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Mrs. Winkler, we can hear you now. Please start the conference.
Thank you very much. Sorry for this disruption. Again, hello everyone, and thank you for joining us to review our third quarter results 2016. With me today are Uwe Röhrhoff, our CEO, and Rainer Beaujean, our CFO. As we did in the past, we are presenting a set of slides to accompany our remarks on this conference call. The quarterly report, the slide presentation, and the press release are posted on the investor relations page of our website at gerresheimer.com/investor-relations. Please note that this call is being webcast live and will be archived in our website. Before we start, I would like to remind you that the presentations and discussions are conducted subject to the disclaimer. We will not read the disclaimer, but propose we take it as read into the record for the purpose of this conference call.
Our agenda for today starts with the presentations by Uwe Röhrhoff and Rainer Beaujean. After that, we will enter into a Q&A session. Now it is my pleasure to turn the call over to Uwe.
Thanks, Nicole. Good afternoon, everyone, and thanks for joining our Q3 conference call. Let me start with what is called a subsequent event for our Q3. On September 12th, we announced that we had entered into an agreement with Duran Group selling our Life Science Research Division. The purchase price will be $131 million on a cash-free, debt-free basis. As you know, our Life Science Research Division is a joint venture between Gerresheimer and Chase Scientific Glass, a Thermo Fisher Scientific company. With the divestiture of the Life Science Research Division, we have now concluded a series of portfolio changes that sharpen the profile of Gerresheimer. With the acquisition of Centor, the sale of our tubing glass business, and now the sale of the Life Science Research Division, we have executed three major steps within a period of just over 12 months.
The result is a very focused product and technology portfolio that provides primary packaging and drug delivery solutions for the pharmaceutical, healthcare, and cosmetic industry. Our Life Science Research business has very limited synergies to our core business. With a different customer base, a less technology-driven value chain for laboratory glass products. The divestiture will have an influence on our reporting structure, with one of our three divisions now being reported as discontinued business according to the International Accounting Standard. We will talk about that later. We will continue executing our strategy to deliver profitable growth with a strong approach that drives organic growth with new products and regional expansion, and includes acquisition to support regional expansion in emerging markets and access to drug delivery technologies. Our targets remain unchanged. We just completed another milestone, we will continue to deliver on what we have promised.
Let's now look at our Q3 results. We are presenting a strong set of results, exceeding our expectations on profitability. We saw solid growth in revenues. This is mainly due to the revenue contribution in the reporting period from Centor, which was not included in the comparative prior year period as the transaction was not closed until September 1st, 2015. Organically, we recorded a gradual pickup in revenues of 1.4%, as expected. Our revenues for the first nine months were 1.8% up from the prior year period. Let me remind you that Q3, due to seasonality, is generally not a strong quarter, Last year it was a very good one. In Plastics and Devices, revenue growth of 27.5% in the third quarter is mainly driven by the first-time inclusion of Centor. We had good growth in our parts business, especially with inhalers and principally in Europe.
Tubing revenues were also ahead of last year's quarter. Organic revenue growth stood at 3.2% in the third quarter. Centor revenues were somewhat lower than the pro forma prior year numbers due to a shift of promotional activities of our customers to Q4. Fully in line with our expectations. With Primary Packaging Glass, we had in Q3 2016 a tough comp compared to our unusual good third quarter in 2015, which recorded the highest revenues in the full year. During Q3 2016, we conducted and completed a major expansion of our largest furnace for cosmetic glass, compared to an only moderate impact of last year's Chicago Heights furnace project in Q3. The tubular glass converting segment kept up the positive revenue trend from the preceding quarters, especially in the U.S.
On an organic basis, we recorded 0.3% revenue growth in the third quarter of 2016 3.1% for the first nine months of the financial year 2016. The group showed excellent earnings results. We generated adjusted EBITDA of EUR 84.4 million in the third quarter, which is an improvement of 24.2% on the equivalent prior year figure, with an excellent adjusted EBITDA margin of 22.6%. This is better than we communicated at the Centor acquisition, where we expected an increase of the margin of +2% and a decrease of -1% by the sale of our glass tubing business. In net terms, +1%. A margin of 22.6% is well above the adjusted EBITDA margin of 19.8% in the comparable period, there has been substantial improvement in nearly all areas of our core business.
