27.05.2016 07:30:00

Elior Group Results H1 2015-2016: a Good Start to the Fiscal Year and Objectives for the Full Twelve Months Confirmed

Regulatory News:

Elior Group (Paris:ELIOR)(Euronext Paris – ISIN: FR 0011950732), one of the world’s leading operators in the catering and related services industry, today released its consolidated results for first-half 2015-2016, corresponding to the six months ended March 31, 2016.

Commenting on these results, Philippe Salle, the Group’s Chairman and Chief Executive Officer, stated: "Elior Group got off to a good start to the fiscal year, reporting 3.4% organic growth for first-half 2015-2016, excluding the impact of voluntary contract exits which mainly affected our contract catering operations. Our concession catering business grew at a faster pace, led by international operations, and our overall profitability continued to improve, with EBITDA margin climbing 20 basis points year on year. We are pursuing our measures to optimize performance in our various markets and have stepped up the implementation of the Tsubaki transformation plan. We are standing by our guidance for the full fiscal year and we remain confident in the Group’s long-term outlook.”

(in € millions)

  H1 2015-2016   H1 2014-2015   Year-on-year change
Revenue   2,920   2,823   +3.5%
EBITDA 216 204 +5.8%
As a % of revenue 7.4% 7.2% +20 bps

Adjusted earnings per share1

  0.37   0.28   +32.1%

Business development

Business development was strong in the first half of FY 2015-2016. Retention rate for contract catering & services improved over the period but remained negatively affected by the Group’s deliberate strategy of taking a more selective approach to renewals of contracts, particularly in France and Italy. A number of major contracts were won in the contract catering & services business line during the second quarter, including with the Paris Nord 2 inter-company restaurant, the Saint-Priest municipality, Cogedim senior living facilities and the EDF Campus at Saclay in France; the municipalities of San Donato and Caltanissetta in Italy; Four Seasons Health Care in the United Kingdom; and the Norton Museum of Art in the United States.

Revenue

Consolidated revenue totaled €2,920 million for the first half of FY 2015-2016. The 3.5% year-on-year increase reflects (i) organic growth of 1.5% (taking into account the 1.9% negative effect of voluntary contract exits), and (ii) positive impacts of 1.1% and 0.9% respectively from changes in the scope of consolidation and in exchange rates.

The portion of revenue generated by international operations rose to 51% in the first half of FY 2015-2016 from 49% in the comparable prior-year period.

Contract catering & services revenue was up €96 million, or 4.6%, on the figure for first-half FY 2014-2015, coming in at €2,200 million and accounting for 75% of total consolidated revenue.

Organic growth was 0.6%, reflecting the positive effect of an additional business day compared with first half FY 2014-2015 but also the adverse impact of the Group's strategy of withdrawing from low- and non-profit-making contracts in Europe. Excluding voluntary contract exits, organic growth was 2.9%.

The acquisitions carried out in the United States2 had a €66 million favorable effect during the first six months of FY 2015-2016 and net of the impact of the sale of non-strategic operations in the education market, changes in the scope of consolidation pushed up contract catering & services revenue by an overall 2.9%.

The currency effect during the period was a positive 1.1%.

In France, organic growth amounted to 1.4% and revenue totaled €1,137 million.

  • In the business & industry market, revenue was buoyed by the strong business development seen in 2015, as well as by a slight increase in average customer spend and attendance. Revenue from ancillary services declined year on year, however.
  • Revenue generated in the education market was up on first-half FY 2014-2015, driven by increased attendance and a higher average customer spend.
  • Revenue also rose in the healthcare market, led by the performance of existing sites and a robust level of business development.

Revenue for the International segment climbed 8.6% to €1,063 million. Organic growth for this segment was a negative 0.4%, however, mainly due to voluntary contract exits in Europe. The Group's recent acquisitions in the United States and positive currency effects generated additional growth of 6.7% and 2.3% respectively.

