Claranova |
Profitable growth in H121 |
H121 results |
Software & comp services |
7 April 2021 |
Share price performance
Business description
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Analyst
Claranova is a research client of Edison Investment Research Limited |
Claranova made good progress in H121, with organic constant currency revenue growth of 17% y-o-y and EBITDA growth of 106% y-o-y. Recent acquisitions made by PlanetArt are progressing well and the division is seeing growing demand in its target markets. Avanquest has completed most of the shift to subscription licensing, positively affecting margins. We have revised our forecasts to reflect stronger growth and profitability for PlanetArt.
Year end |
Revenue (€m) |
EBITDA* |
PBT** |
Diluted EPS** |
DPS |
P/E |
06/19 |
262.3 |
16.0 |
12.0 |
0.25 |
0.0 |
33.9 |
06/20 |
409.1 |
17.4 |
11.3 |
0.20 |
0.0 |
41.7 |
06/21e |
479.2 |
40.0 |
29.2 |
0.46 |
0.0 |
18.3 |
06/22e |
564.1 |
45.0 |
35.4 |
0.53 |
0.0 |
15.8 |
Note: *Pre-IFRS 16. **PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
PlanetArt drives doubling of EBITDA in H121
Claranova reported H121 revenue of €277.8m, up 25% y-o-y (constant currency), or 17% on an organic, constant currency basis. H121 EBITDA (pre-IFRS 16) of €23.1m was up 106% y-o-y and net income after minority interest (MI) increased 587% y-o-y. Cash generation was strong, with net cash increasing 70% y-o-y. The group EBITDA margin was 3.5pp higher y-o-y at 8.3%, with a 2.9pp increase for PlanetArt to 8.3% and a 3.5pp increase for Avanquest to 11.5%.
FY23 growth targets maintained
Management reiterated targets for revenue of €700m and an EBITDA margin of 10% by FY23. We have revised our forecasts up to reflect stronger demand and profitability for PlanetArt, with FY21 EBITDA (pre-IFRS 16) increasing by 18% and FY22 by 13%. Our normalised EPS forecasts are increased by 27% in FY21 and 20% in FY22.
Valuation: Not reflecting growth potential
Reflecting the different business models and minority interests for each division, we continue to use a sum-of-the-parts approach to valuation. Using EV/sales multiples that reflect our views on the growth and profitability of each division and are conservative compared to the peer group averages, we calculate a valuation of €13.8 per share (unchanged since we last wrote). In our view, consistent growth in revenues and margins towards the FY23 targets will be key to reducing the discount to peers. Factors that could provide upside to our estimates include sustained high demand for photo printing, successful adoption of the FreePrints Gifts app in the US/Personal Creations in the UK and returning recent PlanetArt acquisitions to profitability.
Review of H121 results
In February, Claranova reported H121 revenues (see Managing supply and demand for a discussion of the divisional revenue performance). The table below details the full financial results for H121. In February, the company noted that H121 adjusted EBITDA would be nearly twice the level of H120 – in fact, adjusted EBITDA grew 106% y-o-y. Reported EBIT increased 158% y-o-y and net income after minority interest increased 587% y-o-y. Net cash at the end of H121 increased by 70% to €46.7m.