Operating activities generated a cash inflow of EUR 45.5 million in the third quarter, in line with Q3 2015. More remarkably, our adjusted net income improved substantially by 33.1% to EUR 38.7 million in Q3, and the adjusted earnings per share were up by various from 40% from prior year quarter, therefore climbing to EUR 1.19 from EUR 0.85 in Q3 2015. These earning results constitute a significant improvement in profitability, ahead of our expectations regarding Q3 and year-to-date. Let me now hand over to Rainer, who will walk you through the financials in greater detail.
Thanks, Uwe. Ladies and gentlemen, welcome also from my side. Let's have a look at the revenue developments of the third quarter 2016 on slide number seven. On group level, revenues were up by 8.4% and amounted to EUR 373.1 million in Q3 2016. This growth was mainly driven by the first-time inclusion of Centor in the third quarter. In total, we achieved an organic growth rate of 1.4% in the third quarter 2016. The Plastics and Devices division reported a revenue growth by 27.5%, a very good performance mainly driven by Centor and the increase in the parts business driven by inhalers, as well as the tooling and engineering business quarter-over-quarter. Fluctuations in the tooling and engineering business are normal and primarily track the billing of large-scale customer projects. On a year-to-date basis, revenues for the tooling and engineering business are at prior year's level.
The organic growth rate for our Plastics and Devices business was +3.2%. The performance in the Primary Packaging Glass division was mainly driven by the sale of our tubing business in November 2015 and the closure of our plant in Millville in Q3 2015. On the other side, we had again, a good growth, especially in the U.S. Primary Packaging business in the third quarter 2016. In the Molded Glass division, a scheduled overhaul to a major furnace in Tettau, Germany, held back the growth slightly, notably because only half of the effect of the 2015 Chicago Heights furnace overhaul was accounted for in the prior year quarter. In total, we managed to have only a decline of 8.9% in the reported growth. Our organic growth rate came in at +0.3% in Q3 2016.
Finally, in Life Science Research, the third quarter revenues were slightly down by EUR 1.7 million to now EUR 24.1 million. This is mainly attributable to a still weaker market compared to the prior year period. To summarize, we managed to grow by a good 8.4% in the third quarter of 2016. The developments of the nine months of 2016 were positive and fully as expected. Let's move on to the adjusted EBITDA slide, that's slide number eight. The adjusted EBITDA margin amounted to an excellent 22.6%. It was therefore clearly above the level of Q3 2015, where it had been 19.8%. Here you see the enhanced earnings power, especially from Centor, once again. The group's adjusted EBITDA came in at EUR 84.4 million in Q3 2016, compared with the EUR 68 million in Q3 last year.
In the second line on the slide, you can see that the margin in Plastics and Devices jumped up from 20.6% in Q3 2015 to now 27.9% in Q3 2016, mainly because the high-margin Centor business was included the first time. Furthermore, this effect was driven by a favorable cost and productivity trend in the syringe business and to a good customer mix in the parts business. Therefore, the Plastics and Devices division was clearly the main driver behind the margin expansion in Q3 2016. The enhanced earnings power of our business, including Centor, became again clearly visible. In Primary Packaging Glass, the tubular glass converting business sustained its positive margin trend, with the margin in the third quarter 2016 once again improving. The Molded Glass business, the margin was slightly down due to the scheduled furnace overhaul in Tettau.
Overall, we were able to generate a 20.6% margin compared to 22.5% in the prior year quarter, which included the sold glass tubing business and a very tough comp due to Q3 2015, where the furnace repair in Chicago was split between Q3 and Q4. We are happy with that. We are able to almost offset the now missing contribution from the sold glass tubing business that was still included in last year's Q3. Overall, we are very satisfied with the margin development in Primary Packaging Glass, and we can say that the margin level even surpassed our expectation at the beginning of the year. Finally, Life Science, we achieved a margin of 13.5% in Q3 2016, which is only slightly below the margin of 14.3% in Q3 2015. Don't forget, we had declining revenues of minus 6.5% in Q3.
We made this positive effect of this margin possible because of an improved cost position. Overall, we managed to show an excellent margin performance on group level in Q3 2016, not only because of the positive impact from the integration of Centor, but also by having positive margin effects through our strong portfolio optimization efforts and strong execution. The clearly improved earnings profile of the business enabled a 280 basis points margin growth on group level in Q3. Please move on with me to slide number nine. Here you can see that this was a very successful quarter financially. The key points are, as already discussed, adjusted EBITDA was up by 24.2% and amounted to €84.4 million. Depreciation was above the prior year figure and amounted to €22 million.
