Edreams Odigeo · BME:EDR
Edreams Odigeo — H1 FY2024 Earnings Presentation
75 slides from Edreams Odigeo's earnings presentation, Nov 15, 2023
Slide 1: Results Report 1H FY 2024
Results Report 1H FY 2024 Free translation from the original document in Spanish. In the event of discrepancy, the Spanish-language version prevails
Slide 2: Report contents
1. A brief look at eDreams ODIGEO and KPIs 2. Financial Performance 3. Other Information 4. Condensed Consolidated Interim Financial Statements and Notes 5. Alternative Performance Measures
Slide 3: A brief look at eDreams ODIGEO and KPIs
A brief look at eDreams ODIGEO and KPIs 1.1. A brief look at 1H FY2024 eDreams ODIGEO KPIs 1.2. Results highlights 1.3. Prime model a proven success - Excellent 1H FY24 results 1.4. Strategic performance update: two years post Capital Markets Day (CMD) 1.5. Why invest in eDreams ODIGEO
Slide 4: A brief look at 1H FY2024 eDreams ODIGEO KPIs
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 1.1. A brief look at 1H FY2024 eDreams ODIGEO KPIs Global Leader Largest 59% 5,092K €78.8 20M 44 Travel Subscription Player Worldwide Mobile Prime Members(1) Prime ARPU (1) Customers(4) Markets in Flight Revenues, ex China Bookings(1)(2) +41% Yo
Slide 5: Results highlights
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 1.2. Results highlights In 1H FY24 the strength of the Prime model drives significant profit improvements Longer term – eDO has strong fundamental growth potential beyond FY25 • Cash EBITDA (1) up 84% to €63.5 million compared to €34.5 million r
Slide 6: Prime model a proven success - Excellent 1H FY24 results
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 1.3. Prime model a proven success - Excellent 1H FY24 results eDO continues to be well ahead of the implied run rate to reach 7.25 million self-imposed target by FY25 Run rate needed for next 6 quarters, less than the one achieved in the past 4
Slide 7: Profit margins up significantly due to Prime
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Profit margins up significantly due to Prime Prime delivers significant uplifts in profit margins as the Prime member (*) base matures. Cash Marginal Profit Margin (*) continues to improve as maturity of Prime members Cash EBITDA Margin (*) more
Slide 8: Prime represents more than 50% of Cash Revenue Margin
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Prime represents more of the overall business: more than 50% of the Cash Revenue Margin (*) and almost 2/3 of the Cash Marginal Profit (*) Cash Revenue Margin (*) LTM Cash Marginal Profit (*) LTM (in € million) (in € million) (*) See definition
Slide 9: Strategic update: Prime members on track for 7.25 million
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 1.4. Strategic performance update: two years post Capital Markets Day (CMD) A. Prime members (*) - On track with our guidance to reach 7.25 million members by FY25 eDO Prime has a very large addressable market and more than 72% of Prime members
Slide 10: ARPU
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs B. ARPU Prime ARPU (*) on track to meet FY25 Guidance As expected, Prime ARPU (*) is converging with our guidance of €80 per user. Prime ARPU (*) evolution (in euros) (*) See definition and reconciliation of Non GAAP measures in section 5. Alter
Slide 11: On track to reach €180 million Cash EBITDA by FY25
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs C. On track to reach €180 million Cash EBITDA (*) by FY25 - Profit margins and (Free) Cash Flow increase as Prime member base matures progressively On track to reach €180 million Cash EBITDA (*) by FY25 as greater share of Year 2+ members transl
Slide 12: (Free) Cash Flow ex Non-Prime Working Capital outlook
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs As Cash EBITDA (*) continues to grow, our (Free) Cash Flow ex Non-Prime Working Capital (*) doubled in the past 6 months and and will outperform Cash EBITDA (*) growth again in the next 18 months Increase in margins due to a higher share of Year
Slide 13: Long term fundamentals - Prime is highly value creating
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs D. Long term fundamentals - Prime is highly value creating for eDO and its shareholders Subscription models have proven to be hugely successful in different industries over We are no longer a transaction company like the other travel companies.
