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Compagnie Plastic Omnium SE
Annual / Quarterly Financial Statement • Feb 22, 2024
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Annual / Quarterly Financial Statement
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2023 CONSOLIDATED financial statements
The consolidated financial statements have been audited. An audit report will be issued after verification of the management report and compliance with the European Single Electronic Format.
This document is published in English and French. In the event of any discrepancy between these versions, the original version written in French shall prevail.
PREAMBLE TO THE CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL INDICATORS
In the context of its financial communication, the Group uses financial indicators based on aggregates taken from the consolidated financial statements prepared in accordance with IFRS, as adopted in the European Union.
As indicated in Note 3.1 of the consolidated financial statements at December 31, 2023, on segment information, the Group uses the notion of "economic revenue" for its operational management.
"Economic revenue" corresponds to the consolidated sales of the Group and its joint ventures and associates at their percentage stake: Yanfeng Plastic Omnium, the Chinese leader in exterior body parts, SHB Automotive modules, the leading Korean front‑end module company, B.P.O. AS, a major player in the Turkish exterior equipment market, EKPO Fuel Cell Technologies, a specialist in the development and series production of fuel cells.
RECONCILIATION OF ECONOMIC REVENUE WITH CONSOLIDATED REVENUE
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| ECONOMIC REVENUE | 11,398,536 | 9,476,889 |
| Including revenue from joint ventures at the Group's percentage stake | 1,084,471 | 938,779 |
| CONSOLIDATED REVENUE | 10,314,065 | 8,538,110 |
Comments on the fiscal year and outlook
5.1 COMMENTS ON THE FISCAL YEAR AND OUTLOOK
5.1.1 COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS
| In millions of euros | 2022 | 2023 | Change | Change at constant scope and exchange rates |
|---|---|---|---|---|
| Economic revenue | 9,477 | 11,399 | +20.3% | +13.4% |
| Consolidated revenue | 8,538 | 10,314 | +20.8% | +13.4% |
| Operating margin | 364 | 395 | +8.6% | - |
| % of consolidated revenue | 4.3% | 3.8% | - | - |
| Net result, Group share | 168 | 163 | -2.7% | - |
| Investments | 351 | 482 | +37.3% | - |
| % of consolidated revenue | 4.1% | 4.7% | - | - |
| Free cash flow | 243 | 227 | -6.4% | - |
CHANGE IN PLASTIC OMNIUM SEGMENT REPORTING
The Group has adapted its segment reporting to reflect Plastic Omnium's strategic roadmap. This new presentation allows for a better assessment of the contribution of the Group's various businesses and breaks down as follows:
Plastic Omnium Industries is replaced by:
Exterior Systems, which includes the Intelligent Exterior Systems and Lighting divisions. ●
STRONG REVENUE GROWTH OF +20% IN 2023
Powertrain, which brings together the Clean Energy Systems (energy storage and emission reduction systems, battery packs and electrification systems) and New Energies (hydrogen activity) divisions; ●
The Plastic Omnium Modules scope is unchanged and includes module design, development, and assembly activities.
2022 figures are presented using this new segment reporting basis.
| By business | Change at constant scope and exchange rates |
|||
|---|---|---|---|---|
| In millions of euros | 2022 | 2023 | Change | (Like‑for‑Like) |
| Exterior Systems | 4,210 | 5,579 | +32.5% | +16.6% |
| Modules | 2,580 | 3,112 | +20.6% | +18.2% |
| Powertrain | 2,687 | 2,707 | +0.8% | +3.7% |
| Economic revenue | 9,477 | 11,399 | +20.3% | +13.4% |
| Joint ventures | 939 | 1,084 | +15.5% | +13.1% |
| Exterior Systems | 3,507 | 4,860 | +38.6% | +17.3% |
| Modules | 2,347 | 2,751 | +17.2% | +18.6% |
| Powertrain | 2,684 | 2,703 | +0.7% | +3.6% |
| Consolidated revenue | 8,538 | 10,314 | +20.8% | +13.4% |
The strong +20.3% growth in economic revenue (+13.4% Like‑for‑Like) compared to 2022, reflects good industrial production momentum and the high Group order intake in recent years.
- Exterior Systems: Economic revenue increased +32.5% (+16.6% Like‑for‑Like) compared to 2022, thanks to the robust performance of the Intelligent Exterior Systems division, which benefited from a recovery in production, fewer supply chain issues and five more launches in 2023 than 2022. The Lighting division reported a full year's revenue, which was stable in 2023 compared to 2022 proforma figures. ●
- Modules: economic revenue rose +20.6% (+18.2% Like‑for‑Like) compared to 2022, with particularly strong volume growth in Europe. After robust growth in the first half of 2023, linked to a recovery in activity following the impact of the conflict in Ukraine, activity was particularly marked in the second half of 2023, by more frequent assembly line stop&go. In addition, fourth quarter activity enjoyed the initial benefits of the first modules assembled at the new Austin plant in Texas to meet the historic order from a major American player in electric mobility. ●
- Powertrain: economic revenue increased slightly by +0.8% (+3.7% Like‑for‑Like) compared to 2022, boosted by the performance of the Clean Energy Systems division which maintained activity levels similar to 2022, consolidating its leading position and confirming the relevance of the Group's strategy in the fuel tanks and emission reduction systems production market. In addition, the New Energies division benefited from revenue generated by its EKPO joint venture and initial sales of hydrogen tanks in China by its PO‑Rein joint venture. ●
Consolidated revenue is up +20.8% (+13.4% Like‑for‑Like) compared to 2022. After strong growth of +35.0% in the first half of the year alongside an accelerated recovery in production, the second half of 2023 saw growth of +8.7%, in a market impacted by lower‑than‑expected production volumes for electric vehicles at traditional manufacturers, and the strike in the United States. In addition, consolidated revenue included a scope effect of €857 million, tied to the consolidation of Varroc Lighting Systems, AMLS Osram, Actia Power and PO‑Rein, as well as a currency effect of -€201 million, notably on the US dollar, the Argentine peso and Chinese renminbi.
