| | | | | |
|
| |
|
12/12A
|
12/13E
|
12/14E
|
12/15E
|
|
|
EBITDA
|
€M
|
17.6
|
27.5
|
30.5
|
32.6
|
|
|
Funds from operations (FFO)
|
€M
|
0.70
|
14.1
|
17.7
|
17.8
|
|
|
|
|
Ordinary shareholders' equity
|
€M
|
|
|
|
|
|
|
Gross debt
|
€M
|
83.4
|
52.0
|
42.0
|
42.0
|
|
|
o/w Less than 1 year - Gross debt
|
€M
|
64.5
|
44.0
|
36.0
|
37.0
|
|
|
o/w 1 to 5 year - Gross debt
|
€M
|
15.1
|
4.00
|
2.00
|
1.00
|
|
|
of which Y+2
|
€M
|
11.3
|
2.00
|
1.00
|
1.00
|
|
|
of which Y+3
|
€M
|
2.00
|
1.00
|
1.00
|
|
|
|
of which Y+4
|
€M
|
1.00
|
1.00
|
|
|
|
|
of which Y+5
|
€M
|
0.80
|
|
|
|
|
|
o/w Beyond 5 years - Gross debt
|
€M
|
3.80
|
4.00
|
4.00
|
4.00
|
|
|
+ Gross Cash
|
€M
|
50.7
|
20.0
|
15.2
|
15.5
|
|
|
= Net debt / (cash)
|
€M
|
32.7
|
32.0
|
26.8
|
26.5
|
|
|
|
|
Bank borrowings
|
€M
|
66.5
|
35.0
|
25.0
|
25.0
|
|
|
Financial leases liabilities
|
€M
|
16.9
|
16.9
|
16.9
|
16.9
|
|
|
Other financing
|
€M
|
0.00
|
0.10
|
0.10
|
0.10
|
|
|
|
|
Gearing (at book value)
|
%
|
30.9
|
17.9
|
15.5
|
12.6
|
|
|
Adj. Net debt/EBITDA(R)
|
x
|
3.34
|
2.28
|
1.95
|
1.84
|
|
|
Adjusted Gross Debt/EBITDA(R)
|
x
|
6.22
|
3.38
|
2.84
|
2.53
|
|
|
Adj. gross debt/(Adj. gross debt+Equity)
|
%
|
44.7
|
38.9
|
35.7
|
31.9
|
|
|
Interest cover (x)
|
x
|
0.65
|
2.40
|
3.82
|
4.22
|
|
|
Ebit interest cover
|
x
|
0.85
|
2.50
|
4.00
|
4.42
|
|
|
FFO/Gross Debt
|
%
|
0.48
|
12.3
|
16.8
|
18.0
|
|
|
FFO/Net debt
|
%
|
2.14
|
44.2
|
65.9
|
66.9
|
|
|
FCF/Adj. gross debt (%)
|
%
|
14.1
|
2.61
|
4.19
|
2.53
|
|
|
(Gross cash+ "cash" FCF+undrawn)/ST debt
|
x
|
1.10
|
0.52
|
0.54
|
0.49
|
|
|
"Cash" FCF/ST debt
|
x
|
0.32
|
0.06
|
0.12
|
0.06
|
|
