Q1 2021 Financial Results Presentation May 27, 2021
Strictly Confidential Disclosure regarding forward-looking statements and the presentation of certain financial information
This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “estimates”, “would”, “will”, “could”, “should” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual performance or achievements to be materially different from future performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future strategies and the environment in which we will operate in the future. These forward-looking statements speak only as at the date of this Presentation. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based.
This Presentation contains summary unaudited condensed financial information for Adria Midco B.V. and its subsidiaries for the three months ended March 31, 2021 and 2020. The statement of financial position for Adria Midco B.V. and its subsidiaries as at March 31, 2021 and as at March 31, 2020, as well as the condensed consolidated interim statements of profit or loss and cash flows for Adria Midco B.V. and its subsidiaries for the three months periods then ended have been prepared in accordance with IFRS, but have not been reviewed by our independent auditors. As a consequence, the summary condensed financial information presented is subject to potential change. If in connection with any review there is any material change to such summary condensed financial information, we intend to present a supplemental report detailing such change.
Certain financial measures and ratios related thereto in this Presentation, including EBITDA, Adjusted EBITDA, Adjusted EBITDA minus capital expenditure, RGUs and ARPU (collectively, the ‘‘Non-IFRS Measures’’) are not specifically defined under IFRS or any other generally accepted accounting principles. These measures are presented here because we believe that they and similar measures are widely used in our industry as a means of evaluating a company’s operating performance and financing structure. Our management believes this information, along with comparable IFRS measures, is useful to investors because it provides a basis for measuring the operating performance in the periods presented. These measures are used in the internal management of our business, along with the most directly comparable IFRS financial measures, in evaluating the operating performance. These measures may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, and you should not consider such items as alternatives to net income (loss), operating income or any other performance measures derived in accordance with IFRS, and they may be different from similarly titled measures used by other companies.
Adria Midco B.V. is providing this information voluntarily, and the material contained in this announcement is presented solely for information purposes and is not to be construed as providing investment advice. As such, it has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. None of Adria Midco B.V., or any of its directors, officers, employees, affiliates, direct or indirect shareholders, advisors or agents, accepts any liability for any direct, indirect, consequential or other loss or damage suffered by any person as a result of relying on all or any part of this information, and any liability is expressly disclaimed. 2 Agenda
01 Introduction
02 Operational review
03 Financial review
04 Mergers & Acquisitions
05 Appendices
3 United Group: Proven cable growth and sustained leadership through media The leading multi-play communications and media provider in Revenue** by category (LTM Q1 2021) South-East Europe Other revenues . LTM Q1 2021 Revenues: €1,407m Cable Pay-TV . LTM Q1 2021 Adjusted EBITDA*: €576m 4% Sale of handset and material 14% 10% United Group is a well-diversified business with leading market positions in Serbia, Croatia, Slovenia, Bosnia and Herzegovina, Montenegro, Bulgaria and Greece Broadband Internet Media 14% 13% . 8.2m households watching United Group channels . Over 3.72m homes using broadband and telecoms services, attracted by superior service and range of offering 4% Telephony Fixed-line
