Pirelli Annual Report 2018 - Key Data

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Key Data

Pirelli at a glance Product Portfolio Manufacturing Footprint Key financials Key Sustainability Metrics Revenues by region 2018 Tables HTML Version

Pirelli at a glance

Revenue by channel

Revenue by region

Production capacity

Product Portfolio

CAR

MOTO

VELO

Manufacturing Footprint

Key Financial

€ million

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
carve-out carve-out restated reported reported
4.480 4.785 4.976 5.352 5.195
2.035 2.484 2.755 3.079 3.310
2.445 2.301 2.222 2.273 1.885
890 1.021 1.082 1.175 1.279
654 769 844 927 1.003
0 0 0 (50) (48)
654 769 844 876 955
(6) (6) (105) (110) (115)
(24) (55) (53) (93) (137)
220 (364) 164 263 449
281 388 297 387 576
(130) (278) (75) (41) (53)
99 158 25 61 2
298 350 342 489 463
1.038 1.241 4.913 3.219 3.180
181 187 209 222 219
175 177 191 200 203
  1. Adjusted Revenues: calculated by subtracting the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. (to account for the deconsolidation of such company) from Revenues from sales and services.
  2. Adjusted EBITDA: calculated by adjusting EBITDA for non-recurring, restructuring expenses, other adjustments, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  3. Adjusted EBIT: calculating by adjusting Operating profit (EBIT) for amortization of intangible assets included in PPA, non-recurring, restructuring expenses, other adjustments, the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. and the contribution to the consolidated financial statements made by the Steelcord activities.
  4. Net Income Adjusted: calculated by adjusting Total net income (loss) for EBIT adjustments, the Venezuela deconsolidation, Net financial expenses and Tax.
  5. Start-up costs are related to (i) the start-up phase of programs addressing new customer requirements such as connectivity (cyber assets) and our return to the bicycles business (the Velo project), (ii) activities addressing the digital transformation of society, and (iii) work on the conversion of the Aeolus car factory acquired on October 1, 2016, from the production of Aeolus-brand products to Pirelli-brand products.

€ million

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
carve-out carve-out restated reported reported
4.480 4.785 4.976 5.352 5.195
1.857 2.013 2.093 2.238 2.234
678 833 935 984 1.004
519 660 713 806 890
1.009 868 824 916 692
220 180 163 160 167
196 232 249 249 207
  1. Adjusted Revenues: calculated by subtracting the contribution to the consolidated financial statements made by Pirelli Venezuela C.A. (to account for the deconsolidation of such company) from Revenues from sales and services.

€ million

FY 2014 FY 2015 FY 2016 FY 2017
carve-out carve-out restated reported
2.155 2.075 3.557 2.980
674 657 6.497 5.894
368 392 246 247
174 260 236 (80)
137 (24) (311) (42)
31 0 0 61
3.498 3.360 10.225 9.059
1.850 1.636 3.275 4.177
609 483 2.037 1.664
1.038 1.241 4.913 3.218
3.498 3.360 10.225 9.059

€ million

FY 2015 FY 2016 FY 2017 FY 2018
carve-out carve-out reported reported
566 772 772 383
198 336 200 48

