Wipro Announces Third Quarter Results, Delivers Record Total Bookings

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2022.Business Wire India

  • IT Services Revenue for the quarter increased 10.4% YoY
  • IT Services improves Operating Margin to 16.3%
  • Total Bookings up by 26% and large deal bookings up by 69% YoY
  • Operating Cash Flows at 143% of Net Income for the quarter

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2022.
 
Highlights of the Results

Results for the Quarter ended December 31, 2022:

 
  • Gross Revenue reached Rs 232.3 billion ($2.8 billion1), an increase of 3.1% QoQ and 14.4% YoY
  • IT Services Segment Revenue increased to $2,803.5 million, an improvement of 6.2% YoY
  • Non-GAAP2 constant currency IT Services segment revenue was up by 0.6% QoQ and 10.4% YoY
  • IT Services Operating Margin3 for the quarter was at 16.3%, an increase of 120bps QoQ
  • Total Bookings4 up by 26% and large deal bookings5 up by 69% YoY
  • Net Income for the quarter was at Rs 30.5 billion ($369.1 million1), a growth of 14.8% QoQ and 2.8% YoY
  • Earnings Per Share for the quarter was at Rs 5.57 ($0.071), an increase of 14.6% QoQ and 2.6% YoY
  • Operating Cash Flows at 142.5% of Net Income for the quarter was at Rs 43.5 billion ($526.0 million1), an increase of 44.7% YoY 
  • Voluntary attrition6 moderated 180 bps from previous quarter, landing at 21.2% for the trailing twelve months for the quarter
  • Top 5 clients grew 15.7% YoY and top 10 clients grew 14.7% YoY in constant currency terms, underscoring deepening relationships with top strategic clients
  • Wipro declared an interim dividend of Rs 1 ($0.0121) per equity share/ADS

 
Performance for the Quarter ended December 31, 2022
 
Thierry Delaporte, CEO and Managing Director, said, “I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row.
 
We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market.
 
As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises.”
 
Jatin Dalal, Chief Financial Officer, said, “Our Operating margins are now at 16.3%, which is an expansion of 120 basis points from last quarter. This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership. Margin growth was led by strong operational improvements and automation-led efficiencies. We generated strong operating cash flows at 143% of our net income for the quarter and our EPS increased by 14.6% quarter-over-quarter.”
 
Outlook for the Year ending March 31, 2023

We expect Revenue from our IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms.

* Outlook for the year ending March 31, 2023, is based on the following exchange rates: GBP/USD at 1.36, Euro/USD at 1.16, AUD/USD at 0.73, USD/INR at 74.78 and CAD/USD at 0.79
 
IT Services – Large deals

Wipro continued its momentum in winning large deals with our customers as described below:
 

  • A global leader in consumer brands selected Wipro to create a three-year consumer digital & technology transformation roadmap. Wipro is deploying data analytics and AI to help put the consumer at the core of the company’s omni-channel direct-to-consumer operating model. The solution will help strengthen the company's brand building, innovation and sales capabilities and achieve its ambition of driving growth and loyalty among customers.
  • Wipro has won a large strategic, multi-year engagement with a leading North American financial institution to modernize and transform their applications portfolio globally. The engagement will focus on digital transformation and automation for enhanced customer experience and business value creation.
  • Wipro has been engaged by a US-based multinational technology conglomerate to build core product platform and design, test and modernize unique silicon chips for its next-generation connected products. The project will tap into Wipro’s deep domain expertise in helping enterprises deploy high-performance, new-age chip solutions in sync with changing consumer and enterprise needs. This win places Wipro Engineering Edge at the forefront of silicon innovation with low latency, low power, and ultra-reliable applications which will deliver unparalleled experiences for the end-consumers.

 
IT Services – Digital services deals

We continue to see increasing traction in digital oriented and other strategic deals as illustrated below:
 

  • A joint Capco and Wipro team is supporting a large UK retail bank with their vision to become the pre-eminent UK digital insurer. Our mission is to drive the end-to-end transformation of the UK General Insurance business, leveraging our deep domain and technological expertise to completely rebuild the customer and employee experience, harnessing the power of data and automation.
  • One of the largest Australia-based energy transmission and distribution services businesses has selected Wipro as its strategic partner to integrate and transform its digital operating model. Wipro will leverage innovation, simplification, and automation to deliver business impact and value through technology investments. In this outcome-based partnership, Wipro will help the customer enhance user experience and improve operational efficiency.
  • Wipro has expanded its relationship with a leading Middle East-based airport management company with an end-to-end strategic partnership deal, which marks our largest deal in the airport domain in the Middle East. Wipro will run the airport’s end-to-end IT operations, upgrade technology infrastructure and expand digital services, leveraging futuristic technologies.
  • Wipro is helping a large consumer goods company to move to agile ways of working with a scalable contract that provides flexibility to the business. This is in addition to maintaining best-in-class availability and performance for global platforms across 200 countries. The scope also includes modernizing the platforms.