United Group operates in a market characterized by 7% continued growth in Pay-TV and broadband that remains DTH Pay-TV underpenetrated relative to other CEE and Western European 28% 6% markets Mobile service OTT and Out-of Footprint services The Group is expanding its mobile market through organic and inorganic growth (Telemach Croatia and Vivacom acquisitions) United Group has a reputation for providing the most attractive content in its respective markets, available across all devices and formats Led by a dynamic and entrepreneurial founder with an experienced home-grown management team
Large and growing integrated media business well-positioned across the media value chain Regional platform delivers strategic scale for monetisation of content investments
* Adj. EBITDA figure is presented post IFRS 16 effect. 4 ** External revenue (not including Inter-segment revenue) United Group: a strong track record of growth Revenue €1,928m CAGR €1,722m Compound annual growth rates from 2015- +25% €1,407m 2020 €1,161m . Revenue: 25% €636m €742m . Adjusted EBITDA: 24% €377m €459m €518m
Completed more than 100 successful FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 LTM Q1 L2QA* PF acquisitions since 2000 2021 Q1 2021 L2QA** Q1 2021 Owned by funds affiliated with BC Partners, Adjusted EBITDA*** EBRD and by management €763m €690m Biggest PE / FDI investment in South Eastern €576m Europe CAGR €481m +24% First regional company to raise foreign debt €316m €261m €190m €223m First to attract investment from the EBRD €161m
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 LTM Q1 L2QA* PF 2021 Q1 L2QA** 2021 Q1 2021
Outstanding track record of growth resulting from organic development and acquisitions
* As reported L2QA performance of United Group. ** Pro Forma L2QA Adjusted EBITDA and Revenues includes adjustment for Forthnet acquisition contribution (Oct20), adjustment for Nova BG acquisition contribution (Oct20-Jan21) and L2QA 5 contribution for other M&A companies. *** Adj. EBITDA, LTM, L2QA and PF L2QA figures are presented post IFRS 16 effect for the periods after the implementation of IFRS 16 standard (from FY 2019 onwards). United Group’s integrated business model is a key differentiator
Pan regional platform Cable and Mobile Leading integrated #1 multi-play operator media platform
Large, well-invested network . 48,000km of fiber optic cable . Fully upgraded to EuroDOCSIS 3.0, 91% DOCSIS 3.1 ready (43% of the footprint) . GPON on 25% of the footprint and growing fast . XGS 10/10 Gbps speed FTTH access network to be introduced throughout the Group in 2021 Virtuous . Market leading broadband speeds (~70% of network circle of gigabit-capable) Major local producer of quality content across genres in SEE: First in the region to offer OTT (2013) growth World first internally developed content management and . Supports growth, increased choice and innovation Provides predictable carriage fees distribution system EON TV, in partnership with Google . Differentiated by excellence in customer service reflected in: Independent news – CNN / N1 partnership and Newsmax TV affiliation . Consistently high customer satisfaction scores . Low customer churn of approximately 9-10% per annum Distribution partner of choice for premium third party content such as world class sports Distribution partner of choice for premium movies from Hollywood studios WARNER, SONY, MGM Differentiation 6 Agenda
01 Introduction
02 Operational review
03 Financial review
04 Mergers & Acquisitions
05 Appendices
7 Significant growth in total RGUs driven by acquisitions of Vivacom and Forthnet
RGUs +122% 10.90m 10.89m CAGR +31% 4.90m 3.61m 3.79m 3.92m 2.85m 3.15m
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 RGUs by service +199%