Exhibit 1: H121 results highlights
H120 |
H121 |
y-o-y |
|
Revenues |
234.3 |
277.8 |
18.6% |
EBITDA |
12.8 |
24.9 |
94.7% |
Lease payments (IFRS 16) |
(1.6) |
(1.8) |
|
Adjusted EBITDA |
11.2 |
23.1 |
106.4% |
D&A |
(2.3) |
(2.5) |
|
Normalised EBIT |
10.6 |
22.5 |
113.0% |
Share-based payments |
0.0 |
0.0 |
|
Exceptional items |
(3.0) |
(3.3) |
|
Acquired amortisation |
(0.8) |
(1.7) |
|
Reported EBIT |
6.8 |
17.5 |
157.6% |
Net finance cost |
(2.3) |
(3.5) |
|
Reported PBT |
4.5 |
14.0 |
214.3% |
Tax |
(2.9) |
(3.5) |
|
Profit after tax |
1.5 |
10.5 |
583.1% |
MI |
(0.3) |
(2.0) |
|
Net income after MI |
1.2 |
8.5 |
587.1% |
Net cash |
27.5 |
46.7 |
69.8% |
Source: Claranova
Divisional performance
Exhibit 2: Divisional revenue and EBITDA
€m |
Revenues |
Constant currency (cc) |
Organic, cc |
||
H120 |
H121 |
y-o-y |
y-o-y |
y-o-y |
|
PlanetArt |
186.2 |
233.7 |
26% |
32% |
16% |
Avanquest |
45.9 |
41.9 |
(9%) |
(4%) |
(4%) |
myDevices |
2.2 |
2.2 |
(3%) |
4% |
4% |
Total |
234.3 |
277.8 |
19% |
25% |
17% |
EBITDA |
EBITDA margin |
||||
H120 |
H121 |
H120 |
H121 |
||
PlanetArt |
10.1 |
19.3 |
5.4% |
8.3% |
|
Avanquest |
3.7 |
4.8 |
8.0% |
11.5% |
|
myDevices |
(2.6) |
(1.0) |
Nm |
Nm |
|
Total |
11.2 |
23.1 |
4.8% |
8.3% |
Source: Claranova. Note: Claranova EBITDA is pre-IFRS 16
The main driver of the increase in profitability was the reduction in marketing expenses in PlanetArt. As previously reported, in the busy Thanksgiving to Christmas season, lockdowns in key markets put significant pressure on delivery networks (both in terms of supply and demand), with couriers and postal services taking longer to deliver. As a result, management decided to reduce active marketing in order not to disappoint customers. Despite this reduction in spend, revenues still grew 16% on an organic, constant currency basis in H121. The company noted that Personal Creations generated double-digit revenue growth and saw improved profitability in H121. The integration of CafePress is ongoing.
In Avanquest, as more than half of revenues (56% vs 42% in H120) are now coming from subscription licences, profitability has started to increase (11.5% vs 8.0% in H120). Management expects to at least maintain this level of profitability in H221. In March, the division acquired a business called PDFescape for an undisclosed amount. PDFescape was already white labelling Soda pdf so will not add materially to revenues. However, it was a very profitable business so should help further boost the profitability of the division.
In myDevices, management decided to reduce costs while customer demand is effectively on hold. It will start to reinvest as lockdown restrictions are lifted and customers are able to physically install IoT devices.
Outlook and changes to forecasts
Management reiterated its outlook for revenue of €700m with an EBITDA margin of 10% by FY23. We have revised our forecasts to reflect H121 profitability and increased our PlanetArt revenue forecasts to reflect continued strong demand. This results in an 18% increase in our FY21 pre-IFRS 16 EBITDA forecast and a 13% increase for FY22. This flows through to normalised diluted EPS forecasts, which we increase by 27% in FY21 and 20% in FY22.
