Consolidated Annual Report 2017 29.03

The year 2017 was primarily a year of adaption for the Group. At the beginning of the year, changes took place in the managements of the parent company and three media companies domiciled in Estonia.

The trend of users of all ages moving to Internet has become the new normality, creating new possibilities for our products on the one hand while leading to a decline of interest in printed newspapers, magazines and advertising products.

All this requires an innovative approach and entry into new lines of business in order to keep pace with the changing needs and requirements of consumers. Constant and bold innovation has become the cornerstone of our activities, it offers excitement and enables us to survive and grow in a more competitive business environment.  

As the market leader of news portals in the Baltic States, Delfi continues to invest in innovative technology and IT solutions with the goal of improving the user experience of its readers and advertisers in various channels and platforms. In 2017, innovative technology was developed further, enabling to pay for fee-based content with one click. We believe that this technology will also have international success and in addition to taking part in the pilot project, we are also co-investors in Zlick Ltd.

We have launched ad-free Delfi, enabling to read ad-free Delfi portal for a monthly fee. New separate mobile applications of our digital newspapers, various product packages as well as Delfi verticals have been introduced.

The content produced by our companies has almost 75 000 digital subscribers with an access to content in all channels. It marks a strong entry into the market of digital subscribers. We are undoubtedly pioneers in our region, paving the way for the growth of paid content consumption in the Baltic States. This will help us offset the decline in paper revenue.

Since last year, our media companies offer customers an option to buy advertising services ranging from the idea and execution to media space. We also provide programmatic advertising sales and in addition to online advertising, we offer the possibility to buy advertising in other local or international channels. At the year-end, we acquired the remaining 51% holding in Adnet Media, the largest online advertising multi-channel and advertising network in the Baltic States.

As a new trend we have entered the event organising market. In addition to traditional media we are moving more into the entertainment sector, offering our current and new consumers also possibility to experience different events in addition to journalistic content. The greatest success stories include the Game of the Stars of the Estonian Basketball League in February; Ruja’s reunion concert at Tallinn Song Festival Grounds dedicated to the day of regaining independence of Estonia (attended by 14 000 people which was second best result in terms of the concert audience in Estonia in 2017); Kadri Voorand’s sold-out concerts in Nordea Concern Hall and preparations for the large-scale project “Idea for Lithuania” arranged by Delfi Lithuania in February 2018.

We are taking major steps in the business line of digital outdoor advertising. We have actively increased our reach by developing the network of digital billboards. It will be easy to continue from here and focus on sales activities.    

In 2017, the activities of the Group’s media branch were supported by strong macroeconomic indicators in the Baltic States (primarily in Latvia). On the other hand, we also compete with large global giants such as Facebook and Google that grab a larger share of the market growth.

The printing services sector experienced a downturn where the price pressure is extremely strong and the printing company with a focus on quality needs to aggressively expand its products and customer portfolio.

In 2017, the Group’s consolidated revenue increased by 1% as compared to last year and totalled EUR 63.7 million. EBITDA was 21% lower than last year’s level, totalling EUR 6.7 million and the net profit totalled EUR 3.1 million.

The management proposes to pay dividends for 2017 seven euro cents per share in total amount EUR 2.1 million.

Ever-increasing price competition in the printing services segment, declining margins, lower delivery volumes of the home delivery company and increasing staff costs played a role in it. Significant impairment loss of books in the balance sheet of Ajakirjade Kirjastus, that had been published a few years earlier and whose circulations had been way too optimistic, had to be recognised.

As the market of books is in a continuous downturn, the department of the book publishing of Ajakirjade Kirjastus was merged with the Group’s separate book publishing company Hea Lugu in the 4th quarter. Investments have been made in the online capability of Ajakirjade Kirjastus which has increased staff costs and which have had negative impact on the company’s last year’s profit.  

At the year-end, the unprofitable business line of magazines was sold in Lithuania which will enable to focus primarily on online activities and other lines of business that continue growing.

On a positive note, online revenues grew in all countries and by 16% in Group total. Digital subscription revenue has increased by almost 50%. Online revenue now makes up almost 33% of the Group’s total revenue.  

The year 2018 will be a year of new hopes and expectations in several segments. Last year we made major investment decisions and this year should show the first results. In the media sector we are witnessing steady growth in all our companies. This year we will focus on increasing the revenue from digital subscribers. The business line of event organising has proven its viability in Estonia while Lithuania is also gaining momentum. In Latvia, the business of outdoor advertising is strongly underway. In the printing services segment we are expecting stabilisation and witness the effect of new investments on revenue and EBITDA. At the same time, we are planning to increase the share of digital revenue in our portfolio – both from the basis of current media business as well as new ideas.