Key Sustainability Metrics

Revenue by region

Revenue by region

Group's consolidated financial statements 2018

  • Group's consolidated financial statements 2018

  • Quarterly sales and adjusted ebit trend

  • Revenue drivers by quarter

  • Sales by geographical area

  • Adjusted ebit bridge

  • Consolidated statement of financial position

  • Consolidated income statement

  • Consolidated statement of comprehensive income

  • Equity 2018

  • Equity 2017

  • Cash flow

GROUP'S CONSOLIDATED FINANCIAL STATEMENTS 2018
(in milioni di euro) 12/31/2018 12/31/2017
Net sales 5,194.5 5,352.3
EBITDA adjusted without start-up costs (°) 1,279.1 1,175.1
% of net sales 24.6% 22.0%
EBITDA adjusted (°°) 1,234.7 1,137.7
% of net sales 23.8% 21.3%
EBITDA 1,097.4 1,044.5
% of net sales 21.1% 19.5%
EBIT adjusted without start-up costs (°) 1,002.7 926.6
% of net sales 19.3% 17.3%
EBIT adjusted (°°°) 955.0 876.4
% of net sales 18.4% 16.4%
EBIT 703.1 673.6
% of net sales 13.5% 12.6%
Net income (loss) from equity investments (5.0) (6.9)
Financial income/(expenses) (196.3) (362.6)
Net income (loss) before tax 501.8 304.1
Tax expenses (53.0) (40.8)
Tax rate % (10.6%) (13.4%)
Net income (loss) related to continuing operations (Consumer) 448.8 263.3
Eanings/(loss) per share related to continuing operations (in euro per share) 0.44 0.31
Net income (loss) related to continuing operations (Consumer) adjusted 576.3 386.8
Net income (loss) related to discontinued operations (Industrial) (6.4) (87.6)
Total net income (loss) 442.4 175.7
Net income attributable to the Parent Company 431.6 176.4
Fixed assets related to continuing operations 9,017.8 9,121.0
Inventories 1,128.5 940.7
Trade receivables 628.0 652.5
Trade payables (1,604.7) (1,673.6)
Operating working capital related to continuing operations 151.8 (80.4)
% of net sales 2.9% (1.5%)
Other receivables/other payables 34.3 (42.2)
Net working capital related to continuing operations 186.1 (122.6)
% of net sales 3.6% (2.3%)
Net invested capital held for sale 10.7 60.7
Net invested capital 9,214.6 9,059.1
Equity 4,550.9 4,177.0
Provisions 1,483.6 1,663.6
Net financial (liquidity)/debt position 3,180.1 3,218.5
Equity attributable to the Parent Company 4,468.1 4,116.7
Investments in property, plant and equipment and intangible assets 463.4 489.4
Research and development expenses 219.0 221.5
% of net sales 4.2% 4.1%
Research and development expenses - High Value 202.9 199.9
% on sales High Value 6.1% 6.5%
Employees (headcount at end of period) 31,489 30,189
Industrial sites (number) 19 19

(*) Start-up costs refer to contribution to EBITDA and EBIT (amounting to euro 44.4 millions (euro 37.4 millions in 2017) and euro 47.7 millions (euro 50.2 millions in 2017) respectively) of the Cyber and Velo activities, the costs for the conversion of Aeolus brand Car products, and costs sustained for the digital transformation of the Group.

(**) Adjustments refer to non recurring and restructuring expenses amounting to euro 91.5 millions (euro 93.2 millions in 2017), expenses relating to the retention plan approved by the Board of Directors on February 26, 2018 amounting to euro 13.3 millions and 2018 costs (i) relating to renegotiation of commercial agreements and royalties amounting to euro 14.2 millions and (ii) not pertinent to normal business operations amounting to euro 18.3 millions.

(***) Adjustments refer to amortization of intangible assets recognised as a consequence of Business Combinations amounting to euro 114.6 millions (109.6 millions in 2017) which are sumed to adjustments included in EBITDA adjusted.

QUARTERLY SALES AND ADJUSTED EBIT TREND
(In millions of euro) 1 Q 2 Q 3 Q 4 Q TOTAL
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
Net sales 1,310.3 1,339.3 1,320.0 1,346.0 1,294.9 1,353.2 1,269.3 1,313.8 5,194.5 5,352.3
yoy -2.2% -1.9% -4.3% -3.4% -2.9%
organic yoy * 5.7% 5.3% 2.5% 1.0% 3.7%
EBITDA adjusted without start-up costs 298.0 281.7 310.3 285.1 328.0 298.9 342.8 309.4 1279.1 1,175.1
% of net sales 22.7% 21.0% 23.5% 21.2% 25.3% 22.1% 27.0% 23.5% 24.6% 22.0%
EBITDA adjusted 288.1 270.4 299.8 276.0 319.8 289.9 327.0 301.4 1,234.7 1,137.7
% of net sales 22.0% 20.2% 22.7% 20.5% 24.7% 21.4% 25.8% 22.9% 23.8% 21.3%
EBITDA 282.4 260.3 290.4 240.4 312.2 315.4 212.4 228.4 1097.4 1,044.5
% of net sales 21.6% 19.4% 22.0% 17.9% 24.1% 23.3% 16.7% 17.4% 21.1% 19.5%
EBIT adjusted and without start-up costs 229.4 219.5 243.9 223.5 258.8 238.2 270.6 245.4 1002.7 926.6
% of net sales 17.5% 16.4% 18.5% 16.6% 20.0% 17.6% 21.3% 18.7% 19.3% 17.3%
EBIT adjusted 218.4 205.0 231.7 211.2 250.0 226.0 254.9 234.2 955.0 876.4
% of net sales 16.7% 15.3% 17.6% 15.7% 19.3% 16.7% 20.1% 17.8% 18.4% 16.4%
EBIT 184.0 168.7 193.7 149.5 213.7 222.9 111.7 132.5 703.1 673.6
% of net sales 14.0% 12.6% 14.7% 11.1% 16.5% 16.5% 8.8% 10.1% 13.5% 12.6%

