CEO:
Capital allocation is something that the Supervisory Board looks at a regular basis. At this stage, our focus is on deleveraging. The buybacks could be examined when the board will feel that it is appropriate. It is where we stand at this stage.

The second question, I guess, was on acquisition. I will say that big acquisition is not necessary. We have almost all the capabilities we need, but as technology is evolving rapidly, we have to listen to the needs of our clients and we have to make sure that our model is really working everywhere with the right talent and expertise. So don’t expect a big acquisition in the 18 months to come. Expect us to focus on talent and expertise. And if there are some bolt-on acquisition to do, we have roughly a number of plus 200 million that will be dedicated to that. Thank you very much.

CFO:
We have delivered once again a very solid free cash flow before changing almost EUR 600 million. EBITDA is contributing to this increase. Tax paid is increasing versus last year, and it is due, as I said last year already, mostly to reimbursement received early 2016 in a few countries.

CapEx are particularly low in H1 2017, mainly due to some calendar effect. CapEx for the full year should be around of EUR 119 million. 

jens_dev schreef: ↑21 juli 2017, 09:54
Denk dat buybacks begin volgend jaar op tafel zullen komen, wanneer de nettoschuld weer binnen de target zit.

laeka schreef: ↑19 oktober 2017, 15:11 Precies serieuze oplawaai hier! Weinig commentaar hier. De meeste zullen weer verkocht hebben zeker. Ik heb er geen en moet er ook geen hebben.

“The goal of this is really not to drive down agency fees. The goal of this is to find what is the most efficient way to reach the consumer” and to “ensure best-in-class media services and capabilities” around the world, Mr. Rupczynski added.