In consolidated financial reports 50% joint ventures are recognised under the equity method, in compliance with international financial reporting standards (IFRS). In its monthly reports, the management monitors the Group’s performance on a basis of proportional consolidation of joint ventures and the syndicated loan contract also determines the calculation of some loan covenants by proportional consolidation. For the purpose of clarity, the management report shows two sets of indicators: one where joint ventures are consolidated line-by-line 50% and the other where joint ventures are recognised under the equity method and their net result is presented as financial income in one line.

FINANCIAL INDICATORS AND RATIOS – joint ventures consolidated 50% line-by-line

Performance indicators – joint ventures 50%

consolidated (EUR thousand)

2017

2016

Change %

2015

2014

2013

For the period

 

 

 

 

 

 

Sales

63 699

62 793

1%

61 528

61 384

58 427

EBITDA

6 713

8 487

-21%

7 869

8 878

7 264

EBITDA margin (%)

10.5%

13.5%

 

12.8%

14.5%

12.4%

Operating profit*

3 526

5 221

-32%

4 866

5 638

4 647

Operating margin* (%)

5.5%

8.3%

 

7.9%

9.2%

8.0%

Interest expenses

(427)

(518)

17%

(618)

(732)

(763)

Net profit/(loss) for the period*

2 952

4 406

-33%

3 907

4 620

3 548

Net margin* (%)

4.6%

7.0%

 

6.4%

7.5%

6.1%

Net profit for the period in financial statements (incl. write-downs and gain from change in ownership interest)

3 146

4 406

-29%

2 707

5 110

1 081

Net margin (%)

4.9%

7.0%

 

4.4%

8.3%

1.9%

Return on assets ROA (%)

4.1%

5.8%

 

3.5%

6.6%

1.4%

Return on equity ROE (%)

6.1%

8.9%

 

5.6%

11.4%

2.5%

Earnings per share (EPS)

0.11

0.15

 

0.09

0.17

0.04

* The results reflect the outcome of regular business activities and do not include impairment losses on goodwill, profit arisen from the changes in ownership interests in our joint ventures etc.

 

Balance sheet – joint ventures consolidated 50% (EUR thousand)

31.12.2017

31.12.2016

Change

%

31.12.2015

31.12.2014

31.12.2013

At the end of the period

 

 

 

 

 

 

Current assets

16 725

16 250

3%

15 553

15 189

14 447

Non-current assets

62 597

61 507

2%

61 588

65 665

63 019

Total assets

79 322

77 757

2%

77 141

80 854

77 466

      incl. cash and bank

2 818

4 572

-38%

4 666

6 788

4 501

      incl. goodwill

39 920

38 904

3%

38 232

39 432

40 052

Current liabilities

11 081

12 223

-9%

12 539

14 110

14 468

Non-current liabilities

15 747

14 462

9%

15 928

19 569

20 673

Total liabilities

26 828

26 684

1%

28 467

33 679

35 141

      incl. borrowings

15 791

16 603

-5%

18 787

24 592

24 432

Equity

52 494

51 073

3%

48 674

47 175

42 325

 

  Financial ratios (%)

 – joint ventures consolidated 50%

31.12.2017

31.12.2016

31.12.2015

31.12.2014

31.12.2013

Equity ratio (%)

66%

66%

63%

58%

55%

Debt to equity ratio (%)

30%

33%

39%

52%

58%

Debt to capital ratio (%)

20%

19%

22%

27%

32%

Total debt/EBITDA ratio

2.35

1.96

2.39

2.61

3.36

Liquidity ratio

1.51

1.33

1.24

1.08

1.00

 

FINANCIAL INDICATORS AND RATIOS – joint ventures recognised under the equity method

 

Performance indicators – joint ventures by the equity method (EUR thousand)

2017

2016

Change %

2015

2014

2013

Sales revenue (only subsidiaries)

54 070

53 324

1%

52 773

52 793

50 086

EBITDA (only subsidiaries)

6 261

7 280

-14%

6 680

7 894

6 591

EBITDA margin (%)

11.6%

13.7%

 

12.7%

15.0%

13.2%

Operating profit* (only subsidiaries)

3 475

4 328

-20%

3 920

4 973

4 071

Operating margin* (%)

6.4%

8.1%

 

7.4%

9.4%

8.1%

Interest expenses (only subsidiaries)

