Financial highlights

Key ratios

(thousand Euros)

Economic data

Revenue

2,295,938

2,117,983

1,891,114

1,483,803

1,250,191

Growth rate

8.4%

12.0%

27.5%

18.7%

5.7%

Gross operating income (EBITDA)

410,611

352,093

340,312

262,784

207,936

EBITDA margin

17.9%

16.6%

18.0%

17.7%

16.6%

Operating income (EBIT)

330,421

292,745

285,473

209,283

169,531

EBIT margin

14.4%

13.8%

15.1%

14.1%

13.6%

Group net income

211,139

186,699

191,016

150,672

123,598

Group net margin

9.2%

8.8%

10.1%

10.2%

9.9%

Tax rate

31.8%

30.6%

27.5%

28.5%

23.4%

Financial figures

Group shareholder's equity

1,300,188

1,114,840

971,869

815,895

675,039

Non controlling interest

2,773

1,883

1,579

2,625

918

Total assets

2,630,935

2,373,980

2,228,150

1,857,597

1,506,568

Net working capital

52,711

83,818

46,590

(42,614)

(21,565)

Cash flow

349,438

249,794

184,573

207,578

229,028

Data per single share (in Euros)

Net result per share

5.65

5.01

5.13

4.03

3.30

Shareholders' equity per share

34.75

29.80

25.94

21.74

18.04

Other information

Number of employees

15,667

14,798

13,467

10,579

9,059

Income statements

(thousand Euros)

Consolidated income statements

Revenues

2,295,938

2,117,983

1,891,114

1,483,803

1,250,191

Other income

33,456

23,947

19,452

17,631

19,405

Purchases

(46,350)

(29,364)

(27,328)

(21,500)

(21,510)

Personnel

(1,237,370)

(1,139,331)

(986,744)

(759,567)

(621,362)

Services and other costs

(603,917)

(619,657)

(606,853)

(462,779)

(419,235)

Amortization, depreciation and write-downs

(84.933)

(75,205)

(58,612)

(48,391)

(42,441)

Other unusual (cost)/income

(26.403)

14,373

54,445

85

4,484

Operating income

330,421

292,745

285,473

209,283

169,531

(Loss)/gain on investments

(20.000)

(13,877)

(12,102)

8,164

1,240

Financial income/(expenses)

2,812

(7,287)

(4,676)

(4,168)

(8,717)

Income before taxes

313,232

271,581

268,695

213,279

162,054

Income taxes

(99.464)

(83,122)

(76,511)

(60,871)

(37,848)

Net income

213,768

188,459

192,184

152,408

124,206

Not controlling interest

(2.630)

(1,760)

(1,168)

(1,735)

(608)

Group net result

211,139

186,699

191,016

150,672

123,598

Balance sheets

(thousand Euros)

Consolidated statement of financial position

Tangible assets

132,343

108,197

98,068

80,919

51,782

Goodwill

693,210

626,481

630,255

445,345

330,749

Other intangible assets

95,802

81,509

105.173

83.386

25,758

RoU Assets

107,055

114,758

112,341

119,549

137,645

Equity investments

19,809

41,373

51,049

66,361

56,421

Financial assets

9,055

7,448

11,706

8,556

9,577

Deferred tax assets

66,557

66,693

61,979

68,889

52,921

Non-current assets

1,123,832

1,046,457

1,070,572

873,006

664,852

Work in progress

68,369

43,061

83,880

86,787

79,784

Trade receivables

757,558

739,474

657,568

471,560

344,700

Other current assets

115,901

124,373

101,828

65,402

81,306

Credits for income taxes purposes

27,675

22,541

Financial assets

45,767

32,872

30,608

31,791

2,108

Cash and cash equivalents

491,834

388,742

283,695

329,051

333,819

Current assets

1,507,103

1,327,523

1,157,578

984,592

841,716

Total assets

2,630,935

2,373,980

2,228,150

1,857,597

1,506,568

Share capital

4,863

4,863

4,863

4,863

4,863

Other reserves

1,084,186

923,277

774,411

657,733

546,578

Net result of the period

211,138

186,699

191,016

150,672

123,598

Group shareholders' equity

1,300,188

1,114,840

970,291

813,269

675,039

Non-controlling interest

2,773

1,883

1,579

2,625

918

Net equity

1,302,960

1,116,723

971,869

815.895

675,957

Due to minority shareholders

57,478

86,523

112,827

107,493

53,010

Financial liabilities

48,910

52,291

74,533

23,313

20,387

Financial liabilities from RoU

84,695

95,101

97,624

102,129

118,796

Employee benefits

84,248

69,677

42,831

48,601

46,112

Deferred tax liabilities

33,443

41,605

44,964

34,690

16,117

Provisions

47,497

20,644

15,242

16,925

10,753

Non-current liabilities

356,271

365,841

388,021

333,150

265,174

Due to minority shareholders and earn-out

52,121

27,845

28,675

22,066

18,370

Financial liabilities

19,748

32,655

43,745

15,681

13,629

Financial liabilities from RoU

35,163

31,670

27,829

26,508

24,453

Trade payables

183,233

191,001

168,835

139,921

114,149

Other current liabilities

640,928

574,723

598,557

502,990

394,110

Deferred tax liabilities

39,155

32,982

Provisions

1,355

539

619

1,387

724

Current liabilities

971,703

891,415

868,260

708,552

565,437

Total liabilities

1,327,974

1,257,256

1,256,281

1,041,702

830,611

Total shareholder's equity and liabilities

2,630,935

2,373,980

2,228,150

1,857,597

1,506,568

Net financial position and cash flow statement

(thousand Euros)

Financial position

Short-term financial position

482,689

352,290

242,729

318,653

297,844

M/L term financial position

(133,604)

(147,392)

(172.157)

(125.442)

(139.183)

Total net financial position

349,084

204,898

70,572

193,212

158,661

Cash and cash equivalents

Net cash flows from operating activities (A)

349,438

249,794

184,573

207,578

229,028

Net cash flows from investment activities (B)

(150,575)

(40,692)

(234,350)

(160,092)

(76,550)

Net cash flows from financing activities (C)

(90,757)

(88,746)

(1,651)

(65,305)

(59,549)

Net cash flows (D)=(A+B+C)

108,105

120,356

(51,428)

(17,819)

92,929

Cash and cash equivalents at period end

491,713

383,608

263,252

314,680

332,500

Total change in cash and cash equivalents (D)

108,105

120,356

(51,428)

(17,819)

92,929