Q3 2011: Strong financial performance in difficult markets; record backlog levels extended

Transcription

1 : Strong financial performance in difficult markets; record backlog levels extended Breda, the Netherlands, November 11,, DOCKWISE Ltd. today publishes results for the three month period ended September 30,. Financial Highlights Revenues of USD 113 million (USD 109 million in ); EBITDA of USD 40 million (USD 35 million in ); Operating margin of 36% (32% in ); Net profit of USD 8 million (USD 3 million in ); Cash flow generated from operating activities of USD 46 million (USD 25 million in ). Strategic and Operational Highlights Vessel utilization 70% based on 365 days (85% in ); Steel cutting commenced for Dockwise Vanguard Delivery of MV Explorer to the new owner Contract awards of USD 1 35 million (USD 157 million in ) o Includes Clair Ridge project for BP o Significant contribution from variation order Post events FPSO Goliat booked as second cargo for Dockwise Vanguard o A global transport record: in excess of 60,000 tonnes More than USD 25 million booked for execution in and 2013 Debt facility condition renegotiated with lending syndicate Letter of Intent signed on sale of DYT Backlog Backlog at end USD 512 million ( : USD 471 million): o USD 58 million for execution in (USD 87 million at end 2010 for execution in 2010); o USD 186 million for execution in 2012 (USD 125 million at end 2010 for execution in ); o USD 268 million for execution in 2013 and beyond (USD 188 million at end 2010 for execution in 2012 and beyond). 1

2 Table 1: Key figures? 11 vs (Amounts in USD millions, unaudited) 2010? 11 vs % Revenue (1.6%) % 46.1 EBITDA (16.9%) % 13.1 Net profit / (loss) (81.9%) % 12.9 * Adjusted net profit / (loss) 6.9 ** 20.0 *** (65.8%) 2010 (Amounts in USD, unaudited) Basic earnings per Share Adjusted basic earnings per share Diluted earnings per share * Excludes USD 0.2 million non recurring finance income and costs relating to debt buy back and loan redemptions in 2010 ** Excludes impairments on MV Explorer in totalling USD 4.2 million *** Excludes USD 6.2 million (non cash) impairment on the divestment of the MV Enterprise and excludes USD 0.8 million non recurrring finance income and costs relating to debt buy back and loan redemptions in 2010 André Goedée, Chief Executive Officer Dockwise, commented: Under continued difficult market conditions, we have delivered a sound financial performance in the third quarter. It is important to stress that, while variation orders have benefited Dockwise, these are only achievable through successfully accommodating our client s changing needs. Our ability to do this reflects our leadership in increasingly complex projects. We are delighted to again report a record total backlog, - thanks to our win of the BP Claire Ridge project now stretching out into Quarterly orderbook growth was again firmly ahead of quarterly revenues; a basis for sustained long term growth. Tendering activity continues to be strong, and in a period which has seen several successes; securing the transport of the FPSO Goliat on the Vanguard is an outstanding achievement. Dockwise will be proud to break its own record for the world s heaviest single cargo, and the award is the best endorsement of our decision, taken at a challenging time, to proceed with our new vessel. A teleconference for analysts and investors following the presentation of results will be conducted on November 11, at 14:00 CET; The dial in number for the conference is +44 (0) (UK Toll) or +31 (0) (Netherlands Toll) confirmation code The teleconference can be followed via a live audio-webcast: Participating in the conference requires that you dial in using our conference call number. The presentation will be made available at 12:00 CET through Oslo Newsweb and the Dockwise website For further information please contact: Fons van Lith M: +31 (0) or T: +31 (0) E: fons.van.lith@dockwise.com 2