Adjusted EBITA was up even a bit stronger than adjusted EBITDA and amounted to €62.4 million, a plus of 29.3%. You see the one-offs that we recorded. You can see that now in Q3, we had a total of only minus €4.9 million in one-off effects, which were mainly coming from our already communicated sale of the business of the Life Science Research Division. These minus €4.9 million in one-off effects in the third quarter 2016 compared to minus €8.4 million in last year's Q3, which occurred mainly out of the Centor acquisition and the tubing sale. While the one-off effects were a lot lower quarter-over-quarter, amortization of fair value adjustments were up quarter-over-quarter, coming from the effects of the purchase price allocation from Centor.
The figure in Q3 2016, including Centor, was minus EUR 9.5 million compared to minus EUR 3.6 million in Q3 2015, still excluding Centor. For the full year 2016, the total Centor effect that you should expect is approximately $31 million. Overall, our EBIT grew by EUR 43.9 million in the third quarter and amounted to EUR 52 million. Going further down, the net financial expense of EUR 8.8 million was slightly higher than in Q3 last year, even though we increased our debt level markedly in the meantime. Overall, that is a very good figure, which again underlines the attractive interest rates that we got as part of our refinancing activities last year. Accordingly, earnings before taxes amounted to EUR 43.2 million, a plus of approximately 50% year-over-year.
Finally, taxes, which are higher than in the prior year quarter, but this is just a consequence of a reversion towards the normal 29.5% income tax. Actually, now in Q3 2016, the tax rate was 26%. Net income was up by 58.7% to EUR 32 million, which is an excellent development on the bottom line. Let me now quickly reconcile for you the net income to adjusted net income with a focus on adjusted net income after non-controlling interest. This is the basis for our dividend payment. We have that here on slide 10. Reconciliation can be described in a few steps. I already explained the one-off effects and the fair value amortization on the last slide. Here on slide 10, these two positions are shown in lines number 2 and 3, net of their associated tax effects.
The net figures for the EBIT are plus EUR 4.4 million in total one-off effects and EUR 6.3 million in amortization of fair value adjustments. After the EBIT, adjusted net income was up by 33.1% and amounted to EUR 38.7 million in the quarter. Overall, we have a strong increase in adjusted net income after non-controlling interest and, therefore, also an adjusted earnings per share, which is up from EUR 0.85 to EUR 1.19 per share. With this, we've set a new adjusted earnings per share record for Gerresheimer in the third quarter. Please move forward with me to slide 11, and let's just have a quick look at the development of our net financial debt at the end of August 2016 compared to the previous reporting date on May 31st of this year.
Overall, the main message is that the net financial debt position was basically down compared to Q2, and we are fully on track to reach our 2017 year-end target of 2.5 times net debt to adjusted EBITDA. Let's have a closer look at the key balance sheet and cash flow figures on slide 12. Overall, the good set of results that we achieved is reflected here as well, meaning our balance sheet remains healthy and cash flow developed very favorably. Total assets were slightly up compared to May 31st, 2016. The balance sheet structure remained essentially unchanged compared to three months ago. Group equity increased quarter-on-quarter and amounted to EUR 725.1 million as of August 31st, 2016. Compared to the last reporting date, the positive net income effect was compensated mainly by changes in foreign exchange rates.
Also the equity ratio increased and came to 30.2%. Let's turn to net working capital. The key number increased slightly quarter-over-quarter and amounted to EUR 243.7 million at the end of August. Average net working capital in relation to last 12-months revenues improved markedly to a strong 16.6%, now already a little bit better than our target of approximately 17% for the whole year 2016 and thereafter. It means that we are fully on track to reach our 17%. Looking at the operating cash flow figure in Q3 2016, you see that it came in at EUR 45.5 million, which is in line with Q3 2015. All three divisions made a positive operating cash flow contribution. Don't forget, by the financial year 2018, we expect the operating cash flow margin to be at approximately 13%. That would be another very strong improvement.
In the line below, you see that we generated EUR 34.1 million in free cash flow in the 3rd quarter, which was above the EUR 29.3 million that we generated in Q3 2015. Again, reflects our increased cash earnings power that we now have, including the Centor business. Finally, looking at the CapEx figures, again, nothing surprising, everything in line with our expectation. There's nothing to add to that. Overall, solid balance sheet figures at the end of Q3. The excellent 3rd quarter performance is for sure reflected in the strong cash flow figures. With this, I hand it back over to Uwe.