  • In Spain, the business & industry and healthcare markets reported strong performances, fueled by sustained business development, but these were offset by a revenue decline in the education market as a result of voluntary contract exits.
  • In the United States, the pace of growth picked up in the second quarter, directly reflecting the investments that have been made in business development teams. This acceleration is expected to continue in the second half of the fiscal year.
  • In Italy, revenue decreased due to (i) a high level of voluntary contract exits, (ii) a more selective approach to replying to invitations to tender, and (iii) lower attendance, especially in the business & industry and education markets.
  • The United Kingdom felt the positive impacts of the start-up of new contracts in the healthcare market, notably with Four Seasons Health Care.

At €720 million, concession catering revenue was more or less unchanged compared with the first half of FY 2014-2015, and represented 25% of total consolidated revenue.

Organic growth for the period came to 4.2%. Changes in the scope of consolidation had a 4.3% adverse impact on revenue, reflecting both completed and planned sales of non-strategic assets resulting from the Group's review of its business portfolio. Changes in exchange rates – notably for the US dollar – had a 0.3% positive effect.

Revenue generated in France amounted to €287 million, down 8.3% on the same period of FY 2014-2015, with changes in the scope of consolidation accounting for 5.2 points of the overall year-on-year contraction.

  • The motorways market was boosted by high business volumes in the second quarter on a comparable-site basis – an effect which was amplified by the fact that in FY 2014-2015 Easter weekend fell in the month of April. However, this positive impact was more than offset by the termination of certain contracts, which led to an overall revenue contraction in this market.
  • Revenue in the airports market was weighed down by the loss of the catering contract for terminals E and F at Paris-Charles-de-Gaulle airport and by the impact on French tourism of the terrorist attacks.
  • The city sites & leisure market reported a revenue decline due to (i) lower numbers of visitors to sites in Paris in first-half FY 2015-2016 following the terrorist attacks, and (ii) an unfavorable basis of comparison with the first quarter of FY 2014-2015 as a number of biennial trade fairs were held during that period. These adverse effects were partly offset by a robust showing from leisure operations, thanks notably to the opening in June 2015 of the Bois aux Daims vacation village in the Vienne region.

In the International segment, 6.7% growth drove revenue up to €433 million in the first six months of FY 2015-2016. Organic growth was 9.8%, but completed or planned sales of non-strategic assets trimmed 3.7% off the revenue figure. Changes in exchange rates – notably for the US dollar – had a 0.6% favorable impact during the period.

  • The motorways market felt the positive effects of higher traffic volumes in Spain and Portugal, the reopening of the Okahumpa service plaza in Florida and a favorable calendar, with Easter falling in March this year.
  • Revenue in the airports market was lifted by upward trends in traffic volumes in Spain, the United States and Mexico and the opening of new points of sale in Italy, Spain, Portugal and the United States.

EBITDA

Consolidated EBITDA climbed by €12 million to €216 million and represented 7.4% of revenue, up 20 basis points on the first half of FY 2014-2015.

EBITDA for the contract catering & services business line rose to €184 million from €180 million, but EBITDA margin edged down by 10 basis points to 8.4%.

  • In France, EBITDA totaled €106 million and represented 9.3% of revenue, down slightly on the first half of FY 2014-2015 due to one-off difficulties encountered with certain contracts in the high-end business & industry market, as well as to the ramp-up of recent services contracts.
  • In the International segment, EBITDA for the contract catering & services business line advanced by €5 million to €79 million. As a percentage of revenue it narrowed to 7.4% from 7.6%, however, essentially due to the expected dilutive impact of the recent acquisitions in the USA and a temporary decrease in margins due to the high contract renewal rate in Spain. Conversely, the UK and Italy reported wider margins in the second quarter of the fiscal year.

Concession catering EBITDA amounted to €37 million (versus €29 million in the same period of FY 2014-2015) and represented 5.1% of revenue, up 110 basis points year on year.

  • In France, the EBITDA figure was €15 million (compared with €17 million for the first half of FY 2014-2015), reflecting the revenue decline posted for the period.
  • In the International segment, EBITDA rose by €10 million year on year to €22 million, and EBITDA margin surged by 220 basis points to 5.0%, led by higher profitability levels in all regions in Europe and in America.

Attributable profit for the period

Non-current items represented a net expense of €35 million, primarily including €30 million in non-recurring expenses such as (i) restructuring costs recorded in France, Italy, Spain and the United States (representing an aggregate €20 million), and (ii) losses on sales of non-strategic assets and closures of non-profit making sites (€8 million). These amounts reflect the acceleration during the period of measures implemented in connection with the Tsubaki transformation plan. Non-current charges for the period also included €5 million in impairment losses recognized on goodwill related to acquisitions.