IN A MARKET UP +9.7%, PLASTIC OMNIUM OUTPERFORMED AUTOMOTIVE PRODUCTION BY +3.7 POINTS IN 2023
According to S&P Global Mobility, global automotive production increased by +9.7% in 2023, in a context disrupted by slowdowns in the production chain and the strike in the United States by the United Auto Workers Union at the end of the second half of 2023. In 2023, automotive production increased by +7.8 million vehicles compared to 2022 to reach a total of 87.6 million. In this context, Plastic Omnium reported strong growth in 2023, outperforming the market by +3.7 points, in‑line with its annual target. (1)
| By region In millions of euros |
2022 | 2023 | Change | Change at constant scope and exchange rates (Like‑for‑Like) |
Automotive (1) production |
Performance vs. automotive production |
|---|---|---|---|---|---|---|
| Europe | 4,594 | 5,835 | +27.0% | +16.4% | +12.2% | +4.2pts |
| North America | 2,714 | 3,150 | +16.1% | +10.8% | +9.9% | +0.9pt |
| China | 1,097 | 1,048 | -4.5% | +0.5% | +10.2% | -9.7pts |
| Asia excluding China | 728 | 907 | +24.6% | +16.1% | +8.6% | +7.5pts |
| * Rest of the word |
343 | 458 | +33.5% | - | - | - |
| ECONOMIC REVENUE | 9,477 | 11,399 | +20.3% | +13.4% | +9.7% | +3.7pts |
| (*) Africa and South America. |
- In Europe, economic revenue totaled €5,835 million, up significantly by +27.0% compared to 2022 (+16.4% Like‑for‑Like), outperforming global automotive production by +4.2 points. The Group's performance was mainly fueled by a strong recovery in Germany, particularly in the Intelligent Exterior Systems division, with three launches in the fourth quarter. In addition, to support growth in the Modules business in 2023, the Group opened two new assembly sites in Eastern Europe. ● (1)
- In North America, economic revenue amounted to €3,150 million, supported by three more production starts in the Intelligent Exterior Systems division than in 2022. Economic revenue increased +16.1% ●
(+10.8% Like‑for‑Like) compared to 2022, in‑line with the market. Activity in North America was also impacted by the strike by the United Auto Workers Union, leading to production line stop&go, mainly in the fourth quarter of 2023. In addition, in the fourth quarter of 2023, the Group enjoyed the benefits of the first modules assembled at the new Austin plant in Texas to meet the historic order from a major American player in electric mobility.
In China, the Group posted economic revenue of €1,048 million in 2023, down -4.5% (+0.5% Like‑for‑Like) year‑on‑year and -9.7 points compared to the market. Market growth was mainly driven by battery ●
Global or regional automotive production data refer to the S&P Global Mobility forecasts published in February 2024 (<3.5‑ton passenger car segment and commercial light vehicles). 1)
2022 CONSOLIDATED FINANCIAL STATEMENTS Comments on the fiscal year and outlook
electric vehicle production, which increased its market share from 20.7% in 2022 to 22.6% in 2023, and by local players who posted growth of +27% in 2023 versus 2022. This impacted Modules and Clean Energy Systems which primarily equip European and American manufacturers. Plastic Omnium further strengthened its exposure in the region with YFPO, the joint venture with Yanfeng, which recorded Like‑for‑Like revenue growth in‑line with market growth of +10.2%.
In Asia excluding China, Group economic revenue totaled €907 million in 2023, up +24.6% year‑on‑year (+16.1% Like‑for‑Like), outperforming automotive production by +7.5 points. The region is driven by the good performance of the Clean Energy Systems division, particularly in South Korea and India, in a market that benefits the hybrid vehicle segment in particular. In addition, the Modules business continued its strong growth in South Korea through the SHB joint venture. ● (1)
MARKED RISE IN OPERATING MARGIN TIED TO STRONG REVENUE GROWTH AND COST CONTROL
| By business | ||||
|---|---|---|---|---|
| In millions of euros | 2022 | 2023 | Change | |
| Exterior Systems | Consolidated revenue | 3,507 | 4,860 | +38.6% |
| Operating margin | 162 | 241 | +48.5% | |
| (as a % of consolidated) revenue) | 4.6% | 5.0% | +0.4pt | |
| Modules | Consolidated revenue | 2,347 | 2,751 | +17.2% |
| Operating margin | 48 | 44 | -8.2% | |
| (as a % of consolidated) revenue) | 2.0% | 1.6% | -0.4pt | |
| Powertrain | Consolidated revenue | 2,684 | 2,703 | +0.7% |
| Operating margin | 154 | 118 | -23.3% | |
| (as a % of consolidated) revenue) | 5.7% | 4.4% | -1.4pt | |
| * Other |
Operating margin | -1 | -9 | NA |
| Total Group | Consolidated revenue | 8,538 | 10,314 | +20.8% |
| Operating margin | 364 | 395 | +8.6% | |
| (as a % of consolidated) revenue) | 4.3% | 3.8% | -0.4pt | |
| (*) Mainly 0P'nSoft, an embedded software development entity. |
In 2023, the Group's operating margin amounted to €395 million compared to €364 million in 2022, up +8.6% or €31 million.
2023 was marked by high inflation, focused mainly on energy and wages. In this context, the Group successfully limited this impact by concluding discussions with automotive sector players. In addition, Plastic Omnium managed to contain the increase in labor costs which remain below 17% of consolidated revenue, up slightly by +0.4 points compared to 2022, highlighting productivity gains achieved.
The Exterior Systems operating margin amounted to €241 million in 2023, representing 5.0% of consolidated revenue, a solid +48.5% increase year‑on‑year. This performance is explained by excellent activity levels at Intelligent Exterior Systems and a clear improvement in Lighting division profitability, which enjoyed the initial rewards of the action plan implemented by the Group.
The Modules operating margin amounted to €44 million in 2023, i.e. 1.6% of consolidated revenue down -0.4 points vs. 2022. The fall in the operating margin rate is due to lower volumes in the second half of the year, linked to significant delays for electric vehicles launches. In addition, the activity was impacted by the cost of launching new sites in Eastern Europe and North America, with the initial positive effects expected in 2024.
The Powertrain operating margin amounted to €118 million in 2023, i.e. 4.4% of consolidated revenue. Internal Combustion Engine (ICE) activity within the Clean Energy Systems division continues to record a highly satisfactory margin rate, the largest of the Group's divisions, despite a market that is gradually moving toward more electrification. Hydrogen and electrification activities, meanwhile continue to grow gradually, with investment in skills, commercial engineering, R&D and industrial capabilities, in‑line with the Group's strategic roadmap.
