Investor Presentation
Reconciliation tables (1/2)
Q4 2018
Q1- Q3 2019
EURM
2014
2015
2016
2017
2018
LTM Q3 2019
IAS 17
IFRS 16
Operating profit
-1.1
7.0
25.1
25.9
25.3
3.6
24.1
27.7
Amortization of acquisition related tangible and intangible assets
EBITA
5.6
4.5
65
5.6
5.2
4.7
6.6
1.8
21.8
23.6
12.5
30.3
30.6
31.9
5.4
45.9
51.3
Depreciation
9.0
9.3
9.3
10.0
13.4
3.6
9.3
12.9
Operating profit before depreciation (EBITDA)
13.4
21.8
39.6
40.6
45.3
9.1
55.1
64.2
Q4 2018
Q1-Q3 2019
EURM
2014
2015
2016
2017
2018
LTM Q3 2019
IAS 17
IFRS 16
Sales
419.1
438.7
485.3
518.8
619.3
165.9
490.7
656.6
Operating profit
-1.1
7.0
25.1
25.9
25.3
3.6
24.1
27.7
Amortization of acquisition related tangible and intangible assets
5.6
5.6
5.2
4.7
6.6
1.8
21.8
23.6
EBITA
4.5
12.5
30.3
30.6
31.9
5.4
45.9
51.3
Depreciation
9.0
9.3
9.3
10.0
13.4
3.6
9.3
12.9
Operating profit before depreciation (EBITDA)
13.4
21.8
39.6
40.6
45.3
9.1
55.1
64.2
Transaction costs, acquisition
0.1
1.5
0.9
0.7
1.8
2.5
Restructuring
5.4
4.5
0.2
4.0
4.2
2.1
0.6
2.7
Impairment IT systems and tangible assets
0.3
2.5
0.6
0.6
1.9
1.7
1.7
Negative goodwill Norway
-4.0
0.7
0.7
0.7
Sales of fixed assets
-0.3
-0.3
Other items affecting comparability
1.4
0.5
0.8
0.8
0.1
0.1
Operating profit before depreciation and IAC (Adjusted EBITDA)
Adjusted EBITDA %
20.6
29.4
41.4
43.5
53.0
14.3
57.3
71.6
4.9%
6.7%
8.5%
8.4%
8.6%
8.6%
11.7%
10.9%
EURM
2013
2014
2015
2016
2017
2018
Q4 2018
Q3 2019
Accounts receivable
68.7
67.7
64.3
70.1
76.6
88.4
88.4
97.5
Accounts payable
-33.9
-34.2
-34.3
-42.9
-35.6
-45.6
-45.6
33.6
Inventory
12.4
16.5
17.5
29.6
20.8
44.7
44.7
41.0
Advance payment
-0.3
-0.2
-0.2
-0.2
-0.1
-1,5
-1,5
-0.4
Other receivables / liabilities
-27.5
-28.9
-28.7
-33.6
-43.6
-53.6
-53.6
-50.1
Net working capital
19.2
21.0
18.7
23.0
17.9
32.1
32.1
55.2
Change in NWC excl. adjustment for FX differences and acquired NWC
11.7
-1.7
2.3
-4.3
5.0
-14.2
-22.1
Note: Changed definition of Adjusted EBITDA in Q3 2019 compared with Q1 & Q2 2019 reports, with the new definition being: Earnings before interest, tax, depreciation and amortisation and items affecting comparability
Source: Company information
SUPPORTING MATERIALS | POLYGON 45View entire presentation