Financial highlights

INDEX

Key ratios

(thousand Euros)

Economic data

Economic data	2021	2020	2019	2018	2017
Revenue	1,483,803	1,250,191	1,182,528	1,035,793	884,434
Growth rate	18.7%	5.7%	14.2%	17.1%	13.3%
Gross operating income (EBITDA)	262,784	207,936	191,307	144,836	123,244
EBITDA margin	17.7%	16.6%	16.2%	14.0%	13.9%
Operating income (EBIT)	209,283	169,531	155,324	132,410	113,873
EBIT margin	14.1%	13.6%	13.1%	12.8%	12.9%
Group net income	150,672	123,598	113,858	99,913	77,871
Group net margin	10.2%	9.9%	9.6%	9.6%	8.8%
Tax rate	28.5%	23.4%	27.8%	27.5%	28.8%

Financial figures

Financial figures	2021	2020	2019	2018	2017
Group shareholder's equity	815,895	675,039	583,722	485,297	401,404
Non controlling interest	2,625	918	3,339	1,315	668
Total assets	1,847,020	1,506,568	1,307,913	1,076,104	871,154
Net working capital	(42,614)	(21,565)	74,317	145,288	167,870
Cash flow	205,578	229,028	202,793	119,835	73,202

Data per single share (in Euros)

Data per single share (in Euros)	2021	2020	2019	2018	2017
Net result per share	4.03	3.30	3.04	2.67	2.08
Shareholders' equity per share	21.74	18.04	15.60	12.97	10.73

Other information

Other information	2021	2020	2019	2018	2017
Number of employees	10,579	9,059	8,157	7,606	6,456

Income statements

(thousand Euros)

Consolidated income statements

Consolidated income statements	2021	2020	2019	2018	2017
Revenues	1,483,803	1,250,191	1,182,528	1,035,793	884,434
Other income	17,631	19,405	23,159	14,996	17,672
Purchases	(21,500)	(21,510)	(21,250)	(20,513)	(15,269)
Personnel	(759,567)	(621,362)	(578,263)	(508,652)	(431,555)
Services and other costs	(462,779)	(419,235)	(414,077)	(379,730)	(329,924)
Amortization, depreciation and write-downs	(48,391)	(42,441)	(37,239)	(13,848)	(12,353)
Other unusual (cost)/income	85	4,484	466	4,364	869
Operating income	209,283	169,531	155,324	132,410	113,873
(Loss)/gain on investments	8,164	1,240	11,364	6,862	(585)
Financial income/(expenses)	(4,168)	(8,717)	(5,268)	(55)	(2.978)
Income before taxes	213,279	162,054	161,419	139,217	110,310
Income taxes	(60,871)	(37,848)	(44,829)	(38,230)	(31,765)
Net income	152,408	124,206	116,590	100,987	78,845
Not controlling interest	(1,735)	(608)	(2,732)	(1,075)	(674)
Group net result	150,672	123,598	113,858	99,913	77,871

Balance sheets

(thousand Euros)

Consolidated statement of financial position

Consolidated statement of financial position	2021	2020	2019	2018	2017
Tangible assets	80,919	51,782	48,298	44,452	21,552
Goodwill	474,188	330,749	267,542	243,236	166,132
Other intangible assets	44.036	25,758	13,676	14,201	15,525
RoU Assets	119,549	137,645	90,569	-	-
Equity investments	66,361	56,421	56,991	47,512	29,201
Financial assets	8,556	9,577	7,567	5,255	6,385
Deferred tax assets	68,889	52,921	33,527	27,299	24,661
Non-current assets	862,429	664,852	518,170	381,955	263,457
Work in progress	86,787	79,784	75,328	77,061	93,651
Trade receivables	471,560	344,700	432,240	434,389	357,082
Other current assets	65,402	81,306	39,566	53,642	45,726
Financial assets	31,791	2,108	1,666	997	2,042
Cash and cash equivalents	329,051	333,819	240,943	128,060	109,195
Current assets	984,592	841,716	789,743	694,149	607,697
Total assets	1,847,020	1,506,568	1,307,913	1,076,104	871,154
Share capital	4,863	4,863	4,863	4,863	4,863
Other reserves	657,733	546,578	465,000	380,521	318,670
Net result of the period	150,672	123,598	113,858	99,913	77,871
Group shareholders' equity	813,269	675,039	583,722	485,297	401,404
Non-controlling interest	2,625	918	3,339	1,315	668
Net equity	815,895	675,957	587,061	486,612	402,072
Due to minority shareholders	107,493	53,010	38,395	45,295	22,275
Financial liabilities	23,313	20,387	26,857	24,247	14,102
Financial liabilities from RoU	102,129	118,796	71,710	-	-
Employee benefits	48,601	46,112	43,355	37,738	31,838
Deferred tax liabilities	24,113	16,117	19,810	17,128	18,539
Provisions	16,925	10,753	8,897	7,021	13,635
Non-current liabilities	322,573	265,174	209,025	131,430	100,388
Due to minority shareholders and earn-out	22,066	18,370	13,073	-	-
Financial liabilities	15,681	13,629	18,557	38,258	40,105
Financial liabilities from RoU	26,508	24,453	20,454	-	-
Trade payables	139,921	114,149	119,951	123,387	100,150
Other current liabilities	502,990	394,110	339,113	296,109	228,165
Provisions	1,387	724	680	308	274
Current liabilities	708,552	565,437	511,828	458,061	368,693
Total liabilities	1,031,126	830,611	720,853	589,492	469,082
Total shareholder's equity and liabilities	1,847,020	1,506,568	1,307,913	1,076,104	871,154

Net financial position and cash flow statement

(thousand Euros)

Financial position

Financial position	2021	2020	2019	2018	2017
Short-term financial position	318,653	297,844	203,598	90,799	71,132
M/L term financial position	(125.442)	(139.183)	(98,567)	(24,247)	(14,102)
Total net financial position	193,212	158,661	105,031	66,552	57,030

Cash and cash equivalents

Cash and cash equivalents	2021	2020	2019	2018	2017
Net cash flows from operating activities (A)	205,578	229,028	202,793	119,835	73,202
Net cash flows from investment activities (B)	(160,092)	(76,550)	(56,006)	(94,179)	(32,812)
Net cash flows from financing activities (C)	(65,305)	(59,549)	(29,698)	10,428	(30,504)
Net cash flows (D)=(A+B+C)	(17,819)	92,929	117,090	36,084	9,887
Cash and cash equivalents at period end	314,680	332,500	239,571	122,481	86,398
Total change in cash and cash equivalents (D)	(17,819)	92,929	117,090	36,084	9,887