Thank you, Rainer. After three quarters into 2016, our performance is in line with our expectations for the full year 2016. With the divestiture of our Life Science Research Division, we adjust our guidance for the fiscal year 2016, as this segment now has to be reported as discontinued operation according to IFRS 5. In simple terms, from the time of classification as a discontinued operation, all income and expense items in the consolidated income statement are adjusted for the current year and respectively for all comparative periods to be reported upon. Are shown separate. The assets and liabilities to discontinued operation are each shown from the time of classification as a discontinued operation in separate items on the assets and liability side for the consolidated balance sheet.
For our guidance in relation to revenues and adjusted EBITDA, this means that the revenues and adjusted EBITDA for the current year and the prior year have to be deducted from the expected figures. As a basis for comparison, we have therefore adjusted the figures for financial year 2015 for the result of the Life Science Research Division, 2015 revenues of EUR 100.7 million and 2015 adjusted EBITDA of EUR 15.3 million. Taken this into account in our guidance for the financial year 2016. The table on this slide shows the resulting changes for the revenues and adjusted EBITDA. You should deduct the segment figures. Come to the new year-end target, as simple accounting can be. The next slide show the consequences of reporting of the Life Science Research Division as a discontinued operation for our year-end guidance. As well as our midterm indication.
You can read through that also in our quarterly report on page 15 and 16. IFRS 5 now translates into guidance for 2016 in the following way. We expect group revenues to grow to around EUR 1.4 billion, ±EUR 25 million, which corresponds to revenue growth of about 10% at constant exchange rates compared with the pro forma FY 2015 figure, adjusted for the Life Science Research division of EUR 1,276.5 million. Organic revenue growth stands at 4%-5% as before. Adjusted EBITDA is expected to increase to some EUR 305 million, ±EUR 10 million in the FY 2016 compared with the pro forma figure of EUR 262.6 million in FY 2015. This is excluding the Life Science Research division in each of the two financial years.
CapEx in FY 2016 will, as before, account for around 8% of revenues at constant exchange rates. As has already been communicated, average net working capital is expected to improve by about two percentage points in FY 2016 to around 17% of revenues. In addition, we confirm our guidance for the FY 2016 to FY 2018. In each case, stated at constant exchange rate, and once again, assuming U.S. dollar exchange rate of $1.12 to EUR 1. For the stated period, we are aiming for average annual revenue growth between 4% and 5%. We are raising our target for the adjusted EBITDA margin from previously about 22% to above 22% for FY 2018. The adjusted EBITDA margin in the Plastics and Devices and the Primary Packaging Glass division is significantly higher than of the Life Science Research division now to be sold.
To achieve these targets, we continue to assume CapEx of approximately 8% of revenue at constant exchange rates through 2018. Gerresheimer is well prepared for the future because we see very healthy market dynamics supporting our growth with stable and highly diversified growth prospects based on long-term megatrends. Our portfolio changes in 2015 and 2016, and our growth initiatives with a number of new products coming to the market in the next year, have further improved the robustness of our business model with an enhanced product portfolio, greater regional diversification, and an expanded customer base while reducing our capital requirements. Our business is more profitable after our tubing and Life Science Research divestment and including Centor. The Q3 figure makes it visible.
We will further focus on de-leveraging while continuing to invest in the future of the business to generate high shareholder returns, and if there are interesting opportunities, we are ready to act based on our good financial profile. We are fully committed to move consequently forward on our path to becoming the leading partner to the pharma and healthcare industry worldwide. Therefore, we have high confidence in the setup of our company, and I am excited about the future of Gerresheimer. With that, I would like to hand it back to Nicole.
Thank you very much for your presentation. Let's enter into our Q&A session. The lines are open for any questions you may have. To register for a question, please press 9 star on your telephone keypad. In case you want to cancel your question, please press 9 star again. The first question is from Oliver, from Kepler Cheuvreux.
Good afternoon. Oliver Reinberg from Kepler Cheuvreux. Three questions, if I may. The first one on the top-line guidance for the full year. You continue to aim for at least a 4% organic growth in the full year. After 1.8% in the first nine months, it basically implies close to 10% in the fourth quarter. Can you just talk about the visibility you currently have? Normally you don't see this kind of volatility in the business. The revenues that are expected for Q4, are they clearly underlying business, or is there any kind of expected stocking effects in there that we should be aware of? Secondly, on the adjustment or upgrade of the 2018 guidance, can you just clarify, is this basically an adjustment for the divestment of Life Science Research? I guess it's way at about 40 basis points.
