2%
-21%
Group Blended Cable ARPU repositioning driven by inclusion of Vivacom into the Group
€20.2
Q1 2020
Q1 2021
€20.4
-1%
Q1 2020
Q1 2021
€35.4
€35.4
0%
SBB Serbia
Telemach SLO
Telemach BH
Telemach MNE
Q1 2020
Q1 2021
€22.4
€21.4
-5%
Q1 2020
Q1 2021
€18.9
€19.0
+1%
Strong track record of ARPU growth at Group level
Q1 2020
€10.5
Q1 2021
€10.1
+4%
Vivacom**
* Please note tha t due to the acquisi tion of Vivacom ce rtain key operating measures defini tions have been amended to align methodology a cross the group (Home s Passed, Unique Cable Subscribers and Blended Cable ARPU). Due to this change, blended cable ARPU for periods from 2018 onwards has been restated.
Agenda
Introduction
Operational review
Financial review
11
Revenue up 127% YoY
Revenue by subgroup
FY 2017
FY 2015
FY 2016
Q1 2020
Q1 2021
€439m
€636m
FY 2018 FY 2019
€1,161m
FY 2020
€377m
€742m
€459m
€518m
€194m
+22%
+13%
+23%
CAGR
+25%
+17%
+57%
+127%
Revenue
€60m
Q1
2020
Q1
2021
€62m
-2%
SBB Serbia
Telemach
SLO
Telemach
BH
Telemach
MNE
YoY revenue growth mainly due to Vivacom, Forthnet, Telemach CRO and Nova BG acquisitions
Q1
2020
Q1
2021
€62m
€58m
+7%
Q1
2020
Q1
2021
€19m €18m
-4%
Q1
2020
Q1
2021
€3m
€3m
-6%
Q1
2020
€85m
Q1
2021
€62m
+36%
United Media
Other
Q1
2020
Q1
2021
€7m
€14m
+98%
Drivers of revenue growth:
• acquisitions of Vivacom, Forthnet,
Telemach CRO and Nova BG
• growth in the number of
subscribers and multi-play
packages
• cross-selling
• price increases
• launch of Shoppster e-commerce
platform
€15m
Q1
2021
Q1
2020
€44m
+184%
Telemach
CRO*
€130m
Q1
2020
Q1
2021
Vivacom*
Q1
2020
Q1
2021
€62m
Forthnet*
12
Maintaining a strong track record of profitable growth
Adjusted EBITDA* and Adj. EBITDA margin
Adjusted EBITDA* by subgroup
-0.02
-0.03
0
0.00
200
-0.01
400
600
€223m
FY 2019
FY 2015 FY 2016 FY 2017 FY 2018
FY 2020
Q1 2020 Q1 2021
€161m
€190m
€261m
€316m
€481m
€85m
€179m
CAGR
+24%
+112%
Q1
2020
Q1
2021
€33m €31m
-5%
€22m
Q1
2020
€23m
Q1
2021
+6%
€7m
Q1
2020
Q1
2021
€6m
+10%
Vivacom, Forthnet, Telemach CRO and Nova BG contribution and operational efficiency key to maintaining
robust EBITDA growth
SBB Serbia
Telemach
SLO
Telemach
BH
Telemach
MNE
United Media
Other
€1m
Q1
2020
Q1
2021
€1m
+10%
€25m
Q1
2021
Q1
2020
€18m
+36%
Q1
2021
Q1
2020
€-3m
€-1m
-192%
+17% vs 2016 +17% vs 2017 43% +18% vs 2015Drivers of Adj. EBITDA growth:
• acquisitions of Vivacom, Forthnet,
Telemach CRO and Nova BG
• cost discipline
• growth in the number of
subscribers and multi-play
packages
• cross-selling
• price increases
+21% vs 2018€15m
Q1
2020
€6m
Q1
2021
+173%
Telemach
CRO**
€61m
Q1
2020
Q1
2021
Vivacom**
Q1
2021
Q1
2020
€18m
Forthnet**
* Adj. EBITDA figures are presented post IFRS 16 from FY 2019.
