SEC Filings
1374535 Quarterly Reports
1374535 Corporate News
Last10K.com | 8-K Material Event Thu Oct 25 2018
Exhibit 99.1
Altra Reports Third-Quarter 2018 Results
Delivers GAAP EPS of $0.42; Non-GAAP EPS was a Record Third Quarter of $0.64
Completes Transformative Combination with Four Businesses from Fortive’s Automation & Specialty Platform (“A&S”) Ahead of Plan; Concludes Favorable Round of Financing
Updates Guidance to Reflect the Addition of A&S and the Transition to Adjusted EPS that Excludes Acquisition Related Amortization and Step-Up Depreciation Going Forward
BRAINTREE, Mass., October 25, 2018 - Altra Industrial Motion Corp. (Nasdaq: AIMC) (“Altra” or the “Company”), a leading global manufacturer and supplier of electromechanical power transmission and motion control products, today announced unaudited financial results for the third quarter ended September 30, 2018.
Financial Highlights
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• |
Third-quarter 2018 net sales were $228.5 million, up 6.5% from $214.6 million in the third quarter of 2017. Excluding the negative impact of foreign currency translation, net sales were up 3.9% in Europe, down 4.1% in Asia and up 13.4% in North America compared to the same quarter of 2017. |
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• |
Third-quarter net income was $12.3 million, or $0.42 per diluted share, compared with $13.3 million, or $0.46 per diluted share, in the third quarter of 2017. |
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• |
Non-GAAP adjusted net income in Q3 2018 was $18.7 million, or $0.64 per diluted share, compared with $13.8 million, or $0.48 per diluted share, a year ago.* |
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• |
Free cash flow year to date 2018 was $37.9 million, up 90% compared with $20.0 million in the third quarter of 2017.* |
A&S Highlights
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• |
Completed the combination with A&S on October 1, 2018, creating a global leader in motion control and power transmission, with pro forma combined sales of $1.9 billion on an LTM basic for the period ending June 30, 2018. |
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(together with the senior secured term loan, the “Altra Credit Facilities”). Expect weighted average interest expense to be approximately 4.5% - 5.0% based on the current debt balance and market conditions. |
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• |
Integration of A&S and Altra advancing on track with successful completion of several key action items, including payroll and IT integration. |
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• |
A&S to be reported as new segment beginning with Q4 2018. |
Management Comments
“We delivered strong third-quarter revenue growth of 6.5%, as we leveraged robust demand across most of our end markets,” said Carl Christenson, Altra’s Chairman and CEO. “Our GAAP EPS was down year over year at $0.42. On an adjusted basis, non-GAAP net income grew 35.5%, and we achieved a seasonally strong non-GAAP EPS of $0.64, up 33.3% from the same period last year.* This solid bottom-line performance demonstrates our ability to execute against the Altra Business System to drive growth and leverage operational improvements.
“At the beginning of Q4 we completed the transformative combination with A&S and would like to acknowledge the hard work of both the Altra and Fortive organizations for completing this milestone transaction ahead of plan,” continued Christenson. “We were prepared to hit the ground running on day one and have already made excellent progress with the integration of the businesses, which has reaffirmed our confidence in our ability to realize over $50 million of identified synergies.
“With the A&S businesses, Altra is positioned as a premier global industrial company with an expanded portfolio of technologies and increased exposure to end markets with attractive secular trends including medical, factory automation and robotics. We are confident that our significantly expanded position across the technology continuum uniquely positions us to drive innovation, better serve our customers across all markets and deliver long-term value for our shareholders.
“Our underlying businesses remain solid with a strong new business pipeline and excellent opportunities for organic growth. In addition, our newly acquired A&S businesses have strong momentum entering Q4. As a result of our optimism and the addition of A&S, we are raising our guidance for full year 2018.
“Looking forward, our strategic priorities are to flawlessly execute on the integration of the businesses and expediently de-lever and strengthen the balance sheet while we leverage the combined entity to accelerate top and bottom line growth. We are excited about the new growth markets that we are entering and remain encouraged by the ongoing recovery in several markets we have historically served,” concluded Christenson.