(400)

(471)

-15%

(550)

(689)

(763)

Profit (loss) of joint ventures by equity method

(2)

772

-100%

785

557

494

Profit for the period*

2 952

4 406

-33%

3 907

4 621

3 548

Net margin* (%)

5.5%

8.3%

 

7.4%

8.8%

7.1%

Net profit for the period in the financial statements

(incl. impairments and gain on change of ownership interest)

3 146

4 406

-29%

2 707

5 110

1 081

Net margin (%)

5.8%

8.3%

 

5.1%

9.7%

2.2%

Return on assets ROA (%)

4.2%

6.1%

 

3.7%

6.8%

1.4%

Return on equity ROE (%)

6.1%

8.9%

 

5.6%

11.4%

2.5%

Earnings per share (EPS)

0.11

0.15

 

0.09

0.17

0.04

* The results reflect the outcome of regular business activities and do not include impairment losses on goodwill, profit arisen from the changes in ownership interests in our joint ventures etc.

Balance sheet– joint ventures by equity method (EUR thousand)

31.12.2017

31.12.2016

Change %

31.12.2015

31.12.2014

31.12.2013

As at the end of the period

 

 

 

 

 

 

Current assets

13 827

13 094

6%

12 386

12 303

11 357

Non-current assets

62 130

61 074

2%

60 794

64 292

63 899

Total assets

75 957

74 168

2%

73 180

76 595

75 256

      incl. cash and bank

1 073

2 856

-62%

2 927

5 275

2 209

      incl. goodwill

37 969

36 953

3%

36 953

38 153

39 596

Current liabilities

8 372

9 591

-13%

9 033

11 481

12 259

Non-current liabilities

15 091

13 504

12%

15 473

17 939

20 672

Total liabilities

23 463

23 095

2%

24 506

29 420

32 931

      incl. borrowings

15 257

15 784

-3%

17 687

23 152

24 432

Equity

52 494

51 073

3%

48 674

47 175

42 325

 

 

  Financial ratios (%)

– joint ventures by the equity method

31.12.2017

31.12.2016

31.12.2015

31.12.2014

31.12.2013

Equity ratio (%)

69%

69%

67%

62%

56%

Debt to equity ratio (%)

29%

31%

36%

49%

58%

Debt to capital ratio (%)

21%

20%

23%

27%

34%

Total debt / EBITDA ratio

2.44

2.17

2.65

2.93

3.71

Liquidity ratio

1.65

1.37

1.37

1.07

0.93

 

Formulas used to calculate the financial ratios

EBITDA

 Earnings before interest, tax, depreciation and amortization. EBITDA does not include any impairment  losses recognized during the period or result from restructuring.

EBITDA margin (%)

 EBITDA/sales x 100

Operating margin* (%)

 Operating profit*/sales x100

Net margin* (%)

 Net profit*/sales x100

Net margin (%)

 Net profit /sales x100

Earnings per share

 Net profit / average number of shares

Equity ratio (%)

Equity/ (liabilities + equity) x100

Debt to equity ratio (%)

Interest bearing liabilities /equity x 100

Debt to capital ratio (%)

Interest bearing liabilities – cash and cash equivalents (net debt)/(net debt +equity) x 100

Total debt/EBITDA ratio

Interest bearing borrowings /EBITDA

Debt service coverage ratio

EBITDA/loan and interest payments for the period

Liquidity ratio

Current assets / current liabilities

Return on assets ROA (%)

Net profit /average assets x 100

Return on equity ROE (%)

Net profit /average equity x 100

* The results reflect the outcome of regular business activities and do not include impairment losses on goodwill, profit arisen from the changes in ownership interests in our joint ventures etc.

Cyclicality

All operating areas of the Group are characterised by cyclicality and fluctuation, related to the changes in the overall economic conditions and consumer confidence. The Group’s revenue can be adversely affected by an economic slowdown or recession in home and export markets. It can appear in lower advertising costs in retail, preference of other advertising channels like preference of internet rather than print media and changes in consumption habits of retail consumers e.g. following current news in news portals versus reading printed newspapers, preference of the younger generation to use mobile devices and other communication channels, etc.  