ROBUST NET RESULT ABSORBING THE IMPACT OF INTEREST RATE INCREASES
| In millions of euros | 2022 | 2023 | Change |
|---|---|---|---|
| Operating margin | 364 | 395 | +8.6% |
| Other operating income and expenses | -64 | -64 | NA |
| Financial income and expenses | -62 | -105 | NA |
| Income tax | -60 | -63 | +4.2% |
| Net result | 178 | 163 | -8.1% |
| Minority interests | -10 | 0 | NA |
| Net result, Group share | 168 | 163 | -2.7% |
| These data should be read with the consolidated financial statements for more details. |
Net result, Group share is €163 million (1.6% of consolidated consolidated revenue). In a context of Group transformation, the 2023 net result remains robust at a level comparable to 2022, and includes:
- The improvement in the operating margin, partially offsetting the increase in financial expenses in an environment of high interest rates;
- Other operating income and expenses of €64 million, stable compared to 2022, mainly including reorganization costs and currency effects;
- An income tax expense of €63 million in 2023, or 0.6% of consolidated revenue, down -10 basis points compared to 2022. The effective tax rate is 33.5% in 2023. ●
FREE CASH FLOW OF €227 MILLION, ABOVE THE ADJUSTED TARGET OF €190 MILLION TO €210 MILLION
| In millions of euros | 2022 | 2023 |
|---|---|---|
| EBITDA | 864 | 900 |
| Operating cash flow | 666 | 649 |
| Investments | 351 | 482 |
| Change in WCR | -72 | +61 |
| Free cash flow | 243 | 227 |
| These data should be read with the consolidated financial statements for more details. |
EBITDA amounted to €900 million in 2023, representing 8.7% of consolidated revenue compared to €864 million and 10.1% of consolidated revenue in 2022, in‑line with increased activity during the year.
Plastic Omnium pursued its investment policy in 2023, aimed at supporting its value proposition and fostering future growth. To this end, Group investments totaled €482 million compared to €351 million in 2022. This amount includes, in particular, as part of the Group's deleveraging policy, real estate disposals of €54 million on the sale of sites in Belgium and Brazil.
These investments represented 4.7% of consolidated revenue, fully in‑line with the Group's target of maximum annual investment of 5% of consolidated revenue. In 2023, they include investments of full year basis made by the lighting and electrification divisions. In addition, the Group made additional investments focusing primarily on the development of the hydrogen business in‑line with the significant growth in the order book, as
well as on the very rapid development of a module assembly plant in Austin, Texas to meet the historic order for a major American player in electric mobility.
The change in working capital requirement was +€61 million in 2023, vs. -€72 million in 2022. The increased activity in 2023 was more than offset by better inventory management reflected by a reduction in inventories equivalent to two days of economic revenue. In addition, the Group is already enjoying the initial rewards of the action plan implemented in the Lighting division, with a decrease in trade receivables to a level similar to the other divisions.
Free cash flow totaled €227 million, or 2.2% of consolidated revenue a decrease of -6.4% compared to 2022 (€243 million, or 2.8% of consolidated revenue) reflecting the investments required for the roll‑out of the strategic roadmap. All of the Group's historical divisions, Intelligent Exterior Systems, Clean Energy Systems and Modules, generated free cash flow well above 2019 levels.
A FINANCIAL STRUCTURE THAT REMAINS STRONG AND DECLINING DEBT
At December 31, 2023, Group net debt totaled €1,540 million compared to €1,669 million at December 31, 2022. Plastic Omnium maintains leverage of 1.7x EBITDA at the end of December2023 vs. 1.9x EBITDA at the end of December 2022.
The Group is reducing debt while pursuing its investments policy in the growth drivers. At December 31, 2023, the Group has liquidities of
€2.3 billion, comprising €475 million in available cash and €1.8 billion in confirmed, undrawn credit facilities, with an average maturity of 3 years and no covenants. In 2023, the Group repaid the remaining €159 million outstanding on the 2016 €300 million Schuldschein facility, following an initial repayment in May 2022.
5.1.2 INVESTMENTS
After an extensive capital expenditure program in recent years, the Group's current installed capacity is sufficient to support its future growth. As a result, investments will equal an average of 5% of revenue in the coming years, while the Group pursues its large‑scale innovation program.
5.1.3 OUTLOOK AND EVENTS AFTER THE REPORTING PERIOD
No event likely to have a material influence on the Group's business, financial position, results and assets as of December 31, 2023 has occurred since the closing date.
OUTLOOK FOR 2024
In 2024, the automotive production market is expected to decline slightly, by an estimated -0.7% according to S&P , in an environment marked by a more gradual transition to decarbonized mobility than expected, an uncertain inflationary environment and interest rates that should remain high. (1)
Driven by a very solid order intake in recent years, reflecting the renewed commitment of its customers, Plastic Omnium aims to outperform global automotive production in 2024. (1)
Furthermore, the Group aims to improve all its financial aggregates (operating margin, net result Group share, free cash flow and net debt) compared to 2023, with a controlled increase in investments.