Exhibit 3: Changes to forecasts
€m |
FY21e |
FY21e |
FY22e |
FY22e |
|||||
Old |
New |
Change |
y-o-y |
Old |
New |
Change |
y-o-y |
||
Revenues |
479.3 |
479.2 |
(0.0%) |
17.1% |
549.1 |
564.1 |
2.7% |
17.7% |
|
EBITDA |
34.2 |
40.0 |
17.1% |
94.2% |
40.0 |
45.0 |
12.5% |
12.5% |
|
EBITDA margin |
7.1% |
8.3% |
1.2% |
3.3% |
7.3% |
8.0% |
0.7% |
(0.4%) |
|
EBITDA - pre IFRS 16 |
31.0 |
36.4 |
17.6% |
108.7% |
36.8 |
41.4 |
12.5% |
13.7% |
|
EBITDA margin - pre IFRS 16 |
6.5% |
7.6% |
1.1% |
3.3% |
6.7% |
7.3% |
0.6% |
(0.3%) |
|
Normalised operating profit |
29.3 |
35.1 |
20.0% |
122.1% |
35.1 |
40.1 |
14.2% |
14.3% |
|
Normalised operating profit margin |
6.1% |
7.3% |
1.2% |
3.5% |
6.4% |
7.1% |
0.7% |
(0.2%) |
|
Reported operating profit |
23.0 |
26.5 |
15.4% |
239.7% |
31.8 |
36.8 |
15.7% |
38.9% |
|
Reported operating margin |
4.8% |
5.5% |
0.7% |
3.6% |
5.8% |
6.5% |
0.7% |
1.0% |
|
Normalised PBT |
24.5 |
29.2 |
18.9% |
158.0% |
30.4 |
35.4 |
16.5% |
21.3% |
|
Reported PBT |
18.2 |
20.6 |
12.9% |
523.0% |
27.1 |
32.1 |
18.5% |
56.0% |
|
Normalised net income |
14.4 |
18.3 |
27.1% |
128.5% |
17.7 |
21.1 |
19.5% |
15.5% |
|
Reported net income |
9.5 |
11.4 |
19.4% |
2176.4% |
15.1 |
18.6 |
22.7% |
63.1% |
|
Normalised basic EPS (€) |
0.37 |
0.46 |
27.1% |
127.7% |
0.45 |
0.53 |
19.5% |
15.1% |
|
Normalised diluted EPS (€) |
0.36 |
0.46 |
27.1% |
128.5% |
0.44 |
0.53 |
19.5% |
15.5% |
|
Reported basic EPS (€) |
0.24 |
0.29 |
19.4% |
2168.2% |
0.38 |
0.47 |
22.7% |
62.5% |
|
Net debt/(cash) |
(24.0) |
(24.3) |
1.2% |
74.9% |
(51.5) |
(56.7) |
10.1% |
133.4% |
|
Divisional revenues |
|||||||||
PlanetArt |
383.8 |
383.9 |
0.0% |
22.3% |
441.4 |
456.3 |
3.4% |
18.9% |
|
Avanquest |
90.3 |
90.2 |
(0.1%) |
(0.1%) |
101.5 |
101.4 |
(0.1%) |
12.4% |
|
myDevices |
5.2 |
5.1 |
(1.9%) |
5.2% |
6.3 |
6.3 |
0.0% |
24.8% |
|
Total |
479.3 |
479.2 |
(0.0%) |
17.1% |
549.1 |
564.1 |
2.7% |
17.7% |
|
Divisional EBITDA |
|||||||||
PlanetArt |
23.5 |
28.3 |
20.4% |
100.4% |
27.0 |
31.3 |
15.9% |
10.6% |
|
Avanquest |
11.3 |
10.5 |
(7.1%) |
46.6% |
13.0 |
13.3 |
2.3% |
26.7% |
|
myDevices |
(3.9) |
(2.4) |
(37.7%) |
(37.5%) |
(3.2) |
(3.2) |
0.0% |
33.3% |
|
Total EBITDA - pre IFRS 16 |
31.0 |
36.4 |
17.6% |
108.7% |
36.8 |
41.4 |
12.5% |
13.7% |
Source: Edison Investment Research
Valuation
In Exhibit 4, we show how the Claranova divisions compare to peers in terms of financial and valuation metrics. The personalised e-commerce peer group now includes Moonpig, recently listed on the London Stock Exchange. In Exhibit 5, we show our sum-of-parts valuation, which values each division separately and takes into account the minority interests in each division. We adjust the EV/sales multiples we use to reflect growth and profitability versus peers. We note the Claranova EBITDA forecasts are pre-IFRS so include lease payments, depressing EBITDA margins compared to peers. However, this effect is removed at the EBIT level.
