Financial highlights

Key ratios

(thousand Euros)

Economic data

Revenue

2,483,629

2,300,519

2,117,983

1,891,114

1,483,803

Growth rate

8.0%

8.4%

12.0%

27.5%

18.7%

Gross operating income (EBITDA)

467,637

410,611

352,093

340,312

262,784

EBITDA margin

18.8%

17.9%

16.6%

18.0%

17.7%

Operating income (EBIT)

391,689

330,421

292,745

285,473

209,283

EBIT margin

15.8%

14.4%

13.8%

15.1%

14.1%

Group net income

250,889

211,139

186,699

191,016

150,672

Group net margin

10.1%

9.2%

8.8%

10.1%

10.2%

Tax rate

31.7%

31.8%

30.6%

27.5%

28.5%

Financial figures

Group shareholder's equity

1,487,784

1,300,188

1,114,840

971,869

815,895

Non controlling interest

2,280

2,773

1,883

1,579

2,625

Total assets

2,765,035

2,630,935

2,373,980

2,228,150

1,857,597

Net working capital

120,822

52,711

83,818

46,590

(42,614)

Cash flow

326,008

353,233

249,794

184,573

207,578

Data per single share (in Euros)

Net result per share

6.73

5.65

5.01

5.13

4.03

Shareholders' equity per share

39.77

34.75

29.80

25.94

21.74

Other information

Number of employees

16,624

15,667

14,798

13,467

10,579

Income statements

(thousand Euros)

Consolidated income statements

Revenues

2,449,991

2,295,938

2,117,983

1,891,114

1,483,803

Other income

49,471

31,068

23,947

19,452

17,631

Purchases

(46,872)

(46,350)

(29,364)

(27,328)

(21,500)

Personnel

(1,376,509)

(1,266,432)

(1,139,331)

(986,744)

(759,567)

Services and other costs

(630,440)

(603,917)

(619,657)

(606,853)

(462,779)

Amortization, depreciation and write-downs

(89.359)

(84.933)

(75,205)

(58,612)

(48,391)

Other unusual (cost)/income

21,997

(34,127)

14,373

54,445

85

Fair value adjustments to deferred consideration

13,411

4,743

0

0

0

Operating income

391,689

330,421

292,745

285,473

209,283

(Loss)/gain on investments

(8.478)

(20.000)

(13,877)

(12,102)

8,164

Financial income/(expenses)

(13,515)

2,812

(7,287)

(4,676)

(4,168)

Income before taxes

369,696

313,232

271,581

268,695

213,279

Income taxes

(117,106)

(99,464)

(83,122)

(76,511)

(60,871)

Net income

252,591

213,768

188,459

192,184

152,408

Not controlling interest

(1.702)

(2.630)

(1,760)

(1,168)

(1,735)

Group net result

250,889

211,139

186,699

191,016

150,672

Balance sheets

(thousand Euros)

Consolidated statement of financial position

Tangible assets

160,391

132,343

108,197

98,068

80,919

Goodwill

667,136

693,210

626,481

630,255

445,345

Other intangible assets

81,349

95,802

81,509

105.173

83.386

RoU Assets

117,134

107,055

114,758

112,341

119,549

Equity investments

10,988

19,809

41,373

51,049

66,361

Financial assets

6,196

9,055

7,448

11,706

8,556

Deferred tax assets

69,057

66,557

66,693

61,979

68,889

Non-current assets

1,112,250

1,123,832

1,046,457

1,070,572

873,006

Work in progress

83,489

68,369

43,061

83,880

86,787

Trade receivables

792,089

757,558

739,474

657,568

471,560

Other receivables and current assets

110,812

113,903

124,373

101,828

65,402

Current income tax receivables

24,453

29,673

22,541

Financial assets

70,227

45,767

32,872

30,608

31,791

Cash and cash equivalents

571,715

491,834

388,742

283,695

329,051

Current assets

1,652,784

1,507,103

1,327,523

1,157,578

984,592

Total assets

2,765,035

2,630,935

2,373,980

2,228,150

1,857,597

Share capital

4,863

4,863

4,863

4,863

4,863

Other reserves

1,232,031

1,084,186

923,277

774,411

657,733

Net result of the period

250,889

211,138

186,699

191,016

150,672

Group shareholders' equity

1,487,784

1,300,188

1,114,840

970,291

813,269

Non-controlling interest

2,280

2,773

1,883

1,579

2,625

Net equity

1,490,064

1,302,960

1,116,723

971,869

815.895

Due to minority shareholders

41,700

57,478

86,523

112,827

107,493

Financial liabilities

32,395

48,910

52,291

74,533

23,313

Financial liabilities from RoU

93,923

84,695

95,101

97,624

102,129

Employee benefits

118,678

84,248

69,677

42,831

48,601

Deferred tax liabilities

27,517

33,443

41,605

44,964

34,690

Provisions

22,692

47,497

20,644

15,242

16,925

Non-current liabilities

336,905

356,271

365,841

388,021

333,150

Due to minority shareholders and earn-out

3,551

52,121

27,845

28,675

22,066

Financial liabilities

13,322

19,748

32,655

43,745

15,681

Financial liabilities from RoU

34,724

35,163

31,670

27,829

26,508

Trade payables

179,828

183,233

191,001

168,835

139,921

Other current liabilities

688,986

640,928

574,723

598,557

502,990

Deferred tax liabilities

16,024

39,155

32,982

Provisions

1,631

1,355

539

619

1,387

Current liabilities

938,066

971,703

891,415

868,260

708,552

Total liabilities

1,274,971

1,327,974

1,257,256

1,256,281

1,041,702

Total shareholder's equity and liabilities

2,765,035

2,630,935

2,373,980

2,228,150

1,857,597

Net financial position and cash flow statement

(thousand Euros)

Financial position

Short-term financial position

482,689

482,689

352,290

242,729

318,653

M/L term financial position

(133,604)

(133,604)

(147,392)

(172.157)

(125.442)

Total net financial position

349,084

349,084

204,898

70,572

193,212

Cash and cash equivalents

Net cash flows from operating activities (A)

326,008

353,233

249,794

184,573

207,578

Net cash flows from investment activities (B)

(136,295)

(158,999)

(40,692)

(234,350)

(160,092)

Net cash flows from financing activities (C)

(104,540)

(71,735)

(88,746)

(1,651)

(65,305)

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

85,174

102,498

120,356

(51,428)

(17,819)

FOREX effects on cash and cash equivalents

(5,185)

(5,607)

0

0

0

Cash and cash equivalents at period end

571,702

491,713

383,608

263,252

314,680

Total change in cash and cash equivalents (D)

85,174

102,498

120,356

(51,428)

(17,819)