Cegedim full-year 2021 results: highly resilient business model
| PRESS RELEASE |
Quarterly financial information as of December 31, 2021
IFRS – Regulated information – Audited
Cegedim full-year 2021 results: highly resilient business model
- 2021 revenues up 5.6% to €524.7m
- Recurring operating income(1) down 4.4% to €39.9m
- Net profit attributable to owners of the parent up 2.4x to €26.2m
- Proposed dividend of €0.50 per share
Boulogne-Billancourt, France, March 24, 2022, after the market close
Cegedim generated consolidated 2021 revenues of €524.7 million, an increase of 5.6% as reported and 5.0% like for like(2) compared with a year ago. Recurring operating income fell 4.4% to €39.9 million, and net profit attributable to the owners of the parent rose 142.0% to €26.2 million.
“We have a solid foundation in the form of a relevant, resilient business model and talented, motivated teams. We turned those resources into a remarkable performance in 2021, with revenues up 5.6% to €524.7 million and net profit attributable to the owners of the parent up 2.4-fold to €26.2 million.
2022 is full of promise. We are giving Cegedim Santé the capital it needs to grow: exclusive talks with social protection groups Malakoff Humanis, Groupe VYV, and PRO BTP will result in a €65 million reserved capital increase. The deal also creates a compelling partnership in telehealth.
Uncertainty hangs over the start of this year, but we will continue to innovate and to strengthen our sales and R&D teams, and we are confident in our 2022 performance,” said Laurent Labrune—Deputy Managing Director of Cegedim.
Consolidated income statement
| 2021 | 2020 | Change | |||
| (in €m) | (in %) | (in €m) | (in %) | (in %) | |
| Revenue | 524.7 | 100.0% | 496.9 | 100.0% | +5.6% |
| EBITDA (1) | 104.7 | 20.0% | 104.2 | 21.0% | +0.5% |
| Depreciation & amortization | (64.8) | (12.3)% | (62.5) | (12.6)% | +3.8% |
| Recurring operating income(1) | 39.9 | 7.6% | 41.7 | 8.4% | -4.4% |
| Other non-recurring operating income and expenses(1) | 3.8 | 0.7% | (19.9) | (4.0)% | n.m. |
| Operating income | 43.7 | 8.3% | 21.8 | 4.4% | +100.2% |
| Financial result | (10.4) | (2.0)% | (8.6) | (1.7)% | +20.0% |
| Total tax | (5.8) | (1.1)% | (2.0) | (0.4)% | +196.8% |
| Net profit attributable to owners of the parent | 26.2 | 5.0% | 10.8 | 2.2% | +142.0% |
| Recurring earnings per share(1) (in euros) | 1.8 | – | 1.2 | – | +50.0% |
| Earnings per share (in euros) | 1.9 | – | 0.8 | – | +137.5% |
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(1) Alternative performance indicator. See pages 137-139 of the 2020 Universal Registration Document.
(2) At constant scope and exchange rates.
Consolidated revenues increased by €27.8 million, or 5.6%, to €524.7 million in 2021 compared with €496.9 million in 2020. The positive scope effect of €1.3 million, or 0.3pp, was attributable to Cegedim’s first-time consolidation of new acquisitions Médimust and Kobus Tech. The positive currency impact of €1.6 million, or 0.3pp, was mainly due to the euro’s appreciation against the pound sterling.
Like-for-like(2) revenues climbed 5.0% over the period.
Recurring operating income(1) decreased by €1.8 million, or 4.4%, to €39.9 million in 2021 compared with €41.7 million in 2020. It represented 7.6% of consolidated revenue in 2021, compared with 8.4% in 2020. The decline is chiefly attributable to a €4.5 million negative impact from lower R&D capitalization and an increase in R&D amortization. In addition, other net non-recurring operating expenses(1) fell by €23.7 million compared with 2020.
Other non-recurring operating income and expenses(1) amounted to income of €3.8 million in 2021 compared with a charge of €19.9 million in 2020. The 2021 performance is partly the result of a €4.7 million payment made by a client as part of the early termination of a services contract that was originally supposed to run through 2027. This payment was partly offset by other expenses, notably fees related to disputes or the winding up of non-recurring operations. In 2020 the amount was mainly attributable to €15.0 million of impairments of certain intangible assets related to software businesses, notably on products for doctors in the UK and Belgium.