Business Outlook
Altra is increasing its guidance for full year 2018 to reflect the addition of A&S. The Company now expects full-year 2018 sales in the range of $1,155 to $1,165 million. The Company now expects GAAP diluted EPS in the range of $1.39 to $1.41 The Company intends to exclude acquisition amortization and
step-up depreciation from its non-GAAP EPS reporting in the fourth quarter. Non-GAAP diluted EPS guidance is now expected to be in the range of $2.86 to $2.91. Diluted EPS includes the impact of issuing 35.0 million additional shares. The Company expects its tax rate for the full year to be approximately 23% to 25% before discrete items, capital expenditures in the range of $34 to $38 million, and depreciation and amortization in the range of $66 to $69 million.*
Reconciliations of Non-GAAP Disclosures
*Reconciliation of Non-GAAP Net Income:
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Quarter Ended |
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Year to Date Ended |
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September 30, 2018 |
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September 30, 2017 |
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September 30, 2018 |
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September 30, 2017 |
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||||
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Net Income |
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$ |
12,313 |
|
|
$ |
13,277 |
|
|
$ |
40,321 |
|
|
$ |
38,987 |
|
|
Restructuring and consolidation costs |
|
$ |
610 |
|
|
$ |
680 |
|
|
$ |
2,119 |
|
|
$ |
3,776 |
|
|
Loss on extinguishment of convertible debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,797 |
|
|
Loss on settlement of pension plan |
|
|
- |
|
|
|
- |
|
|
|
5,086 |
|
|
|
- |
|
|
Supplier warranty settlement |
|
|
- |
|
|
|
- |
|
|
|
(1,980 |
) |
|
|
- |
|
|
Amortization of inventory fair value adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,347 |
|
|
Acquisition related expenses |
|
|
4,631 |
|
|
|
108 |
|
|
|
11,872 |
|
|
|
1,674 |
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Tax impact of above adjustments |
|
|
1,178 |
|
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|
(225 |
) |
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|
1,391 |
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|
(2,845 |
) |
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Non-GAAP net income* |
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$ |
18,732 |
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|
$ |
13,840 |
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|
$ |
58,809 |
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|
$ |
45,736 |
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Non-GAAP diluted earnings per share* |
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$ |
0.64 |
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$ |
0.48 |
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$ |
2.01 |
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$ |
1.58 |
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In Thousands of Dollars, except per share amounts |
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*Reconciliation of Free Cash Flow:
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Year to Date Ended |
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September 30, 2018 |
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September 30, 2017 |
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Net cash flows from operating activities |
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$ |
58,979 |
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$ |
43,289 |
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Purchase of property, plant and equipment |
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(21,129 |
) |
|
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(23,261 |
) |
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Free cash flow* |
|
$ |
37,850 |
|
|
$ |
20,028 |
|
*Reconciliation of Non-GAAP Operating Margin:
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Quarter Ended |
Year to Date Ended |
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September 30, 2018 |
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|
September 30, 2017 |
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|
September 30, 2018 |
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|
September 30, 2017 |
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||||
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Income from operations |
|
$ |
20,737 |
|
|
$ |
21,273 |
|
|
$ |
68,466 |
|
|
$ |
62,084 |
|
|
