24th Feb 2009 16:09
Telefónica O2 Czech Republic - 2008 Full Year Financial Results
February 24, 2009
Telefónica O2 Czech Republic, a.s. is pleased to announce its audited financial results for the fiscal year 2008. These results are consolidated and prepared according to International Financial Reporting Standards and fully include the results of Telefónica O2 Slovakia, Deltax Systems, Telefónica O2 Business Solutions (formerly Telefónica O2 Services) and other smaller operating companies.
"I am pleased that in 4Q we delivered strong performance and have met all our targets for 2008. Group's revenues were pushed by steady growth of mobile business and continuing improvement in traditional fixed business. At the same time, the Group managed to maintain its operational and investment efficiency, which resulted in operational profitability well above the industry average in CEE region. In 2009, within the challenging environment, we will stay focused on customers' needs, further strengthening of our position in Slovakia and cash flow growth. Considering current financial position and prospective business performance, the Board of Directors intends to propose a dividend payment of CZK 50 per share," says Salvador Anglada, Chief Executive Officer and Chairman of the Board of Directors of Telefónica O2 Czech Republic, when commenting on the operator's financial results.
FY 2008 and 4Q 2008 Group Highlights
|
FY 2008 |
4Q 2008 |
|
|
Group business revenues |
CZK 64,450 mil. (+2.9%) |
CZK 16,515 mil. (+4.3%) |
|
CZ Mobile service revenues |
CZK 32,231 mil. (+3.9%) |
CZK 8,051 mil. (+2.8%) |
|
OIBDA |
CZK 28,312 mil. (+1.0%) |
CZK 6,771 mil. (+2.6%) |
|
OIBDA margin |
43.9% (-0.9 p.p.) |
41.0% (-0.7 p.p.) |
|
Operating income |
CZK 15,380 mil. (+13.1%) |
CZK 3,519 mil. (+15.7%) |
|
Net Income |
CZK 11,628 mil. (+12.0%) |
CZK 2,623 mil. (-6.0%) |
|
CAPEX |
CZK 8,088 mil. (+3.6%) |
CZK 3,938 mil. (+23.5%) |
|
CAPEX/Revenues |
12.5% (+0.1 p.p.) |
23.8% (+3.8 p.p.) |
|
Net gearing |
-5.1%2 (-4.7 p.p.) |
|
|
Group Headcount |
9,096 (-1.4%) |
|
|
CZ mobile registered customers |
5,257 ths. (+2.6%) |
|
|
- of which contract |
2,519 ths. (+12.3%) |
|
|
ADSL accesses |
631 ths. (+10.6%) |
|
|
O2 TV customers |
115 ths. |
|
|
Fixed telephony accesses |
1,893 ths. (-8.5%) |
|
|
SK mobile registered customers |
455 ths. (of which 21.8% contract) |
|
2008 guidance achieved in all metrics
2009 guidance - revenues decline of -3% to 0%, OIBDA decline of -4% to 0%, Operating Cash Flow growth of +2% to +5%
2008 dividend of CZK 50 per share to be proposed to the AGM Consolidated Financial Statements
Revenues, operating costs and OIBDA
Consolidated revenues reached CZK 64.7 billion in 2008, up 2.6% yoy and CZK 16.6 billion, up 3.9% yoy in 4Q alone. Consolidated business revenues grew 2.9% yoy to CZK 64.4 billion in 2008 and by 4.3% to CZK 16.5 billion in 4Q. Telefónica O2 thus achieved its full year guidance of 2% to 4% growth of business revenues. Fixed business revenues went up 0.6% in 2008 and by 6.0% yoy in 4Q alone driven by revenues in ICT business and improvement in the traditional business. Mobile business revenues in the Czech Republic went up 3.1% and 1.5% in 2008 and 4Q 2008. Total consolidated operating costs reached CZK 37.6 billion in 2008 and CZK 10.0 billion in 4Q, up by 5.2% yoy both in 4Q and full year. Consolidated OIBDA thus amounted to CZK 28.3 billion in 2008, up by 1.0% yoy and up by 2.6% to CZK 6.8 billion in 4Q alone. OIBDA adjusted for guidance grew by 0.9% yoy to CZK 28.3 billion in 2008, within the guidance range of 0% to 2%. OIBDA margin (OIBDA over Business revenues) reached 43.9% and 41.0% in 2008 and 4Q 2008 compared to 44.8% and 41.7% in the same periods of 2008. The Slovak operation diluted OIBDA margin by close to 2.6 p.p. in 2008.