Exhibit 4: Peer financial and valuation metrics
Quoted |
Market |
Rev growth (%) |
EBITDA* margin (%) |
EBIT margin (%) |
EV/ Revs |
EV/ EBITDA |
P/E |
|||||||
ccy |
cap (m) |
CY |
NY |
CY |
NY |
CY |
NY |
CY |
NY |
CY |
NY |
CY |
NY |
|
Claranova |
EUR |
330 |
17.1 |
17.7 |
8.3 |
8.0 |
5.5 |
6.5 |
0.7 |
0.6 |
7.9 |
7.0 |
18.3 |
15.8 |
Personalised e-commerce |
||||||||||||||
PlanetArt |
22.3 |
18.9 |
7.4 |
6.9 |
||||||||||
CEWE Stiftung |
EUR |
893 |
3.1 |
4.1 |
17.7 |
17.9 |
10.5 |
10.8 |
1.1 |
1.1 |
6.4 |
6.1 |
17.5 |
15.6 |
Cimpress |
USD |
2604 |
-0.4 |
8.4 |
14.8 |
15.6 |
6.6 |
8.1 |
1.6 |
1.5 |
11.0 |
9.6 |
N/A |
34.8 |
Moonpig |
GBp |
1448 |
101.2 |
-26.6 |
22.9 |
23.1 |
18.2 |
16.6 |
4.3 |
5.8 |
18.6 |
25.2 |
24.4 |
46.6 |
1-800 Flowers |
USD |
1790 |
35.0 |
3.4 |
9.7 |
10.0 |
7.3 |
7.2 |
0.8 |
0.8 |
8.3 |
7.7 |
17.1 |
16.2 |
Average |
34.7 |
-2.7 |
16.3 |
16.7 |
10.7 |
10.7 |
2.0 |
2.3 |
11.0 |
12.1 |
19.7 |
28.3 |
||
Software publisher/reseller |
||||||||||||||
Avanquest |
-0.1 |
12.4 |
11.6 |
13.1 |
||||||||||
Avast |
GBp |
4692 |
6.8 |
6.7 |
55.5 |
55.7 |
49.7 |
52.7 |
7.5 |
7.1 |
13.6 |
12.7 |
17.0 |
15.9 |
Foxit |
CNY |
10805 |
82.8 |
35.9 |
33.3 |
33.9 |
N/A |
N/A |
12.1 |
8.9 |
36.2 |
26.2 |
56.5 |
40.8 |
IAC |
USD |
19201 |
16.8 |
17.1 |
5.3 |
8.5 |
-3.9 |
0.2 |
4.8 |
4.1 |
89.3 |
48.0 |
N/A |
N/A |
Kape Technologies |
GBp |
639 |
61.8 |
23.2 |
37.2 |
36.9 |
32.0 |
31.8 |
4.4 |
3.6 |
11.8 |
9.7 |
15.3 |
12.4 |
Nitro Software |
AUD |
526 |
19.1 |
22.1 |
-28.6 |
-25.1 |
-34.2 |
-27.7 |
7.5 |
6.1 |
N/A |
N/A |
N/A |
N/A |
Average |
37.5 |
21.0 |
20.6 |
22.0 |
10.9 |
14.2 |
7.2 |
5.9 |
37.7 |
24.1 |
29.6 |
23.0 |
||
Average excluding Foxit |
26.1 |
17.3 |
17.4 |
19.0 |
10.9 |
14.2 |
6.0 |
5.2 |
38.3 |
23.4 |
16.1 |
14.1 |
||
IoT |
||||||||||||||
myDevices |
5.2 |
24.8 |
-47.5 |
-50.8 |
||||||||||
Calamp Corp |
USD |
380 |
-8.4 |
-1.0 |
8.3 |
12.2 |
3.1 |
6.3 |
1.4 |
1.4 |
17.0 |
11.7 |
88.0 |
25.1 |
Digi International |
USD |
630 |
8.5 |
8.4 |
15.8 |
16.4 |
4.4 |
8.7 |
2.1 |
1.9 |
13.1 |
11.6 |
58.1 |
30.5 |
Sierra Wireless |
CAD |
677 |
5.2 |
9.2 |
0.8 |
5.1 |
-3.2 |
1.4 |
0.8 |
0.7 |
105.3 |
14.3 |
N/A |
N/A |
Telit Comms |
GBp |
280 |
11.5 |
N/A |
11.7 |
N/A |
6.0 |
N/A |
0.9 |
N/A |
7.3 |
N/A |
19.2 |
N/A |
Average |
4.2 |
5.5 |
9.1 |
11.2 |
2.6 |
5.5 |
1.3 |
1.4 |
35.7 |
12.6 |
55.1 |
27.8 |
||
French software |
||||||||||||||
Axway Software |