Restructuring and consolidation costs |
|
|
610 |
|
|
|
680 |
|
|
|
2,119 |
|
|
|
3,776 |
|
|
Amortization of inventory fair value adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,347 |
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|
Supplier warranty settlement |
|
|
- |
|
|
|
- |
|
|
|
(1,980 |
) |
|
|
- |
|
|
Acquisition related expenses |
|
|
4,631 |
|
|
|
108 |
|
|
|
11,872 |
|
|
|
1,674 |
|
|
Non-GAAP income from operations * |
|
$ |
25,978 |
|
|
$ |
22,061 |
|
|
$ |
80,477 |
|
|
$ |
69,881 |
|
|
Non-GAAP Income from operations as a percent of net sales* |
|
|
11.4 |
% |
|
|
10.3 |
% |
|
|
11.4 |
% |
|
|
10.7 |
% |
*Reconciliation of Non-GAAP Diluted EPS:
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Fiscal Year 2018 |
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Fiscal Year 2018 Diluted earnings per share |
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Net Income |
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$40.7 - $42.5 |
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$1.39 - $1.41 |
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Adjustments (1) |
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Restructuring and consolidation costs |
|
2.1 - 4.0 |
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|
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Acquisition related expenses |
|
|
35.6 |
|
|
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||
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Loss on settlement of pension plan |
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|
5.1 |
|
|
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||
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Supplier warranty settlement |
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(2.0) |
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|
|
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Acquisition depreciation expense |
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3.0 |
|
|
|
|
|
|
Acquisition amortization expense |
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|
31.7 |
|
|
|
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Tax impact of above adjustments (2) |
|
(10.1) - (10.6) |
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Non-GAAP Net Income |
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$106.1 - $109.3 |
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|
$2.86 - $2.91 |
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(1) Adjustments are pre-tax, with net tax impact listed separately. |
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(2) Tax impact is calculated by multiplying the estimated effective tax rate for the period of 23% - 25% before discrete items by the above items with the exception of acquisition-related expenses and the supplier warranty settlement. Due to the uncertainty of deductibility and the non-recurring nature of the acquisition-related expenses, no tax benefit is assumed and the negative rate impact has been adjusted from the non-GAAP net income calculation. The supplier warranty settlement income is not taxable in the local jurisdiction, therefore no tax impact has been assumed. |
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Conference Call
The Company will conduct an investor conference call to discuss its unaudited third quarter financial results and the completion of its previously announced combination with Fortive’s A&S platform today
Thursday, October 25, 2018 at 10:00 a.m. ET. The public is invited to listen to the conference call by dialing (877) 407-8293 domestically or (201) 689-8349 for international access and asking to participate in the ALTRA conference call. A live webcast of the call will be available in the "Investor Relations" section of www.altramotion.com. Individuals may download charts that will be used during the call at www.altramotion.com under presentations in the Investor Relations section. The charts will be available after earnings are released. A replay of the recorded conference call will be available at the conclusion of the call on October 25 through midnight on November 7, 2018. To listen to the replay, dial (877) 660-6853 domestically or (201) 612-7415 for international access (conference ID # 13683742). A webcast replay also will be available.
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Altra Industrial Motion Corp. |
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Consolidated Statements of Income Data: |
|
Quarter Ended |
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|
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|
Year to Date Ended |
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|