4.47m TM SLO 0.60m +26% +60% TM CRO +80% 0.92 +121% +1,310% 1.48m 1.50m 1.40m -1% 1.17m 1.27m 0.56 Vivacom 0.99m 1.16m 0.87m 0.70m 2.95m 0.45m 0.13m 0.13m 0.94 0.08m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Broadband Fixed-line Mobile Cable Pay-TV DTH pay-TV OTT Out-of Footprint internet telephony services Successful track record of up-selling and cross-selling multi-play packages
8 Strong track record of ARPU growth at Group level
Group Blended Cable ARPU CAGR -21% +2% €22.7 €23.3 €21.9 €20.6 €20.5 €19.4 €18.3 €18.3
FY 2015 FY 2016 FY 2017 FY 2018* FY 2019* FY 2020* Q1 2020* Q1 2021* Blended Cable ARPU* by subgroup 0% €35.4 €35.4 -5% -1% €22.4 €21.4 +1% €20.4 €20.2 +4% €18.9 €19.0 €10.1 €10.5
Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Vivacom** SBB Serbia Telemach SLO Telemach BH Telemach MNE
Group Blended Cable ARPU repositioning driven by inclusion of Vivacom into the Group
* Please note tha t due to the acquisition of Vivacom certain key operating measures definitions have been amended to align methodology a cross the group (Homes Passed, Unique Cable Subscribers and Blended Cable 9 ARPU). Due to this change, blended cable ARPU for periods from 2018 onwards has been restated. ** Prior year figures included for presentation purposes only. Vivacom acquired in August 2020. Agenda
01 Introduction
02 Operational review
03 Financial review
04 Mergers & Acquisitions
05 Appendices
10 Revenue up 127% YoY
Revenue
CAGR Drivers of revenue growth: +25% +57% • acquisitions of Vivacom, Forthnet, +17% Telemach CRO and Nova BG +23% €1,161m +13% +127% • growth in the number of +22% €742m subscribers and multi-play €636m packages €459m €518m €439m €377m • cross-selling €194m • price increases • launch of Shoppster e-commerce FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 platform Revenue by subgroup +36% +7% -2% €85m +184% €62m -4% €62m €62m €60m €58m €130m +98% €44m -6% €19m €18m €62m €15m €14m €3m €3m €7m
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Telemach Telemach Telemach Vivacom* SBB Serbia Telemach Forthnet* United Media Other SLO CRO* BH MNE YoY revenue growth mainly due to Vivacom, Forthnet, Telemach CRO and Nova BG acquisitions
*Excludes results for the period prior to United Group's acquisition of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in 11 March 2020. Maintaining a strong track record of profitable growth Adjusted EBITDA* and Adj. EBITDA margin 43% 41% 43% 41% 43% 41% 44% 41% Drivers of Adj. EBITDA growth:
600 CAGR 0.00• acquisitions of Vivacom, Forthnet, €481m +24% Telemach CRO and Nova BG +112% • cost discipline 400 €316m -0.01 • growth in the number of €223m €261m €190m €179m subscribers and multi-play 200 €161m -0.02 +18% +17% +17% +21% +53% €85m packages vs vs vs vs vs 2015 2016 2017 2018 2019 • cross-selling 0 -0.03price increases FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 • Adjusted EBITDA* by subgroup -5% +6% +36% €33m €31m +173% €61m +10% €22m €23m +10% €25m €18m €15m €6m €7m -192% €6m €18m €1m €1m €-1m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 €-3m 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Q1 Q1 2020 2021 Telemach Telemach Telemach Telemach Vivacom** SBB Serbia Forthnet** United Media Other SLO CRO** BH MNE Vivacom, Forthnet, Telemach CRO and Nova BG contribution and operationalefficiency keyto maintaining robust EBITDA growth
* Adj. EBITDA figures are presented post IFRS 16 from FY 2019. 12 ** Excludes results for the period prior to United Group's acquisition of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in March 2020. Sustained investment underpins high growth Capex* (as % of revenue)
40% 29% 26% 29% 27% 27% 30% 21% Drivers of CAPEX growth: CAGR €310m • acquisitions (e.g. Vivacom, +16% Forthnet, Telemach CRO and €197m Nova BG) €185m +58% €150m €133m €137m • network investment (fixed) €91m • investment in content €58m
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 Capex* by subgroup
-13% +7% +20% €16m +378% €14m -8% €16m €17m €17m €20m -24% +337% €16m €12m €6m €5m €5m €2m €1m €1m €0m €1m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Telemach Telemach Telemach Telemach Vivacom** SBB Serbia Forthnet** United Media Other SLO CRO** BH MNE Trend of continuous reduction in CAPEX as % of revenue accelerated by COVID measures in 2020