Slide 14: Prime superior value proposition; customer satisfaction
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Prime is a superior value proposition for customers eDO ahead in customer satisfaction Net Promoter Score indexed using as a base September 2021 (Capital Markets Day (CMD) data point) and eDreams ODIGEO vs. highest rated peer (October 2023) comp
Slide 15: Employee engagement and Prime vs Non-Prime
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Employee Engagement, 90% of eDOers recommend the company as a great place to Prime provides a win-win proposition for customers and eDO work Prime members (*) visit us more often and have higher repeat bookings than Non-Prime customers. Prime vs
Slide 16: Prime value creation: LTV to CAC
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Prime achieved a significant value creation for eDO The new eDO is a more stable and predictable business Success of our Prime subscription model is demonstrated both by our high growth in the number of members and the The share of Prime over to
Slide 17: Two years on from Capital Markets Day
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs Two Years on from November 2021 Capital Markets Day, 57% of the time since the announcement of our FY25 targets,significant progress achieved, and we are well on plan or slightly better to meet or exceed all our targets. (*) See definition and r
Slide 18: Why invest in eDreams ODIGEO
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 1.4. Why invest in eDreams ODIGEO eDO is the subscription company in travel through technology and AI Building a better and increasingly profitable business for today and tomorrow. 1. eDO has the fastest paid members growth among subscription co
Slide 19: Global flight leader; attractive market
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 3. Within travel, eDO is the Global Flight Leader, Ex China 4. eDO is in pole position in an attractive market eDO addressable market is enormous, growing and attractive, and eDO is positioned in the right segments: online and leisure. Source: P
Slide 20: Unique profitability and growth; AI leadership
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 5. eDO is unique in terms of profitability and growth 6. eDO, a recognised leader in AI in Europe: Always being a step ahead eDO is the fastest growing in top line and EBITDA in the industry. Based on our FY25 self-imposed targets of Cash We hav
Slide 21: Well positioned, on track for FY25 targets
eDreams ODIGEO A brief look at eDreams ODIGEO and KPIs 7. Well positioned, well financed, on track to meet self-set FY25 targets 8. eDO has strong fundamental growth potential well beyond FY25 eDO has a large potential: superior returns for shareholders and customers while transforming and revolutio
Slide 22: Financial Performance
Financial Performance 2.1. Business review 2.2. Prime 2.3. Revenue by segment 2.4. Revenue by timing of recognition 2.5. KPIs 2.6. Income statement 2.7. Balance sheet 2.8. Cash flow 2.9. Strong liquidity
Slide 23: Business review
eDreams ODIGEO Financial performance 2.1. Business review REVENUE BY TIMING OF RECOGNITION Financial Information Summary €78.8 €157.8M €156.7M €12.5M 59% Var. FY24 Var. FY24 2Q FY24 vs FY23 2Q FY23 1H FY24 vs FY23 1H FY23 Prime Prime Members ('000) (*) 5,092 41% 3,611 5,092 41% 3,611 ARPU (*) (**) R
Slide 24: Business review
eDreams ODIGEO Financial performance 2.1. Business review guided, increased to €78.8 converging towards our target of €80 per user. outgrew average Prime members(1). This resulted in Prime ARPU(1) converging eDreams ODIGEO made further significant progress in 1H FY24: continued ARPU is rising becaus
Slide 25: Prime
eDreams ODIGEO Financial performance 2.2. Prime Prime continues to improve the quality of the P&L with increase in Prime Deferred Revenue Evolution of Prime Members(*) 5.1M business and grows strongly, Cash EBITDA(*) in 2Q 2Q 4.7M (in € million) FY24 Var. % FY23 1H FY24 Var. % 1H FY23 4.3M 1H FY24 u
Slide 26: Revenue by segment
eDreams ODIGEO Financial performance 2.3. Revenue by segment Prime continues to be our key driver for growth, through a more loyal and repeat customer base . (*) (**) Revenue Margin (excl. Adjusted Revenue items) 1H FY23 1H FY24 Var. FY24 Var. FY24 (In € million) 2Q FY24 vs FY23 2Q FY23 1H FY24 vs F
Slide 27: Revenue by timing of recognition
eDreams ODIGEO Financial performance 2.4. Revenue by timing of recognition Gradual Revenue, driven by Prime, main driver for growth Revenue Margin (excl. Adjusted Revenue items) (*) (**) 1H FY23 1H FY24 5% 4% 1H FY24 1H FY23 (In € million) Prime Non-Prime Total Prime Non-Prime Total Gradual 133.9 23
Slide 28: KPIs
eDreams ODIGEO Financial performance 2.5. KPIs Continued strategic progress as evidenced by our KPIs, further improvements in disclosure QUARTERLY EVOLUTION LAST TWELVE MONTHS EVOLUTION Evolution of Cash Marginal Profit (*) Evolution of Cash Revenue Margin (*) Evolution of Cash Revenue Margin (*) Ev