Depreciation and Amortization
Consolidated depreciation and amortization amounted to CZK 12.9 billion in 2008, resulting in a decline of 10.4% yoy.
Operating Income, Income before tax and Net income
Consolidated operating income and consolidated income before tax went up by 13.1% yoy and 13.6% yoy to reach CZK 15.4 billion and CZK 15.3 billion respectively in 2008, on the back of slight growth in OIBDA and continuing decrease in depreciation and amortization charge. Consolidated net income amounted to CZK 11.6 billion, up by 12.0% yoy in 2008 with a 6.0% decline to CZK 2.6 billion in 4Q alone. Decrease in deferred tax expense resulting from lower income tax rates in 2008 to 2010 positively affected income tax expense and net income in 4Q 2007.
CAPEX
Total consolidated CAPEX amounted to CZK 8.1 billion in 2008, up 3.6% yoy and 23.5% yoy to CZK 3.9 billion in 4Q alone. Similarly to the previous quarters of 2008, CAPEX was spent on selective basis in the growth areas of the business. In the Czech Republic investments were directed towards increasing mobile broadband (mainly UMTS) and GSM networks capacity and coverage, ADSL and IPTV capacity increase, fixed access network improvement and information systems upgrade. In Slovakia the company continued in GSM network rollout and systems deployment. By the end of 2008, more than 850 BTS were put in operation.
Free Cash Flows
In 2008, the Groups' free cash flows amounted to CZK 19.5 billion, up by 6.5% yoy. Cash generated from operating activities went down by 8.6% to CZK 21.8 billion, driven mainly by increase in income tax paid due to higher net income and the CZK 2 billion payment related to the dispute with T-Mobile, which was commented already in previous quarters. In the second half of 2008, the company received vast majority of the proceeds from the real estate sale which was booked in 2Q 2008. This cash inflow more than compensated higher cash outflow related to CAPEX accounted for in 4Q 2007 but paid in 2008 and resulted in 59.1% decline of net cash used in investing activities. In 4Q 2008, Telefónica O2 paid out CZK 16.1 billion of dividends corresponding to 2007.
Cash and Debt levels
On 31 December 2008, the group's consolidated financial debt (long-term and short-term) amounted to CZK 3.2 billion, down from CZK 3.4 billion at the end of 3Q 2008 and from 9.3 billion at 2007 year-end. As it was commented in 3Q, the company repaid its 5 year domestic bonds of CZK 6 billion at the beginning of July. The amount of cash and cash equivalents and short term financial investments reached CZK 7.2 billion at the end of 2008, down from CZK 9.6 billion a year ago. Combination of the cash and debt balances resulted in net leverage of minus 5.1% and gross leverage of 4.1% at the end of 2008 compared to minus 0.4% and 11.2% at 31 December 2007.
Czech Republic Overview
The Company's activities in the last quarter of 2008 continued to focus on marketing of new and enhanced products and services in the growth areas (mobile flat rate tariffs, fixed and mobile broadband services, ICT services), while protecting the traditional business.
CZ Mobile Segment Overview
Total business revenues in the mobile segment increased by 3.1% yoy in 2008 to CZK 33.6 billion with a 1.5% growth to CZK 8.4 billion in 4Q alone. Mobile service revenues went up 3.9% yoy to 32.2 billion in 2008 and by 2.8% to CZK 8.1 billion in the quarter.
Revenues from voice services (monthly fees, traffic and interconnection) increased in total by 1.6% yoy to CZK 24.7 billion in 2008 and were driven mainly by revenues from monthly fees.
The total number of registered mobile customers increased by 2.6% yoy to 5,257 thousand at 31 December 2008 with 70 thousands net adds in 4Q. The total number of contract customers reached 2,519 thousand at the same date, up by 275 thousand yoy, representing 12.3% growth following the active prepaid to contract migration strategy and good customers' response to new O2 NEON flat rate tariffs introduced in May. Net adds of contract customers amounted to 90 thousand in 4Q 2008 compared to 83 thousand in the same period in 2007. Contract customers thus accounted for 47.9% of the total customer base at the end of December 2008, up from 46.8% at 3Q08 and 43.8% a year ago.