EUR |
574 |
5.8 |
6.8 |
12.6 |
13.6 |
9.4 |
10.7 |
2.0 |
1.9 |
16.0 |
13.9 |
24.3 |
20.5 |
Cegedim |
EUR |
336 |
2.3 |
3.9 |
21.3 |
21.5 |
8.1 |
8.5 |
1.1 |
1.1 |
5.4 |
5.1 |
15.6 |
13.7 |
ESI Group |
EUR |
286 |
38.3 |
6.8 |
11.1 |
12.2 |
5.7 |
7.0 |
2.3 |
2.2 |
20.9 |
17.9 |
57.4 |
42.9 |
Esker |
EUR |
1160 |
9.5 |
16.4 |
19.9 |
20.7 |
12.3 |
12.5 |
9.3 |
8.0 |
46.9 |
38.6 |
94.3 |
79.9 |
Lectra |
EUR |
916 |
20.5 |
33.3 |
21.4 |
19.3 |
15.5 |
14.3 |
2.8 |
2.1 |
13.3 |
11.0 |
38.6 |
26.1 |
Linedata Services |
EUR |
228 |
2.5 |
2.5 |
27.5 |
28.0 |
17.6 |
18.1 |
1.8 |
1.8 |
6.7 |
6.4 |
12.2 |
11.5 |
Prodware |
EUR |
47 |
2.4 |
3.0 |
28.2 |
28.5 |
11.0 |
11.6 |
0.9 |
0.9 |
3.1 |
3.0 |
3.7 |
3.4 |
Average |
11.6 |
10.4 |
20.3 |
20.5 |
11.4 |
11.8 |
2.9 |
2.6 |
16.0 |
13.7 |
35.2 |
28.3 |
Source: Edison Investment Research, Refinitiv (as at 1 April). *Claranova EBITDA is pre-IFRS 16 so includes lease expenses.
Exhibit 5: Sum-of-parts valuation
FY21e |
FY22e |
EV based on FY21e sales multiple (€m) |
Minority interest |
Value to shareholders (€m) |
||
EV/Sales multiple (x) |
||||||
PlanetArt |
1.3 |
1.1 |
499.1 |
7.7% |
460.5 |
|
Avanquest |
2.0 |
1.8 |
180.5 |
64.1% |
64.8 |
|
myDevices |
4.0 |
3.2 |
20.2 |
38.1% |
12.5 |
|
Implied EV/EBITDA multiple |
699.7 |
537.8 |
||||
PlanetArt |
17.6 |
15.9 |
||||
Avanquest |
17.2 |
13.6 |
||||
myDevices |
N/A |
N/A |
||||
€m |
Upside/(downside) |
|||||
Net cash at end FY20 |
13.9 |
Equity value (€m) |
544.7 |
|||
Cost of acquisitions |
(7.0) |
Per share value (€) |
13.79 |
65% |
||
Adjusted net cash |
6.9 |
|||||
No. shares (m) |
39.5 |
Source: Edison Investment Research
Exhibit 6: Financial summary
€'m |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021e |
2022e |
||
30-June |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
INCOME STATEMENT |
||||||||||
Revenue |
|
|
93.1 |
117.4 |
130.2 |
161.5 |
262.3 |
409.1 |
479.2 |
564.1 |
EBITDA |
|
|
(6.8) |
(9.2) |
(5.0) |
3.9 |
16.0 |
20.6 |
40.0 |
45.0 |
Normalised operating profit |
|
|
(11.4) |
(16.0) |
(5.8) |
3.4 |
15.5 |
15.8 |
35.1 |
40.1 |
Amortisation of acquired intangibles |
0.0 |
0.0 |
0.0 |
0.0 |
(1.5) |
(2.4) |
(3.3) |
(3.3) |
||
Exceptionals |
15.6 |
(10.0) |
0.4 |
(2.4) |
(2.9) |
(5.6) |
(5.3) |
0.0 |
||
Share-based payments |
(0.0) |
(0.1) |
(4.8) |
(7.1) |
0.3 |
0.0 |
0.0 |
0.0 |
||
Reported operating profit |
4.2 |
(26.1) |
(10.1) |