 
Analyst Recognition
 

  • Wipro was recognized as a Leader in the 2022 Gartner® Magic Quadrant™ for Managed Network Services
  • Wipro was named as a Leader and a Star Performer in Everest Group's System Integration Capabilities on GCP PEAK Matrix® Assessment 2022
  • Wipro was positioned as a Leader in IDC MarketScape: EMEA Industrial IoT Service Providers for Oil and Gas Companies 2022 Vendor Assessment (Doc # EUR147586921 October 2022)
  • Wipro was recognized as a Leader in Avasant Manufacturing Digital Services and Utilities Digital Services RadarView™ 2022 – 2023
  • Wipro was rated as a Leader and a Star Performer in Everest Group's Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023
  • Wipro was featured in HFS Horizons: Automation Service Providers, 2022 and Healthcare Payer Service Providers, 2022
  • Wipro was named as a Leader in ISG Provider Lens™ Future of Work – Services and Solutions 2022 – US and Switzerland (multiple quadrants)
  • Wipro was rated as a Leader in Avasant Oracle Cloud ERP Services and Digital CX Services RadarView™ 2022 – 2023
  • Wipro was rated as a Leader in Everest Group’s Workplace Communication and Collaboration (WCC) Services PEAK Matrix® Assessment 2022
  • Wipro was rated as a Leader in Avasant Property and Casualty Insurance Digital Services and Claims Processing Business Process Transformation RadarView™ 2022 – 2023

 
Disclaimer: *Gartner, “Magic Quadrant for Managed Network Services “, Ted Corbett, et al, 5 December 2022. GARTNER and MAGIC QUADRANT are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
 
IT Products

 
  • IT Products segment revenue for the quarter was Rs 1.7 billion ($20.8 million1)
  • IT Products segment results for the quarter was a profit of Rs 0.04 billion ($0.50 million1)

 
India business from State Run Enterprises (ISRE)

 
  • India SRE segment revenue for the quarter was Rs 1.4 billion ($17.0 million1)
  • India SRE segment results for the quarter was a profit of Rs 0.10 billion ($1.23 million1)

 
Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.
 
About Key Metrics and Non-GAAP Financial Measures
 
This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.
 
The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.
 
Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated. 
 
Results for the Quarter ended December 31, 2022, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com.
 
Quarterly Conference Call

We will hold an earnings conference call today at 07:30 p.m. Indian Standard Time (10:00 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a web-cast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP13012023.
 
An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com.
 
About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 250,000 employees and business partners across 66 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.
 
Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.
 
Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
 

  1. For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 82.72, as published by the Federal Reserve Board of Governors on December 31, 2022. However, the realized exchange rate in our IT Services business segment for the quarter ended December 31, 2022 was US$1= Rs 82.24
  2. Constant currency revenue for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period
  3. IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials
  4. Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and changes to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract.
  5. Large deal bookings constitute of deals greater than or equal to $30 million in total contract value terms
  6. Voluntary attrition is at IT Services excluding DOP measured in trailing twelve months for the quarter
 

 
WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Rs  in millions, except share and per share data, unless otherwise stated)
               
      As at March 31, 2022   As at December 31, 2022
              Convenience translation into US dollar in millions
Refer footnote 1
ASSETS              
Goodwill     246,989    309,525    3,742 
Intangible assets     43,555    45,847    554 
Property, plant and equipment     90,898    90,147    1,090 
Right-of-Use assets     18,870    19,381    234 
Financial assets              
Derivative assets        88   
Investments      19,109    20,808    252 
Trade receivables      4,765    4,626    56 
Other financial assets     6,084    6,123    74 
Investments accounted for using the equity method     774    782   
Deferred tax assets     2,298    4,043    49 
Non-current tax assets     10,256    11,450    138 
Other non-current assets     14,826    14,045    170 
Total non-current assets     458,430    526,865    6,369 
Inventories     1,334    2,019    24 
Financial assets              
Derivative assets     3,032    930    11 
Investments     241,655    291,743    3,527 
Cash and cash equivalents     103,836    87,307    1,055 
Trade receivables     115,219    124,761    1,510 
Unbilled receivables     60,809    56,316    681 
Other financial assets      42,914    9,532    115 
Contract assets     20,647    25,181    304 
Current tax assets     2,373    4,463    54 
Other current assets     28,933    36,123    437 
Total current assets     620,752    638,375    7,718 
               