3 Operating and Financial Review for The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December Revenues Table 2: Breakdown of revenue? 11 vs (Amounts in USD millions, unaudited)? 11 vs % Dockwise Heavy Lift (DHL) (2.0%) % Offshore/Onshore projects (19.0%) (12.2%) Heavy Marine Transport % (70.2%) 3.4 Dockwise Yacht Transport (DYT) % % Total revenue (1.6%) Revenues in the Heavy Marine Transport segment in were 12% lower than in. Contributions from Military and Port & Marine Industry (PMI) markets remained static. The main driver of demand in PMI continues to be trade between ports, which is related to the macro - economic cycle and individual countries GDP performance. As expected, in view of the fragile global economy, we have noticed no improvement here lately. Vessel utilization in decreased to 70%, ( : 85%). In the overall mix, pricing levels did not change materially, when compared to the first half of, but delivery of the Bongkot project, better quality cargo es on higher class vessels, and a specific variation order (giving a client greater flexibility in their loading window whilst relinquishing them from existing commitments) delivered growth in revenues and margin. Offshore / Onshore projects, accounted for 37% (17% in ) of total revenues in the quarter. Dockwise Yacht Transport s performance continues to be highly seasonal, with peaks in the second and the fourth quarter as a result of the Yacht movements towards the Mediterranean and the Caribbean, respectively. Table 3: Utilization rates Q1 FY Q4 Q1 FY Q4 Q Utilization based on 365 vesseldays 70% 85% 64% 71% 84% 73% 66% 64% 80% 80% 78% 76% 84% Table 4: Revenue split over segments in subsequent quarters Q1 Q Dockwise Heavy Lift (DHL) 97% 87% 93% 90% 97% - Offshore/Onshore projects 37% 17% 15% 30% 33% - Heavy Marine Transport 60% 70% 78% 60% 64% Dockwise Yacht Transport (DYT) 3% 13% 7% 10% 3% 3

4 Direct Costs Table 5: Breakdown of Direct Costs? 11 vs 11 Contract Related Expenses Contract related expenses in for Dockwise s Heavy Lift operations were 43% of revenues, lower than their level in when contract-related expenses were 46% of revenues. This percentage decrease was partially caused by the variation order referred to under Revenues (above) where recognition of revenues was triggered by relinquishment of the client s initial obligations with limited accompanying costs. Vessel Operating Expenses Almost half of vessel operating expenses are related to crewing costs. The remainder is composed of insurance costs and smaller repair and maintenance costs. In general, this portion of the total cost base is relatively fixed and these expenses are fairly stable. Fluctuations are caused by incidental maintenance charges and changes in insurance rates. Depreciation and Amortization 2010 (Amounts in USD millions, unaudited)? 11 vs % 36.0 Dockwise Heavy Lift (DHL) % (62.1%) 2.8 DYT % (3.0%) 38.8 Contract related expenses % (5.4%) 12.4 Vessel operating expenses (5.8%) % 22.2 Depreciation and amortization (8.6%) (2.5%) 73.4 Total direct costs % Depreciation and amortization levels are relatively stable, quarter -on-quarter. Following the delivery of MV Explorer to the new owner in, there are no remaining type IV vessels in the Dockwise fleet. Both Explorer and Enterprise were sold to an owner that will apply them for purposes other than use in the heavy lift industry. The benefit of this removal from the competitive pool of vessels was reflected in the proceeds of the sale in that the prices achieved were below the vessels book value. Following the sale of these type IV vessels, Super Servant 3 was temporarily transferred from the Yacht Transport fleet to the Heavy Lift business. Selling, General & Administrative Expenses Table 6: Selling, General & Administrative Expenses? 11 vs (Amounts in USD millions, unaudited) % 11.6? 11 vs Selling, General & Administrative expenses (3.8%) Selling, General and Administrative expenses (SG&A) for at USD 11.3 million were almost equal to with USD 11.0 million. 4

