Financial highlights

Key ratios

(thousand Euros)

Economic data

Revenue

2,117,983

1,891,114

1,483,803

1,250,191

1,182,528

Growth rate

12.0%

27.5%

18.7%

5.7%

14.2%

Gross operating income (EBITDA)

352,093

340,312

262,784

207,936

191,307

EBITDA margin

16.6%

18.0%

17.7%

16.6%

16.2%

Operating income (EBIT)

292,745

285,473

209,283

169,531

155,324

EBIT margin

13.8%

15.1%

14.1%

13.6%

13.1%

Group net income

186,699

191,016

150,672

123,598

113,858

Group net margin

8.8%

10.1%

10.2%

9.9%

9.6%

Tax rate

30.6%

27.5%

28.5%

23.4%

27.8%

Financial figures

Group shareholder's equity

1,114,840

971,869

815,895

675,039

583,722

Non controlling interest

1,883

1,579

2,625

918

3,339

Total assets

2,373,980

2,228,150

1,857,597

1,506,568

1,307,913

Net working capital

83,818

46,590

(42,614)

(21,565)

74,317

Cash flow

249,794

184,573

207,578

229,028

202,793

Data per single share (in Euros)

Net result per share

5.01

5.13

4.03

3.30

3.04

Shareholders' equity per share

29.80

25.94

21.74

18.04

15.60

Other information

Number of employees

14,798

13,467

10,579

9,059

8,157

Income statements

(thousand Euros)

Consolidated income statements

Revenues

2,117,983

1,891,114

1,483,803

1,250,191

1,182,528

Other income

23,947

19,452

17,631

19,405

23,159

Purchases

(29,364)

(27,328)

(21,500)

(21,510)

(21,250)

Personnel

(1,139,331)

(986,744)

(759,567)

(621,362)

(578,263)

Services and other costs

(619,657)

(606,853)

(462,779)

(419,235)

(414,077)

Amortization, depreciation and write-downs

(75,205)

(58,612)

(48,391)

(42,441)

(37,239)

Other unusual (cost)/income

14,373

54,445

85

4,484

466

Operating income

292,745

285,473

209,283

169,531

155,324

(Loss)/gain on investments

(13,877)

(12,102)

8,164

1,240

11,364

Financial income/(expenses)

(7,287)

(4,676)

(4,168)

(8,717)

(5,268)

Income before taxes

271,581

268,695

213,279

162,054

161,419

Income taxes

(83,122)

(76,511)

(60,871)

(37,848)

(44,829)

Net income

188,459

192,184

152,408

124,206

116,590

Not controlling interest

(1,760)

(1,168)

(1,735)

(608)

(2,732)

Group net result

186,699

191,016

150,672

123,598

113,858

Balance sheets

(thousand Euros)

Consolidated statement of financial position

Tangible assets

108,197

98,068

80,919

51,782

48,298

Goodwill

626,481

630,255

445,345

330,749

267,542

Other intangible assets

81,509

105.173

83.386

25,758

13,676

RoU Assets

114,758

112,341

119,549

137,645

90,569

Equity investments

41,373

51,049

66,361

56,421

56,991

Financial assets

7,448

11,706

8,556

9,577

7,567

Deferred tax assets

66,693

61,979

68,889

52,921

33,527

Non-current assets

1,046,457

1,070,572

873,006

664,852

518,170

Work in progress

43,061

83,880

86,787

79,784

75,328

Trade receivables

739,474

657,568

471,560

344,700

432,240

Other current assets

124,373

101,828

65,402

81,306

39,566

Financial assets

32,872

30,608

31,791

2,108

1,666

Cash and cash equivalents

388,742

283,695

329,051

333,819

240,943

Current assets

1,327,523

1,157,578

984,592

841,716

789,743

Total assets

2,373,980

2,228,150

1,857,597

1,506,568

1,307,913

Share capital

4,863

4,863

4,863

4,863

4,863

Other reserves

923,277

774,411

657,733

546,578

465,000

Net result of the period

186,699

191,016

150,672

123,598

113,858

Group shareholders' equity

1,114,840

970,291

813,269

675,039

583,722

Non-controlling interest

1,883

1,579

2,625

918

3,339

Net equity

1,116,723

971,869

815,895

675,957

587,061

Due to minority shareholders

86,523

112,827

107,493

53,010

38,395

Financial liabilities

52,291

74,533

23,313

20,387

26,857

Financial liabilities from RoU

95,101

97,624

102,129

118,796

71,710

Employee benefits

69,677

42,831

48,601

46,112

43,355

Deferred tax liabilities

41,605

44,964

34,690

16,117

19,810

Provisions

20,644

15,242

16,925

10,753

8,897

Non-current liabilities

365,841

388,021

333,150

265,174

209,025

Due to minority shareholders and earn-out

27,845

28,675

22,066

18,370

13,073

Financial liabilities

32,655

43,745

15,681

13,629

18,557

Financial liabilities from RoU

31,670

27,829

26,508

24,453

20,454

Trade payables

191,001

168,835

139,921

114,149

119,951

Other current liabilities

607,705

598,557

502,990

394,110

339,113

Provisions

539

619

1,387

724

680

Current liabilities

891,415

868,260

708,552

565,437

511,828

Total liabilities

1,257,256

1,256,281

1,041,702

830,611

720,853

Total shareholder's equity and liabilities

2,373,980

2,228,150

1,857,597

1,506,568

1,307,913

Net financial position and cash flow statement

(thousand Euros)

Financial position

Short-term financial position

352,290

242,729

318,653

297,844

203,598

M/L term financial position

(147,392)

(172.157)

(125.442)

(139.183)

(98,567)

Total net financial position

204,898

70,572

193,212

158,661

105,031

Cash and cash equivalents

Net cash flows from operating activities (A)

249,794

184,573

207,578

229,028

202,793

Net cash flows from investment activities (B)

(40,692)

(234,350)

(160,092)

(76,550)

(56,006)

Net cash flows from financing activities (C)

(88,746)

(1,651)

(65,305)

(59,549)

(29,698)

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

120,356

(51,428)

(17,819)

92,929

117,090

Cash and cash equivalents at period end

383,608

263,252

314,680

332,500

239,571

Total change in cash and cash equivalents (D)

120,356

(51,428)

(17,819)

92,929

117,090