Depreciation and amortization expenses increased by €2.3 million, or 3.8%, to €64.8 million in 2021 compared to €62.5 million in 2020. Amortization related to lease contracts (IFRS 16) was virtually stable, at €16.5 million in 2021 compared to €15.9 million in 2020. The amortization of capitalized R&D expenses over the period increased by €2.7 million, or 9.0%, to €33.3 million in 2021 compared to €30.6 million in 2020. The increase was due to higher R&D capitalization in previous years. Other depreciation & amortization declined by €0.9 million to €15.0 million in 2021 from €15.9 million in 2020.
EBITDA (1) increased by €0.5 million, or 0.5%, to €104.7 million in 2021, compared with €104.2 million in 2020. It represented 20.0% of consolidated revenue in 2021, compared with 21.0% in 2020.
Financial result increased by €1.7 million, or 20.0%, to €10.4 million in 2021 compared with €8.6 million in 2020. The main reason for the increase was exchange rate impacts related to the pound sterling. We note that the cost of gross financial debt is stable relative to December 31, 2020, because the vast majority of debt is at fixed interest rates.
Total tax came to €5.8 million in 2021 compared with €2.0 million in 2020, an increase of €3.9 million or 196.8%. This change was principally the result of a combination of increased income taxes, especially for French companies, and a decrease in deferred tax assets.
Net profit attributable to the owners of the parent came to €26.2 million in 2021 compared with €10.8 million in 2020. Recurring earnings per share came to €1.8 in 2021 compared with a profit of €1.2 a year earlier. Earnings per share came to €1.9 in 2021 compared with €0.8 a year earlier.
Analysis of business trends by division
- Software & Services
| In millions of euros | 2021 | 2020 | Change |
| Revenue | 292.0 | 277.2 | +5.4% | Like for like (2): +4.4% |
| Recurring operating income(1) | 12.8 | 23.8 | (46.1)% |
| Margin | 4.4% | 8.6% | (420) bp |
| Operating income | 12.3 | 6.9 | +78.9% |
| Margin | 4.2% | 2.5% | +174 bp |
Revenues got a boost from stronger growth in computerization activities for health insurers, bolstered by the resumption of project-based business, which positively affected recurring operating income(1). The HR management outsourcing activity turned in an excellent performance. Growth was also spurred by trading activity in the fourth quarter, which negatively impacted recurring operating income(1).
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(1) Alternative performance indicator. See pages 137-139 of the 2020 Universal Registration Document.
(2) At constant scope and exchange rates.
Sales trends at Cegedim Santé are robust despite the Covid flare-up late in the year, which curtailed sales efforts targeting healthcare professionals and hurt recurring operating income(1). As expected, Maiia, the appointment scheduling business—notably for vaccinations and teleconsultations—doubled its revenues in 2021 compared with 2020. Recurring operating income(1) was hurt by delayed NHS accreditation and increased hiring for sales teams assigned to Cegedim Santé’s latest offerings and for development teams working on innovations and who do not meet the criteria for capitalized costs.
- Flow
| In millions of euros | 2021 | 2020 | Change |
| Revenue | 84.2 | 79.4 | +6.1% | Like for like(2): +6.0% |
| Recurring operating income(1) | 11.1 | 10.6 | +4.4% |
| Margin | 13.2% | 13.4% | (22) bp |
| Operating income | 10.9 | 10.1 | +7.2% |
| Margin | 12.9% | 12.8% | +14bp |
The process digitalization and digital data flow business grew despite slowing somewhat in the fourth quarter due to the resurgence of the Covid-19 pandemic. Business in France made a positive contribution to recurring operating income(1), whereas UK and German activities had a negative impact.
People in France reduced their use of the healthcare system because of public health restrictions, which put a crimp on healthcare flow business related to reimbursements resulting in a slightly negative impact on recurring operating income(1).
- Data & Marketing
| In millions of euros | 2021 | 2020 | Change |
| Revenue | 98.4 | 87.8 | +12.1% | Like for like(2): +12.1% |
| Recurring operating income(1) | 14.6 | 10.5 | +39.5% |
| Margin | 14.8% | 11.9% | +292bp |
| Operating income | 14.6 | 10.4 | +41.0% |
| Margin | 14.8% | 11.8% | +304bp |
Data activities experienced strong growth and had their strongest quarter of the year in Q4, strongly boosting recurring operating income(1).