At €31 million, net financial expense was considerably lower than in the first six months of FY 2014-2015, reflecting (i) the debt refinancing carried out in December 2014 and May 2015, (ii) the better financial conditions obtained for the Group’s euro-denominated senior debt in December 2015, and (iii) lower interest rates. The figure for first-half FY 2015-2016 also includes €4 million in non-recurring expenses arising on the refinancing operations undertaken during the period.

The Group’s income tax expense rose to €31 million from €30 million and the applicable tax rate was approximately 41%.

The Group reported a €3 million loss for the period from discontinued operations, primarily relating to non-strategic operations run by Areas in Northern Europe.

Attributable profit for the period was stable year on year, amounting to €40 million in the first half of FY 2015-2016. Adjusted earnings per share3 surged 32.1% to €0.37 from €0.28.

Cash flow and debt

Free cash flow4 was also stable year on year, coming in at a negative €64 million. This reflects the fact that the effects of the higher EBITDA figure, improved working capital and tight control over capital expenditure were almost fully offset by a non-recurring 20-million-euro tax payment related to past years and provisioned at end September 2015; and a high level of non-recurring items.

Net debt totaled €1,639 million at March 31, 2016, up €187 million on the September 30, 2015 figure, mainly as a result of seasonal effects on working capital requirement and the acquisitions carried out during the period in the United States and France (notably Cura Hospitality, ABL Management and Ducasse Développement) for an aggregate €76 million. The Group’s leverage ratio5 stood at 3.32x EBITDA at March 31, 2016, compared with 3.47x one year earlier.

Outlook

As part of its strategic plan for 2016-2020, the Group has embarked on a transformation process with a view to accelerating its development, and fiscal 2015-2016 should see the initial benefits of this new momentum. Thanks to our solid performance in the first half of FY 2015-2016 we are standing by our objectives for the full fiscal year, namely:

  • Organic growth6 of more than 3%, excluding the impact of voluntary contract exits (which is expected to be less than 200 basis points – vs. 150 basis points announced previously).
  • An EBITDA margin of over 8.6%, representing an increase of at least 20 basis points compared with FY 2014-2015.
  • A significant rise in reported earnings per share and adjusted earnings per share7.

Subsequent events

  • On May 4, 2016, Elior Group redeemed in advance of term all of the outstanding high yield 6.5% May 2020 Senior Secured Notes (ISIN codes: XS0808635600 et XS0808638299) for an aggregate €186 million (including the redemption premium). At the same time it announced that it had raised the equivalent amount from investors via a seven-year private placement with a variable interest rate based on the Euribor plus a 250 basis-point margin. These transactions have enabled the Group to further lower the cost of its borrowings while extending their maturity.

Consequently, the Group is no longer required to publish quarterly financial statements and will now only release consolidated and segment revenue figures on a quarterly basis.

  • On May 19, 2016 Elior Group and Autogrill announced they had entered into exclusive negotiations with a view to transfer 100% of the share capital of Autogrill Restauration Service, which owns concessions of Autogrill restaurants in railway stations in France.
  • On May 27, 2016, Elior Group announced the signature of a definitive agreement to acquire Preferred Meals, subject of a dedicated press release issued today.

A conference call will be held on Friday, May 27, 2016 at 9.00 a.m. (CET), which will also be accessible by webcast on the Elior Group website and by phone by dialing one of the following numbers:

France: + 33 (0) 1 76 77 22 24 United Kingdom: + 44 203 427 1907 United States: + 1 646 254 3367

Financial calendar:

  • July 28, 2016: Revenue for the first nine months of FY 2015-2016 – issue of press release before the start of trading
  • December 9, 2016: Full-year 2015-2016 results – issue of press release before the start of trading plus press conference

Appendix 1: Revenue by business line and geographic region Appendix 2: Revenue by geographic region Appendix 3: Revenue by market Appendix 4: EBITDA by business line and geographic region Appendix 5: EBITA by business line and geographic region Appendix 6: Simplified cash flow statement Appendix 7: Consolidated financial statements

The English-language version of this document is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions expressed therein, the original language version of the document in French takes precedence over this translation

The financial statements included in this press release have not been reviewed or audited by the Group’s statutory auditors.