5 EBITDA The reconciliation of EBITDA to results from operating activities: Table 7: Breakdown of EBITDA? 11 vs 11 Table 8: Breakdown of EBITDA split over segments 2010 (Amounts in USD millions, unaudited)? 11 vs % 23.9 Results from operating activities (29.4%) % 22.2 Depreciation and amortization (8.6%) % 46.1 EBITDA (16.9%)? 11 vs (Amounts in USD millions, unaudited)? 11 vs % 48.0 DHL (18.3%) 37.9% 32.9% 45.5% In % of revenue 35.0% 42.0% (0.7) 3.9 (116.9%) (1.9) DYT % (15.2%) 26.7% (55.0%) In % of revenue 15.4% 10.8% % 46.1 EBITDA (16.9%) 35.9% 32.1% 42.3% In % of revenue 33.4% 39.6% EBITDA improved by some 16% in to USD 40 million (USD 35 million in ). The EBITDA margin for was 36%, compared to 32% for. For the Heavy Lift business it improved by some 32%, from USD 31 million to USD 41 million. This improvement arose when the settlement of disputes and the benefit of variation orders (outlined above) resulted in an immediate contribution to EBITDA for. The difference over was offset by the seasonal pattern of the yacht transportation business that experiences a low in, each year. Net Financing Costs - Debt Position Non-current interest -bearing borrowings and current maturities of interest-bearing borrowings reflect the outstanding USD 524 million amount ( : USD 526 million) under the Senior Facilities (less capitalized arrangement fees of USD 7.0 million for ). Debt reduced by USD 2 million following the payment of the proceeds related to the sale of MV Explorer to the lenders. The net debt position increased from USD million at the end of to USD million at end of, largely as a result of the payment in of USD 70 million installments related to the Dockwise Vanguard. Table 9: Net debt (unaudited) Q1 (Amounts in USD millions, unaudited) 30 Sep Jun Dec Sep 10 Non-current interest-bearing borrowings Current maturities of interest-bearing borrowings Capitalized arrangement fees Cash and cash equivalents (12.5) (63.9) (73.1) (51.8) Net debt Interest expenses on total debt - currently some 7.3% - are based on LIBOR plus, on average, a 2.4% margin. Interest exposure has an average hedged LIBOR rate of 4.9%. On October 10th Dockwise filed a request to its lender syndicate to permit a temporary relaxation of the leverage ratio in its covenants. Following a waiver, granted on November 4th, the estimated interest rate- depending on the covenant position- will be between 8 and 9.5% for the first half of 2012, between 6.75 and 8.5% for the second half of 2012 and between 7 and 8% for 2013 from November onwards. In 5

6 addition lenders will receive a waiver fee of near USD 3.5 million in Q4. The waiver serv ing contingency planning purposes, w ill provide additional hea droom for the period January September 2013, in extraordinary market circumstances. Finance expenses remained stable at USD 10.6 million in. Revenues at Dockwise are in USD as are most of the expenses. However a portion of the SG&A cost is borne in Euro (some EUR 30 million). The Euro/USD exposure in SG&A is no longer hedged as from April. Mandatory repayment schedule for Senior Facilities: Table 10: Repayment schedule (unaudited) Amounts in USD millions Outstanding 30 September '11 Q Q Q Q Q Q Facility A Facility B Facility C Facility D Total Outstanding Table 11: Covenant ratios following the waiver of November 4 th (unaudited) Actual As from Covenant ratios H2 FY 2012 Q Q Leverage ratio (Revised)* 3.25 = 3.75 = 4.25 = 3.75 = 3.50 = 3.25 = 3.00 Leverage ratio (Previous)**** = 3.75 = 3.50 = 3.25 = 3.00 = 3.00 = 3.00 Interest cover ** 3.60 = 2.25 = 2.25 = 2.25 = 2.25 = 2.25 = 2.25 Cash flow cover *** 2.52 = 1.00 = 1.00 = 1.00 = 1.00 = 1.00 = 1.00 * Net debt: EBITDA ** EBITDA: net debt service *** Free cash flow: net debt service **** Relates to the waiver request which has been granted by the lending syndicate at November 4th, Earnings per Share Table 12: Earnings per Share 2010 (Amounts in USD, unaudited) Basic earnings per Share Adjusted basic earnings per share Diluted earnings per share The net profit for amounted to USD 8.0 million ( : USD 2.6 million). The earnings per share are based on the average number of shares in any period. The total number of outstanding shares was 25,285,511 at 30 June. Assets and Capex Capex for came in at USD 85 million (USD 10 million in ). This reflects the USD 70 million milestone installment for the building of the Dockwise Vanguard, and some USD 2 million from the divestment of the MV Explorer. The balance of USD 17 million has been booked as maintenance Capex and project equipment. This brings total maintenance Capex for year-to-date to USD 14 million. The company s expected full year maintenance Capex continues to be approximately USD 3 5 million. 6