Digital displays in pharmacies experienced substantial growth over the year but ran into a challenging comparison in Q4, as the business had made up significant ground in the fourth quarter of 2020. 2021 margins at this business were historically high.
- BPO
| In millions of euros | 2021 | 2020 | Change |
| Revenue | 47.3 | 48.9 | (3.3)% | Like for like(2): (3.3)% |
| Recurring operating income(1) | 2.5 | (0.2) | n.m. |
| Margin | 5.2% | (0.5)% | +565bp |
| Operating income | 2.5 | (0.3) | n.m. |
| Margin | 5.2% | (0.6)% | +575bp |
A significant portion of this division’s business is providing services for insurance companies and mutual insurance providers. It was hurt by a downward adjustment of unit prices, now that the implementation phase is finished, and by less so-called overflow business. However, this was health insurance BPO’s first year in the black in terms of recurring operating income(1) thanks to the automation of certain processes.
HR BPO revenues rose, which positively affected recurring operating income(1).
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(1) Alternative performance indicator. See pages 137-139 of the 2020 Universal Registration Document.
(2) At constant scope and exchange rates.
- Corporate and others
2021 revenues fell 24.8% to €2.7 million, and recurring operating income(1) was a profit of €1.1 million compared with a €3.0 million loss a year earlier.
Highlights
To the best of the company’s knowledge, apart from those listed below, there were no events or changes during 2021 that would materially alter the Group’s financial situation.
- Acquisition of Kobus in France
On April 30, 2021, Cegedim acquired French start-up Kobus Tech, which specializes in patient management for physical therapists (patient care summaries, exercise prescription, mail generation, etc.). Its solution has more than 4,000 users. It is perfectly compatible with Cegedim Santé’s solutions, and their combined offering in France is one of the market’s most comprehensive.
Kobus was initially consolidated on June 30, 2021.
- Acquisition of Médimust in France
On May 4, 2021, Cegedim acquired Médimust, a software publisher serving healthcare professions for 25 years that currently supplies 2,000 independent physicians. The acquisition cements Cegedim Santé’s place as France’s number 1 medical software company(3). Pooling the companies’ know-how and expertise is strengthening Cegedim Santé’s range of solutions and improving its ability to adapt to market developments and healthcare professionals’ changing needs.
Médimust generated revenues of €1.3 million in 2020 and earned a profit. It began contributing to the Group’s consolidation scope in May 2021.
- Euris litigation
Cegedim, jointly with IQVIA (formerly IMS Health), is being sued by Euris for unfair competition. Cegedim has asked the court to dismiss the case against the Group. On December 17, 2018, the Paris Commercial Court granted Cegedim’s request, which IQVIA then appealed. On December 8, 2021, the Court of Appeals upheld the judgement in favor of Cegedim.
After consulting its external legal counsel, the Group had decided not to set aside any provisions.
- Tax
On February 21, 2018, Cegedim S.A. received official notice that the French tax authorities planned to perform an audit of its financial statements for the period from January 1, 2015, to December 31, 2016. After consultation with its lawyers and based on ample precedent. the Group believes that the adjustment is unwarranted and continues to explore its options to appeal the decision. The maximum tax liability Cegedim faces as a result of the current audit is €20.3 million at December 31, 2021. Cegedim still believes that there is not enough risk with respect to this amount or to tax loss carryforwards recorded on its consolidated balance sheet (corresponding to €20 million) to jeopardize their valuation.
On October 21, 2021, Cegedim SA received official notice that the French tax authorities planned to perform an audit of its financial statements for the period from January 1, 2019, to December 31, 2020. This audit is currently being conducted.
Significant transactions and events post December 31, 2021
To the best of the company’s knowledge, apart from those listed below, there were no post-closing events or changes that would materially alter the Group’s financial situation.
- The war in Ukraine
The Group has no activities or exposed assets in Russia or Ukraine.