Finally, Plastic Omnium will continue to roll‑out its strategic projects while remaining focused on its operational management through:
- The continuation of the transformation plan, with particular attention to improving the cost structure to increase competitiveness and efficiency;
- As in previous years, the Group will operate with agility and flexibility by strengthening synergies between the divisions through the pooling of resources and functions, while adapting industrial capacities to forecast customer volumes. ●
Global or regional automotive production data refer to the S&P Global Mobility forecasts published in February 2024 (<3.5‑ton passenger car segment and commercial light vehicles). 1)
COMPAGNIE PLASTIC OMNIUM European company with share capital of €8,731,329.18 Registered office: 19 boulevard Jules Carteret - 69007 Lyon (France) Lyon Trade and Companies Register number 955 512 611
CONSOLIDATED FINANCIAL STATEMENTS - AT DECEMBER 31, 2023
| Balance sheet 6 | |
|---|---|
| Income Statement 7 | |
| Statement of Comprehensive Net Income and gains and losses recognized directly in Equity8 | |
| Statement of Changes in Equity9 | |
| Statement of Cash-Flows10 | |
| Notes to the Consolidated Financial Statements11 | |
| PRESENTATION OF THE GROUP |
11 |
| 1. ACCOUNTING STANDARDS APPLIED, ACCOUNTING RULES AND METHODS 1.1. Accounting standards applied 13 |
13 |
| 1.2. Scope of consolidation 13 | |
| 1.2.1. Consolidation principles 13 | |
| 1.2.2. Non-controlling interests 13 | |
| 1.2.3. Translation of the financial statements of foreign subsidiaries 13 | |
| 1.2.4. Business combinations 14 | |
| 1.3. Operational items 14 | |
| 1.3.1. Segment information 14 | |
| 1.3.2. Revenue / "Revenue from Contracts with Customers" 14 | |
| 1.3.3. Operating margin 15 | |
| 1.3.4. Other operating income and expenses 15 | |
| 1.3.5. Recognition of transactions in foreign currencies 15 | |
| 1.3.6. Inventories and work in progress 16 | |
| 1.3.7. Receivables 16 | |
| 1.3.8. Grants 16 | |
| 1.4. Staff costs and employee benefits 16 | |
| 1.4.1. Share-based payment 16 | |
| 1.4.2. Provisions for pensions and other post-employment benefits 17 | |
| 1.5. Other provisions 18 | |
| 1.5.1. Provisions for employee downsizing 18 | |
| 1.5.2. Provisions for onerous contracts 18 | |
| 1.6. Goodwill, intangible assets, property, plant and equipment 18 | |
| 1.6.1. Goodwill 18 | |
| 1.6.2. Intangible assets 18 | |
| 1.6.3. Property, plant and equipment 19 | |
| 1.6.4. Impairment of goodwill, intangible assets , property, plant and equipment 19 | |
| 1.7. Non-current assets held for sale and discontinued operations 20 | |
| 1.8. Financial items 20 | |
| 1.8.1. Financial assets (excluding derivatives) 20 | |
| 1.8.2. Cash and cash equivalents 21 | |
| 1.8.3. Current and non-current borrowings 21 | |
| 1.8.4. Derivatives and hedge accounting 21 | |
| 1.9. Income tax 21 | |
| 1.10. Shareholders' equity and earnings per share 21 | |
| 1.10.1. Treasury stock 21 |
| 1.10.2. Earnings per share 22 | |
|---|---|
| 1.11. Estimates and judgements 22 | |
| 2. SIGNIFICANT EVENTS OF THE PERIOD 2.1. International context and impacts on the Group's activity 24 |
24 |
| 2.1.1. Continuation in 2023 of the measures taken by the Group to mitigate the impacts of inflation, additional costs triggered by the international context 24 |
|
| 2.1.2. Consequences of the war in Ukraine on the Group's assets 24 | |
| 2.2. Other significant events of the period 24 | |
| 2.2.1. Follow-up of 2022 fiscal year acquisitions 24 | |
| 2.2.1.1. Reconciliation of the December 31, 2022 published balance sheet to the December 31, 2022 restated balance sheet 24 |
|
| 2.2.1.2. Follow-up of the two specialized lighting activities of the "Lighting" Division 26 | |
| 2.2.1.2.1. "AMLS Osram" 26 | |
| 2.2.1.2.2. "Varroc Lighting Systems" (VLS) 27 | |
| 2.2.1.3. "Actia Power" 28 | |
| 2.2.1.4. Summary of the allocation of the acquisition prices of AMLS Osram, Actia Power and VLS in the Group's Financial Statements as of December 31, 2023 29 |
|
| 2.2.2. Change in scope for the 2023 fiscal year 29 | |
| 2.2.2.1. Creation of PO Rein Energy Technology in China by Plastic Omnium and its partner Rein 29 | |
| 2.2.3. Asset impairment tests 29 | |
| 2.2.4. Disposal in June 2023 of the "Deltatech" Innovation and Research Center in Belgium 30 | |
| 2.2.5. Financing transactions 30 | |
| 2.2.5.1. Repayment of the "Schuldschein" private placement carried out in June 2016 - Amount: €159 million 30 | |
| 2.2.5.2. Renewal and extension of credit lines in fiscal year of 2023 30 | |
| 2.2.5.3. Change in Negotiable European Commercial Paper (Neu-CP) issuance over the period 30 | |
| 2.2.6. Group subsidiaries in hyperinflationary regions and impacts on the Group's financial statements 31 | |
| 2.2.6.1. Impacts of hyperinflation in Argentina and Turkey on the Group's financial statements 31 | |
| 3. SEGMENT INFORMATION 3.1. Information by operating segment 32 |
32 |
| 3.1.1. Income statement by operating segment 33 | |
| 3.1.2. Balance sheet aggregate data by operating segment 34 | |
| 3.1.3. Other information by operating segment 34 | |
| 3.1.4. Revenue - Information by geographic region and country of sales 34 | |
| 3.2. Non-current assets by country 36 | |
| 4. NOTES TO THE INCOME STATEMENT 4.1. Breakdown of Research and Development costs 37 |
37 |
| 4.2. Cost of goods and services sold, development, selling and administrative costs 37 | |
| 4.3. Staff costs 38 | |
| 4.4. Amortization of intangible assets acquired 38 | |
| 4.5. Share of profit (loss) of associates and joint ventures 38 | |
| 4.6. Other operating income and expenses 39 | |
| 4.7. Net financial income (expense) 40 | |