** Excludes results for the period prior to United Group's acquisition of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in
+53% vs 2019
13
Sustained investment underpins high growth
Capex* (as % of revenue)
€310m
FY 2017
FY 2015 FY 2016
FY 2018 FY 2019 FY 2020
Q1 2020 Q1 2021
€185m
€150m
€133m
€137m
€197m
€58m
€91m
CAGR
+16%
+58%
Capex* by subgroup
Q1
2021
€14m
Q1
2020
€16m
-13%
Trend of continuous reduction in CAPEX as % of revenue accelerated by COVID measures in 2020
Q1
2020
Q1
2021
€17m €20m
+20%
SBB Serbia
Telemach
SLO
Telemach
BH
Telemach
MNE
United Media
Other
€5m €5m
Q1
2020
Q1
2021
-8%
€1m
€1m
Q1
2020
Q1
2021
-24%
Q1
2020
Q1
2021
€17m
€16m
+7%
€1m
Q1
2020
€0m
Q1
2021
+337%
Drivers of CAPEX growth:
• acquisitions
(e.g.
Vivacom,
Forthnet, Telemach CRO and
Nova BG)
• network investment (fixed)
• investment in content
40% 29% 26% 27%€12m
Q1
2020
Q1
2021
€2m
+378%
Telemach
CRO**
Q1
2020
Q1
2021
€16m
Vivacom**
29% 27%Q1
2020
Q1
2021
€6m
Forthnet**
* Capital expenditure figures are presented post IFRS 16 from FY 2019.
** Excludes results for the period prior to United Group's acquisitions of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in March 2020.
14
Positive momentum in cash conversion
Cash conversion*
€57m
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
Q1 2020
Q1 2021
€11m
€87m
€76m
€118m
€171m
€27m
€88m
CAGR
+73%
+228%
Cash conversion* by subgroup
Q1
2020
€17m
Q1
2021
€17m
+3%
Stronger Adj. EBITDA growth compared to CAPEX resulted in higher cash conversion in Q1 2021
SBB Serbia
Telemach
SLO
Telemach
BH
Telemach
MNE
United Media
Other
Q1
2021
€5m
Q1
2020
€3m
-44%
€1m
Q1
2020
Q1
2021
€2m
+77%
Q1
2020
Q1
2021
€0m
€-1m
+69%
€8m
€2m
Q1
2020
Q1
2021
+253%
€-1m
Q1
2021
Q1
2020
€-3m
-216%
* Adjusted EBITDA less CAPEX. Figures are presented post IFRS 16 from FY 2019.
** Excludes results for the period prior to United Group's acquisitions of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in March 2020.
15
Net leverage increased compared to FY 2020
** Annualized Adjusted Pro Forma EBITDA is calculated as two times Q1 2021 + Q4 2020 Adjusted EBITDA plus €13.2m of Forthnet Standalone L2QA Adj. EBITDA Contribution (Oct20) plus €38.5 million of Nova BG Standalone L2QA Adj. EBITDA Contribution (Oct20-Jan21) plus €19.3 million of Other M&A companies (for which the Group signed agreements for acquisition and are in the process of receiving regulatory approvals) L2QA Adj. EBITDA. Adj. EBITDA figures are presented pre IFRS 16 effect.
Net debt
Leverage
€3,511m
€-434m
Q1 2021*
€3,740m
FY 2020
€-166m
€3,306m
€3,345m
+1%
Adj. Gross debt
Cash
Gross
leverage
Net
leverage
5.31x
4.70x
FY 2020
* Gross debt figure inc ludes the effect of additional debt for the acquisition of Nova BG and other companies for which the Group signed agreements for acquisition and are in the process of receiving regulatory approvals, as well as estimated consideration for the acquisition of a minority interest in Forthnet Group, but excludes capitalized transaction costs.
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
17
Mergers & Acquisitions
Ongoing transactions
Completed transactions
• The Group agreed to acquire 100% of the share
capital of the Serbian transportation company D
Express.
• The Group agreed to acquire 100% of the share
capital of local internet and TV operators
Networx-Bulgaria EOOD, TVN Distribution Networx-Bulgaria EOOD
and Telco Infrastructures EOOD in Bulgaria.
Year Company Business Country
2021 Telecoms fixed 2021 Telecoms fixed 2021 Telecoms fixed 2021 Telecoms fixed 2021 Telecoms fixed 2021 Media 2021 Media 2021 Media 2020 Telecoms fixed 2020 Telecoms fixed 2020 Telecoms fixed 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 f ixed 2019 Telecoms f ixed 2019 Telecoms f ixed 2018 Media 2018 Media 2018 Media
2018 BH OTT TV OTT Worldwide 2018 Kabel Group Telecoms f ixed
Agenda
Introduction
Operational review
Financial review
Mergers & Acquisitions
19
ARPU growth YoY mainly from up-selling, cross-selling and price increases
ARPU by service
* Prior year figures included for presentation purposes only. Vivacom acquired in August 2020, while Forthnet acquired in November 2020. ** Prior year figures exclude results for the period prior to United Group’s acquisition. TM CRO was acquired in March 2020.