(6.1) |
11.4 |
7.8 |
26.5 |
36.8 |
||
Net Interest |
1.1 |
(1.7) |
(0.9) |
(0.3) |
(3.5) |
(4.5) |
(5.9) |
(4.7) |
||
Joint ventures & associates (post tax) |
0.0 |
(0.0) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Exceptionals |
0.0 |
0.0 |
0.0 |
0.0 |
(45.6) |
0.0 |
0.0 |
0.0 |
||
Profit Before Tax (norm) |
|
|
(10.3) |
(17.7) |
(6.6) |
3.1 |
12.0 |
11.3 |
29.2 |
35.4 |
Profit Before Tax (reported) |
|
|
5.3 |
(27.8) |
(11.0) |
(6.4) |
(37.7) |
3.3 |
20.6 |
32.1 |
Reported tax |
(0.6) |
(0.8) |
(0.4) |
(1.8) |
(3.7) |
(2.1) |
(5.0) |
(7.4) |
||
Profit After Tax (norm) |
(10.9) |
(18.5) |
(7.0) |
2.4 |
9.2 |
8.7 |
22.4 |
27.2 |
||
Profit After Tax (reported) |
4.7 |
(28.6) |
(11.4) |
(8.2) |
(41.4) |
1.2 |
15.5 |
24.7 |
||
Minority interests |
(8.1) |
0.0 |
0.3 |
0.2 |
0.6 |
(0.7) |
(4.2) |
(6.1) |
||
Discontinued operations |
(3.2) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Net income (normalised) |
(18.9) |
(18.5) |
(6.7) |
2.6 |
9.8 |
8.0 |
18.3 |
21.1 |
||
Net income (reported) |
(6.5) |
(28.6) |
(11.0) |
(7.9) |
(40.8) |
0.5 |
11.4 |
18.6 |
||
Basic ave. number of shares outstanding (m) |
6 |
38 |
38 |
39 |
39 |
39 |
39 |
39 |
||
EPS - basic normalised (€) |
|
|
(3.27) |
(0.49) |
(0.18) |
0.07 |
0.25 |
0.20 |
0.46 |
0.53 |
EPS - diluted normalised (€) |
|
|
(3.27) |
(0.49) |
(0.18) |
0.06 |
0.25 |
0.20 |
0.46 |
0.53 |
EPS - basic reported (€) |
|
|
(1.13) |
(0.76) |
(0.29) |
(0.20) |
(1.04) |
0.01 |
0.29 |
0.47 |
Dividend (€) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
||
Revenue growth (%) |
#DIV/0! |
26.1 |
10.9 |
24.0 |
62.4 |
56.0 |
17.1 |
17.7 |
||
EBITDA Margin (%) |
-7.3 |
-7.9 |
-3.8 |
2.4 |
6.1 |
5.0 |
8.3 |
8.0 |
||
Normalised Operating Margin |
-12.3 |
-13.7 |
-4.4 |
2.1 |
5.9 |
3.9 |
7.3 |
7.1 |
||
BALANCE SHEET |
||||||||||
Fixed Assets |
|
|
15.7 |
3.0 |
2.0 |
1.3 |
75.1 |
93.7 |
97.1 |
93.5 |
Intangible Assets |
12.0 |
1.5 |
0.9 |
0.5 |
69.9 |
70.5 |
74.1 |
70.7 |
||
Tangible Assets |
0.6 |
0.5 |
0.3 |
0.2 |
1.4 |
15.7 |
15.5 |
15.3 |
||
Investments & other |
3.1 |
1.1 |
0.7 |
0.6 |
3.8 |
7.5 |
7.5 |
7.5 |
||
Current Assets |
|
|
48.0 |
25.5 |
28.1 |
79.1 |
100.9 |
116.3 |
130.9 |
168.3 |
Stocks |
5.9 |
5.0 |
3.7 |
3.7 |
4.8 |
14.4 |
16.9 |
19.9 |
||
Debtors |
4.8 |
4.7 |
4.3 |
4.9 |
11.6 |
9.9 |
11.6 |
13.6 |
||
Cash & cash equivalents |
30.5 |
11.1 |
17.1 |
65.7 |
75.4 |
82.8 |
93.2 |
125.6 |
||
Other |
6.9 |
