| | | | | |
|
| |
|
03/12A
|
03/13E
|
03/14E
|
03/15E
|
|
|
EBITDA
|
€M
|
-1.90
|
-3.60
|
0.30
|
1.90
|
|
|
Change in WCR
|
€M
|
2.00
|
1.00
|
2.00
|
2.20
|
|
|
of which (increases)/decr. in receivables
|
€M
|
22.0
|
0.00
|
0.00
|
1.00
|
|
|
of which (increases)/decr. in inventories
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
of which increases/(decr.) in payables
|
€M
|
-20.0
|
1.00
|
1.00
|
1.00
|
|
|
of which increases/(decr.) in other curr. liab.
|
€M
|
|
0.00
|
1.00
|
0.20
|
|
|
Actual dividends received from equity holdings
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
Paid taxes
|
€M
|
-1.00
|
-0.40
|
-0.40
|
-0.40
|
|
|
Exceptional items
|
€M
|
4.00
|
|
|
|
|
|
Other operating cash flows
|
€M
|
|
|
|
|
|
|
Total operating cash flows
|
€M
|
3.10
|
-3.00
|
1.90
|
3.70
|
|
|
Capital expenditure
|
€M
|
-1.00
|
-0.50
|
-0.50
|
-0.50
|
|
|
Capex as a % of depreciation & amort.
|
%
|
41.7
|
26.3
|
27.8
|
27.8
|
|
|
Net investments in shares
|
€M
|
|
|
|
|
|
|
Other investment flows
|
€M
|
1.00
|
|
|
|
|
|
Total investment flows
|
€M
|
0.00
|
-0.50
|
-0.50
|
-0.50
|
|
|
Net interest expense
|
€M
|
-0.90
|
-0.80
|
-0.90
|
-0.80
|
|
|
of which cash interest expense
|
€M
|
-0.10
|
-0.80
|
-0.90
|
-0.80
|
|
|
Dividends (parent company)
|
€M
|
|
|
0.00
|
|
|
|
Dividends to minorities interests
|
€M
|
0.00
|
0.00
|
0.00
|
0.00
|
|
|
New shareholders' equity
|
€M
|
|
|
|
|
|
|
of which (acquisition) release of treasury shares
|
€M
|
|
|
|
|
|
|
Change in gross debt
|
€M
|
0.50
|
2.30
|
-6.30
|
-1.00
|
|
|
Other financial flows
|
€M
|
|
|
|
|
|
|
Total financial flows
|
€M
|
0.40
|
1.50
|
-2.20
|
-1.80
|
|
|
Change in cash position
|
€M
|
3.50
|
-2.00
|
-0.80
|
1.40
|
|
|
Change in net debt position
|
€M
|
3.00
|
-4.30
|
5.50
|
2.40
|
|
|
Free cash flow (pre div.)
|
€M
|
1.20
|
-4.30
|
0.50
|
2.40
|
|
|
Operating cash flow (clean)
|
€M
|
-0.90
|
-3.00
|
1.90
|
3.70
|
|
|
Reinvestment rate (capex/tangible fixed assets)
|
%
|
25.0
|
12.5
|
12.5
|
12.5
|
|