* before exchange rate effect, high inflation accounting in Argentina and adoption effect of new accounting standard IFRS 15

REVENUE DRIVERS BY QUARTER
1 Q 2 Q 3 Q 4 Q Cumulative
2018
Volume -1.5% -0.9% -3.0% -7.1% -3.1%
Price/mix 7.2% 6.2% 5.5% 8.1% 6.8%
Change on a like-for-like basis 5.7% 5.3% 2.5% 1.0% 3.7%
Translation effect/High inflation Argentina -7.3% -6.6% -6.1% -3.4% -5,9%
Adoption of new accounting standard IFRS 15 -0.6% -0.6% -0.7% -1.0% -0.7%
Total change -2.2% -1.9% -4.3% -3.4% -2.9%
SALES BY GEOGRAPHICAL AREA
  2018 2017
  Euro\mln % yoy Organic Yoy* %
Europe 2,234.2 43.1% -0.2% 1.4% 41.7%
NAFTA 1,004.1 19.3% 2.1% 7.6% 18.4%
Asia\Pacific (APAC) 890.2 17.1% 10.4% 13.3% 15.1%
South America 691.9 13.3% -24.4% -3.1% 17.1%
Middle East\Africa\India (MEAI) 207.1 4.0% -16.8% -6.6% 4.7%
Russia and CIS 167.0 3.2% 4.6% 15.5% 3.0%
TOTAL 5,194.5 100.0% -2.9% 3.7% 100.0%

* before exchange rate effect, high inflation accounting in Argentina and adoption effect of new accounting standard IFRS 15