*** Please note that due to the acquisition of Vivacom certain key operating measures definitions have been amended to align methodology across the group (Homes Passed, Unique Cable Subscribers and Blended Cable ARPU). Due to this change, blended cable ARPU for periods from 2018 onwards has been restated.
ARPU Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021
Cable pay-TV
€ 9.0
€ 9.1
€ 10.5
€ 10.5
€ 18.6
€ 18.0
€ 11.0
€ 10.6
€ 11.7
€ 11.5
Broadband internet
€ 5.2
€ 5.2
€ 11.2
€ 10.6
€ 18.3
€ 18.2
€ 10.4
€ 9.5
€ 8.3
€ 8.3
Fixed-line telephony
€ 5.2
€ 5.3
€ 3.7
€ 3.4
€ 3.1
€ 2.8
€ 6.8
€ 6.0
€ 2.7
€ 2.7
Mobile services
€ 6.8
€ 7.3
€ 10.9
€ 10.9
€ 12.2
€ 12.1
DTH pay-TV
€ 8.6
€ 9.1
€ 20.2
€ 17.8
€ 10.3
€ 9.5
€ 18.3
€ 18.9
€ 10.1
€ 8.7
€ 11.3
€ 10.7
Blended cable***
€ 10.1
€ 10.5
€ 20.4
€ 20.2
€ 35.4
€ 35.4
€ 22.4
€ 21.4
€ 18.9
€ 19.0
Telemach SLO
Telemach CRO**
Telemach MNE
Bonds
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
Coupon Three-month EURIBOR (subject to a zero floor)
plus 4.125%
Maturity 15-May-25
Coupon dates 15 February, 15 May, 15 August
and 15 November
Outstanding notes €600 million
Coupon 3.125%
Maturity 15-Feb-26
Coupon dates 15 February & 15 August
United Group B.V. Senior Notes
2024 Fixed Rate Notes
2026 Fixed Rate Senior Secured Notes 2025 Floating Rate Notes
Outstanding notes €450 million
Coupon Three-month EURIBOR (subject to a zero floor)
plus 3.25%
Maturity 15-Feb-26
Coupon dates 15 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
Outstanding notes €550 million
Coupon 4.000%
Maturity 15-Nov-27
Coupon dates 15 May & 15 November
21
Income statement
in €000 Q1 2020 Q1 2021 Revenue 193,974 439,357 Other income 1,723 1,796 Content costs (28,551) (48,166)Link and interconnection costs (11,434) (44,660)
Cost of end-user equipment and other material cost (16,964) (47,974)
Staff costs (21,537) (55,342)
Media buying (7,944) (8,417)
Net impairment loss on trade and other receivables, including contract assets (2,279) (3,635)
Other operating expenses (30,630) (63,110)
IFRS EBITDA 76,358 169,849
Depreciation (27,126) (57,574)
Depreciation (right-of-use assets) (5,550) (15,799)
Amortization of intangible assets (22,254) (66,147)
Results from operating activities 21,428 30,329
Finance income 451 826
Finance costs (33,824) (38,388)
Net finance costs (33,373) (37,562)
Profit/(loss) before tax (11,945) (7,233)
Income tax (expenses)/benefit (1,433) (2,687)
Profit/(loss) for the period (13,378) (9,920)
Other comprehensive income/(loss)
Items that are or may be reclassified subsequently to profit and loss
Currency translation differences (2,832) (86)
Other comprehensive income/(loss) for the period (2,832) (86) Total comprehensive income/(loss) for the period (16,210) (10,006)
Profit/(loss) attributable to:
Owners of the Company (14,192) (10,311)
Non-controlling interests 814 391
Profit/(loss) for the period (13,378) (9,920)
Total comprehensive income/(loss) attributable to:
Owners of the Company (17,024) (10,397)
Non-controlling interests 814 391
Statement of financial position
in €000 Q1 2020 Q1 2021
Assets
Property, plant and equipment 504,700 1,056,873
Goodwill 823,955 1,228,811
Intangible assets 299,689 893,218
Investment property 292 70,347
Right-of-use assets 149,149 281,317
Loans to related parties 6,856 7,221
Other financial assets 11,736 56,942
Non-current prepayments 447 5,323
Non-current trade receivables - 15,034
Contract assets 6,122 12,197
Deferred costs 241 145
Deferred tax assets 9,240 20,757
Non-current assets 1,812,427 3,648,185
Inventories 31,499 65,728
Trade and other receivables 192,173 313,360
Short-term loans receivables and deposits 8,891 10,356
Prepayments 45,862 68,517
Contract assets 37,753 65,207
Income tax receivables 10,674 11,110
Restricted cash for acquisition purposes 1,050,000