When you say over 22%, does it mean below 23% or could it also be above 23%? Thirdly, I think there were some kind of remarks on Reuters and different tapes on M&A. Can you just update us, where you're looking, what kind of size, how close you are, and what you think about multiples in Latin America? Thank you.
All right. Thank you for the questions. On the top line, I think it is fair to say that, if you look at our guidance for the year, that we are confident that we stay within the range that we have guided. I would basically say that on the top line, obviously, the lower end is more likely to achieve. You're absolutely right, we need a strong quarter. We have a number of effects that can make that happen. Those effects have nothing to do with stocking effects because generally, you see de-stocking effects in the summer, and you could interpret higher sales in Q4 with higher stocking levels. We have a number of effects that basically will drive that visibility. It is fair to say that remains still an ambitious target. On the bottom-line side, I would say it's probably the opposite.
The way we are tracking and with the numbers we have turned in, I think it is more likely that we end up at the upper side of our guidance. For the midterm guidance, if we say above 22%, that is basically what we want to say. Obviously, you did your math correctly on the Life Science contribution. You can also argue that we have a certain amount of profitability improvements already done this year. Don't forget that this year we have a situation where in the first nine months, the top-line development was fairly moderate. With the growth target we have, that also requires a certain amount of investments into new product and new markets that certainly have to be figured into our midterm guidance. We mean what we say, so we mean above 22%.
If we would mean 23%, we probably would have said it. On the M&A side, obviously, we continue to look at opportunities. We still have a number of blind spots in emerging markets that we would like to close out on. We also have a number of areas in drug delivery technologies where we would like to engage into. We are basically monitoring those markets and stay close to the potential targets and see if opportunities arise. Generally, our company with a lean setup that we have, historically, we have done one, maximum two transactions per year, and that is about what we can do. Basically, after having two divestitures in the last 12 months, we are looking now more at adding to our business profile. That was meant behind those points of comments.
Okay, great. If I briefly may follow up. Would you agree that the kind of 10% organic growth is an unusual pattern that you normally observe in this business? Has this anything to do with the potential inhaler launch in the U.S.?
Well, I can actually confirm that we have already expected Q4 contributions from the inhaler launch, but that is fairly moderate compared to that. I think what I want to bring your attention to one point that Rainer mentioned in his comments, where he pointed out that in Q3, we had a relatively soft quarter on Centor due to promotional activities to move to Q4. We basically expect those sales to occur actually in Q4. If you look at our last Q4 number, that was probably the weakest quarter on the pro forma numbers. That has certainly an impact.
We had last year EUR 31 million there, and normally we have EUR 38 or whatever in a quarter. That's one effect.
You have the effect of the Chicago Heights furnace in Q4. In Q4 now we have no one other than major effects. We still need a very good quarter to get there. That is without a question. Stocking effects are not calculated in here, and we have no indication that they will.
Great. Thanks so much indeed.
Next question please. Comes from Torben Zeidler from Hauck & Aufhäuser.
Hello. Thanks for taking my questions. Obviously, this was a really good quarter. The two things I'd like to understand still is, if we look at the implied organic growth you are guiding for Q4, could you provide us with a feeling for how much of that organic growth is actually driven by tooling sales? Because it seems that so far, also in Q3, even though you've seen some growth there, the contribution is still not very high, or at least it seems not very high. A split of how much of that organic growth is driven by tooling would be great.
Secondly, with regards to the EBITDA guidance, since you had a very strong quarter now in Q3, and it seems that you've seen or you've managed to implement quite some efficiency improvement, I was a little bit surprised to see that you didn't maybe narrow the range of the EBITDA guidance. Is there anything you see or anything which concerns you that we might not see these efficiency gains again in Q4 or some other one-time effects which might play into this? Is there simply not enough visibility you have on Q4? Why would that be the case? That would be great.