* Capital expenditure figures are presented post IFRS 16 from FY 2019. 13 ** Excludes results for the period prior to United Group's acquisitions of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in March 2020. Positive momentum in cash conversion
Cash conversion* CAGR €171m +73% +228% €118m €87m €76m €88m €57m €27m €11m
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Q1 2020 Q1 2021 Cash conversion* by subgroup
+3%
€17m +253% €17m -44% +49% €46m +77% €5m €3m €8m €2m €3m €2m +69% -216% €12m €1m €2m
€0m Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 €-1m Q1 Q1 €-1m 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 Q1 Q1 2020 2021 €-3m 2020 2021 Q1 Q1 2020 2021 Telemach Telemach Telemach Telemach Vivacom** SBB Serbia Forthnet** United Media Other SLO CRO** BH MNE Stronger Adj. EBITDA growth compared to CAPEX resulted in higher cash conversion in Q1 2021
* Adjusted EBITDA less CAPEX. Figures are presented post IFRS 16 from FY 2019. ** Excludes results for the period prior to United Group's acquisitions of Vivacom, Forthnet and Telemach CRO. Vivacom acquired in August 2020, Forthnet acquired in November 2020, while Telemach CRO acquired in March 2020. 14 Net leverage increased compared to FY 2020
Net debt Cash Leverage Adj. Gross debt
+1% €3,306m €3,345m
5.31x 5.09x €3,740m €3,511m 4.85x 4.70x
€-434m €-166m FY 2020 Q1 2021* Gross Net Gross Net leverage leverage leverage** leverage** FY 2020 Q1 2021
* Gross debt figure includes the effect of additional debt for the acquisition of Nova BG ** Annualized Adjusted Pro Forma EBITDA is calculated as two times Q1 2021 + Q4 2020 and other companies for which the Group signed agreements for acquisition and are in the Adjusted EBITDA plus €13.2m of Forthnet Standalone L2QA Adj. EBITDA Contribution (Oct20) plus process of receiving regulatory approvals, as well as estimated consideration for the €38.5 million of Nova BG Standalone L2QA Adj. EBITDA Contribution (Oct20-Jan21) plus €19.3 acquisition of a minority interest in Forthnet Group, but excludes capitalized transaction costs. million of Other M&A companies (for which the Group signed agreements for acquisition and are 15 in the process of receiving regulatory approvals) L2QA Adj. EBITDA. Adj. EBITDA figures are presented pre IFRS 16 effect. Agenda
01 Introduction
02 Operational review
03 Financial review
04 Mergers & Acquisitions
05 Appendices
16 Mergers & Acquisitions Ongoing transactions Completed transactions Year Company Business Country
2021 Telecoms fixed 2021 Telecoms fixed
2021 Telecoms fixed
2021 Telecoms fixed
•The Group agreed to acquire 100% of the share 2021 Telecoms fixed capital of local internet and TV operators Networx- Bulgaria EOOD, TVN Distribution Bulgaria EOOD 2021 Media and Telco Infrastructures EOOD in Bulgaria. 2021 Media
2021 Media
2020 Telecoms fixed
2020 Telecoms fixed
2020 Telecoms fixed
2020 Telecoms fixed •The Group agreed to acquire 100% of the share 2020 KRS Štepanjsko naselje Telecoms fixed capital of the Serbian transportation company D Express. 2020 E-commerce 2020 Telecoms fixed
2020 E-commerce 2020 Telecoms fixed
2020 Telecoms mobile 2020 I.R.V. d.o.o Media
2019 Telecoms f ixed 2019 Telecoms f ixed 2019 Telecoms f ixed 2018 Media 2018 Media 2018 Media 2018 BH OTT TV OTT Worldwide 2018 Kabel Group Telecoms f ixed 17 2018 Media Agenda
01 Introduction
02 Operational review
03 Financial review
04 Mergers & Acquisitions
05 Appendices
18 ARPU by service
Vivacom* Forthnet* SBB Serbia Telemach SLO Telemach CRO** Telemach BH Telemach MNE
ARPU Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021
Cable pay-TV € 9.0 € 9.1 € 10.5 € 10.5 € 18.6 € 18.0 € 11.0 € 10.6 € 11.7 € 11.5
Broadband internet € 5.2 € 5.2 € 11.2 € 10.6 € 18.3 € 18.2 € 10.4 € 9.5 € 8.3 € 8.3
Fixed-line telephony € 5.2 € 5.3 € 3.7 € 3.4 € 3.1 € 2.8 € 6.8 € 6.0 € 2.7 € 2.7
Mobile services € 6.8 € 7.3 € 10.9 € 10.9 € 12.2 € 12.1
DTH pay-TV € 8.6 € 9.1 € 20.2 € 17.8 € 10.3 € 9.5 € 18.3 € 18.9 € 10.1 € 8.7 € 11.3 € 10.7