ADJUSTED EBIT BRIDGE
(In millions of euro) 1 Q 2 Q 3 Q 4 Q Total
2017 EBIT Adjusted 205.0 211.2 226.0 234.2 876.4
- Internal levers:
Volumes (8.0) (4.5) (16.5) (39.3) (68.3)
Price/mix 62.7 50.1 47.0 78.9 238.7
Amortisation, depreciation and other costs (21.4) (15.9) 4.8 11.7 (20.8)
Start-up costs 3.5 0.1 3.4 (4.5) 2.5
Efficiencies 9.0 10.0 23.6 27.5 70.1
- External levers:
Cost of production factors (commodities) (13.8) 2.3 (12.7) (27.8) (52.0)
Cost of production factors (labour/energy/others) (11.4) (11.9) (14.1) (10.9) (48.3)
Foreign currency translation (7.2) (9.7) (11.5) (14.9) (43.3)
Total change 13.4 20.5 24.0 20.7 78.6
2018 EBIT adjusted 218.4 231.7 250.0 254.9 955.0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of euro) 12/31/2018 12/31/2017
Note of which
related
parties
(note 45)		 of which
related
parties
(note 45)
Property, plant and equipment 10 3,092,927 2,980,294
Intangible assets 11 5,783,338 5,893,704
Investments in associates and J.V. 12 72,705 17,480
Other financial assets 13 - 229,519
Other financial assets at fair value through other comprehensive income 13 68,781 -
Other financial assets at fair value through income statement 13 - -
Deferred tax assets 14 74,118 111,553
Other receivables 16 225,707 12,576 204,051 12,007
Tax receivables 17 16,169 27,318
Derivative financial instruments 28 20,134 878
Non-current assets 9,353,879 9,464,797
Inventories 18 1,128,466 940,668
Trade receivables 15 627,968 15,667 652,487 62,731
Other receivables 16 416,651 55,418 400,538 36,482
Securities held for trading - 33,027
Other financial assets at fair value through income statement 19 27,196 -
Cash and cash equivalents 20 1,326,900 1,118,437
Tax receivables 17 41,393 - 35,461 60
Derivative financial instruments 28 98,567 27,770
Current assets 3,667,141 3,208,388
Assets held for sale 36 10,677 60,729
Total Assets 13,031,697 12,733,914
Equity attributable to owners of the Group: 21.1 4,468,121 4,116,758
Share capital 1,904,375 1,904,375
Reserves 2,132,140 2,035,991
Net income (loss) 431,606 176,392
Equity attributable to non-controlling interests: 21.2 82,806 60,251
Reserves 72,040 60,936
Net income (loss) 10,766 (685)
Total Equity 21 4,550,927 4,177,009
Borrowings from banks and other financial institutions 24 3,929,079 3,897,089 -
Other payables 26 83,287 74,435
Provisions for liabilities and charges 22 138,327 127,124
Provisions for deferred tax liabilities 14 1,081,605 1,216,635
Employee benefit obligations 23 224,312 274,037
Tax payables 27 2,091 2,399
Derivative financial instruments 28 16,039 54,963
Non-current liabilities 5,474,740 5,646,682
Borrowings from banks and other financial institutions 24 800,145 559,168 -
Trade payables 25 1,604,677 191,605 1,673,642 197,954
Other payables 26 436,752 7,436 565,254 16,437
Provisions for liabilities and charges 22 33,876 45,833
Employee benefit obligations 23 5,475 -
Tax payables 27 65,503 - 48,416 9,895
Derivative financial instruments 28 59,602 17,910
Current liabilities 3,006,030 2,910,223
Total Liabilities and Equity 13,031,697 12,733,914
CONSOLIDATED INCOME STATEMENT
(In thousands of euro) 2018 2017
Note of which related parties (note 45) of which related parties (note 45)
Revenues from sales and services 30 5,194,471 8,962 5,352,283 10,833
Other income 31 483,205 108,536 628,533 230,618
Changes in inventories of unfinished, semi-finished and finished products 201,416 140,258
Raw materials and consumables used (net of change in inventories) (1,818,199) (12,704) (1,859,837) (46,536)
Personnel expenses 32 (1,067,579) (14,133) (1,034,647) (11,004)
- of which non-recurring events (15,410) (2,578)
Amortisation, depreciation and impairment 33 (414,523) (371,457)
Other costs 34 (1,858,162) (290,380) (2,184,660) (374,951)
- of which non-recurring events (7,798) (70,076)
Net impairment loss on financial assets 35 (21,273) (9,000) -
Increase in fixed assets for internal work 3,700 3,110
Operating income (loss) 703,056 673,583
Net income (loss) from equity investments 36 (4,980) (6,855)
- share of net income (loss) of associates and j.v. (11,560) (11,560) (8,252) (8,252)
- gains on equity investments 4,007 5,997
- losses on equity investments (1,603) (14,434)
- dividends 4,176 9,834
Financial income 37 139,730 3,120 128,540 35,320
Financial expenses 38 (336,041) (25) (491,150) (41,070)
- of which non-recurring events (2,149) (61,244)
Net income (loss) before tax 501,765 304,118
Tax 39 (52,964) (40,848)
- of which non-recurring events 60,607 103,881