| 4.8. Income tax 40 | |
| 4.8.1. Tax expense recognized in the income statement 40 | |
| 4.8.2. "Global minimum taxation" on international tax reform - Pillar 2: progress of the work carried out by the Group 40 | |
| 4.8.3. Analysis of tax expense - Tax proof 41 | |
| 4.9. Net profit (loss) attributable to non-controlling interests 42 | |
| 4.10. Earnings per share and diluted earnings per share 42 | |
| 5. NOTES TO THE BALANCE SHEET |
43 |
|---|---|
| 5.1. Assets 43 | |
| 5.1.1. Goodwill 43 | |
| 5.1.2. Other intangible assets 43 | |
| 5.1.3. Property, plant and equipment and Investment property 44 | |
| 5.1.4. Non-consolidated interests, equity investments in associates and joint ventures and convertible bonds 46 5.1.5. Non-current financial assets 47 |
|
| 5.1.6. Inventories and inventories in progress 48 | |
| 5.1.7. Trade and other receivables 48 | |
| 5.1.8. Deferred taxes 49 | |
| 5.1.9. Cash and cash equivalents 50 | |
| 5.1.10. Statement of cash-flows – Acquisitions and disposals of financial assets, non-controlling interests and related investments and non-consolidated equity interests 51 |
|
| 5.1.11 Impact of dividends paid in the Statement of cash-flows 52 | |
| 5.2. Liabilities and Shareholders' Equity 53 | |
| 5.2.1. Group shareholders' equity 53 | |
| 5.2.2. Dividends approved and paid by Compagnie Plastic Omnium SE 54 | |
| 5.2.3. Share-based payments 55 | |
| 5.2.4. Provisions 61 | |
| 5.2.5. Provisions for pensions and other post-employment benefits 61 | |
| 5.2.6. Current and non-current borrowings 66 | |
| 5.2.7. Interest rate and currency hedges 68 | |
| 5.2.8. Operating and other liabilities 69 | |
| 6. CAPITAL MANAGEMENT AND MARKET RISKS 6.1. Capital management 71 |
71 |
| 6.2. Commodities risk - Exposure to plastics risk 72 | |
| 6.3. Credit risk 72 | |
| 6.3.1. Customer risk 72 | |
| 6.3.2. Bank counterparty risk 74 | |
| 6.4. Liquidity risk 74 | |
| 6.4.1. Other long-term financial receivables - carrying amounts and undiscounted values 74 | |
| 6.4.2. Liquidity risk by maturity 74 | |
| 6.5. Currency risk 75 | |
| 6.6. Interest rate risk 75 | |
| 6.7. Additional information about financial assets and liabilities 76 | |
| 7. ADDITIONAL INFORMATION 7.1. Headcount at end of year of controlled companies 78 |
78 |
| 7.2. Off-balance sheet commitments 78 | |
| 7.2.1. Commitments granted / received 78 | |
| 7.3. Related-party transactions 79 | |
| 7.3.1. Compensation paid to executives and other corporate officers 79 | |
| 7.3.2. Transactions with joint ventures and associates 80 | |
| 7.3.3. Transactions with Sofiparc SAS, Sofiparc Hotels, Burelle SA and Burelle Participations SA 81 | |
| 7.4. Fees paid to the Statutory Auditors 82 | |
| 7.5. Consolidating entity 82 | |
| 7.6. Subsequent events 82 | |
| LIST OF CONSOLIDATED COMPANIES AT DECEMBER 31, 2023 83 |
BALANCE SHEET
| In thousands of euros | |||
|---|---|---|---|
| Notes | December 31, 2023 | December 31, 2022 | |
| ASSETS | restated(1) | ||
| Goodwill Other intangible assets |
5.1.1 5.1.2 |
1,297,039 720,037 |
1 319 585 682 353 |
| Property, plant, equipment and investment property | 5.1.3 | 1,880,181 | 1 860 060 |
| Investments in associates and joint ventures | 5.1.4 | 305,960 | 320 247 |
| Non-consolidated investments and convertible bonds | 23,860 | 20 334 | |
| Non-current financial assets Deferred tax assets |
5.1.5 5.1.8 |
105,558 166,648 |
88 730 145 025 |
| TOTAL NON-CURRENT ASSETS | 4,499,283 | 4 436 334 | |
| 5.1.6 | |||
| Inventories Trade receivables |
5.1.7.2 | 955,780 1,013,778 |
850 549 1 004 894 |
| Other receivables | 5.1.7.3 | 434,703 | 480 679 |
| Customer financing and other financial receivables | 3,652 | 955 | |
| Hedging instruments | 4,393 | 11 152 | |
| Cash and cash equivalents | 5.1.9 | 637,440 | 575 625 |
| TOTAL CURRENT ASSETS | 3,049,746 | 2 923 854 | |
| Assets held for sale | 2.2.4 | - | 44 706 |
| TOTAL ASSETS | 7,549,029 | 7 404 894 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Capital | 5.2.1.1 | 8,731 | 8,731 |
| Treasury stock | -28,590 | -29,386 | |
| Additional paid-in capital | 17,389 | 17,389 | |
| Consolidated reserves | 1,784,848 | 1,725,300 | |
| Net income for the period | 163,123 | 167,607 | |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT | 1,945,501 | 1,889,641 | |
| Attributable to non-controlling interests | 34,616 | 29,285 | |
| TOTAL SHAREHOLDERS' EQUITY | 1,980,117 | 1,918,926 | |
| Non-current borrowings | 5.2.6.7 | 974,874 | 1,474,069 |
| Provisions for pensions and other post-employment benefits | 5.2.5 | 75,413 | 70,189 |
| Provisions | 5.2.4 | 63,469 | 76,419 |
| Non-current government grants | 21,034 | 20,944 | |
| Deferred tax liabilities | 5.1.8 | 22,665 | 48,082 |
| TOTAL NON-CURRENT LIABILITIES | 1,157,455 | 1,689,703 | |
| Bank overdrafts | 5.1.9.2 | 3,429 | 15,022 |
| Current borrowings and financial debt | 5.2.6.7 | 1,312,387 | 855,290 |
| Hedging instruments | 99 | 709 | |
| Provisions for liabilities and expenses | 5.2.4 | 86,092 | 92,446 |
| Current government grants | 473 | 666 | |
| Trade payables | 5.2.8.1 | 1,698,781 | 1,678,335 |
| Other operating liabilities | 5.2.8.2 | 1,310,196 | 1,153,797 |
| TOTAL CURRENT LIABILITIES | 4,411,457 | 3,796,265 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 7,549,029 | 7,404,894 |
(1) The restated balance sheet takes into account the adjustments of the opening balance sheets of the second half of 2022 acquisitions. The Consolidated Financial Statements published as of December 31, 2022 are differentiated by the term "published".
See related Notes: "Presentation of the Group", and 2.2.1.2 and 2.2.1.3 in "Follow-up of 2022 fiscal year acquisitions".