Slide 29: Income statement
eDreams ODIGEO Financial performance 2.6. Income statement Var. FY24 Var. FY24 • EBITDA(*) increased by €35.8 million from €1.1 million in 1H FY23 to €36.9 million in 1H FY24. (in € million) 2Q FY24 vs FY23 2Q FY23 1H FY24 vs FY23 1H FY23 • Financial loss increased by €0.9 million, mainly due to the
Slide 30: Balance sheet
eDreams ODIGEO Financial performance 2.7. Balance sheet 30th September 2023 30th September 2022 (in € million) Highlights 1H FY24 Total fixed assets 959.3 949.8 Compared to prior year, the main changes relate to: Total working capital (379.3) (291.0) • Total fixed assets increased mainly as a result
Slide 31: Cash flow
eDreams ODIGEO Financial performance 2.8. Cash flow (in € million) 2Q FY24 2Q FY23 1H FY24 1H FY23 Highlights 1H FY24 Adjusted EBITDA (*) 16.1 6.4 36.1 7.0 • Net cash from operating activities increased by €40.5 million, mainly reflecting: Adjusted items (*) (4.2) (3.5) 0.8 (5.9) – Working capital i
Slide 32: Strong liquidity
eDreams ODIGEO Financial performance 2.9. Strong liquidity Solid liquidity & optimisation of capital structure Solid liquidity - liquidity position(*) in 2Q FY24 stood at €230 million S&P upgraded eDO to 'B-' on performance recovery and good Cash Flow trends; We have managed our liquidity position w
Slide 33: Other Information
Other Information 3.1. Shareholder information 3.2. Subsequent events
Slide 34: Shareholder Information; Subsequent events
eDreams ODIGEO Other Information 3.1. Shareholder Information The subscribed share capital of eDreams ODIGEO as of 30th September 2023 is €12,761 thousand divided into 127,605,059 shares with a par value of ten euro cents (€0.10) each, all of which are fully paid. As of 30th September 2023 the Group
Slide 35: Condensed Consolidated Interim Financial Statements & Notes
Condensed Consolidated Interim Financial Statements & Notes For the six-month period ended 30th September 2023
Slide 36: Condensed Consolidated Interim Income Statement
eDreams ODIGEO Condensed Consolidated Interim Financial Statements 4.1. Condensed Consolidated Interim Income 4.2. Condensed Consolidated Interim Statement Statement of Other Comprehensive Income Unaudited Unaudited Unaudited Unaudited 6 months ended 6 months ended 6 months ended 6 months ended 30th
Slide 37: Condensed Consolidated Interim Statement of Financial Position
eDreams ODIGEO Condensed Consolidated Interim Financial Statements 4.3. Condensed Consolidated Interim Statement of Financial Position Unaudited Audited Unaudited Audited ASSETS 30th September 31st March EQUITY AND LIABILITIES 30th September 31st March (Thousands of euros) Notes 2023 2023 (Thousands
Slide 38: Statement of Changes in Equity
eDreams ODIGEO Condensed Consolidated Interim Financial Statements 4.4. Condensed Consolidated Interim Statement of Changes in Equity Foreign Foreign Profit / currency Profit / currency Share Share Other Treasury (loss) for translation Total Share Share Other Treasury (loss) for translation Total (T
Slide 39: Condensed Consolidated Interim Cash Flows Statements
eDreams ODIGEO Condensed Consolidated Interim Financial Statements 4.5. Condensed Consolidated Interim Cash Flows Statements Unaudited Unaudited Unaudited Unaudited 6 months ended 6 months ended 6 months ended 6 months ended 30th September 30th September 30th September 30th September (Thousands of e
Slide 40: Notes: General information and basis of presentation
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 4.6. Notes to the Condensed Consolidated Interim Financial Statements 1. General information 3. Basis of presentation eDreams ODIGEO, S.A. (the "Company"), formerly LuxGEO Parent S.à r.l., was set up as a limited liabili
Slide 41: Use of estimates and judgements; consolidation perimeter
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Pillar 2 Directive Estimates and judgements regarding the value of assets On 15th December 2022, the Pillar 2 Directive was adopted (Directive UE2022/2523), which means that multinational The Group prepared three differe
Slide 42: Seasonality of business; Earnings per share
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 3.6. Working capital The calculation of basic earnings per share and fully diluted earnings per share (rounded to two digits) for the six months ended 30th September 2023 and 30th September 2022, is as follows: The Group
Slide 43: Segment information
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 6. Segment information The following is an analysis of the Group’s Profit & loss and other Non-GAAP measures by segment: The Group reports its results in segments based on how the Chief Operating Decision Maker (CODM) ma
Slide 44: Revenue margin
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The cost of sales of the Group solely related to when the Group acted as principal in regards to Hotel accommodation. Unaudited Given that since September 2022 the Group only supplies hotel intermediation services becaus