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In Thousands of Dollars, except per share amounts |
|
September 30, 2018 |
|
|
|
|
September 30, 2017 |
|
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|
September 30, 2018 |
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|
September 30, 2017 |
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||||
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(Unaudited) |
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|
(Unaudited) |
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|
(Unaudited) |
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|
(Unaudited) |
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||||
|
Net sales |
|
$ |
228,483 |
|
|
|
|
$ |
214,623 |
|
|
|
|
$ |
706,191 |
|
|
|
|
$ |
653,415 |
|
|
|
|
|
Cost of sales |
|
|
156,543 |
|
|
|
|
|
145,610 |
|
|
|
|
|
481,770 |
|
|
|
|
|
446,109 |
|
|
|
|
|
Gross profit |
|
$ |
71,940 |
|
|
|
|
$ |
69,013 |
|
|
|
|
$ |
224,421 |
|
|
|
|
$ |
207,306 |
|
|
|
|
|
Gross profit as a percent of net sales |
|
|
31.5 |
% |
|
|
|
|
32.2 |
% |
|
|
|
|
31.8 |
% |
|
|
|
|
31.7 |
% |
|
|
|
|
Selling, general & administrative expenses |
|
|
44,860 |
|
|
|
|
|
41,009 |
|
|
|
|
|
135,372 |
|
|
|
|
|
123,012 |
|
|
|
|
|
Research and development expenses |
|
|
5,733 |
|
|
|
|
|
6,051 |
|
|
|
|
|
18,464 |
|
|
|
|
|
18,434 |
|
|
|
|
|
Restructuring and consolidation costs |
|
|
610 |
|
|
|
|
|
680 |
|
|
|
|
|
2,119 |
|
|
|
|
|
3,776 |
|
|
|
|
|
Income from operations |
|
$ |
20,737 |
|
|
|
|
$ |
21,273 |
|
|
|
|
$ |
68,466 |
|
|
|
|
$ |
62,084 |
|
|
|
|
|
Income from operations as a percent of net sales |
|
|
9.1 |
% |
|
|
|
|
9.9 |
% |
|
|
|
|
9.7 |
% |
|
|
|
|
9.5 |
% |
|
|
|
|
Loss on settlement of pension plan |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
5,086 |
|
|
|
|
|
- |
|
|
|
|
|
Interest expense, net |
|
|
1,958 |
|
|
|
|
|
1,811 |
|
|
|
|
|
5,857 |
|
|
|
|
|
5,547 |
|
|
|
|
|
Other non-operating income, net |
|
|
644 |
|
|
|
|
|
696 |
|
|
|
|
|
216 |
|
|
|
|
|
30 |
|
|
|
|
|
Loss on extinguishment of convertible debt |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
1,797 |
|
|
|
|
|
Income before income taxes |
|
$ |
18,135 |
|
|
|
|
$ |
18,766 |
|
|
|
|
$ |
57,307 |
|
|
|
|
$ |
54,710 |
|
|
|
|
|
Provision for income taxes |
|
|
5,822 |
|
|
|
|
|
5,489 |
|
|
|
|
|
16,986 |
|
|
|
|
|
15,723 |
|
|
|
|
|
Income tax rate |
|
|
32.1 |
% |
|
|
|
|
29.2 |
% |
|
|
|
|
29.6 |
% |
|
|
|
|
28.7 |
% |
|
|
|
|
Net income |
|
|
12,313 |
|
|
|
|
|
13,277 |
|
|
|
|
|
40,321 |
|
|
|
|
|
38,987 |
|
|
|
|
|
|
|
|
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Weighted Average common shares outstanding |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
29,010 |
|
|
|
|
|
29,008 |
|
|
|
|
|
29,101 |
|
|
|
|
|
28,912 |
|
|
|
|
|
Diluted |
|
|
29,049 |
|
|
|
|
|
29,074 |
|
|
|
|
|
29,178 |
|
|
|
|
|
29,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net income per share |
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|
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|
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Basic |
|
$ |
0.42 |
|
|
|
|
$ |
0.46 |
|
|
|
|
$ |
1.39 |
|
|
|
|
$ |
1.35 |
|
|
|
|
|
Diluted |
|
$ |
0.42 |
|
|
|
|
$ |
0.46 |
|
|
|
|
$ |
1.38 |
|
|
|
|
$ |
1.34 |
|
|
|
|
|
|
|
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|
|
|
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Reconciliation of Non-GAAP Income From Operations: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Income from operations |
|
$ |
20,737 |
|
|
|
|
$ |
21,273 |
|
|
|
|
$ |
68,466 |
|
|
|
|
$ |
62,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and consolidation costs |
|
|
610 |
|
|
|
|
|
680 |
|
|
|
|
|
2,119 |
|
|
|
|
|
3,776 |
|
|
|
|
|
Amortization of inventory fair value adjustment |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
2,347 |
|
|
|
|
|
Supplier warranty settlement |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(1,980 |
) |
|
|
|
|
- |
|
|
|
|
|
Acquisition related expenses |
|
|
4,631 |
|
|
|
|
|
108 |
|
|
|
|
|
11,872 |
|
|
|
|
|
1,674 |
|
|
|
|
|
Non-GAAP income from operations * |
|
$ |
25,978 |
|
|
|
|
$ |
22,061 |
|
|
|
|
$ |
80,477 |
|
|
|
|
$ |
69,881 |
|
|
|
|
|
Non-GAAP Income from operations as a percent of net sales* |
|
|
11.4 |
% |
|
|
|
|
10.3 |
% |
|
|
|
|
11.4 |
% |
|
|
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,313 |
|
|
|
|
$ |
13,277 |
|
|
|
|
$ |
40,321 |
|
|
|
|
$ |
38,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and consolidation costs |
|
|
610 |
|
|
|
|
|
680 |
|
|
|
|
|
2,119 |
|
|
|
|
|
3,776 |
|
|
|
|
|
Loss on extinguishment of convertible debt |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
1,797 |
|
|
|
|
|