- Cegedim in exclusive talks with mutual insurance groups Malakoff Humanis, Groupe VYV, and PRO BTP regarding acquisition of an equity stake in Cegedim Santé
On March 1, 2022, Cegedim Group and Malakoff Humanis, Groupe VYV, and PRO BTP announced that they were in exclusive talks regarding the acquisition of an equity stake in Cegedim Santé, the Group subsidiary specialized in digital solutions for healthcare professionals and patients. As part of the deal, Cegedim Santé will simultaneously acquire Groupe VYV subsidiary MesDocteurs, which specializes in telehealth.
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(1) Alternative performance indicator. See pages 137-139 of the 2020 Universal Registration Document.
(3) Source: GIE SESAM-Vitale.
Once negotiations are complete, the deal will be sealed by the signature of an investment agreement and a strategic and industrial partnership between Cegedim, Malakoff Humanis, Groupe VYV, and PRO BTP. The transaction will be complete once employee representatives issue an opinion.
The deal will involve a reserved capital increase of €65 million, giving Cegedim Santé a post-deal valuation of €360.9 million. Cegedim will continue to fully consolidate Cegedim Santé.
Dividend distribution policy
A proposal to pay a dividend in respect of 2021 of €0.50 per share on July 1, 2022, will be put forward at the General Meeting on June 17, 2022.
Outlook
Although the impact of the Covid-19 pandemic on business in 2022 is still difficult to assess and despite the economic, geopolitical, and monetary uncertainties facing the world, we are confident we will be able to grow our revenues.
Thus, for 2022 Cegedim expects like-for-like(2) revenue growth of around 5%. Recurring operating income(1) should remain stable owing to the significant investments planned, especially for Cegedim Santé.
These targets may need to be revised if there is a sharp resurgence of the Covid-19 pandemic and/or a significant worsening of geopolitical risks.
The Group does not expect to make any significant acquisitions in 2022.
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The Audit Committee met on March 23, 2022. The Board of Directors, chaired by Jean-Claude Labrune, met on March 24, 2022, closed the consolidated financial statements at December 31, 2021, and approved the accounts for 2021. The audit procedures of the consolidated financial statements have been performed. The certification report will be issued once the requisite filing procedures for the Universal Registration Document have been completed.
The Universal Registration Document will be available in a few days’ time, in French and in English, on our website and the Cegedim IR app.
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| WEBCAST ON MARCH 24, 2022, AT 6:15 PM (PARIS TIME) |
| The webcast is available at: www.cegedim.fr/webcast |
The full-year 2021 results presentation is available:
|
2022 financial calendar
| 2022 | March 25 at 10:00 am April 28 after the close June 17 at 9:30 July 28 after the close September 20 after the close | SFAF Meeting – Cegedim Auditorium in Boulogne Billancourt Q1 2022 revenues Shareholders’ General Meeting H1 2022 revenues H1 2022 results |
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(1) Alternative performance indicator. See pages 137-139 of the 2020 Universal Registration Document.
(2) At constant scope and exchange rates.
| Disclaimer This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on March 24, 2022, no earlier than 5:45 pm Paris time. The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2020 Universal Registration Document filled with the AMF on April 16, 2021, under number D.21-0320. | |||
| About Cegedim: Founded in 1969, Cegedim is an innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 5,600 people in more than 10 countries and generated revenue of €525 million in 2021. Cegedim SA is listed in Paris (EURONEXT: CGM). To learn more, please visit: www.cegedim.fr And follow Cegedim on Twitter @CegedimGroup, LinkedIn and Facebook. | |||