Blended cable*** € 10.1 € 10.5 € 20.4 € 20.2 € 35.4 € 35.4 € 22.4 € 21.4 € 18.9 € 19.0
ARPU growth YoY mainly from up-selling, cross-selling and price increases
* Prior year figures included for presentation purposes only. Vivacom acquired in August 2020, while Forthnet acquired in November 2020. 19 ** Prior year figures exclude results for the period prior to United Group’s acquisition. TM CRO was acquired in March 2020. *** Please note that due to the acquisition of Vivacom certain key operating measures definitions have been amended to align methodology across the group (Homes Passed, Unique Cable Subscribers and Blended Cable ARPU). Due to this change, blended cable ARPU for periods from 2018 onwards has been restated. Bonds
United Group B.V. Senior Notes 2026 Floating Senior Secured Notes
Issuer United Group B.V. Outstanding notes €450 million Three-month EURIBOR (subject to a zero floor) Listed International Stock Exchange (Guernsey) Coupon plus 3.25% Governing Law State of New York Maturity 15-Feb-26 15 February, 15 May, 15 August 2024 Fixed Rate Notes Coupon dates and 15 November
Outstanding notes €525 million 2028 Refinancing Senior Secured Notes
Coupon 4.875% Outstanding notes €625 million Maturity 01-Jul-24 Coupon 3.625% Coupon dates 15 January & 15 July Maturity 15-Feb-28
2025 Floating Rate Notes Coupon dates 15 February & 15 August
Outstanding notes €550 million 2027 Fixed Rate Senior Secured Notes
Three-month EURIBOR (subject to a zero floor) Coupon Outstanding notes €550 million plus 4.125% Coupon 4.000% Maturity 15-May-25 Maturity 15-Nov-27 15 February, 15 May, 15 August Coupon dates and 15 November Coupon dates 15 May & 15 November 2026 Fixed Rate Senior Secured Notes
Outstanding notes €600 million
Coupon 3.125%
Maturity 15-Feb-26
Coupon dates 15 February & 15 August
20 Income statement in €000 Q1 2020 Q1 2021
Revenue 193,974 439,357 Other income 1,723 1,796 Content costs (28,551) (48,166) Link and interconnection costs (11,434) (44,660) Cost of end-user equipment and other material cost (16,964) (47,974) Staff costs (21,537) (55,342) Media buying (7,944) (8,417) Net impairment loss on trade and other receivables, including contract assets (2,279) (3,635) Other operating expenses (30,630) (63,110) IFRS EBITDA 76,358 169,849
Depreciation (27,126) (57,574) Depreciation (right-of-use assets) (5,550) (15,799) Amortization of intangible assets (22,254) (66,147) Results from operating activities 21,428 30,329
Finance income 451 826 Finance costs (33,824) (38,388) Net finance costs (33,373) (37,562)
Profit/(loss) before tax (11,945) (7,233)
Income tax (expenses)/benefit (1,433) (2,687) Profit/(loss) for the period (13,378) (9,920)
Other comprehensive income/(loss) Items that are or may be reclassified subsequently to profit and loss Currency translation differences (2,832) (86) Other comprehensive income/(loss) for the period (2,832) (86)
Total comprehensive income/(loss) for the period (16,210) (10,006)
Profit/(loss) attributable to: Owners of the Company (14,192) (10,311) Non-controlling interests 814 391 Profit/(loss) for the period (13,378) (9,920)
Total comprehensive income/(loss) attributable to: Owners of the Company (17,024) (10,397) Non-controlling interests 814 391 Total comprehensive income/(loss) for the period (16,210) (10,006)
21 Statement of financial position
in €000 Q1 2020 Q1 2021 Assets Property, plant and equipment 504,700 1,056,873 Goodwill 823,955 1,228,811 Intangible assets 299,689 893,218 Investment property 292 70,347 Right-of-use assets 149,149 281,317 Loans to related parties 6,856 7,221 Other financial assets 11,736 56,942 Non-current prepayments 447 5,323 Non-current trade receivables - 15,034 Contract assets 6,122 12,197 Deferred costs 241 145 Deferred tax assets 9,240 20,757 Non-current assets 1,812,427 3,648,185