Slide 45: Personnel expenses; Depreciation and amortisation
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Revenue Margin is split into the following categories: In the six months ended 30th September 2023, adjusted personnel expenses mainly relate to the share-based compensation of €7.1 million (€5.5 million in the six month
Slide 46: Other operating expenses; Financial income and expense
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Depreciation of property, plant and equipment mostly includes depreciation on right of use assets for office leases of Foreign exchange gains / (losses) mainly relate to the impact of fluctuations in the foreign exchange
Slide 47: Goodwill
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements As mentioned in note 18, the Group has access to funding from its €180.0 million SSRCF to manage the liquidity requirements of its operations. No interest expense on SSRCF has been accrued during the six months ended 30t
Slide 48: Other intangible assets
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements During the six months ended 30th September 2023, the Group has transitioned from operating segments based on geographies to segments based on its subscription model (Prime/Non-Prime). The Group believes this change in 13
Slide 49: Trade and other receivables; Cash and cash equivalents
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 14. Trade and other receivables 14.2. Other receivables Unaudited Audited 14.1. Trade receivables 30th September 31st March 2023 2023 The trade receivables from contracts with customers as at 30th September 2023 and 31st
Slide 50: Equity
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 16. Equity Rest of shares outstanding Number of Shares % Share Capital Morgan Stanley 8,148,225 6.4% Unaudited Audited Barclays 8,090,230 6.3% 30th September 31st March 2023 2023 Sunderland Capital 6,371,316 5.0% Share c
Slide 51: Share-based compensation
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 16.4. Treasury shares The 2016 LTIP is split equally between performance stock rights ("PSRs") and restricted stock units ("RSUs") subject to continued service. Based on operational performance, the scheme is linked to s
Slide 52: Share-based compensation (continued)
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Starting from September 2021, the Group delivers to the beneficiaries the Incentive Shares net of withholding tax. The movement of the Potential Rights during the six months ended 30th September 2023 is as follows: For t
Slide 53: 2019 Long-term incentive plan
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The cost of the 2016 LTIP has been recorded in the condensed consolidated interim Income Statement (Personnel The First Award and First Delivery of Second Award, for which 2,499,540 rights have been granted since the beg
Slide 54: 2022 Long-term incentive plan
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The movement of the Potential Rights during the six months ended 30th September 2023 is as follows: 17.3. 2022 Long-term incentive plan Granted / On 16th August 2022, the Board of Directors of the Company approved a new
Slide 55: Financial liabilities
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The average market value of the share used to value these rights has been €6.2 per share, corresponding to the average market value of the shares as at 9th August 2023 when most of these rights were granted. The probabil
Slide 56: Lease liabilities
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The interest rate of the modified SSRCF is the benchmark rate (EURIBOR) plus a margin of 3.25% (previously, 3.00%). The Group has converted €72.0 million from its SSRCF into ancillaries to SSRCF with certain Banks and €1
Slide 57: Debt by maturity date; Fair value measurement of debt
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The maturity date of the financial liabilities based on undiscounted payments as at 31st March 2023 was as follows: 18.1. Debt by maturity date <1 1 to 2 2 to 3 3 to 4 >4 The maturity date of the financial liabilities ba
Slide 58: Provisions
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Fair value 19. Provisions Level 3: Level 2: Internal Unaudited Audited Total Level 1: Internal model using 30th September 31st March net book Quoted model using non- 2023 2023 Audited value of the prices and observable o
Slide 59: Trade and other payables; Deferred revenue; Off-balance sheet commitments
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 20. Trade and other payables 22. Off-balance sheet commitments Unaudited Audited Unaudited30th Audited th st 30 September 31 March September 31st March 2023 2023 2023 2023 Trade payables 290,495 277,417 Guarantees to pac
Slide 60: Related parties: Board of Directors