| Aude BALLEYDIER Cegedim Media Relations and Communications Manager Tel.: +33 (0)1 49 09 68 81 aude.balleydier@cegedim.fr | Jan Eryk UMIASTOWSKI Cegedim Chief Investment and Investor Relations Officer Tel.: +33 (0)1 49 09 33 36 janeryk.umiastowski@cegedim.com | Céline PARDO .becoming Media Relations
Tel.: +33 (0)6 52 08 13 66 |
|
Annexes
Revenue comparison, sector vs. division
| 2021 | |||||
| in millions of euros | Health insurance, HR and e-services | Healthcare professionals | Corporate and others | Total | |
| Software & services | 141.4 | 150.6 | – | 292.0 | |
| Flow | 84.2 | – | – | 84.2 | |
| Data & Marketing | 98.4 | – | – | 98.4 | |
| BPO | 47.3 | – | – | 47.3 | |
| Corporate and others | – | – | 2.7 | 2.7 | |
| Total | 371.4 | 150.6 | 2.7 | 524.7 | |
Recurring operating income(1) comparison, sector vs. division
| 2021 | |||||
| in millions of euros | Health insurance, HR and e-services | Healthcare professionals | Corporate and others | Total | |
| Software & services | 16.2 | -3.3 | – | 12.8 | |
| Flow | 11.1 | – | – | 11.1 | |
| Data & Marketing | 14.6 | – | – | 14.6 | |
| BPO | 2.5 | – | – | 2.5 | |
| Corporate and others | – | – | (1.1) | (1.1) | |
| Total | 44.4 | -3.3 | (1.1) | 39.9 | |
(1) Alternative performance indicator
Consolidated financial statements at December 31, 2021
- Assets at December 31, 2021
| In thousands of euros | December 31, 2021 | December 31, 2020 |
| Goodwill | 187,106 | 186,036 |
| Development costs | 8,436 | 3,873 |
| Other intangible fixed assets | 171,489 | 159,144 |
| Intangible assets | 179,925 | 163,017 |
| Property | 544 | 544 |
| Buildings | 2,088 | 2,319 |
| Other property, plant, and equipment | 35,033 | 31,835 |
| Advances and construction work in progress | 0 | |
| Right-of-use assets | 84,002 | 75,607 |
| Tangible fixed assets | 121,667 | 110,305 |
| Equity investments | 314 | 1,182 |
| Loans | 15,223 | 14,618 |
| Other long-term investments | 5,771 | 4,730 |
| Long-term investments – excluding equity shares in equity method companies | 21,308 | 20,530 |
| Equity shares in equity method companies | 21,266 | 21,479 |
| Deferred tax assets | 33,506 | 33,202 |
| Long-term financial instruments | 0 | 44 |
| Prepaid expenses: long-term portion | 108 | 249 |
| Non-current assets | 564,886 | 534,862 |
| Goods | 4,503 | 3814 |
| Advances and deposits received on orders | 140 | 501 |
| Accounts receivables: short-term portion | 136,343 | 134,650 |
| Other receivables: short-term portion | 48,743 | 189,683 |
| Current tax credits | 2,123 | 4,007 |
| Short-term financial instruments | 0 | 1 |
| Cash equivalents | 0 | – |
| Cash | 24,160 | 24,734 |
| Prepaid expenses: short-term portion | 16,688 | 13,103 |
| Current assets | 232,700 | 370,493 |
| TOTAL Assets | 797,586 | 905,355 |
- Liabilities and equity at December 31, 2021
| In thousands of euros | December 31, 2021 | December 31, 2020 |
| Share capital | 13,337 | 13,337 |
| Consolidated retained earnings | 200,717 | 188,524 |
| Group exchange gains/losses | (8,214) | (5,040) |
| Group earnings | 26,224 | 10,834 |
| Shareholders’ equity, Group share | 232,064 | 207,655 |
| Minority interest | 323 | 247 |
| Shareholders’ equity | 232,387 | 207,902 |
| Financial liabilities | 186,574 | 186,278 |
| Current lease liabilities | 70,297 | 62,331 |
| Short-term financial instruments | – | 66 |
| Deferred tax liabilities | 8,272 | 7,599 |
| Retirement benefit commitments | 34,069 | 35,281 |
| Provisions | 2,255 | 2,575 |
| Non-current liabilities | 301,467 | 294,130 |
| Financial liabilities | 2,560 | 2,606 |
| Current lease liabilities | 16,072 | 15,243 |
| Short-term financial instruments | – | 1 |
| Trade payables and related accounts | 48,245 | 43,214 |
| Current tax liabilities | 1,483 | 501 |
| Tax and social security liabilities | 101,003 | 108,217 |
| Provisions | 2,065 | 3,045 |
| Other liabilities | 92,304 | 230,495 |