INCOME STATEMENT
| In thousands of euros | Notes | 2023 | % | 2022 | % |
|---|---|---|---|---|---|
| Consolidated sales (revenue) | 10,314,065 | 100.0% | 8,538,110 | 100.0% | |
| Cost of goods and services sold | 4.2 | -9,175,192 | -89.0% | -7,580,460 | -88.8% |
| Gross profit | 1,138,873 | 11.0% | 957,650 | 11.2% | |
| Research and Development costs | 4.1 - 4.2 | -300,086 | -2.9% | -276,972 | -3.2% |
| Selling costs | 4.2 | -59,566 | -0.6% | -49,648 | -0.6% |
| Administrative expenses | 4.2 | -401,373 | -3.9% | -296,061 | -3.5% |
| Operating margin before amortization of intangible assets acquired in business combinations and before share of profit (loss) of associates and joint ventures |
377,848 | 3.7% | 334,969 | 3.9% | |
| Amortization of intangible assets acquired in business combinations | 4.4 | -21,363 | -0.2% | -17,962 | -0.2% |
| Share of profit (loss) of associates and joint ventures | 4.5 | 38,582 | 0.4% | 46,868 | 0.5% |
| Operating margin | 395,067 | 3.8% | 363,875 | 4.3% | |
| Other operating income | 4.6 | 22,057 | 0.2% | 21,212 | 0.2% |
| Other operating expenses | 4.6 | -86,146 | -0.8% | -85,709 | -1.0% |
| Borrowing costs | 4.7 | -105,737 | -1.0% | -67,073 | -0.8% |
| Other financial income and expenses | 4.7 | 498 | 0.0% | 5,395 | 0.1% |
| Profit from continuing operations before income tax and after share of profit (loss) of associates and joint ventures |
225,740 | 2.2% | 237,700 | 2.8% | |
| Income tax | 4.8 | -62,697 | -0.6% | -60,196 | -0.7% |
| Net profit (loss) | 163,043 | 2% | 177,504 | 2.1% | |
| Net profit (loss) attributable to non-controlling interests | 4.9 | -80 | -0.0% | 9,898 | 0.1% |
| Net profit (loss) attributable to owners of the parent company | 163,123 | 1.6% | 167,607 | 2.0% | |
| Earnings per share attributable to owners of the parent company | 4.10 | ||||
| Basic earnings per share (in euros) | 1.13 | 1.16 | |||
| Diluted earnings per share (in euros) | 1.13 | 1.16 |
STATEMENT OF COMPREHENSIVE NET INCOME AND GAINS AND LOSSES RECOGNIZED DIRECTLY IN EQUITY
| In thousands of euros | December 31, 2023 | December 31, 2022 | |||||
|---|---|---|---|---|---|---|---|
| Total | Gross | Tax | Total | Gross | Tax | ||
| Net profit (loss) for the period attributable to owners of the parent(1) | 163,123 | 224,875 | -61,752 | 167,607 | 222,088 | -54,481 | |
| Reclassified to the income statement | -64,287 | -64,248 | -39 | 1,838 | 2,024 | -186 | |
| Reclassified in the period | 196 | 264 | -68 | 193 | 260 | -67 | |
| Cash-flow hedges | 196 | 264 | -68 | 193 | 260 | -67 | |
| Reclassified at a later date | -64,483 | -64,512 | 29 | 1,645 | 1,764 | -119 | |
| Translation differences | -64,399 | -64,399 | - | 1,163 | 1,163 | - | |
| Cash-flow hedges | -84 | -113 | 29 | 482 | 601 | -119 | |
| Gains/(losses) for the period – Exchange rate instruments | -84 | -113 | 29 | 482 | 601 | -119 | |
| Cannot be reclassified to the income statement at a later date | 16,132 | 15,594 | 538 | 30,899 | 43,037 | -12,138 | |
| Actuarial gains/(losses) relating to defined-benefit plans | -1,086 | -1,624 | 538 | 23,334 | 32,133 | -8,799 | |
| Revaluation of long-term investments in equity instruments and funds |
4,768 | 4,768 | - | -11,120 | -11,120 | 0 | |
| Revaluation due to hyperinflation in Argentina and in Turkey | 12,448 | 12,448 | - | 13,415 | 13,415 | 0 | |
| Other changes | 2 | 2 | - | 5,269 | 8 609 | - 3 340 | |
| Total gains and losses recognized directly in equity attributable to owners of the parent company |
-48,155 | -48,654 | 499 | 32,737 | 45,061 | -12,324 | |
| Net profit (loss) and gains and losses recognized directly in equity attributable to owners of the parent company(2) |
114,968 | 176,221 | -61,253 | 200,343 | 267,148 | -66,805 | |
| Net profit (loss) for the period attributable to non-controlling interests | -80 | 866 | -946 | 9,898 | 15,613 | -5,715 | |
| Reclassified to the income statement | -3,370 | -3,370 | - | 205 | 205 | - | |
| Reclassified at a later date Exchange differences on translating foreign operations |
-3,370 -3,370 |
-3,370 -3,370 |
- - |
205 205 |
205 205 |
- - |
|
| Total gains and losses recognized directly in equity - Non-controlling interests |
-3,370 | -3,370 | - | 205 | 205 | - | |
| Net profit (loss) and gains and losses recognized directly in equity - Non controlling interests |
-3,450 | -2,504 | -946 | 10,103 | 15,818 | -5,715 | |
| Net profit (loss) and gains and losses recognized directly in equity | 111,518 | 173,717 | -62,199 | 210,447 | 282,968 | -72,520 |
(1) (2) Regarding the "Net profit (loss)" and the "Net comprehensive income" attributable to owners of the parent company for the two periods ended December 31, 2023 and December 31, 2022, see Note 5.2.1.3.
STATEMENT OF CHANGES IN EQUITY
In thousands of euros In thousand units for the number of shares
| Number of shares |
Capital | Capital reserve |
Treasury stock |
Other reserves |
Translatio n differences |
Net profit for the period |
Attributable to owners of the parent |
Attributable to non controlling interests |
Total Shareholders ' equity |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholders' equity published at December 31, 2021 | 147,122 | 8,827 | 17,389 | -47,759 | 1,909,895 | -38,462 | 126,372 | 1,976,262 | 68,671 | 2,044,933 |
| Appropriation of net profit at December 31, 2021 | - | - | - | - | 126,372 | - | -126,372 | - | - | - |
| Net profit at December 31, 2022 | - | - | - | - | - | - | 167,607 | 167,607 | 9,898 | 177,504 |
| Total gains and losses recognized directly in equity(1) | - | - | - | - | 28,541 | 4,196 | - | 32,737 | 205 | 32,942 |
| Net profit (loss) and gains and losses recognized directly in equity | - | - | - | - | 154,913 | 4,196 | 41,235 | 200,343 | 10,103 | 210,447 |
| Treasury stock transactions | - | - | - | -16,216 | - | - | - | -16,216 | - | -16,216 |
| Capital reduction (cancellation of treasury stock) | -1,600 | -96 | - | 34,590 | -34,590 | - | - | -96 | - | -96 |
| Change in scope of consolidation and reserves(2) | - | - | - | - | -236,854 | - | - | -236,854 | -38,544 | -275,398 |
| Dividends paid by Compagnie Plastic Omnium(3) | - | - | - | - | -40,586 | - | - | -40,586 | - | -40,586 |
| Dividends paid by other Group companies | - | - | - | - | - | - | - | - | -10,945 | -10,945 |
| Stock option and share purchase plans | - | - | - | - | 425 | - | - | 425 | - | 425 |
| Deferred tax on stock option and share purchase plans | - | - | - | - | -109 | - | - | -109 | - | -109 |
| Shareholders' equity at December 31, 2022 | 145,522 | 8,731 | 17,389 | -29,385 | 1,753,094 | -34,267 | 167,607 | 1,883,170 | 29,285 | 1,912,455 |
| Adjustments related to the acquisitions of the second-half year of 2022(4) | - | - | - | - | 5,966 | 505 | - | 6,471 | - | 6,471 |
| Shareholders' equity at December 31, 2022 - restated | 145,522 | 8,731 | 17,389 | -29,385 | 1,759,060 | -33,762 | 167,607 | 1,889,641 | 29,285 | 1,918,926 |
| Appropriation of net profit at December 31, 2022 | - | - | - | - | 167,607 | - | -167,607 | - | - | - |
| Net profit at December 31, 2023 | - | - | - | - | - | - | 163,123 | 163,123 | -80 | 163,043 |
| Total gains and losses recognized directly in equity(5) | - | - | - | - | 8,938 | -57,093 | - | -48,156 | -3,370 | -51,526 |
| Net profit (loss) and gains and losses recognized directly in equity | - | - | - | - | 176,545 | -57,093 | -4,484 | 114,968 | -3,450 | 111,518 |
| Treasury stock transactions | - | - | - | 795 | -3,607 | - | - | -2,812 | - | -2,812 |
| Change in scope of consolidation and reserves(6) | - | - | - | - | -3,835 | 3,835 | - | - | 13,030 | 13,030 |
| Dividends paid by Compagnie Plastic Omnium(3) | - | - | - | - | -56,157 | - | - | -56,157 | - | -56,157 |
| Dividends paid by other Group companies | - | - | - | - | - | - | - | - | -4,249 | -4,249 |
| Stock option and share purchase plans | - | - | - | - | 149 | - | - | 149 | - | 149 |
| Deferred tax on stock option and share purchase plans | - | - | - | - | -38 | - | - | -38 | - | -38 |
| Other changes | - | - - | - | - | -249 | - | - | -249 | - | -249 |
| Shareholders' equity at December 31, 2023 | 145,522 | 8,731 | 17,389 | -28,590 | 1,871,868 | -87,020 | 163,123 | 1,945,501 | 34,616 | 1,980,117 |
(1) This item includes the fair value adjustments of the "long-term investments in equity instruments and in funds" for €11,4 million. See Note 5.1.5.1.
