Q1 2022 & FY 2021 Results slide image

Q1 2022 & FY 2021 Results

FREE CASH FLOW (MILLION DOLLARS) GCC Q1-22 Q1-21 Var 2021 2020 Var Operating income before other expenses 31.4 25.5 23.1% Depreciation and amortization 23.1 24.0 -3.5% 241.3 96.6 211.3 14.2% 96.9 -0.4% EBITDA 54.5 49.5 10.2% 337.9 308.3 9.6% Interest income (expense) (6.8) (1.1) 500.2% (16.1) (21.2) -24.4% Decrease (increase) in working capital (9.0) (7.9) 14.6% 8.4 26.6 -68.3% Taxes (0.3) (1.3) -78.8% (11.8) (15.3) -22.9% Prepaid expenses 2.2 2.7 -18.0% (0.3) (0.1) 242.8% Decreased Free Cash Flow in Q1-22 reflects: • Higher maintenance CapEx Interest expenses • Working capital requirements Higher EBITDA generation Lower cash taxes Accruals and other accounts (25.9) (14.6) 77.2% (7.8) (1.8) 344.5% Operating Leases (IFRS 16 effect) (3.9) (4.5) -12.9% (17.9) (19.0) -6.0% Operating cash flow 10.9 22.8 -52.3% 292.5 277.4 5.4% Decreased Free Cash Flow in 2021 reflects: Maintenance CapEx* (11.8) (5.1) 131.9% (48.7) (31.2) 56.3% . Free cash flow (1.0) 17.7 n.m. 243.7 246.3 -1.0% Higher EBITDA generation Strategic & Growth CapEx (6.5) (1.5) 328.5% (2.8) (1.2) 128.1% Share repurchase (net) 0.0 (0.0) -100.0% (0.1) (5.2) -97.5% Sale of assets 0.0 0.0 0.0% 0.0 2.6 -100.0% Revolving credit line (net) 0.0 0.0 0.0% 0.0 50.0 -100.0% . Lower working capital requirements ● Lower interest expenses Lower cash taxes Higher maintenance CapEx Debt amortizations net (40.0) (10.0) 300.0% (92.0) (75.4) 22.0% Dividends paid 0.0 (7.8) -100.0% (24.5) (7.0) 249.9% FX effect Initial cash balance Final Cash balance 4.8 (3.6) n.m. (3.5) 1.7 n.m. 683.0 562.2 21.5% 562.1 350.5 60.4% 640.3 556.9 15.0% 683.0 562.1 21.5% FCF conversion rate 0.0% 35.7% 72.1% 79.9% * Excludes growth and strategic capital expenditures ** Free cash flow conversion rate = free cash flow after maintenance CapEx / EBITDA 47 44
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