Seasonality

The revenue from the Group’s advertising sales as well as in the printing services segment is impacted by major seasonal fluctuations. The level of both types of revenue is the highest in the 2nd and 4th quarter of each year and the lowest in the 3rd quarter. Revenue is higher in the 4th quarter because of higher consumer spending during the Christmas season, accompanied by the increase in advertising expenditure. Advertising expenditure is usually the lowest during the summer months, as well as during the first months of the year following Christmas and New Year’s celebrations. Book sales are the strongest in the last quarter of the year. Subscriptions and retail sales of periodicals do not fluctuate as much as advertising revenue. However, the summer period is always quieter and at the beginning of the school year in September there is an increase in subscriptions and retail sale which usually continues until next summer holiday period.  

SEGMENT OVERVIEW

Key financial data of the segments 2013-2017

The Group’s activities are divided into two large segments - media segment and printing services segment.

The segments’ EBITDA does not include intragroup management fees, impairment of goodwill and trademarks. Volume-based and other fees payable to advertising agencies have not been deducted from the advertising sales of segments, because the management monitors gross advertising sales. Discounts and rebates are reduced from the Group’s sales and are included in the combined line of eliminations.

 

(EUR thousand)

Sales

Sales

 

2017

2016

Change %

2015

2014

2013

media segment (by equity method)

33 498

31 579

6%

30 063

27 459

25 842

      incl. revenue from all digital and online channels

19 963

17 307

15%

15 555

13 449

11 595

printing services

23 879

25 585

-7%

25 842

28 951

27 462

entertainment segment

0

0

-

517

0

0

corporate functions

2 486

2 233

11%

1 937

1 731

1 530

intersegment eliminations

(5 793)

(6 073)

 

(5 586)

(5 347)

(4 748)

TOTAL GROUP by equity method

54 070

53 324

1%

52 773

52 793

50 086

media segment by proportional consolidation

44 429

42 229

5%

39 942

36 930

34 954

      incl. revenue from all digital and online channels

21 024

18 094

16%

16 619

14 306

12 226

printing services

23 879

25 585

-7%

25 842

28 951

27 462

entertainment segment

0

0

-

517

0

0

corporate functions

2 486

2 233

11%

1 937

1 731

1 530

intersegment eliminations

(7 095)

(7 254)

 

(6 710)

(6 228)

(5 520)

TOTAL GROUP by proportional consolidation

63 699

62 793

1%

61 528

61 384

58 426

 

(EUR thousand)

EBITDA

EBITDA

 

2017

2016

Change %

2015

2014

2013

media segment by equity method

3 729

3 572

4%

3 724

3 026

2 124

media segment by proportional consolidation

4 181

4 779

-13%

4 913

4 010

2 796

printing services

3 734

4 645

-20%

4 966

5 944

5 862

entertainment segment

(0)

(2)

-76%

(1 110)

0

0

corporate functions

(1 201)

(936)

-28%

(899)

(1 076)

(1 356)

intersegment eliminations

0

0

 

0

0

(38)

TOTAL GROUP by equity method

6 261

7 280

-14%

6 680

7 894

6 591

TOTAL GROUP by proportional consolidation

6 713

8 487

-21%

7 869

8 878

7 264

 

EBITDA margin

2017

2016

2015

2014

2013

media segment by equity method

11%

11%

12%

11%

8%

media segment by proportional consolidation

9%

11%

12%

11%

8%

printing services

16%

18%

19%

21%

21%

TOTAL GROUP by equity method

12%

14%

13%

15%

13%

TOTAL GROUP by proportional consolidation

11%

14%

13%

14%

12%

MEDIA SEGMENT  

The media segment includes Group’s activities in Estonia, Latvia and Lithuania. It comprises online portal Delfi operations, other different news portals, providing online advertising network and programmatic sales, providing outdoor digital screen advertising in Estonia and Latvia, publishing of Estonian weekly newspapers Maaleht, Eesti Ekspress and LP, publishing daily newspapers Eesti Päevaleht and tabloid Õhtuleht, publishing freesheet Linnaleht, publishing books and magazines in Estonia and Lithuania, providing home delivery services.

Latvian digital screen company ACM LV was acquired in the 3rd quarter of 2017. 100% ownership was acquired in Adnet Media in the 4th quarter of 2017.