The number of prepaid registered customers decreased by 5.0% yoy to 2,738 thousand at the end of December 2008. Under the methodology, which defines a prepaid customer as generating revenue in the last 3 months, the number of mobile active prepaid customers amounted to 2,283 thousand at 31 December 2008, flat compared to 3Q 2008.
The blended monthly average churn rate reached 1.6% in 2008, 0.1 p.p. higher compared to 2007 and 1.7% in 4Q 2008 alone.
Revenues from monthly fees increased by 9.0% yoy to CZK 7.8 billion in 2008, driven by a 12.3% yoy growth in the contract customer base. In 4Q alone, this category of revenues went up 9.7% yoy to CZK 2.0 billion. Traffic revenues decreased 2.5% yoy to CZK 11.6 billion in 2008 and 7.2% in 4Q alone, on the back of decrease in roaming abroad revenues (EU roaming rates cut) and lower outgoing voice revenues due to higher number of customers who subscribed for flat rate tariffs.
Interconnection revenues (incoming traffic and roaming visitors) amounted to CZK 5.3 billion in 2008, up by 1.0% yoy driven mainly by increase in incoming voice revenues due to increasing incoming traffic.
Average MOU per subscriber improved to 121 minutes in 2008, up from 116.9 minutes in 2007 (124.2 minutes in 4Q 2008 compared to 122.1 minutes in 4Q 2007). The growing number of contract customers generating higher average traffic per customer and the attractiveness of O2 NEON tariffs designed to stimulate traffic, which were well received by customers were the key drivers behind that growth. By the end of December 2008, close to 270 thousand customers subscribed for one of the O2 NEON tariffs and O2 NEON customers accounted to 11% of voice contract customers.
In 2008, blended monthly ARPU reached CZK 519 compared to CZK 524 in 2007 (CZK 519 in 4Q 2008 compared to CZK 527 in 4Q 2007). Contract monthly ARPU reached CZK 847 in 2008, compared to CZK 907 in 2007 (- 6.7% yoy), while it was CZK 827 in 4Q 2008, down from CZK 885 in 4Q 2007. The main reason for the lower contract ARPU is the dilution caused by customer migration from the prepaid to the contract segment. Prepaid monthly ARPU decreased by 2.0% yoy to CZK 242 in 2008 from CZK 247 in 2007 (CZK 248 and CZK 241 in 4Q 2007 and 4Q 2008).
Total revenues from value added services (including SMS, MMS and content) increased by 8.6% yoy to CZK 5.0 billion in 2008 (+9.4% yoy in 4Q alone) as a result of continuing growth in SMS and MMS messages volumes. In 2008, O2 customers sent and received in total 3,331 million SMS, up by 8.1% yoy.
Revenues from Internet and Data recorded a 6.3% yoy increase and reached CZK 2.1 billion in 2008 (+1.2% yoy to CZK 515 million in 4Q alone). The total number of data customers (GPRS, CDMA and UMTS flat rate) increased by 19.2% to 229 thousand at 31 December 2008 with 11 thousand net additions in 4Q alone. Data ARPU improved by 2.8% yoy to CZK 114 in 2008 with a 3.3% yoy increase to CZK 119 in 4Q. As a result of the growth in mobile data customers non-SMS data ARPU represented 43.6% of total data ARPU in 2008 and 43.5% in 4Q 2008 compared to 42.7% and 42.0% in the same periods of 2007.
CZ Fixed Segment Overview
Total business revenues in the fixed line segment went up by 0.6% to CZK 29.8 billion in 2008 and by 6.0% to CZK 7.8 billion in 4Q alone. The solid performance in 4Q was driven largely by revenues from ICT services and improvement in traditional fixed services.
In 2008, Telefónica O2 progressed in the integration of its fixed and mobile systems. As a result of the system integration, following one-off adjustments in non-financial KPIs were made in 4Q 2008: +31.0 thousand fixed telephony accesses, -14.0 thousand retail ADSL connections and -8.5 thousand O2TV customers. These changes have no impact on the financial performance of the fixed segment.