7 Total Capex payments relating to Dockwise Vanguard in will be USD 111 million. The next installment of USD 35 million falls due in Further installments on Dockwise Vanguard will fall due in 2012 (USD 45 million) and Q (USD 45 million). Progress on Dockwise Vanguard continues to be on budget and on schedule, with delivery anticipated in the 4th quarter of Net Working Capital As a rule, net working capital is inherently volatile reflecting variable timing of payments by clients and activity levels under contracts. Dockwise s working capital requirement is negative on a continuing basis since both Heavy Marine Transport and Offshore/Onshore projects generally have pre-financing contract conditions for clients. Table 13: Net Working Capital (Amounts in USD millions, unaudited) 30 Sep Jun Sep 10 Inventories Trade and other receivables including tax Less: Trade payables (10.1) (17.0) (9.7) Less: Project related accruals (86.5) (65.4) (87.3) Less: Other current liabilities (32.0) (34.6) (34.2) Net Working Capital (32.8) (27.7) (8.4) Backlog During the quarter, Dockwise reported USD 135 million in new contract wins. Together with variation orders on existing commitments, this resulted in a backlog increase on of USD 41 million. New contracts were, amongst others, most significantly the Clair Ridge and Bigfoot projects. Total backlog at end of for Dockwise Heavy Lift amounted to USD 512 million ( : USD 471 million). Of the backlog, some 11%, or USD 58 million, relates to projects for, 36% or USD 186 million relates to projects for 2012 and another 53%, or USD 268 million, to projects for 2013 and beyond. The backlog for execution in 2012 decreased by USD 24 million in, compared to, mainly caused by timing adjustments to the OFON project. Post more than USD 25 million contracts were booked for execution in and Table 14: Backlog split over years (Amounts in USD millions, unaudited) For current year For next year For year after and beyond Total Backlog

8 (x USD Million) 300 Backlog analysis (x USD Million) '10 Q4 '10 Q1 '11 '11 ' Total Current Trading and Outlook Conditions in the short term market have not improved quarter-on-quarter and, as previously reported, we see subdued revenues in the conventional Heavy Marine Transport market persisting into However, in recent weeks, Dockwise has announced significant steps to mitigate the impact of these market conditions, allowing us further confidence for the security and prosperity of our business. In addition to the intended sale of DYT, changes to contractual terms and conditions with major clients, together with an adjustment to the payment schedule for the Vanguard, will enhance cashflows over the next nine months. Should markets suffer further deterioration, adjusted terms with our lenders permit a relaxation of the leverage ratio on our debt structure through next year and Any need for the aid of these contingency measures is short term. Dockwise s healthy underlying growth trajectory is distinct both in the record levels of backlog, now worth over half a billion dollars, and the consistency with which the business is securing a substantial market share in high value Transport & Infrastructure projects. There is, as yet, no upturn in other historically significant segments, such as the jack-up rig market and Port & Marine Infrastructure. However, given the tightening of the high end jack up market, the wave of newbuilds needing delivery from the Asian yards from H2 2012, and the potential for correction in oversupply of heavy lift transport capacity, it is reasonable to assume these segments to resume their contribution in the medium term. Safety and Security Safe operations are key to a successful operational performance by Dockwise. Our target is to achieve a zero accident and incident rate. For the most part, this rests within the Company s control but for areas of operation that are under piracy threat, this does not apply. Here, Dockwise has to rely on government protection. During, the first military-protected Dockwise vessel crossed seas designated as under piracy threat. Two further journeys, with accompanying Dutch marines, have been scheduled for Q4. Dockwise is grateful for this government assistance. Financial Calendar for

9 Publication of Q4 and Full Year results is scheduled for February 17 th, Appendix About Dockwise Ltd/Dockwise Group Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The Group is headquartered in Breda, the Netherlands. The Group s main commercial offices are located in the Netherlands, the United States and China with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Norway, Argentina and Italy. To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shanghai, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 19 purpose built semisubmersible vessels (New build Dockwise Vanguard included). Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext Amsterdam under ticker DOCKW. For further information: This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words believes, expects, predicts, intends, projects, plans, estimates, aims, foresees, anticipates, targets, and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlyi ng such forward - looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Amounts shown in this report have not been subject to a review by an auditor. 9