Inventories 31,499 65,728 Trade and other receivables 192,173 313,360 Short-term loans receivables and deposits 8,891 10,356 Prepayments 45,862 68,517 Contract assets 37,753 65,207 Income tax receivables 10,674 11,110 Restricted cash for acquisition purposes 1,050,000 - Assets classified as held for sale - 793 Cash and cash equivalents 67,213 166,041 Current assets 1,444,065 701,112 Total assets 3,256,492 4,349,297
22 Statement of financial position - continued in €000 Q1 2020 Q1 2021 Equity Issued and fully paid share capital 125 125 Share premium 352,557 527,046 Capital reserves 54,468 54,468 Translation reserves (15,307) (13,754) Accumulated losses (424,729) (577,191) Equity attributable to owners of the Company (32,886) (9,306) Non-controlling interests 10,838 6,121 Total equity (22,048) (3,185)
Liabilities Loans and borrowings 57,010 81,212 Other financial liabilities - bonds 2,719,878 3,266,439 Long-term liabilities 5,827 12,962 Long-term provisions 40,684 95,973 Deferred operating lease income 5,334 5,194 Contract liabilities 1,747 6,220 Lease liabilities 117,092 228,910 Deferred tax liabilities 26,583 98,711 Employee benefits 784 11,816 Non-current liabilities 2,974,939 3,807,437
Trade and other payables 197,522 375,712 Current tax liabilities 16,404 17,575 Loans and borrowings 36,384 1,691 Interest payables (Q120 figure within Trade and other payables) - 22,493 Deferred operating lease income 5,668 4,780 Contract liabilities 16,614 62,024 Lease liabilities 31,009 60,770 Current liabilities 303,601 545,045 Total liabilities 3,278,540 4,352,482 Total equity and liabilities 3,256,492 4,349,297
23 Consolidated statement of cash flows
in €000 Q1 2020 Q1 2021 in €000 Q1 2020 Q1 2021
C ash flows from operating activities C ash flows from investing activities (Loss)/profit for the period (13,378) (9,920) Acquisition of property, plant and equipment (37,626) (45,246) Adjustments for: Acquisition of intangible assets (18,186) (46,436) Depreciation 27,126 57,574 Acquisition of subsidiaries, net of cash acquired (123,622) (289,231) Depreciation (right-of-use assets) 5,550 15,799 Assignment of receivables - - Amortization 22,254 66,147 Impairment of trade and other receivables 2,132 3,240 Proceeds from sale of property, plant and equipment and - 584 assets held for sale Impairment of contract assets 147 395 - (859) Impairment loss of subscriber acquisition costs - 103 Prepayments for right-of-use - - Impairment loss of goodwill 354 - Short term loans receivable and deposits inflow Write off and disposal of non-current assets - 676 Short term loans receivable and deposits outflow (881) (1,339) Impairment loss of inventories 176 177 Cash inflow other non-current financial assets 608 - Income tax (benefit)/expense 1,433 2,687 Cash outflow other non-current financial assets (1,038) (2,315) Net change on long-term provisions (372) 272 Other (outflows)/inflows (750) 215 Share based payment - - Net cash used in investing activities (181,495) (384,627) Net finance cost 33,373 37,562 Operating cash flows before WC changes 78,795 174,712 C ash flows from financing activities Proceeds from share premium - - C hanges in: Proceeds from bond issue 1,675,000 150,000 8,057 9,255 Trade and other receivables Repayment of bond (587,578) - Deferred revenue 215 9,388 Proceeds from borrowings 44,000 238,000 Deferred cost (60) 34 Repayment of borrowings (113,928) (157,548) Contract assets (5,545) (2,263) Transaction costs related to loans and borrowings (12,257) (3,448) Contract liabilities 6,666 (355) Acquisition of non-controlling interest (7) (36,646) Employee benefits (10) 108 Repayment from lease liabilities (6,448) (19,118) Inventories (4,016) 2,540 Dividends paid (78) - Prepayments 435 (5,484) Net cash from financing activities 998,704 171,240 Trade and other payables 3,026 (48,020) Cash generated from operations 87,563 139,915 Net increase in cash and cash equivalents 867,156 (119,369) Interest paid (35,747) (43,125) Cash and cash equivalents at 1 January 250,058 285,405 Income tax paid (1,869) (2,772) Effect of movements in exchange rate on cash in hands (1) 5 Net cash from operating activities 49,947 94,018 Cash and cash equivalents at end of period 1,117,213 166,041
24