In 2008, net losses of fixed telephony accesses improved by 47.2% yoy. In 4Q 2008, net lines loss reached 30 thousand, but due to one-off adjustment the reported number amounted to 1 thousand net adds, compared to 45 thousand loss in 3Q08, 58 thousand in 2Q08, 74 thousand in 1Q 2008 and 65 thousand in 4Q 2007. This is a result of the Company's strategy to enhance the quality of fixed lines via improved broadband proposition and bundled offers. Total number of the bundled products (O2 Duo, O2 Trio and O2 Duo Mobil) reached 270 thousand 31 December 2008, so fixed telephony accesses with one of the bundle represented 14.2% of total accesses. Number of fixed telephony accesses decreased by 8.5% yoy to 1,893 thousand at the end of 2008, which resulted in 16.0% yoy decline in revenues from traditional access to CZK 8.1 billion in 2008 (down by 15.1% in 4Q).
Revenues from traditional voice services (voice traffic and interconnection) declined in total by 2.2% to CZK 8.9 billion in 2008 and by 2.0% in 4Q 2008. Revenues from voice traffic declined by 9.5% yoy to CZK 4.1 billion in 2008, as a result of lower voice traffic generated by our customers, which decreased at the same time by 14.3% yoy to 2,317 million minutes. In 4Q alone, voice traffic revenues decreased 14.6% yoy and traffic went down by 15.8% yoy. Interconnection revenues went up by 5.1% to CZK 4.8 billion in 2008 (+ 10.7% yoy in 4Q alone) driven mainly by higher revenues from international transit traffic, which more than compensated decrease in revenues from incoming voice.
Revenues from Internet & broadband increased in total by 5.6% yoy to CZK 4.1 billion in 2008 (+2.0% in 4Q alone) as a result of 9.6% growth in revenues from broadband based services (ADSL, IPTV and content) confirming the company's strategy to focus on ADSL and IPTV based services and premium content. Revenues from broadband based services amounted to CZK 4.0 billion in 2008, of which CZK 3.7 billion represented revenues from retail broadband (up 12.9% yoy) and CZK 323 million from wholesale ADSL services (down 17.4% yoy). The total number of reported ADSL accesses (retail and wholesale) reached 631 thousand at December 2008, compared to 570 thousand a year ago, up 10.6% yoy. Retail ADSL accesses went up 13.8% yoy to 579 thousand in this period, with 27 thousand net adds in 4Q 2008 (41 thousand excluding one-off adjustment). The total number of reported O2 TV's customers reached 115 thousand at the end of 2008.
Revenues from data services decreased in total by 1.2% yoy to CZK 3.9 billion in 2008 as a result of 14.3% decline in revenues from leased lines to CZK 1.8 billion, while revenues from data network services increased by 13.4% yoy to CZK 2.1 billion as a result of the growth of IP Connect and IP VPN connections.
Revenues from IT services and business solutions increased by 20.4% yoy to CZK 2.1 billion and by 121.8% in 4Q alone. Thus, this revenue stream significantly contributed fixed business revenues in 4Q, as expected and commented in previous quarters. Equipment sales amounted to CZK 593 million in 2008, up by 28.4% and by 77.4% in 4Q alone due to sale of equipment related to ICT business. Other telecommunication revenues went up by 146.7% to CZK 2.1 billion in 2008, driven mainly by revenues from universal service which amounted to approximately CZK 1.2 billion in 2008.
Slovakia
In Q4 2008, Telefónica O2 Slovakia continued with its O2 Fér (O2 Fair) customer proposition resulting in the healthy customer growth. O2 Fair is a simple tariff which unifies prepaid and contract rates and offers SIM-only products without handset subsidy. The proposition was well received by the market and resulted in substantial increase in number of mobile number portability requests (318% growth in Q4 2008 compared to Q3 2008).
Number of registered customers in Slovakia reached 455 thousand on 31 December 2008, with 43 thousand net adds in 4Q alone. Using the 3-months customer activity recognition criteria, the number of active customers reached 325 thousand at that day, up by 18.7% yoy, with 48 thousand net adds in 4Q. This increase was driven mainly by 57.2% yoy growth in contract customers to 99 thousand, while number of prepaid active customers reached 226 thousand at the year end, up 7.2% yoy. This confirms the stabilisation of the customer base seen already in 3Q, after deactivations of inactive customers in the first half of 2008.
2008 revenues of Telefónica O2 Slovakia more than doubled in local currency, as a result of improving customer mix. Improvement in customer quality and ˝SIM-only˝ nature of the O2 Fair proposition is also reflected in bad debt ratios, which are consistent with industry standards.