| Current liabilities | 263,732 | 403,323 |
| TOTAL Liabilities | 797,586 | 905,355 |
- Income statement as of December 31, 2021
| In millions of euros | December 31, 2021 | December 31, 2020 |
| Revenue | 524,709 | 496,939 |
| Purchases used | (26,703) | (25,491) |
| External expenses | (107,414) | (100,491) |
| Taxes | (6,782) | (7,904) |
| Employee costs | (278,841) | (256,219) |
| Impairment on accounts receivable and other receivables and on contract assets | (158) | (1,871) |
| Allowances to and reversals of provisions | (4,102) | (3,442) |
| Other operating income and expenses | 1,161 | (65) |
| Share of income of equity method companies | 2,828 | 2,736 |
| EBITDA(1) | 104,698 | 104,192 |
| Depreciation expenses other than right-of-use assets | (48,348) | (46,519) |
| Depreciation expenses of right-of-use assets | (16,453) | (15,939) |
| Recurring operating income(1) | 39,897 | 41,734 |
| Impairment of acquisition goodwill | 0 | 0 |
| Non-recurring operating income and expenses | 3,789 | (19,914) |
| Other non-recurring operating income and expenses(1) | 3,789 | (19,914) |
| Operating income | 43,686 | 21,820 |
| Income from cash and cash equivalents | 90 | 75 |
| Cost of gross financial debt | (8,357) | (8,547) |
| Other financial income and expenses | (2,104) | (171) |
| Financial result | (10,371) | (8,643) |
| Income taxes | (7,128) | (4,973) |
| Deferred tax | 1,292 | 3,007 |
| Tax | (5,836) | (1,966) |
| Share of profit (loss) for the period of equity method companies | (1,179) | (295) |
| Consolidated net profit | 26,300 | 10,916 |
| Group share | 26,224 | 10,835 |
| Income from equity-accounted affiliates | 76 | 81 |
| Average number of shares excluding treasury stock | 13,782,436 | 13,824,493 |
| Recurring earnings per share (in euros) | 1.8 | 1.2 |
| Earnings per share (in euros) | 1.9 | 0.8 |
(1) Alternative performance indicator
- Cash flow statement as of December 31, 2021
| In thousands of euros | December 31, 2021 | December 31, 2020 |
| Consolidated net profit | 26,300 | 10,916 |
| Share of earnings from equity method companies | (1,649) | (2,441) |
| Depreciation and amortization expenses and provisions | 64,438 | 77,481 |
| Capital gains or losses on disposals of operations | (141) | 1,641 |
| Cash flow after cost of net financial debt and taxes | 88,948 | 87,597 |
| Cost of net financial debt | 10,370 | 8,642 |
| Tax expenses | 5,837 | 1,966 |
| Operating cash flow before cost of net financial debt and taxes | 105,155 | 98,205 |
| Tax paid | (4,119) | (6,337) |
| Change in working capital requirements for operations | (5,057) | 18,513 |
| Cash flow generated from operating activities after tax paid and change in working capital requirements | 95,979 | 110,381 |
| Acquisitions of intangible assets | (50,748) | (54,607) |
| Acquisitions of tangible assets | (14,015) | (19,920) |
| Acquisitions of long-term investments | (3,199) | (980) |
| Disposals of tangible and intangible assets | 668 | 11,024 |
| Disposals of long-term investments | 2,040 | 40 |
| Change in deposits received or paid | (674) | (780) |
| Impact of changes in consolidation scope | (5,128) | (7,124) |
| Dividends received ex. group | 950 | 2,032 |
| Net cash flow used in investing activities | (70,106) | (70,315) |
| Dividends paid to minority shareholders of consolidated cos. | (1) | (1) |
| Debt issuance | 0 | 0 |
| Debt repayments | (1,156) | (20,225) |
| Employee profit sharing | 431 | 131 |
| Repayment of lease liabilities | (16,808) | (16,119) |
| Interest paid on loans | (4,995) | (5,280) |
| Other financial income received | 369 | 1,030 |
| Other financial expenses paid | (4,576) | (3,674) |
| Net cash flow used in financing activities | (26,736) | (44,138) |
| Change in net cash excluding currency impact | (863) | (4,073) |
| Impact of changes in foreign currency exchange rates | 289 | (252) |
| Change in net cash | (574) | (4,325) |
| Opening cash | 24,734 | 29,059 |
| Closing cash | 24.159 | 24,734 |
Attachment