About the Elior group

Founded in 1991, the Elior group has grown into one of the world’s leading operators in the catering and related services industry, and is now a benchmark player in the business & industry, education, healthcare, and travel markets. In FY 2014-2015, it generated €5,674 million in revenue through 18,600 restaurants and points of sale in 13 countries. Our 108,000 employees serve 4 million customers on a daily basis, taking genuine care of each and every one by providing personalized catering and service solutions to ensure an innovative customer experience.

We place particular importance on corporate social responsibility and have been a member of the United Nations Global Compact since 2004. The professional excellence of our teams, as well as their unwavering commitment to quality and innovation and to providing best-in-class service is embodied in our corporate motto: "Time savored”.

For further information please visit our website (http://www.eliorgroup.com) or follow us on Twitter (@Elior_Group / @Elior_France).

Appendix 1: Revenue by Business Line and Geographic Region

           
(in € millions) Q1

2015-2016

Q1

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

France 561 556 1.0% 0.0% 0.0% 1.0%
International   535   487   -0.9%   6.2%   4.6%   9.8%
Contract catering & services   1,096   1,043   0.2%   2.9%   2.1%   5.1%
France 154 168 -3.3% -5.4% 0.0% -8.8%
International   225   209   9.2%   -3.9%   2.6%   7.9%
Concession catering   379   377   3.6%   -4.6%   1.4%   0.5%
GROUP TOTAL   1,475   1,420   1.1%   0.9%   1.9%   3.9%
 
(in € millions) Q2

2015-2016

Q2

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

France 576 569 1.8% -0.6% 0.0% 1.2%
International   528   492   0.1%   7.2%   0.0%   7.3%
Contract catering & services   1,104   1,061   1.0%   3.0%   0.0%   4.1%
France 133 145 -3.0% -4.8% 0.0% -7.8%
International   208   197   10.5%   -3.5%   -1.5%   5.5%
Concession catering   341   342   4.8%   -4.0%   -0.9%   -0.1%
GROUP TOTAL   1,445   1,403   1.9%   1.3%   -0.2%   3.0%
 
(in € millions) H1

2015-2016

H1

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

France 1,137 1,124 1.4% -0.3% 0.0% 1.1%
International   1,063   980   -0.4%   6.7%   2.3%   8.6%
Contract catering & services   2,200   2,104   0.6%   2.9%   1.1%   4.6%
France 287 313 -3.2% -5.2% 0.0% -8.3%
International   433   406   9.8%   -3.7%   0.6%   6.7%
Concession catering   720   719   4.2%   -4.3%   0.3%   0.2%
GROUP TOTAL   2,920   2,823   1.5%   1.1%   0.9%   3.5%
           

Appendix 2: Revenue by Geographic Region

 
(in € millions) Q1

2015-2016

Q1

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

France   714   723   0.0%   -1.3%   0.0%   -1.3%
Other European countries   543   530   1.9%   -0.9%   1.6%   2.6%
Rest of the world   217   167   3.0%   16.0%   11.4%   30.4%
GROUP TOTAL   1,475   1,420   1.1%   0.9%   1.9%   3.9%
 
(in € millions) Q2

2015-2016

Q2

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

France   709   713   0.8%   -1.4%   0.0%   -0.6%
Other European countries   510   510   1.4%   -0.8%   -0.7%   0.0%
Rest of the world   227   180   7.9%   18.0%   0.2%   26.0%
GROUP TOTAL   1,445   1,403   1.9%   1.3%   -0.2%   3.0%
 
(in € millions) H1

2015-2016

H1

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

 
France   1,423   1,437   0.4%   -1.4%   0.0%   -0.9%
Other European countries   1,053   1,040   1.6%   -0.8%   0.5%   1.3%
Rest of the world   444   346   5.5%   17.1%   5.6%   28.2%
GROUP TOTAL   2,920   2,823   1.5%   1.1%   0.9%   3.5%