Net income (loss) from continuing operations 448,801 263,270
Net income (loss) from discontinued operations 40 (6,429) (10,642) (87,563) (9,547)
Total net income (loss) 442,372 175,707
Attributable to:
Owners of the parent company 431,606 176,392
Non-controlling interests 10,766 (685)
Total earnings/(loss) per share (in euro per share) 41 0.432 0.206
Earnings/(loss) per share related to continuing operations (in euro per share) 0.438 0.309
Earnings/(loss) per share related to discontinued operations (in euro per share) (0.006) (0.103)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In thousands of euro) 2018 2017
A Total Net income (loss) 442,372 175,707
Other components of comprehensive income:
B - Items that may not be reclassified to income statement:
- Net actuarial gains (losses) on employee benefits 28,727 (14,656)
- Tax effect (6,985) (9,291)
- Fair value adjustment of other financial assets at fair value through other comprehensive income (8,642) -
Total B 13,099 (23,947)
C - Items reclassified / that may be reclassified to income statement:
Exchange differences from translation of foreign financial statements:
- Gains / (losses) for the period (78,150) (166,763)
- (Gains) / losses reclassified to income statement - 80,208
Fair value adjustment of other financial assets available for sale:
- Gains / (losses) for the period - 40,486
- (Gains) / losses reclassified to income statement - 1,439
Fair value adjustment of derivatives designated as cash flow hedges:
- Gains / (losses) for the period 107,496 (59,757)
- (Gains) / losses reclassified to income statement (118,747) 45,265
- Tax effect 548 2,983
Cost of hedging:
- Gains / (losses) for the period 20,056 -
- (Gains) / losses reclassified to income statement (6,798) -
- Tax effect (1,446) -
Share of other comprehensive income related to associates and JVs net of tax (3,221) (2,915)
Total C (80,262) (59,054)
D Total other comprehensive income (B+C) (67,163) (83,001)
A+D Total comprehensive income (loss) 375,209 92,706
Attributable to:
- Owners of the parent company 363,500 93,793
- Non-controlling interests 11,709 (1,087)
Attributable to owners of the parent company:
- Continuing operations 369,929 101,148
- Discontinued operations (6,429) (7,355)
Total attributable to owners of the parent company 363,500 93,793
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AT 12/31/2018
(In thousands of euro) AAttributable to the Parent Company Non controlling interests Total
Share Capital Translation reserve Total IAS Reserves * Other reserves/ retained earnings Total attributable to the Parent Company
Total at 12/31/2017 1,904,375 (220,624) (70,265) 2,503,272 4,116,758 60,251 4,177,009
Adoption of new accounting standard IFRS 9:
- Reclassification from available for sale financial assets to other financial assets at FV through income statement - - (10,554) 10,554 - - -
- Change due to impairment of financial assets at amortised cost - - - (1,023) (1,023) - (1,023)
Total at 01/01/2018 1,904,375 (220,624) (80,819) 2,512,803 4,115,735 60,251 4,175,986
Other components of comprehensive income - (82,314) 14,208 - (68,106) 943 (67,163)
Net income (loss) - - - 431,606 431,606 10,766 442,372
Total conprehensive income (loss) - (82,314) 14,208 431,606 363,500 11,709 375,209
Dividend paid - - - - - (8,366) (8,366)
Transactions with non-controlling interests - (619) - (35,726) (36,345) 19,033 (17,312)
High inflation Argentina - - - 26,242 26,242 - 26,242
Other - - (103) (908) (1,011) 179 (832)
Total at 12/31/2018 1,904,375 (303,557) (66,714) 2,934,017 4,468,121 82,806 4,550,927
Breakdown of IAS reserves *
(In thousands of euro) Reserve for fair value adjustment of available-for-sale financial assets Reserve for fair value adjustment of financial assets at fair value through other comprehensive income Reserve for cost of hedging Reserve for cash flow hedge Reserve for actuarial gains/losses Tax effect Total IAS reserves
Total at 12/31/2017 19,410 - - (13,454) (59,110) (17,111) (70,265)
Adoption of new accounting standard IFRS 9 (19,410) 8,856 1,000 (1,000) - - (10,554)
Total at 01/01/2018 - 8,856 1,000 (14,454) (59,110) (17,111) (80,819)
Other components of comprehensive income - (8,642) 13,258 (11,251) 28,727 (7,884) 14,208
Other changes - (107) - - 2 2 (103)
Balance at 12/31/2018 - 107 14,258 (25,705) (30,381) (24,993) (66,714)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AT 12/31/2017
(In thousands of euro) Attributable to the Parent Company Non controlling interests Total