TOTAL ASSETS     1,079,182    1,165,240    14,087 
               
EQUITY              
Share capital     10,964    10,974    133 
Share premium     1,566    3,151    38 
Retained earnings     551,252    635,267    7,680 
Share-based payment reserve     5,258    6,086    74 
Special Economic Zone re-investment reserve     47,061    47,014    568 
Other components of equity     42,057    52,382    633 
Equity attributable to the equity holders of the Company     658,158    754,874    9,126 
Non-controlling interests     515    402   
TOTAL EQUITY     658,673    755,276    9,131 
               
LIABILITIES              
Financial liabilities              
Loans and borrowings     56,463    61,718    746 
Lease liabilities      15,177    15,520    188 
Derivative liabilities        48    165   
Other financial liabilities     2,961    2,267    27 
Deferred tax liabilities     12,141    13,338    161 
Non-current tax liabilities     17,818    21,846    264 
Other non-current liabilities     7,571    9,865    119 
Provisions        ^   ^
Total non-current liabilities     112,180    124,719    1,507 
Financial liabilities              
Loans, borrowings and bank overdrafts     95,233    96,511    1,167 
Lease liabilities     9,056    9,300    112 
Derivative liabilities     585    7,199    87 
Trade payables and accrued expenses     99,034    89,613    1,084 
Other financial liabilities      33,110    4,341    52 
Contract liabilities     27,915    26,903    325 
Current tax liabilities     13,231    19,580    237 
Other current liabilities     27,394    29,274    354 
Provisions     2,771    2,524    31 
Total current liabilities     308,329    285,245    3,449 
TOTAL LIABILITIES     420,509    409,964    4,956 
               
TOTAL EQUITY AND LIABILITIES     1,079,182    1,165,240    14,087 
^ Value is less than 1              

 
 

WIPRO LIMITED AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Rs  in millions, except share and per share data, unless otherwise stated)
                           
      Three months ended December 31,   Nine months ended December 31,
      2021   2022   2022   2021   2022   2022
              Convenience translation into US dollar in millions
Refer footnote 1
          Convenience translation into US dollar in millions
Refer footnote 1
Revenues     203,136    232,290    2,808    582,334    672,973    8,136 
Cost of revenues     (142,778)   (163,273)   (1,974)   (407,907)   (482,708)   (5,836)
Gross profit     60,358    69,017    834    174,427    190,265    2,300 
                           
Selling and marketing expenses     (13,988)   (17,752)   (215)   (40,857)   (48,251)   (583)
General and administrative expenses     (12,036)   (15,020)   (181)   (33,854)   (43,467)   (525)
Foreign exchange gains/(losses), net     1,187    1,391    17    3,280    3,482    42 
Other operating income     14    –      –      2,179    –      –   
Results from operating activities     35,535    37,636    455    105,175    102,029    1,234 
                           
Finance expenses     (1,403)   (2,902)   (35)   (3,608)   (7,217)   (87)
Finance and other income     3,578    4,992    61    12,311    12,722    154 
Share of net profit/ (loss) of associates accounted for using the equity method     76    26    ^   73    (61)   (1)
Profit before tax     37,786    39,752    481    113,951    107,473    1,300 
Income tax expense     (8,063)   (9,102)   (110)   (22,547)   (24,743)   (299)
Profit for the period     29,723    30,650    371    91,404    82,730    1,001 
                           
Profit attributable to:                          
Equity holders of the Company     29,690    30,529    370    91,318    82,755    1,001 
Non-controlling interests      33    121      86    (25)   ^
Profit for the period     29,723    30,650    371    91,404    82,730    1,001 
                           
Earnings per equity share:                          
Attributable to equity holders of the Company                          
Basic     5.43    5.57    0.07    16.71    15.12    0.18 
Diluted     5.42    5.56    0.07    16.67    15.08    0.18 
                           
Weighted average number of equity shares                          
used in computing earnings per equity share                          
Basic     5,467,954,878    5,480,138,169    5,480,138,169    5,465,359,077    5,475,982,068    5,475,982,068 
Diluted     5,481,204,821    5,486,025,875    5,486,025,875    5,478,766,612    5,487,483,177    5,487,483,177 
    ^ Value is less than 1                          

 
Additional Information:
 

Particulars Three months ended  Nine months ended Year ended
December
31, 2022
September
30, 2022
December
31, 2021
December
31, 2022
December
31, 2021
March
31, 2022
Audited Audited Audited Audited Audited Audited
Revenue            
IT Services            
Americas 1 67,788  65,350  56,644  194,840  159,532  217,874 
Americas 2 71,168  70,030  61,076  207,811  175,441  239,404 
Europe 66,323  62,684  59,620  189,283  172,700  233,443 
APMEA 25,278  25,565  23,596  75,100  67,543  91,103 
Total of IT Services 230,557  223,629  200,936  667,034  575,216  781,824 
IT Products 1,721  1,249  1,767  4,916  4,972  6,173 
ISRE 1,403  1,576  1,623  4,505  5,427  7,295 
Reconciling Items –    –    (3) –    (1) (3)
Total Revenue 233,681  226,454  204,323  676,455  585,614  795,289 
             
