CASH FLOW & LIQUIDITY Cash flow statement (unaudited) Liquidity (unaudited) Actual Actual (€mm) Q1'16 Q1'15 (€mm) Q1'16 FY'15 Net cash provided by/(used in) operating activities 54.2 51.1 Net cash provided by/(used in) investing activities (3.6) 5.9 o/w capital expenditures (3.6) (4.1) Cash beginning of period 158,6 241,6 Net cash provided by/(used in) financing activities (2.2) (142.0) Debt repayment - (140,0) Net increase/(decrease) in cash and cash equivalents 48.4 (85.0) Dividend - (58,8) Cash and cash equivalents – beginning of period 158.6 241.6 Cash accumulation 44,2 115,8 Non Cash exchange gains/(losses) (4.2) 5.4 Cash end of period 202,8 158,6 Cash and cash equivalents – end of period 202.8 162.0 Minimum Cash for operations (110,0) (110,0) Strategic Cash 92,8 48,6 RCF 390,0 390,0
Operating cash-flow: Main Q1’16 drivers were profit before tax of Available Liquidity 482,8 438,6 M€+69.6, negative impact from changes in working capital of M€-3.8 and income taxes paid for M€-15.6. Illustrative EBITDA (1) 301,0 283,8 Total available debt 500,0 500,0
Investing Cash Flow: The Q1’16 Capital expenditures amounted to Loan covenant <2.5x 1.7x 1.8x M€-3.6. Q1’15 has been impacted by the return of two short term
Current liquidity consists of cash at the end of the year plus the deposits of M€+5.0 each. undrawn part of the RCF
Financing Cash Flow: Q1’16 contains an impact of the shares traded
Cash available is the difference between the cash at bank and under the liquidity contract for M€-2.0. In Q1’15 part of the Term the minimum operational cash we deem necessary to run our Loanhas been repaid for an amountof M€140.0. business, repay loans and make scheduled dividend distributions
Based on the current EBITDA, drawing fully under the RCF would imply that we would have remained neatly within the loan covenant of 2.5x EBITDA (1) Illustrative 2016 EBITDA number calculation takes into account: 2015 revenues adjusted for all fee changes (listing, market data, etc.) implemented in 2016 2015 cost base adjusted for additional savings delivered in Q1 2016 11