Appendix 3: Revenue by Market

(in € millions)   Q1

2015-2016

  Q1

2014-2015

  Organic growth (1)   Changes in scope of consolidation (2)   Currency effect (3)   Total

growth

Business & industry 500 474 -0.3% 3.9% 2.0% 5.6%
Education 307 305 -1.1% 0.2% 1.6% 0.7%
Healthcare   288   264   2.3%   4.1%   2.9%   9.3%
Contract catering & services   1,096   1,043   0.2%   2.9%   2.1%   5.1%
Motorways 132 131 1.1% -1.7% 1.8% 1.3%
Airports 165 151 8.6% -1.6% 2.3% 9.2%
City sites & leisure   82   96   -0.8%   -13.1%   -0.4%   -14.4%
Concession catering   379   377   3.6%   -4.6%   1.4%   0.5%
GROUP TOTAL   1,475   1,420   1.1%   0.9%   1.9%   3.9%
(in € millions) Q2

2015-2016

Q2

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

Business & industry 497 473 1.4% 4.2% -0.4% 5.0%
Education 317 320 -1.0% -0.1% 0.3% -0.8%
Healthcare   290   268   3.0%   4.7%   0.4%   8.1%
Contract catering & services   1,104   1,061   1.0%   3.0%   0.0%   4.1%
Motorways 120 118 2.8% -1.5% 0.2% 1.6%
Airports 145 140 6.7% -1.5% -1.4% 3.8%
City sites & leisure   76   84   4.4%   -11.9%   -1.7%   -9.1%
Concession catering   341   342   4.8%   -4.0%   -0.9%   -0.1%
GROUP TOTAL   1,445   1,403   1.9%   1.3%   -0.2%   3.0%
(in € millions) H1

2015-2016

H1

2014-2015

Organic growth (1) Changes in scope of consolidation (2) Currency effect (3) Total

growth

Business & industry 997 947 0.5% 4.1% 0.8% 5.3%
Education 624 625 -1.0% 0.0% 1.0% 0.0%
Healthcare   579   532   2.6%   4.4%   1.6%   8.7%
Contract catering & services   2,200   2,104   0.6%   2.9%   1.1%   4.6%
Motorways 252 248 1.9% -1.5% 1.1% 1.4%
Airports 310 291 7.7% -1.6% 0.5% 6.6%
City sites & leisure   158   180   1.6%   -12.5%   -1.0%   -11.9%
Concession catering   720   719   4.2%   -4.3%   0.3%   0.2%
GROUP TOTAL   2,920   2,823   1.5%   1.1%   0.9%   3.5%

1. Organic growth: change in revenue on a constant Group structure basis and excluding the currency effect

2. Changes in scope of consolidation correspond to the acquisitions carried out in the United States and completed or planned divestments of non-strategic assets

3. The currency effect stems from changes in the USD, GBP, MXN and CLP exchange rates.

NB: The figures for first-quarter FY 2015-2016 have been restated due to the reclassification of non-strategic assets held by Areas Northern Europe as discontinued operations.

       

Appendix 4: EBITDA by Business Line and Geographic Region

 
Q1 Q1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 50 49 1.0 2.2%
International   40   37   2.0   6.6%
Contract catering & services   90   86   4.0   4.1%
France 11 14 (3.0) -19.6%
International   15   8   7.0   83.5%
Concession catering   26   22   4.0   17.6%
Corporate   (2)   (2)   0.0   nm
GROUP TOTAL   114   106   8.0   7.3%
 
Q2 Q2

Y-on-y change (€m)

Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 55 56 (1) -1.8%
International   39   37   2   5.9%
Contract catering & services   95   93   1   1.2%
France 4 3 1 14.0%
International   7   3   4   111.3%
Concession catering   10   6   4   63.8%
Corporate   (3)   (2)   (1)   nm
GROUP TOTAL   102   98   4   4.3%
 
H1 H1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 106 106 0 0.1%
International   79   74   5   6.3%
Contract catering & services   184   180   5   2.6%
France 15 17 (2) -13.6%
International   22   12   10   91.6%
Concession catering   37   29   8   27.9%
Corporate   (5)   (4)   (1)   nm
GROUP TOTAL   216   204   12   5.8%
       