Supplier warranty settlement |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(1,980 |
) |
|
|
|
|
- |
|
|
|
|
|
Loss on settlement of pension plan |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
5,086 |
|
|
|
|
|
- |
|
|
|
|
|
Amortization of inventory fair value adjustment |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
2,347 |
|
|
|
|
|
Acquisition related expenses |
|
|
4,631 |
|
|
|
|
|
108 |
|
|
|
|
|
11,872 |
|
|
|
|
|
1,674 |
|
|
|
|
|
Tax impact of above adjustments |
|
|
1,178 |
|
|
|
|
|
(225 |
) |
|
|
|
|
1,391 |
|
|
|
|
|
(2,845 |
) |
|
|
|
|
Non-GAAP net income * |
|
|
18,732 |
|
|
|
|
|
13,840 |
|
|
|
|
|
58,809 |
|
|
|
|
|
45,736 |
|
|
|
|
|
Non-GAAP diluted earnings per share * |
|
$ |
0.64 |
|
|
(1 |
) |
$ |
0.48 |
|
|
(2 |
) |
$ |
2.01 |
|
|
(3 |
) |
$ |
1.58 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 24.2% by restructuring and consolidation costs. Acquisition related expenses in the quarter are not tax deductible, therefore the tax impact has been eliminated. |
|
|
|
|
|||||||||||||||||||||
|
(2) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 28.6% by the above items. |
|
|
|
|
|||||||||||||||||||||
|
(3) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 24.2% by restructuring and consolidation costs and the loss on settlement of pension plan. Acquisition related expenses for the year to date period are not tax deductible, therefore the tax impact has been eliminated. The supplier warranty settlement income is not taxable in the local jurisdiction; therefore, no tax impact has been assumed. |
|
|
|
|
|||||||||||||||||||||
|
(4) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 29.7% by the above items. |
|
|
|
|
|||||||||||||||||||||
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
In Thousands of Dollars |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
50,097 |
|
|
$ |
51,994 |
|
|
Trade receivables, net |
|
|
139,863 |
|
|
|
135,499 |
|
|
Inventories |
|
|
157,049 |
|
|
|
145,611 |
|
|
Income tax receivable |
|
|
1,548 |
|
|
|
6,634 |
|
|
Prepaid expenses and other current assets |
|
|
21,215 |
|
|
|
17,344 |
|
|
Assets held for sale |
|
|
696 |
|
|
|
1,081 |
|
|
Total current assets |
|
|
370,468 |
|
|
|
358,163 |
|
|
Property, plant and equipment, net |
|
|
187,800 |
|
|
|
191,918 |
|
|
Intangible assets, net |
|
|
148,389 |
|
|
|
159,613 |
|
|
Goodwill |
|
|
202,114 |
|
|
|
206,040 |
|
|
Deferred income taxes |
|
|
1,542 |
|
|
|
2,608 |
|
|
Other non-current assets, net |
|
|
2,256 |
|
|
|
2,315 |
|
|
Total assets |
|
$ |
912,569 |
|
|
$ |
920,657 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
61,466 |
|
|
$ |
68,014 |
|
|
Accrued payroll |
|
|
31,139 |
|
|
|
32,091 |
|
|
Accruals and other current liabilities |
|
|
53,169 |
|
|
|
32,921 |
|
|
Income tax payable |
|
|
11,115 |
|
|
|
9,082 |
|
|
Current portion of long-term debt |
|
|
1,306 |
|
|
|
384 |
|
|
Total current liabilities |
|
|
158,195 |
|
|
|
142,492 |
|
|
Long-term debt - less current portion |
|
|
255,161 |
|
|
|
275,587 |
|
|
Deferred income taxes |
|
|
49,929 |
|
|
|
52,250 |
|
|
Pension liabilities |
|
|
24,520 |
|
|
|
25,038 |
|
|
Long term taxes payable |
|
|
5,418 |
|
|
|
6,322 |
|
|
Other long-term liabilities |
|
|
2,186 |
|
|
|
22,263 |
|
|
Total stockholders' equity |
|
|
417,160 |
|
|
|
396,705 |
|
|
Total liabilities, and stockholders' equity |
|
$ |
912,569 |
|
|
$ |
920,657 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to operating working capital: |
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
|
139,863 |
|
|
|
135,499 |
|
|
Inventories |
|
|
157,049 |
|
|
|
145,611 |
|
|
Accounts payable |
|
|
(61,466 |
) |
|
|
(68,014 |
) |
|
Operating working capital * |
|
$ |
235,446 |
|
|
$ |
213,096 |
|
|
|
|
Year to Date Ended |
|
|||||
|
|
|
September 30, 2018 |
|
|
September 30, 2017 |
|
||
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
40,321 |
|
|
$ |
38,987 |
|
|
Adjustments to reconcile net income to net operating cash flows: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
20,735 |
|
|
|
19,764 |
|
|
Amortization of intangible assets |
|
|
7,296 |
|
|
|
7,139 |
|
|
Amortization of deferred financing costs |
|
|
449 |
|
|
|
449 |
|
|
Loss on foreign currency, net |
|
|
204 |
|
|
|
241 |
|
|
Loss on settlement of pension plan |
|
|
5,086 |
|
|
|
— |
|
|
(Gain)/Loss on disposal / impairment of fixed assets |
|
|
293 |
|
|
|
(36 |
) |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
1,797 |
|
|
Stock based compensation |
|
|
3,830 |
|
|
|
4,543 |
|
|
Amortization of inventory fair value adjustment |
|
|
— |
|
|
|
2,347 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Trade receivables |
|
|
(7,550 |
) |
|
|
(9,701 |
) |
|
Inventories |
|
|
(13,828 |
) |
|
|
||