Financial Highlights

Key Ratios

​​(thousand Euros)​

Economic data20152014201320122011
Revenue705,601632,184560,151494,831440,296
Growth rate11.6%12.9%13.2%12.4%14.6%
Gross operating income (EBITDA)98,73685,11972,60062,42454,997
EBITDA margin14%13.5%13%12.6%12.5%
Operating income (EBIT)90,55880,66364,17152,24948,665
EBIT margin12.8%12.8%11.5%10.6%11.1%
Group net income56,74847,90934,45027,09424,150
Group net margin8%7.6%6.2%5.5%5.5%
Tax rate35.4%38.7%43.2%43.8%45.9%
FINANCIAL FIGURES20152014201320122011
Group shareholder's equity295,425251,908211,809175,756156,100
Non controlling interest6539367992,7041,917
Total assets700,745616,712549,531475,298423,701
Net working capital162,566134,341124,374120,477116,172
Cash flow44,33449,57844,13231,9864,679
DATA PER SINGLE SHARE (in euros)20152014201320122011
Number of shares9,3539,3539,3089,2239,223
Net result per share6.075.123.812.942.62
Shareholders' equity per share31.5826.9322.7619.0616.93
OTHER INFORMATION20152014201320122011
Number of employees5,2454,6894,2533,7253,422

Income Statements

​​(thousand Euros)​

CONSOLIDATED INCOME STATEMENTS20152014201320122011
Revenues705,601632,184560,151494,831440,296
Other income15,64317,08514,30711,5637,171
Purchases(14,049)(12,227)(10,644)(10,894)(8,703)
Personnel(349,721)(308,452)(269,893)(239,258)(215,056)
Services and other costs(256,137)(239,220)(214,726)(191,803)(167,606)
Amortization, depreciation and write-downs(9,371)(8,021)(7,949)(6,855)(6,332)
​Other unusual (cost)/income(1,408)(686)(7,075)(5,334)(1,105)
Operating income90,55880,66364,17152,24948,665
(Loss)/gain on investments440----
Financial income/(expenses)(2,067)(1,396)(2,439)(1,984)(2,192)
Income before taxes88,93079,26761,73250,26546,473
Income taxes(31,502)(30,646)(26,652)(22,006)(21,327)
Net income57,41848,62135,08028,25925,146
Not controlling interest(680)(712)(630)(1,164)(996)
Group net result56,74847,90934,45027,09424,150

Balance sheets

​​(thousand Euros)​

Consolidated statement of financial position20152014201320122011
Tangible assets17,02214,97613,55311,56210,361
Goodwill133,376126,763125,637105,19596,646
Other intangible assets9,6966,5496,3635,9606,180
Equity investments9,1053,911232358
Financial assets5,6294,4714,2755,7244,430
Deferred tax assets17,33915,05213,99711,0769,519
Not current assets192,167171,722163,847139,540127,194
Work in progress57,92940,80121,91015,42810,184
Trade receivables302,250285,465271,166237,700219,764
Other current assets40,97327,66125,45427,32325,774
Financial assets2,2892,2451,0101,315341
Cash and cash equivalents105,13788,81966,14553,99240,444
Current assets508,577444,990385,684335,758296,507
TOTAL ASSETS700,745616,712549,531475,298423,701
Share capital4,8634,8634,8404,7964,796
Other reserves233,814199,135172,519144,866127,154
Group net income56,74847,90934,45027,09424,150
Group shareholders' equity295,425251,908211,809175,756156,100
Non controlling interest6539367992,7041,917
SHAREHOLDERS' EQUITY296,079252,843212,608178,461158,017
Payables to minority shareholders and corporate transactions19,74613,30635,36440,19032,307
Financial liabilities33,86931,03021,71913,42716,414
Employee benefits25,86624,45420,08918,03515,740
Deferred tax liabilities21,47115,63012,4589,9458,404
Provisions18,84914,77211,43610,16211,244
Not current liabilities119,80199,191101,06791,75984,109
Financial liabilities46,28045,09241,70245,10442,025
Trade payables77,68683,36068,12456,65648,005
Other current liabilities160,640135,202125,047102,16090,868
Provisions2601,0249841,159677
Current liabilities284,865264,678235,857205,078181,575
TOTAL LIABILITIES404,666363,869336,924296,837265,684
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES700,745616,712549,531475,298423,701

NET FINANCIAL POSITION AND CASH FLOW STATEMENT

​(thousand Euros)

20152014201320122011
Short-term financial position61,14645,97225,45310,203(1,236)
M/L term financial position(32,960)(29,659)(20,442)(10,576)(15,478)
Total net financial position28,18616,3135,011(373)(16,714)

CASH AND CASH EQUIVALENTS20152014201320122011
Net cash flows from operating activities (A)44,33449,57844,13231,9864,679
Net cash flows from investment activities (B)(25,328)(31,933)(28,892)(13,032)(15,569)
Net cash flows from financing activities (C)357(5,761)5,011(6,738)(9,048)
Net cash flows (D)=(A+B+C)19,36311,88420,25112,216(19,938)
Cash and cash equivalents at period end70,10950,74538,86118,6106,394
Total change in cash and cash equivalents (D)19,36311,88420,25112,216(19,938)