Other operating income            
IT Services –    –    14  –    2,179  2,186 
Total Other operating income –    –    14  –    2,179  2,186 
             
Segment Result            
IT Services            
Americas 1 12,986  12,358  11,390  36,374  31,290  42,820 
Americas 2 14,776  14,219  12,057  41,449  35,226  47,376 
Europe 9,485  7,875  9,172  24,734  26,683  35,739 
APMEA 2,476  2,194  2,483  6,274  8,577  10,523 
   Unallocated (2,219) (2,845) 173  (5,694) 73  434 
Other operating income –    –    14  –    2,179  2,186 
Total of IT Services 37,504  33,801  35,289  103,137  104,028  139,078 
IT Products 41  (103) 96  (117) 137  115 
ISRE 102  146  134  421  1,002  1,173 
Reconciling Items (11) (1,341) 16  (1,412) (80)
Total Segment result 37,636  32,503  35,535  102,029  105,175  140,286 
Finance expenses (2,902) (2,270) (1,403) (7,217) (3,608) (5,325)
Finance and Other Income 4,992  4,040  3,578  12,722  12,311  16,257 
Share of net profit/ (loss) of associates accounted for using the equity method 26  (72) 76  (61) 73  57 
Profit before tax 39,752  34,201  37,786  107,473  113,951  151,275 

 
 
The Company is organized into the following operating segments: IT Services, IT Products and India State Run Enterprise segment (ISRE).
 
IT Services: As announced on November 12, 2020, effective January 1, 2021, the Company re-organized IT Services segment.to four Strategic Market Units (“SMUs”) – Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (“APMEA”).
 
Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.
 
Americas 1 includes Healthcare and Medical Devices, Consumer Goods and Lifesciences, Retail, Transportation and Services, Communications, Media and Information services, Technology Products and Platforms, in the United States of America and entire business of Latin America (“LATAM"). Americas 2 includes Banking, Financial Services and Insurance, Manufacturing, Hi-tech, Energy and Utilities industry sectors in the United States of America and entire business of Canada. Europe consists of United Kingdom and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe. APMEA consists of Australia and New Zealand, India, Middle East, South East Asia, Japan and Africa.
 
IT Products: The Company is a value-added reseller of desktops, servers, notebooks, storage products, networking solutions and packaged software for leading international brands. In certain total outsourcing contracts of the IT Services segment, the Company delivers hardware, software products and other related deliverables. Revenue relating to the above items is reported as revenue from the sale of IT Products.
 
India State Run Enterprise segment (ISRE): This segment consists of IT Services offerings to entities/ departments owned or controlled by the Government of India and/ or any State Governments.
 
Outlook for the Quarter and Year ending March 31, 2023

We expect Revenue from our IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms. This translates into the growth rate of -0.6% to 1.0% sequentially in constant currency terms for quarter ending March 31, 2023.
 
* Outlook for the quarter ending March 31, 2023, is based on the following exchange rates: GBP/USD at 1.19, Euro/USD at 1.02, AUD/USD at 0.66, USD/INR at 83.07 and CAD/USD at 0.72
 
Reconciliation of selected GAAP measures to Non-GAAP measures
 
Reconciliation of Non-GAAP Constant Currency IT Services Revenue to IT Services Revenue as per IFRS ($Mn)
 
 
Three Months ended December 31, 2022
IT Services Revenue as per IFRS                                                       $            2,803.5                       
Effect of Foreign currency exchange movement                                $              12.2
Non-GAAP Constant Currency IT Services Revenue based on        $            2,815.7
previous quarter exchange rates                   
 
 
Three Months ended December 31, 2022
IT Services Revenue as per IFRS                                                       $            2,803.5
Effect of Foreign currency exchange movement                                $               109.5
Non-GAAP Constant Currency IT Services Revenue based on        $            2,913.0
exchange rates of comparable period in previous year        
 

Reconciliation of Free Cash Flow for three months and nine months ended December 31, 2022
 

  Amount in INR Mn
  Three months ended December 31, 2022 Nine months ended December 31, 2022
Net Income for the period [A]   30,529 82,755
Computation of Free Cash Flow    
Net cash generated from operating activities [B] 43,510 93,303
Add/ (deduct) cash inflow/ (outflow)on:    
Purchase of property, plant and equipment (3,082) (11,819)
Proceeds from sale of property, plant and equipment 268 449
Free Cash Flow [C] 40,696 81,933
Operating Cash Flow as percentage of Net Income [B/A] 142.5% 112.7%
Free Cash Flow as percentage of Net Income [C/A] 133.3% 99.0%

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