10 Consolidated Income Statement for the Period Ended September 30, (Amounts in USD thousands, unaudited) Revenue 112, , , , ,182 Contract related expenses (49,900) (51,445) (38,759) (140,496) (121,040) Vessel operating expenses (11,138) (11,778) (12,414) (33,575) (35,640) Depreciation and impairment loss (20,031) (19,933) (20,817) (64,402) (71,077) Amortization (1,433) (1,433) (1,354) (4,299) (4,107) Direct costs (82,502) (84,589) (73,344) (242,772) (231,864) Gross profit 30,343 24,654 35,519 68,322 84,318 Other income Administrative expenses (11,341) (10,992) (11,632) (33,005) (34,297) Results from operating activities 19,013 13,662 23,887 35,339 50,021 Finance income Finance expense (10,630) (10,602) (10,880) (31,828) (35,945) Net finance costs (10,610) (10,586) (10,646) (31,766) (35,059) Profit / (loss) before income tax 8,403 3,076 13,241 3,573 14,962 Income tax expense (445) (466) (135) (923) (358) Profit / (loss) for the period 7,958 2,610 13,106 2,650 14,604 Attributable to: Owners of the Company 7,958 2,610 13,106 2,650 14,604 Profit / (loss) for the period 7,958 2,610 13,106 2,650 14,604 Basic eanrings per share (in USD) Diluted earnings per share (in USD)

11 Consolidated Statement of Comprehensive Income for the Period Ended September 30, (Amounts in USD thousands, unaudited) Profit / (loss) for the period 7,958 2,610 13,106 2,650 14,604 Other comprehensive income - Effective portion of changes in fair value of cash flow hedges 1,950 (85) (2,905) 8,776 (17,424) - Net change in fair value of cash flow hedges transferred to profit or loss ,200 Other comprehensive income for the period 1,950 (85) (2,226) 8,776 (14,224) Total comprehensive income for the period 9,908 2,525 10,880 11, Attributable to: Owners of the Company 9,908 2,525 10,880 11, Total comprehensive income for the period 9,908 2,525 10,880 11,

12 Consolidated Balance Sheet as at September 30, (Amounts in USD thousands, unaudited) 30 Sep Jun Dec Sep 10 ASSETS Non-current assets Property, plant and equipment 955, , , ,150 Intangible assets 591, , , ,832 Employee benefits 5,567 6,635 4,605 4,982 1,551,866 1,488,983 1,485,226 1,496,964 Current assets Inventories 24,406 25,951 20,030 17,020 Current tax assets Trade and other receivables 70,801 62,748 49, ,771 Cash and cash equivalents 12,537 63,873 73,129 51, , , , ,584 Total assets 1,660,178 1,642,144 1,628,293 1,671,548 EQUITY Total equity 993, , , ,930 LIABILITIES Non-current liabilities Non-current interest-bearing borrowings 505, , , , , , , ,845 Current liabilities Current maturities of interest-bearing borrowings 11,086 11,086 9,361 9,393 Trade and other payables 150, , , ,164 Income tax liabilities Provisions , , , ,773 Total liabilities 667, , , ,618 Total equity and liabilities 1,660,178 1,642,144 1,628,293 1,671,548 12

13 Consolidated Statement of Changes in Equity for the Period Ended September 30, (Amounts in USD thousands, unaudited) Issued share Share capital premium Attributable to equity holders of the company Reserve Hedging own Retained reserve shares earnings Unappropriated result Balance at 1 January 126, ,289 (36,376) (885) 10,087 17, ,900 Total comprehensive income for the period Profit or loss ,650 2,650 Other comprehensive income Effective portion of changes in fair value of cash flow hedges - - 8, ,776 Total other comprehensive income - - 8, ,776 Total comprehensive income for the period - - 8, ,650 11,426 Transactions with owners, recorded directly in equity Contributions by and distributions to equity holders Settlement of transaction costs Equity-settled share-based payment transactions ,329-1,329 Exercise of share options (704) - - Addition to reserves ,357 (17,357) - Total contributions by and distributions to equity holders ,982 (17,357) 1,679 Balance at 30 September 126, ,657 (27,600) (199) 28,069 2, ,005 Total 13