News portals owned by the Group

Owner

Portal

Owner

Portal

Ekspress Meedia

www.delfi.ee

Ekspress Meedia

www.ekspress.ee

 

rus.delfi.ee

 

www.maaleht.ee

Delfi Latvia

www.delfi.lv

 

www.epl.ee

 

rus.delfi.lv

 

 

Delfi Lithuania

www.delfi.lt

AS SL Õhtuleht

www.ohtuleht.ee

 

ru.delfi.lt

 

www.vecherka.ee

 

(thousand EUR)

Sales

EBITDA

 

 2017

2016

Change
%

2017

2016

Change
 %

Ekspress Meedia

19 309

19 116

1%

1 554

1 448

7%

        incl. Delfi Estonia online revenue

6 853

6 728

2%

 

 

 

Delfi Latvia

3 811

3 375

13%

395

413

-4%

Delfi Lithuania

9 544

8 563

11%

1 799

1 741

3%

        incl. Delfi Lithuania online revenue

7 831

6 602

19%

 

 

 

Adnet

384

-

-

24

-

-

Hea Lugu

523

538

-3%

26

33

-21%

Zave Media

0

1

-1

0

(61)

100%

ACM LV

54

-

-

(55)

-

-

Other companies

-

-

-

(16)

(2)

-574%

Intersegment eliminations

(126)

(14)

 

2

0

 

TOTAL subsidiaries

33 498

31 579

6%

3 729

3 572

4%

SL Õhtuleht*

4 625

4 329

7%

433

394

10%

Ajakirjade Kirjastus*

4 576

4 765

-4%

69

544

-87%

Express Post*

2 369

2 609

-9%

(117)

247

-147%

Linna Ekraanid*

411

166

148%

66

22

195%

Intersegment eliminations

(1 052)

(1 219)

 

2

0

 

TOTAL joint ventures

10 931

10 651

3%

453

1 207

-62%

TOTAL segment by proportional consolidation

44 429

42 229

5%

4 181

4 779

-13%

* Proportional share of joint ventures

 

ONLINE MEDIA

Estonian online readership 2016-2017

In the third quarter 2016, Gemius changed the methodology of the online readership survey in Estonia, Latvia and Lithuania, as a result of which the data on the users of mobile devices and tablet PCs is now added into those of PC users. The comparable data is available only from September of last year.

The number of users of Delfi in Estonia has been stable. In July 2017, the growth in the number of users of Delfi represented a technical measurement inaccuracy and not an actual result.

Latvian online readership 2016-2017

Delfi continues to be the news portal with the largest online readership in Latvia. According to the survey commissioned by the Latvian government in spring 2017, Delfi.lv is Latvia’s most trusted media channel and it is trusted even more than the state-owned TV-station. In July 2017, the growth in the number of users of Delfi represented a technical measurement inaccuracy and not an actual result.

Lithuanian online readership 2016-2017

Delfi.lt remains Lithuania’s largest online portal with a high visibility in Lithuania. The Lithuanian online readership has remained stable. In 2017, Delfi has been able to grow the lead over competition on the market thanks to new products and good marketing execution, as well as timely progress in mobile.

 

PRINT MEDIA

Estonian newspaper circulations 2016-2017

Since October 2016 and throughout 2017, the daily newspaper with the largest circulation in Estonia was Õhtuleht. Traditionally, Maaleht was the largest in January and December. From the total circulation numbers, this graph shows print circulation only, digital newspaper subscribers are not reflected here.

Circulations of Group newspapers together with digital subscribers 2016-2017

To provide more complete overview of the newspaper market dynamics, the circulation of paper newspapers needs to be viewed together with the number of digital subscribers. This shows how the decrease in print subscribers has been more than compensated by digital subscribers and how for the second half of 2017 the combined growth of print circulation and digital subscribers has been clearly positive for all our newspapers. Eesti Päevaleht has been the earliest and is still very successful in developing its digital business. Based on the available data, we can show the combined information of print and digital only for the newspapers of Ekspress Grupp. Even if other newspapers on the market have digital-only products, there is currently no available data for digital subscribers of other publishers.

 

PRINTING SERVICES SEGMENT

All printing services of the Group are provided by AS Printall which is one of the largest printing companies in Estonia. We can print high-quality magazines, newspapers, advertising materials, product and service catalogues, paperback books and other publications in our printing plant.

 

(EUR thousand)

Sales

EBITDA

 

2017

2016

Change %

2017

2016

Change %

AS Printall

23 879

25 585

-7%

3 734

4 645

-20%

Already several years the printing services segment continues to be under pressure due to continues digitalization of regular journalism and internet taking its share from printed products. The price pressure is very strong both in Scandinavia and Estonia including more competitive services provided by other Baltic States. A sheet-fed machine acquired two years ago has helped to prevent a steeper revenue decline, and has helped to expand the product range outside the regular media sector. More active sales approach has been taken outside of Nordic countries.