-Assets classified as held for sale - 793
Cash and cash equivalents 67,213 166,041
Current assets 1,444,065 701,112
23
Statement of financial position - continued
in €000 Q1 2020 Q1 2021
Equity
Issued and fully paid share capital 125 125
Share premium 352,557 527,046
Capital reserves 54,468 54,468
Translation reserves (15,307) (13,754)
Accumulated losses (424,729) (577,191)
Equity attributable to owners of the Company (32,886) (9,306)
Non-controlling interests 10,838 6,121
Total equity (22,048) (3,185)
Liabilities
Loans and borrowings 57,010 81,212
Other financial liabilities - bonds 2,719,878 3,266,439
Long-term liabilities 5,827 12,962
Long-term provisions 40,684 95,973
Deferred operating lease income 5,334 5,194
Contract liabilities 1,747 6,220
Lease liabilities 117,092 228,910
Deferred tax liabilities 26,583 98,711
Employee benefits 784 11,816
Non-current liabilities 2,974,939 3,807,437
Trade and other payables 197,522 375,712
Current tax liabilities 16,404 17,575
Loans and borrowings 36,384 1,691
Interest payables (Q120 figure within Trade and other payables) - 22,493
Deferred operating lease income 5,668 4,780
Contract liabilities 16,614 62,024
Lease liabilities 31,009 60,770
Current liabilities 303,601 545,045
Total liabilities 3,278,540 4,352,482
Consolidated statement of cash flows
in €000 Q1 2020 Q1 2021
C ash flows from operating activities
(Loss)/profit for the period (13,378) (9,920)
Adjustments for:
Depreciation 27,126 57,574
Depreciation (right-of-use assets) 5,550 15,799
Amortization 22,254 66,147
Impairment of trade and other receivables 2,132 3,240
Impairment of contract assets 147 395
Impairment loss of subscriber acquisition costs - 103
Impairment loss of goodwill 354
-Write off and disposal of non-current assets - 676
Impairment loss of inventories 176 177
Income tax (benefit)/expense 1,433 2,687
Net change on long-term provisions (372) 272
Share based payment -
-Net finance cost 33,373 37,562
Operating cash flows before WC changes 78,795 174,712
C hanges in:
Trade and other receivables 8,057 9,255
Deferred revenue 215 9,388 Deferred cost (60) 34 Contract assets (5,545) (2,263) Contract liabilities 6,666 (355) Employee benefits (10) 108 Inventories (4,016) 2,540 Prepayments 435 (5,484)
Trade and other payables 3,026 (48,020)
Cash generated from operations 87,563 139,915
Interest paid (35,747) (43,125)
Income tax paid (1,869) (2,772)
Net cash from operating activities 49,947 94,018
in €000 Q1 2020 Q1 2021
C ash flows from investing activities
Acquisition of property, plant and equipment (37,626) (45,246)
Acquisition of intangible assets (18,186) (46,436)
Acquisition of subsidiaries, net of cash acquired (123,622) (289,231)
Assignment of receivables -
-Proceeds from sale of property, plant and equipment and
assets held for sale - 584
Prepayments for right-of-use - (859)
Short term loans receivable and deposits inflow -
-Short term loans receivable and deposits outflow (881) (1,339)
Cash inflow other non-current financial assets 608
-Cash outflow other non-current financial assets (1,038) (2,315)
Other (outflows)/inflows (750) 215
Net cash used in investing activities (181,495) (384,627)
C ash flows from financing activities
Proceeds from share premium -
-Proceeds from bond issue 1,675,000 150,000
Repayment of bond (587,578)
-Proceeds from borrowings 44,000 238,000
Repayment of borrowings (113,928) (157,548)
Transaction costs related to loans and borrowings (12,257) (3,448)
Acquisition of non-controlling interest (7) (36,646)
Repayment from lease liabilities (6,448) (19,118)
Dividends paid (78)
-Net cash from financing activities 998,704 171,240
Net increase in cash and cash equivalents 867,156 (119,369)
Cash and cash equivalents at 1 January 250,058 285,405
Effect of movements in exchange rate on cash in hands (1) 5