(2) Change in scope of consolidation following the acquisition by the Group of the final third of the stake in HBPO GmbH. The transaction led to the transfer of non-controlling interests to the Group share.
(3) Regarding the dividends per share distributed by Compagnie Plastic Omnium SE in 2023 in respect of the 2022 fiscal year and in 2022 in respect of the 2021 fiscal year, see Note 5.2.2 on dividends voted and paid.
(4) These are adjustments related the opening balance sheets of entities acquired during the second-half year of 2022. The Consolidated Financial Statements published as of December 31, 2022 are differentiated by the term "published".
(5) This item includes the fair value adjustments of the "long-term investments in equity instruments and in funds" for €4,8 million. See Note 5.1.5.1. And for detail of all the components within this item, see the statement of the "Comprehensive income".
(6) This item is related to the partner's share in the creation of the fully consolidated "PO Rein Energy Technology" joint venture in China. See Note 2.2.2.1 in the "Other significant events of the period".
Shareholders' equity
STATEMENT OF CASH-FLOWS
| In thousands of euros | Notes | 2023 | 2022 |
|---|---|---|---|
| I - CASH-FLOWS FROM OPERATING ACTIVITIES | |||
| Net profit (loss) | 3.1.1 | 163,043 | 177,504 |
| Dividends received from associates and joint ventures | 51,468 | 37,308 | |
| Non-cash items Share of profit (loss) of associates and joint ventures |
4.5 | 621,169 -38,582 |
563,550 - 46 868 |
| Stock option plan expense | 149 | 425 | |
| Other adjustments | -17,598 | 3,623 | |
| Depreciation and provisions for impairment of property, plant and equipment | 322,634 | 311,279 | |
| Amortization and provisions for impairment of intangible assets Changes in provisions |
194,734 -8,856 |
185,725 384 |
|
| Net (gains)/losses on disposals of non-current assets | 10,104 | - 4 598 | |
| Operating grants recognized in the income statement | -2,212 | - 1 682 | |
| Current and deferred taxes Cost of net debt |
4.8.1 | 62,697 98,099 |
60,195 55,067 |
| CASH GENERATED BY OPERATIONS (before cost of net debt and tax) (A) | 835,680 | 778,362 | |
| Change in inventories and work-in-progress - net | -129,324 | - 71 456 | |
| Change in trade receivables - net | -85,436 | - 46 469 | |
| Change in trade payables (1) | 224,408 | 83,626 | |
| Change in other operating assets and liabilities - net | 50,946 | - 38 144 | |
| CHANGE IN WORKING CAPITAL REQUIREMENTS before exceptional disbursements related to the acquisition of "VLS" (B)(1) | 60,594 | - 72 443 | |
| CHANGE IN WORKING CAPITAL REQUIREMENTS (B') | 60,594 | - 219 843 | |
| TAXES PAID (C) | -93,190 | - 56 596 | |
| Interest paid | -98,317 | - 62 267 | |
| Interest received | 4,654 | 6,922 | |
| NET FINANCIAL INTEREST PAID (D) | -93,663 | - 55 345 | |
| NET CASH GENERATED BY OPERATING ACTIVITIES before exceptional disbursements related to the acquisition of "VLS" (A + B + C + D)(1) |
709,421 | 593,978 | |
| NET CASH GENERATED BY OPERATING ACTIVITIES (A + B' + C +D) | 709,421 | 446,578 | |
| II – CASH-FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisitions of property, plant and equipment | 3.1.3 | -321,096 | - 219 461 |
| Acquisitions of intangible assets | 3.1.3 | -244,963 | - 160 956 |
| Disposals of property, plant and equipment | 62,478 | 7,634 | |
| Disposals of intangible assets Net change in advances to suppliers of fixed assets |
3,338 15,520 |
679 16,886 |
|
| Investment grants received | 2,476 | 4,054 | |
| NET CASH USED IN OPERATIONS-RELATED INVESTING ACTIVITIES (E) | -482,247 | - 351 164 | |
| FREE CASH FLOW before exceptional disbursements related to the acquisition of "VLS" (A + B + C + D + E)(1) | 2.2.2.4.3 | 227,174 | 242,814 |
| FREE CASH FLOW (A + B' + C + D + E) | 227,174 | 95,414 | |
| Acquisitions of equity investments in subsidiaries, investments leading to a change in control, investments in | 5.1.10.1 | 11,804 | - 160 867 |
| associates and joint ventures, and related investments Acquisitions of long-term investments in equity and funds |
5.1.5.1 | -3,504 | - 15 539 |
| Disposals of long-term investments in listed equity instruments and funds | 5.1.5.1 | 2,979 | 6,283 |
| Impact of changes in scope of consolidation - Debt contributed by newly-consolidated companies | - 37 | 59,381 | |
| NET CASH FROM FINANCIAL TRANSACTIONS (F) | 11,242 | - 110 742 | |
| NET CASH FROM INVESTING ACTIVITIES (E + F) | -471,005 | - 461 906 | |
| III - CASH-FLOWS FROM FINANCING ACTIVITIES | |||
| Increases/reductions in share capital and premiums | 5.2.1.1 | - | - 96 |
| Purchases/sales of treasury stock | -2,811 | - 16 216 | |
| Dividends paid by Compagnie Plastic Omnium SE to Burelle SA | 5.2.2 | -34,056 | - 24 450 |
| Dividends paid to other shareholders Acquisition of equity securities without taking or losing control |
5.2.2 5.1.10.a. |
-26,362 - |
- 27 115 - 281 667 |
| Increase in financial debt | 5.2.6.7 | 428,332 | 1,026,615 |
| Repayment of financial debt and lease contract liabilities, net | -514,646 | - 978 299 | |
| NET CASH FROM FINANCING ACTIVITIES (G) | -149,543 | - 301 228 | |
| Effect of exchange rate changes (I) | -15,464 | - 4 214 | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS (A + B' + C + D + E + F + G + H + I) |
73,409 | - 320 770 | |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 5.1.9.2- 5.2.6.7 |
560,603 | 881,372 |
| 5.1.9.2- | |||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 5.2.6.7 | 634,012 | 560,603 |
(1) The aggregates impacted by exceptional disbursements related to the acquisition of VLS have been restated with a view to improving the relevance of the information published and the assessment of the Group's performance for the 2022 fiscal year. These disbursements are unrelated to the normal activity of the entities since their takeover by Plastic Omnium.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On February 21, 2024 the Board of Directors of the Plastic Omnium Group approved the consolidated financial statements for the fiscal year ended December 31, 2023, which will be submitted to the Combined General Meeting on April 24, 2024.