Consolidated balance sheet

(EUR thousand)

31.12.2017

31.12.2016

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

1 037

2 805

Term deposits

36

51

Trade and other receivables

9 917

7 468

Corporate income tax receivable

4

0

Inventories

2 832

2 770

Total current assets

13 827

13 094

Non-current assets

 

 

Other receivables and investments

1 750

982

Deferred tax asset

47

34

Investments in joint ventures

2 372

2 435

Investments in associates

354

591

Property, plant and equipment

12 189

12 722

Intangible assets

45 419

44 310

Total non-current assets

62 130

61 074

TOTAL ASSETS

75 957

74 168

LIABILITIES

 

 

Current liabilities

 

 

Borrowings

166

2 313

Trade and other payables

8 095

7 170

Corporate income tax payable

111

108

Total current liabilities

8 372

9 591

Non-current liabilities

 

 

Long-term borrowings

15 091

13 471

Deferred tax liability

0

33

Total non-current liabilities

15 091

13 504

TOTAL LIABILITIES

23 463

23 095

EQUITY

 

 

Minority interest

68

0

Capital and reserves attributable to equity holders of parent company:

 

 

Share capital

17 878

17 878

Share premium

14 277

14 277

Treasury shares

(22)

(863)

Reserves

1 531

2 058

Retained earnings

18 762

17 723

Total capital and reserves attributable to equity holders of parent company

52 426

51 073

TOTAL EQUITY

52 494

51 073

TOTAL LIABILITIES AND EQUITY

75 957

74 168

Consolidated statement of comprehensive income

(EUR thousand)

2017

2016

Sales revenue

54 070

53 324

Cost of sales

(42 869)

(42 122)

Gross profit

11 201

11 202

Other income

1 189

1 085

Marketing expenses

(2 898)

(2 488)

Administrative expenses

(5 921)

(5 357)

Other expenses

(97)

(114)

Gain from selling business assets

194

0

Operating profit

3 669

4 328

Interest income

173

32

Interest expense

(400)

(471)

Foreign exchange gains (losses)

(11)

(10)

Other finance (costs)/income

129

(56)

Net finance cost

(109)

(505)

Profit (loss) on shares of joint ventures

(2)

772

Profit (loss) from investments in associates

(68)

113

Profit before income tax

3 490

4 708

Income tax expense

(344)

(302)

Profit for the reporting period

3 146

4 406

Net profit for the reporting period attributable to:

 

 

Equity holders of the parent company

3 140

4 406

Minority shareholders

6

0

Other comprehensive income

0

0

Total comprehensive income

3 146

4 406

Comprehensive income for the reporting period attributable to:

 

 

Equity holders of the parent company

3 140

4 406

Minority shareholders

6

0

Basic and diluted earnings per share

0.11

0.15

Consolidated cash flow statement

(EUR thousand)

2017

2016

Cash flows from operating activities

 

 

Operating profit for the reporting year

3 669

4 328

Adjustments for:

 

 

Depreciation, amortisation and impairment

2 787

2 953

Gain from selling business assets

(194)

0

(Gain)/loss on sale and write-down of property, plant and equipment

(11)

37

Change in value of share option

0

136

Cash flows from operating activities:

 

 

Trade and other receivables

(105)

(709)

Inventories

(62)

(53)

Trade and other payables

(497)

484

Cash generated from operations

5 587

7 175

Income tax paid

(371)

(293)

Interest paid

(448)

(519)

Net cash generated from operating activities

4 769

6 363

Cash flows from investing activities

 

 

Acquisition of subsidiaries (less cash acquired)

(546)

0

Acquisition of joint ventures

0

(868)

Acquisition of associate

(74)

(311)

Purchase and receipts of other investments

(785)

5

Proceeds from sale of business assets

130

0

Interest received

169

32

Purchase of property, plant and equipment

(2 023)

(1 335)

Proceeds from sale of property, plant and equipment

12

39

Loans granted

(2 227)

(25)

Loan repayments received

1 054

175

Net cash used in investing activities

(4 290)

(2 289)

Cash flows from financing activities

 

 

Dividends paid

(1 787)

(1 456)

Dividend received from associates and joint ventures

56

246

Finance lease repayments

(71)

(72)

Change in use of overdraft

92

0

Loan received

0

11

Repayments of bank loans

(552)

(2 186)

Purchase of treasury shares

0

(687)

Net cash used in financing activities

(2 261)

(4 144)

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS

(1 782)

(71)

Cash and cash equivalents at the beginning of the year

2 856

2 927

Cash and cash equivalents at the end of the year

1 073

2 856


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