Appendix 5: EBITA by Business Line and Geographic Region

 
Q1 Q1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 41 39 2 4.1%
International   31   28   2   8.6%
Contract catering & services   71   67   4   6.0%
France 3 5 (2) -35.7%
International   3   (2)   6   nm
Concession catering   7   3   4   150.1%
Corporate   (2)   (3)   0   nm
GROUP TOTAL   76   67   8   12.4%
 
Q2 Q2 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 46 47 (1) -2.2%
International   30   29   1   4.3%
Contract catering & services   76   76   0   0.3%
France (3) (6) 3 -48.1%
International   (4)   (8)   4   -48.3%
Concession catering   (8)   (15)   7   -47.9%
Corporate   (3)   (2)   (1)   nm
GROUP TOTAL   66   59   6   10.7%
 
H1 H1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 87 86 1 0.7%
International   61   57   4   6.4%
Contract catering & services   148   143   4   3.0%
France 0 (1) 1 -98.7%
International   (1)   (11)   10   -92.1%
Concession catering   (1)   (12)   11   -91.7%
Corporate   (5)   (5)   0   nm
GROUP TOTAL   141   127   15   11.0%

Appendix 4: EBITDA by Business Line and Geographic Region

Q1 Q1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 50 49 1.0 2.2%
International 40 37 2.0 6.6%
Contract catering & services 90 86 4.0 4.1%
France 11 14 (3.0) -19.6%
International 15 8 7.0 83.5%
Concession catering 26 22 4.0 17.6%
Corporate (2) (2) 0.0 nm
GROUP TOTAL 114 106 8.0 7.3%
Q2 Q2 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 55 56 (1) -1.8%
International 39 37 2 5.9%
Contract catering & services 95 93 1 1.2%
France 4 3 1 14.0%
International 7 3 4 111.3%
Concession catering 10 6 4 63.8%
Corporate (3) (2) (1) nm
GROUP TOTAL 102 98 4 4.3%
H1 H1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 106 106 0 0.1%
International 79 74 5 6.3%
Contract catering & services 184 180 5 2.6%
France 15 17 (2) -13.6%
International 22 12 10 91.6%
Concession catering 37 29 8 27.9%
Corporate (5) (4) (1) nm
GROUP TOTAL 216 204 12 5.8%

Appendix 5: EBITA by Business Line and Geographic Region

Q1 Q1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 41 39 2 4.1%
International 31 28 2 8.6%
Contract catering & services 71 67 4 6.0%
France 3 5 (2) -35.7%
International 3 (2) 6 nm
Concession catering 7 3 4 150.1%
Corporate (2) (3) 0 nm
GROUP TOTAL 76 67 8 12.4%
Q2 Q2 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 46 47 (1) -2.2%
International 30 29 1 4.3%
Contract catering & services 76 76 0 0.3%
France (3) (6) 3 -48.1%
International (4) (8) 4 -48.3%
Concession catering (8) (15) 7 -47.9%
Corporate (3) (2) (1) nm
GROUP TOTAL 66 59 6 10.7%
H1 H1 Y-on-y change (€m) Y-on-y change (%)
(in € millions) 2015-2016 2014-2015
France 87 86 1 0.7%
International 61 57 4 6.4%
Contract catering & services 148 143 4 3.0%
France 0 (1) 1 -98.7%
International (1) (11) 10 -92.1%
Concession catering (1) (12) 11 -91.7%
Corporate (5) (5) 0 nm
GROUP TOTAL 141 127 15 11.0%

Appendix 6: Simplified Cash Flow Statement

  H1   H2   Y-o-y change
(€m)
(in € millions) 2015-2016 2014-2015
EBITDA   216   204   12
Change in working capital   (117)   (122)   5
Net capex   (86)   (90)   4
Tax paid   (34)   (10)   (24)
Non-recurring cash items   (44)   (47)   (3)
Free cash flow   (64)   (64)   -

