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
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