4.7 |
2.9 |
4.8 |
9.1 |
9.2 |
9.2 |
9.2 |
||
Current Liabilities |
|
|
(32.0) |
(25.3) |
(28.1) |
(37.2) |
(60.5) |
(74.6) |
(77.0) |
(86.2) |
Creditors |
(26.9) |
(24.5) |
(26.6) |
(35.4) |
(54.8) |
(64.3) |
(66.7) |
(75.9) |
||
Tax and social security |
(0.3) |
(0.0) |
(0.3) |
(1.7) |
(3.0) |
(1.2) |
(1.2) |
(1.2) |
||
Short term borrowings |
(4.8) |
(0.7) |
(1.1) |
(0.1) |
(2.7) |
(6.1) |
(6.1) |
(6.1) |
||
Other |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
(3.0) |
(3.0) |
(3.0) |
||
Long Term Liabilities |
|
|
(2.4) |
(1.1) |
(0.7) |
(29.0) |
(52.0) |
(73.1) |
(73.1) |
(73.1) |
Long term borrowings |
(1.8) |
(0.6) |
0.0 |
(28.1) |
(49.1) |
(62.8) |
(62.8) |
(62.8) |
||
Other long term liabilities |
(0.7) |
(0.5) |
(0.7) |
(0.9) |
(2.9) |
(10.3) |
(10.3) |
(10.3) |
||
Net Assets |
|
|
29.3 |
2.1 |
1.3 |
14.2 |
63.6 |
62.3 |
77.8 |
102.5 |
Minority interests |
0.0 |
0.0 |
(0.1) |
(1.8) |
(11.0) |
(11.7) |
(15.9) |
(22.0) |
||
Shareholders' equity |
|
|
29.3 |
2.1 |
1.2 |
12.5 |
52.6 |
50.6 |
62.0 |
80.6 |
CASH FLOW |
||||||||||
Op Cash Flow before WC and tax |
(6.8) |
(9.2) |
(5.0) |
3.9 |
16.0 |
20.6 |
40.0 |
45.0 |
||
Working capital |
0.4 |
2.5 |
6.8 |
7.9 |
(4.1) |
22.5 |
(1.7) |
4.1 |
||
Exceptional & other |
(3.8) |
(4.3) |
(2.2) |
(5.7) |
(5.2) |
(6.3) |
(5.3) |
0.0 |
||
Tax |
0.3 |
(0.3) |
(0.0) |
(1.2) |
(3.8) |
(6.8) |
(5.0) |
(7.4) |
||
Net operating cash flow |
|
|
(9.8) |
(11.3) |
(0.4) |
5.0 |
3.0 |
30.0 |
27.9 |
41.8 |
Capex |
(4.4) |
(0.9) |
(0.2) |
(0.1) |
(2.5) |
(1.2) |
(1.0) |
(1.0) |
||
Acquisitions/disposals |
10.8 |
(0.4) |
3.6 |
14.2 |
(13.3) |
(31.9) |
(7.0) |
0.0 |
||
Net interest |
(0.9) |
(0.1) |
(0.0) |
(0.3) |
0.0 |
(0.5) |
(5.9) |
(4.7) |
||
Equity financing |
33.2 |
(5.1) |
1.9 |
2.0 |
(1.4) |
0.0 |
0.0 |
0.0 |
||
Dividends |
0.0 |
2.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Other |
0.1 |
0.1 |
0.1 |
(0.6) |
0.0 |
0.4 |
(3.6) |
(3.6) |
||
Net Cash Flow |
29.0 |
(15.7) |
5.0 |
20.1 |
(14.2) |
(3.2) |
10.4 |
32.4 |
||
Opening net debt/(cash) |
|
|
18.0 |
(23.9) |
(9.8) |
(16.0) |
(37.5) |
(23.6) |
(13.9) |
(24.3) |
FX |
0.1 |
(0.1) |
(0.6) |
0.4 |
0.3 |
(0.8) |
0.0 |
0.0 |
||
Other non-cash movements |
12.6 |
1.7 |
1.8 |
1.1 |
0.0 |
(5.7) |
0.0 |
0.0 |
||
Closing net debt/(cash) |
|
|
(23.9) |
(9.8) |
(16.0) |
(37.5) |
(23.6) |
(13.9) |
(24.3) |
(56.7) |
Source: Claranova, Edison Investment Research
|
|