Appendix 7: Consolidated Financial Statements

Consolidated Income Statement

(in € millions)   H1 2015-2016   H1 2014-2015
Revenue   2,920   2,822
Purchases of raw materials and consumables   (916)   (867)
Personnel costs   (1,327)   (1,294)
Other operating expenses   (425)   (420)
Taxes other than on income   (37)   (37)
Depreciation, amortization and provisions for recurring operating items   (75)   (78)
Recurring operating profit   140   126
Share of profit of equity-accounted investees   1   1
Recurring operating profit including share of profit of equity-accounted investees   141   127
Other income and expenses, net   (35)   (8)
Operating profit including share of profit of equity-accounted investees   106   119
Net financial expense   (32)   (51)
Profit before income tax   74   67
Income tax   (32)   (31)
Loss for the period from discontinued operations   (4)   0
Profit for the period   41   38
Attributable to owners of the parent   40   40
Attributable to non-controlling interests   0   (2)
Earnings per share (in €)   0.24   0.24

Consolidated Balance Sheet – Assets

(in € millions)   At March 31, 2016   At March 31, 2015
Goodwill   2,444   2,374
Intangible assets   307   305
Property, plant and equipment   490   514
Non-current financial assets   48   33
Equity-accounted investees   4   2
Fair value of derivative financial instruments        
Deferred tax assets   215   248
Total non-current assets   3,506   3,476
Inventories   100   97
Trade and other receivables   989   1,048
Current income tax assets   18   25
Other current assets   72   59
Short-term financial receivables   10   7
Cash and cash equivalents   113   159
Assets classified as held for sale   16   0
Total current assets   1,316   1,393
Total assets   4,824   4,871

Consolidated Balance Sheet – Equity and Liabilities

(in € millions)   At March 31, 2016   At March 31, 2015
Share capital   2   2
Reserves and retained earnings   1,434   1,250
Non-controlling interests   39   32
Total equity   1,474   1,284
Long-term debt   1,639   1,616
Fair value of derivative financial instruments   10   21
Non-current liabilities relating to share acquisitions   19   212
Deferred tax liabilities   46   55
Provisions for pension and other post-employment benefit obligations   105   106
Other long-term provisions   21   15
Total non-current liabilities   1,841   2,026
Trade and other payables   679   671
Due to suppliers of non-current assets   19   21
Accrued taxes and payroll costs   536   565
Current income tax liabilities   21   56
Short-term debt   103   112
Current liabilities relating to share acquisitions   13   10
Short-term provisions   52   69
Other current liabilities   74   57
Liabilities classified as held for sale   12   0
Total current liabilities   1,509   1,561
Total liabilities   3,350   3,587
Total equity and liabilities 4,824 4,871

Consolidated Cash Flow Statement

(in € millions)   H1 2015-2016   H1 2014-2015
Cash flows from operating activities        
EBITDA   216   204
Change in working capital   (117)   (122)
Interest paid   (48)   (39)
Tax paid   (34)   (10)
Other cash movements   (44)   (47)
Net cash used in operating activities   (27)   (13)
Cash flows from investing activities        
Purchases of and proceeds from sale of property, plant and equipment and intangible assets   (86)   (90)
Purchases of and proceeds from sale of non-current financial assets   (18)   (1)
Acquisition/sale of shares in consolidated companies   (59)   (19)
Net cash used in investing activities   (162)   (110)
Cash flows from financing activities        
Dividends paid to owners of the parent   0   -
Movements in share capital of the parent   1   0
Purchases of treasury shares   -   0
Dividends paid to non-controlling interests   (1)   (8)
Proceeds from borrowings   173   1,083
Repayments of borrowings   (98)   (965)
Net cash from financing activities   74   110
Effect of exchange rate and other changes   (4)   (45)
Net decrease in cash and cash equivalents   (118)   (58)

1 Adjusted for non-recurring operating items net of the tax effect calculated at the standard rate of 34%. (in €)

2 Starr Restaurant Catering Group and Cura Hospitality have been consolidated since October 1, 2015, and ABL Management since December 1, 2015.

3 Adjusted for non-recurring operating items net of the tax effect calculated at the standard rate of 34%.

4 Defined as EBITDA + change in WCR – net capex – cash impact of tax – non-recurring cash items.

5 Calculated in accordance with the definition in the SFA: Consolidated net debt/Pro forma EBITDA adjusted for acquisitions and divestments carried out in the past twelve months.

6 Excluding the impact of changes in scope of consolidation and the currency effect.

7 Adjusted for non-recurring operating items net of the tax effect calculated at the standard rate of 34%.

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