Telefónica O2 Slovakia continued to rollout its own network infrastructure and by the end of the period the company put in operation more than 850 BTS and thus fulfilled the license conditions. Its network currently covers close to 90 percent of population, which is nearly 2-times more than required by the license and enables to capture some 82% of customer generated traffic on its network.
Group Operating Expenses
Total Group operating costs amounted to CZK 37.6 billion in 2008 and CZK 10.0 billion in 4Q alone, up by 5.2% yoy in both periods.
Supplies expenses grew in total by 8.7% yoy to CZK 18.6 billion in 2008 with a 15.6% increase in 4Q alone driven by growth of interconnection expenses and sub-deliveries for ICT services. Interconnection costs increased by 8.9% yoy to CZK 12.0 billion in 2008 and by 11.8% in the quarter driven by growth of costs related to international transit (in line with higher transit revenues) and costs incurred in Slovakia (due to growth in customer base). Cost of goods sold went down by 6.9% yoy to CZK 3.3 billion due to more favorable cost of equipment. Other supplies increased 28.9% to CZK 3.3 billion in 2008 and by 87.8% yoy in 4Q. The increase in 4Q is mainly a result of the growth in sub-deliveries costs, while costs associated with universal service (approximately CZK 800 million in 2008) were the key driver for 28.9% yoy growth in 2008.
Personnel costs, including headcount reduction costs, amounted to CZK 7.1 billion in 2008, flat compared to 2007, while they increased 1.1% yoy in 4Q alone. The total number of Group employees reached 9,096 at 31 December 2008, down 1.4% yoy. Telefónica O2 Czech Republic headcount went down by 3.6% yoy to 8,383 at that day.
The cost of external services increased in total by 0.2% yoy and reached CZK 10.9 billion in 2008 with an 11.6% decline in 4Q alone. Marketing and sales in total went down by 9.2% yoy to CZK 3.2 billion and by 19.9% yoy in 4Q. Network & IT repairs and maintenance decreased by 10.1% yoy to CZK 2.3 billion in 2008 as a result of continuing efficiency improvement (mainly processes improvement). Rentals, buildings and vehicles costs reached CZK 2.2 billion, up by 14.3% yoy (but only 2.2% yoy in 4Q) mainly due to higher rental and service costs related to the movement into the new headquarters, rental costs of DELTAX Systems (DELTAX Systems not consolidated in 2007) and rental costs incurred in Slovakia. Utilities supplies increased by 17.5% yoy to CZK 948 million on the back of electricity price increase and impact of the Slovak operation. Other external services including consultancy fees, call centers and other external services went down 20.9% yoy to CZK 1.6 billion in 2008 with a 36.0% decrease in the quarter.
Taxes, comprising taxes other than income tax, fees and provisions increased by 58.9% yoy to CZK 953 million and to CZK 213 million in 4Q alone (in line with 2Q and 3Q). In 1Q 2008, Telefónica O2 Slovakia booked bad debt provisions related to initial contract customer base. However the effective measures put in place in 2Q 2008 resulted in improvement in credit management and led to bad debt ratios, which are consistent with industry standards.
Outlook for 2009
In 2009, considering current challenging environment, the Company's strategy will continue to be focused closely on its customers and their needs, while keeping its strategic goals. Among other priorities, cash flow generation through efficiencies in OPEX and CAPEX remains the considerable goal for 2009.
In 2009 we expect Group revenues to be in a range -3% to 0%, OIBDA -4% to 0% and Operating Cash Flow to +2% to +5% compared to 2008. In addition, the Group reiterates its medium term guidance for 2007 - 2010 communicated in October 2007.
The Company will continue with active proposition of its mobile flat rate tariffs introduced in 2008 with the aim to further improve the customer mix and subsequently accelerate usage and consumption (ARPU). In line with its recently announced plans to expand the 3G coverage, the Company will focus on improved proposition of new mobile broadband and data services. In the fixed line business the Company's effort will focus on consolidation of past year performance. The Company believes that continuing enhancement of ADSL and IPTV as well as bundling will further increase the value of the fixed line and will result in deceleration of fixed lines losses. The Company will continue to focus its efforts on the area of ICT and integrated business solutions primarily for corporate and government customers as well as small and medium-sized businesses and entrepreneurs. Consolidation of the activities in the field of ICT into one operational unit of professional services, which already commenced in 2008, will further strengthen the Telefónica O2 Group's position on the ICT market and maintain its revenues.