14 (Amounts in USD thousands) Issued share Share capital premium Attributable to equity holders of the company Reserve Hedging own Retained reserve shares earnings Unappropriated result Balance at 1 January , ,008 (35,443) (885) (28,218) 36, ,262 Total comprehensive income for the period Profit or loss ,604 14,604 Other comprehensive income Effective portion of changes in fair value of cash flow hedges - - (17,424) (17,424) Net change in fair value of cash flow hedges transferred to profit or loss - - 3, ,200 Total Total other comprehensive income - - (14,224) (14,224) Total comprehensive income for the period - - (14,224) , Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity-settled share-based payment transactions ,288-1,288 Own shares acquired Addition to reserves ,581 (36,581) - Total contributions by and distributions to owners ,869 (36,581) 1,288 Balance at 30 September , ,008 (49,667) (885) 9,651 14, ,930 Balance at 1 January , ,008 (35,443) (885) (28,218) 36, ,262 Total comprehensive income for the period Profit or loss ,357 17,357 Other comprehensive income Effective portion of changes in fair value of cash flow hedges - - (5,642) (5,642) Net change in fair value of cash flow hedges transferred to profit or loss - - 4, ,709 Total other comprehensive income - - (933) (933) Total comprehensive income for the period - - (933) ,357 16,424 Transactions with equity holders recorded directly in equity Contributions by and distributions to equity holders Issue of ordinary shares related to direct placements 22,938 79, ,282 Issue of ordinary shares related to secondary offering ,208 Equity-settled share-based payment transactions ,724-1,724 Addition to reserves ,581 (36,581) - Total contributions by and distributions to equity holders 23,209 80, ,305 (36,581) 105,214 Balance at 31 December , ,289 (36,376) (885) 10,087 17, ,900 14

15 Consolidated Statement of Cash Flows for the Period Ended September 30, (Amounts in USD thousands, unaudited) Cash flows from operating activities Profit for the period 7,958 2,610 13,106 2,650 14,604 Adjustments for: - Depreciation and impairment losses property, plant and 20,031 19,933 20,817 64,402 71,077 equipment - Amortization and impairment losses intangible assets 1,433 1,433 1,354 4,299 4,107 - Gain on sale of property, plant and equipment (11) - - (22) - - Decrease / (Increase) employee benefits 1, (962) (974) - Equity settled share based payments ,329 1,288 - Net finance costs 10,610 10,586 10,646 31,766 35,059 - Income tax credit / (expense) Operating cash flow before movements in working capital 42,029 35,947 46, , ,519 Changes in: Decrease / (Increase) inventories 1,545 (5,779) 3,436 (4,376) 3,541 Decrease / (Increase) current receivables (8,053) (13,376) (22,326) (21,146) (36,700) (Decrease) / Increase current liabilities 10,936 7,897 16,732 31,604 15,510 (Decrease) / Increase in provision (189) 153 (85) (120) (154) Cash generated from operating activities 46,268 24,842 44, , ,716 Interest (paid) / received (10,114) (10,103) (12,705) (30,318) (33,993) Income tax (paid) / received (424) (598) (878) (1,238) (1,142) Net cash from operating activities 35,730 14,141 31,162 78,791 72,581 Cash flows from investing activities Acquisition of property, plant and equipment (86,538) (9,717) (8,435) (134,918) (26,593) Acquisition of intangible assets (531) (475) (368) (1,113) (1,651) Proceeds from sale of property, plant and equipment 2,553-2,000 2,564 2,000 Net cash used in investing activities (84,516) (10,192) (6,803) (133,467) (26,244) Cash flows from financing activities Repayment of borrowings (2,550) (3,716) (11,928) (6,266) (46,402) Settlement of transaction costs Net cash from (used in) financing activities (2,550) (3,716) (11,928) (5,916) (46,402) Net increase / (decrease) in cash and cash equivalents (51,336) ,431 (60,592) (65) Cash and cash equivalents at beginning of the period 63,873 63,640 39,362 73,129 51,858 Cash and cash equivalents at end of the period 12,537 63,873 51,793 12,537 51,793 15