Share Capital Translation reserve Total IAS Reserves * Other reserves/
retained earnings		 Total attributable to the
Parent Company
Total at 12/31/2016 1,342,281 (204,778) (61,629) 2,058,211 3,134,085 140,773 3,274,858
Other components of comprehensive income - (86,153) 3,554 - (82,599) (402) (83,001)
Net income (loss) - - - 176,392 176,392 (685) 175,707
Total conprehensive income (loss) - (86,153) 3,554 176,392 93,793 (1,087) 92,706
Share capital increase 558,994 - - 630,381 1,189,375 - 1,189,375
Annulment of treasury shares 3,100 - - (3,100) - - -
Dividends paid - - - - - (7,446) (7,446)
Disposal of 38% Pirelli Industrial to Cinda fund - 70,307 (5,085) (63,704) 1,518 264,500 266,018
Assignment of Pirelli Industrial to Marco Polo - - (6,958) (282,480) (289,438) (326,679) (616,117)
Acquisition of non-controlling interests (Brazil) - - - (12,843) (12,843) (9,580) (22,423)
Other - - (147) 415 268 (230) 38
Total at 12/31/2017 1,904,375 (220,624) (70,265) 2,503,272 4,116,758 60,251 4,177,009
Breakdown of IAS reserves *
(In thousands of euro)
Reserve for fair value
adjustment of
available-for-sale
financial assets		 Reserve for cash flow
hedge		 Reserve for actuarial
gains/losses		 Tax effect Total IAS reserves
Balance at 12/31/2016 (19,282) 1,038 (44,023) 638 (61,629)
Other components of comprehensive income 39.010 (14,492) (14,656) (6,308) 3,553
Assignment of Pirelli Industrial - - (602) (11,441) (12,043)
Other changes (318) - 171 - (147)
Balance at 12/31/2017 19,410 (13,454) (59,110) (17,111) (70,265)
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands of euro) Note 2018 of which related
parties (note 45)		 2017 of which related
parties (note 45)
Net income (loss) before taxes 501,765 304,118
Reversals of amortisation, depreciation, impairment losses and restatement of property, plant and equipment and intangible assets 33 414,523 371,457
Reversal of Financial expenses 38 336,041 491,150
Reversal of Financial income 37 (139,730) (128,540)
Reversal of Dividends 36 (4,176) (9,834)
Reversal of gains/(losses) on equity investments 36 (2,404) 8,437
Reversal of share of net income from associates and joint ventures 36 11,560 8,252
Taxes paid (119,042) (135,500)
Change in Inventories 18 (199,919) (109,768)
Change in Trade receivables 15 (23,388) 47,064 73,644 90,561
Change in Trade payables 25 104,663 (6,350) 447,385 86,227
Change in Other receivables/Other payables (151,425) (29,341) (39,423) 70,469
Change in Provisions for employee benefit obligations and Other provisions (57,227) (102,010)
Other changes (12,915) (41,734)
A Net cash flows provided by / (used in) operating activities 658,326 1,137,634
Investments in property, plant and equipment 10 (458,092) (470,381)
Disposal of property, plant and equipment/intangible assets 16,223 - 73,505 61,000
Investments in intangible assets 11 (11,640) (18,969)
Acquisition of investments in subsidiaries - (15,639)
Acquisition of minorities (49,722) (31,230) -
Repayment of share capital and reserves from associates - - 8,556 8,556
Disposals (Acquisition) of investments in associates and JV (65,222) (65,222) 17,183 -
Disposals (Acquisition) of financial assets - - (2,465)
Caçula purchase from Brasilian controlled distribution (1,393) - - -
Dividends/reserves received from associates 2,674 2,674 -
Disposals (Acquisition) of other non current financial assets at fair value through income statement - Other financial assets 152,808 -
Dividends received 4,176 9.834
B Net cash flows provided by / (used in) investing activities (410,188) (398,376)
Increase in equity - 1,189,375
Other changes 4,500 -
Change in Financial payables 168,952 (2,060,304)
Change in Financial receivables/Other current financial assets at fair value through income statement - Assets held for trading (31,761) - 218,037 190,000
Financial income / (expenses) (168,406) (280,832)
Dividends paid (8,366) (12,742)
C Net cash flows provided by / (used in) financing activities (35,081) (946,466)
D Net cash flows provided by (used in) discontinued operations 37,101 43,530 (135,597)
E Total cash flows provided / (used) during the period (A+B+C+D) 250,158 (342,805)
F Cash and cash equivalents at the beginning of the year 1,109,640 1,523,928
G Exchange differences from translation of cash and cash equivalents (55,946) (71,483)
H Cash and cash equivalents at the end of the period (E+F+G) (°) 1,303,852 1,109,640
(°) of which:
cash and cash equivalents 20 1,326,900 1,118,437
bank overdrafts (23,048) (8,797)