Telefónica O2 Group will continue to support the gradual deployment of the Slovak operation including the development of systems, processes and network rollout while maximizing leverage on the Czech operation. Telefónica O2 Slovakia will continue in active marketing of its "value and simplicity" customer proposition, which will lead to further customer base growth and improvement to gain a sizeable market share and to strengthen our financial position.
Attachment:
The consolidated balance sheet and income statement of Telefónica O2 Czech Republic prepared in accordance with International Financial Reporting Standards (all figures in CZK million).
Contacts
|
Media Relations Telefónica O2 Czech Republic, a.s. t 800 163 342 (800 1 media) |
About Telefónica O2 Czech Republic
Telefónica O2 Czech Republic is a major integrated operator in the Czech Republic. It is now operating more than seven million lines, both fixed and mobile, making it one of the world's leading providers of fully converged services. The organization offers the most comprehensive portfolio of voice and data services in this country. It is paying special attention to the exploitation of the growth potential, particularly in the data and Internet sector. Telefónica O2 Czech Republic operates the largest fixed and mobile network including a 3rd generation network, CDMA (for data), and UMTS, enabling voice, data and video transmission. Telefónica O2 Czech Republic is also a notable provider of ICT services.
About Telefónica O2 Europe
Telefónica Europe is a business division of Telefónica comprising mobile, fixed, and DSL operations in the UK, Ireland, the Isle of Man, Germany, the Czech Republic, and Slovakia. With the exception of Isle of Man, all the operating businesses use 'O2' as their consumer brand. Telefónica Europe also has 50% ownership of the UK and Irish Tesco Mobile and German Tchibo Mobilfunk joint venture businesses. Telefónica Europe is headquartered in Slough, UK, and has 43 million mobile and fixed customers.
|
INCOME STATEMENT |
Jan - Dec 2008 |
Jan - Dec 2007 |
|
Business revenues |
65,450 |
62,637 |
|
Other recurring revenues |
205 |
397 |
|
Revenues |
64,655 |
63,034 |
|
Internal expenses capitalized in fixed assets |
484 |
553 |
|
Operating expenses |
(37,565) |
(35,708) |
|
Other operating income/(expenses) |
(32) |
116 |
|
Gain on sale of fixed assets |
855 |
42 |
|
Impairment of fixed assets |
(86) |
(5) |
|
OIBDA |
28,312 |
28,032 |
|
Depreciation and amortization |
(12,932) |
(14,435) |
|
Operating Income |
15,380 |
13,597 |
|
Net financial income (expense) |
(32) |
(88) |
|
Income before tax |
15,348 |
13,510 |
|
Income tax |
(3,720) |
(3,124) |
|
Net Income |
11,628 |
10,386 |
|
BALANCE SHEET |
31.12.2008 |
31.12.2007 |
|
Non-current assets |
86,166 |
94,191 |
|
- Intangible assets |
8,900 |
8,485 |
|
- Goodwill |
13,448 |
13,320 |
|
- Property, plant and equipment and investment property |
63,429 |
71,809 |
|
- Long-term financial assets and other non-current assets |
389 |
577 |
|
- Deferred tax assets |
- |
- |
|
Current assets |
17,361 |
19,033 |
|
- Inventories |
779 |
853 |
|
- Trade and other receivables |
9,203 |
8,556 |
|
- Current tax receivable |
226 |
- |
|
- Short-term financial investments |
37 |
48 |
|
- Cash and cash equivalents |
7,116 |
9,576 |
|
Non-current assets classified as held for sale |
96 |
328 |
|
Total assets |
103,623 |
113,552 |
|
Equity |
78,168 |
82,792 |
|
Non-current Liabilities |
6,977 |
9,017 |
|
- Long-term financial debt |
3,098 |
3,062 |
|
- Deferred tax liabilities |
3,300 |
3,353 |
|
- Long/Term Provisions |
403 |
2,150 |
|
- Other long/term liabilities |
176 |
452 |
|
Current Liabilities |
18,478 |
21,743 |
|
- Short-term financial debt |
98 |
6,207 |
|
- Trade and Other payables |
15,004 |
11,080 |
|
- Current tax payable |
9 |
870 |
|
- Short-term provisions and other liabilities |
3,367 |
3,586 |
|
Liabilities assoc. with non-current assets classified as held for sale |
- |
- |
|
Total Equity and Liabilities |
103,623 |
113,552 |
Related Shares:
TDE.L