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements The valuation of the rights of the 2016 LTIP amounts to €14.8 million of which €12.4 million have been accrued in equity Regarding the 2019 LTIP, the First Award and First Delivery of Second Award, for which 1,368,956 ri
Slide 61: Contingencies and provisions
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Regarding the 2016 LTIP, the First, Second and Third Tranche, for which 2,336,191 rights have been granted since the beginning of the 2016 LTIP, have been closed and the following deliveries have been made to Executive D
Slide 62: Pending tax disputes with tax authorities
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 24.4. Pending tax disputes with tax authorities Italy The Group has the following pending disputes with tax authorities, some of which are still in the phase of an The Italian company has been assessed by the Italian tax
Slide 63: Subsequent events
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements Other matters 25. Subsequent events Due to different interpretations of tax legislation, adverse positions may be taken by tax authorities in connection with a future tax audit. However, the Group considers that any such
Slide 64: Consolidation scope
eDreams ODIGEO Notes to the Condensed Consolidated Interim Financial Statements 26. Consolidation scope As at 30th September 2023 the companies included in the consolidation are as follows: % % % % Name Location / Registered Office Line of business interest control Name Location / Registered Office
Slide 65: Alternative Performance Measures
Alternative Performance Measures
Slide 66: Alternative Performance Measures
eDreams ODIGEO Alternative Performance Measures 5. Alternative Performance Measures In addition to the financial information prepared under IFRS, the Group also uses and presents a series of alternative Adjusted EBITDA Margin means Adjusted EBITDA divided by Revenue Margin. See section "Reconciliati
Slide 67: Alternative Performance Measures definitions
eDreams ODIGEO Alternative Performance Measures Cash EBITDA means "Adjusted EBITDA", plus the variation of the Prime deferred revenue corresponding to the Prime Fixed Costs includes IT expenses net of capitalisation write-off, personnel expenses which are not Variable Costs, fees that have been coll
Slide 68: Other definitions
eDreams ODIGEO Alternative Performance Measures Marginal Profit per Booking (Non-Prime) means Marginal Profit of the Non-Prime segment divided by the See section "Reconciliation of APMs", subsections "1.1. Revenue Margin" and "1.2. Revenue Margin by timing of revenue number of Non-Prime Bookings. Se
Slide 69: Changes in APMs; Additional considerations
eDreams ODIGEO Alternative Performance Measures Top 6 Markets refers to the Group's operations in France, Spain, Italy, Germany, United Kingdom and Nordics. Formerly, the Group's Top 6 Markets were used to represent its geographical segments. However, as of the beginning of the year, Prime / Non-Pri
Slide 70: Reconciliations of APMs
eDreams ODIGEO Alternative Performance Measures Reconciliations of APMs 1.2. Revenue Margin by timing of revenue recognition Unaudited Unaudited 1. Measures of Profit and Loss Last Twelve Months Last Twelve Months ended ended 30th September 30th September 1.1. Revenue Margin 2023 2022 (*) Unaudited
Slide 71: Marginal Profit; EBITDA and Adjusted items
eDreams ODIGEO Alternative Performance Measures Unaudited 1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin 6 months ended 30th September 2022 Unaudited Unaudited 6 months ended 6 months ended Variable Adjusted 30th September 30th September costs Fixed costs items Total 2
Slide 72: Measures of Profit and Loss related to Prime
eDreams ODIGEO Alternative Performance Measures 2. Measures of Profit and Loss related to Prime Unaudited 6 months ended 30th September 2022 2.1. Variation of Prime deferred revenue Prime Non-Prime Total Unaudited Unaudited Revenue Margin 108,746 180,258 289,004 Unaudited Unaudited Last Twelve Month
Slide 73: Cash EBITDA; Cash EBITDA Margin
eDreams ODIGEO Alternative Performance Measures Unaudited 2.6. Cash EBITDA Margin 6 months ended 30th September 2022 Unaudited 6 months ended Prime Non-Prime Total 30th September 2023 Cash Marginal Profit 42,260 32,107 74,367 Prime Non-Prime Total Cash Revenue Margin 136,245 180,258 316,503 Cash EBI
Slide 74: Measures of Financial Position and Cash Flow
eDreams ODIGEO Alternative Performance Measures 2.8. Prime ARPU 3.3. Net Leverage Ratio Unaudited Unaudited Unaudited Audited Last Twelve Months Last Twelve Months 30th September 31st March ended ended 2023 2023 30th September 30th September 2023 2022 Net Financial Debt 313,449 352,330 Cash Revenue
Slide 75: Capital Expenditure; Free Cash Flow ex Non-Prime
eDreams ODIGEO Alternative Performance Measures 4.2. Capital Expenditure Unaudited Unaudited 6 months ended 6 months ended 30th September 30th September 2023 2022 Net cash from / (used in) investing activities (23,010) (16,247) Business combinations net of cash acquired — — Capital expenditure (23,0