Yeah. I'll start with the second question. I think we have good visibility on Q4, and as I said, we are comfortable with our prognosis towards the upper range of this. Quite frankly, I'm not going to make a laughing stock out of myself, raising the number a little bit in a no meaningful way based on this expectation. I think that is not material. From that perspective, good point, and I'm glad that you brought that up, is the contribution or the effect of tooling and engineering revenue. We always have said that tooling and engineering revenue will have a higher amount in the second half of the year, and we expect that to be as well the case in Q4 with a certain effect on the margins, and that is a lower margin business than the parts business.
Remember, please, that in the first half of the year, we have always said we have a favorable mix effect due to a higher parts sale and lower revenues on the tooling side. Obviously, with the tooling side now in the second half becoming a little bit stronger, that will have a slight effect on the margins in P&D. As I said, at the same time, we expect a very good quarter for Centor with strong margin. I'm not really worried about our bottom line, to be honest.
Okay. Regarding the top-line growth you implied for Q4, to what extent is tooling sales or tooling revenues driving this? Can you give some sort of indication?
No. As I said, we have always said that for the tooling revenues, we are aiming to achieve a prior year's number, we are fairly confident that this is the case. Actually, we're very confident that this is the case. Obviously, this has an impact in Q4, as well as we have a number of other impacts. As I said, we need a good Q4 to come within the lower end of our guidance. There's no question.
All right. Okay, great. Thank you.
Okay. We have a follow-up from Daniel Bernauf from Landesbank.
Thanks for taking my question. It's one remaining on the Primary Packaging Glass division. If I look back over the last 3 quarters, the organic growth of that division has been actually quite strong compared to what we observed in the one or two years before. I know you mentioned a few effects. What I try to understand, I guess, is how sustainable is this? How much visibility do you have on the underlying good demand you're currently observing for the Primary Packaging Glass, or is that also due to number of new product launches? That's something I try to understand. Any more color there would be very helpful. Thank you.
Yeah. I think that is a very good point. I think that we should not forget where we were coming from. In Primary Packaging Glass, and particularly in tubular glass, we came from a rather difficult situation. We did a number of investments in organization and in technology to drive that. It was actually the first quarter, was actually last year, Q3, where we really saw the effects coming through the customer with significant growth. We have continued to do that pretty much now for 4 consecutive quarters. The logic is certainly that once you are done with the catch-up effect in this business, that the growth level normalizes to what you see in the market. I think that if you think about the future of Primary Packaging Glass, that would be a fair assessment.
That overall and going forward, that the growth rate here is in the low mid-single-digit percentage range. This year, we are at 3.1. In a portfolio, you have some wins and some things that don't go so well. I would say it was a good year for us so far compared to others, and I think we can maintain that. We have a number of new products, the new products, quite frankly, have not contributed yet to the revenue side. The approval phases with customers on new products take fairly long with stability test. You generally can only do that with new products. This is something that will come initially in 2017 and years later on the contribution. Short-term, it's basically a primary packaging that generally the cosmetic business that has those more volatile ups and downs on the demand.
Overall, I'd say we look at it quite favorable, but you always have to keep in mind what is the comp.
Okay, yeah. Thank you very much. Very helpful.
Next is Jan Keppler from HSBC.
Yes. Jan Keppler from HSBC. Thanks for taking my question. First question would be on the intended disposal of the Life Science Research Business. I was wondering if you could share with us a bit of how you see potential antitrust risks in regard to the transaction. Is that an issue or not, given the market position of Duran already? My second question would be, and sorry if I missed that, would actually be the question if you could share with us the EBITDA contribution of Centor in Q3 2016, and maybe also for the first nine months of 2016. Thank you.
Yeah. Let's start with the antitrust risk. As you can imagine, we can't comment on that. We think that's something which is not very big. Otherwise, we shouldn't have said before that we expect that this deal will close, and that's our expectation right now, up to the year-end, means the 30th of November. We're pretty optimistic that we can manage it. It's, by the way, the only outstanding issue for closing. Everything else is already done. You were asking for the Centor contribution. On EBITDA, we had approximately EUR 20 million in EBITDA in Q3.
In Q3 and for the first nine months?
Overall, for the first nine months, it's all together. One second. First nine months. We had in the first quarter, EUR 15.1, EUR 20.3 in the second quarter, and as I said, roughly EUR 20 million in the last one. That's altogether EUR 50 million roughly.
Great. Thank you very much.
Any further questions? Okay, there are no further questions. We would like to thank you for joining us today, and please note that we are going to publish our full year results 2016 on February 15th, 2017. Thank you so much.
The conference is no longer being recorded.