PRESENTATION OF THE GROUP
Compagnie Plastic Omnium SE, a company governed by French law, was created in 1946.
The terms "Compagnie Plastic Omnium", "the Group" and "the Plastic Omnium Group" refer to the group of companies comprising Compagnie Plastic Omnium SE and its consolidated subsidiaries.
Compagnie Plastic Omnium SE has been listed on Eurolist compartment A since January 17, 2013 and is included in the SBF 120 and the CAC Mid 60 indices. The main shareholder is Burelle SA, which held 60.01% of the Group (60.68% excluding treasury stock) with voting rights before elimination of treasury shares of 73.86 % at December 31, 2023.
Plastic Omnium is a world-leading provider of innovative solutions for a unique, safer and more sustainable mobility experience. Driven by innovation since its creation, the Group designs and produces intelligent exterior systems, customized complex modules, lighting systems, energy storage systems and electrification solutions for all mobility players.
In line with its strategy and operational management, the Group has organized its activities around the following three operating segments since the end of 2023:
• Exterior Systems:
- o Intelligent Exterior Systems (IES), dedicated to complex exterior systems that improve performance, connectivity and aerodynamics;
- o Lighting dedicated to automotive lighting systems, from the traditional fields of headlights and signal lighting to intelligent, high-performance products.
- Modules: module design, development and assembly (HBPO).
- Powertrain:
- o Clean Energy Systems (CES), comprising:
- "Internal combustion engines" (ICE) covering energy storage and emission reduction systems for all types of gasoline, diesel, hybrid and plug-in hybrid powertrains;
- "E_Power" dedicated to the design and manufacture of battery systems, electronics and power electronics components for electric mobility of trucks, buses, trains and construction machinery.
- o New Energies (NE), covering in particular the design and manufacture of hydrogen solutions including high-pressure fuel tanks, fuel cell stacks and integrated systems.
- o Clean Energy Systems (CES), comprising:
Segment information for the 2022 financial year has been restated accordingly for comparability purpose:
The unit of measurement used in the Notes to the consolidated financial statements is thousand euros, unless otherwise indicated.
Impacts of adjustments to the opening balance sheets of entities acquired in the second half of 2022 on the presentation of the Financial Statements:
The Consolidated Financial Statements as of December 31, 2022 have been restated to take into account the adjustments recognized retrospectively in the opening balance sheets of the acquired entities established at the acquisition date.
The Financial Statements impacted by these adjustments and the related notes are identified by the term "restated". The Consolidated Financial Statements published at December 31, 2022 are identified by the term "published".
Only the balance sheet at December 31, 2022 is impacted by the restatement. As the impact of the opening balance sheet adjustments on the 2022 income statement was not significant, the latter was not restated.
For simplicity and for the sake of consistency, all periods relating to December 31, 2022 are marked "December 31, 2022 restated". The list of accounts adjusted compared to the accounts published as of December 31, 2022, is provided in Note 2.2.1.1 " Reconciliation of the December 31, 2022 published balance sheet to the restated balance sheet".
1. ACCOUNTING STANDARDS APPLIED, ACCOUNTING RULES AND METHODS
1.1. Accounting standards applied
The accounting policies used to prepare the consolidated financial statements comply with IFRS standards and interpretations as adopted by the European Union on December 31, 2023 and available on the European Commission website. The new texts applicable from January 1, 2023 did not have a significant impact on the Group's accounts. The Group applies the historical cost convention.
1.2. Scope of consolidation
1.2.1. Consolidation principles
The Group fully consolidates those companies in which it holds:
- more than 50% of the voting rights, unless otherwise stipulated in shareholder agreements;
- less than 50% of the voting rights, but over which it exercises effective control.
The Group consolidates according to the equity method those companies over which the Group exercises:
- joint control with other shareholders. These companies are treated as "joint ventures";
- significant influence (presumed when the Group holds more than 20% of the voting rights in a company). These companies are treated as "Investments in associates".
1.2.2. Non-controlling interests
Non-controlling interests represent the share of interest that is not held by the Group. They are presented as a separate item in the income statement and under equity in the consolidated balance sheet, distinct from the profit and equity attributable to owners of the parent.
Non-controlling interests may be either measured at fair value on the acquisition date (i.e. with a share of goodwill) or for their share in the fair value of identifiable net assets acquired. This choice can be made on a transaction-bytransaction basis.
Changes in a parent's ownership interest in a subsidiary that do not change control are recognized as equity transactions. As such, in the event of an increase (or decrease) in the percentage ownership interest of the Group in a controlled entity, without change in control, the difference between the acquisition cost (or transfer price) and the carrying amount of the share of net assets acquired (or sold) is recognized in equity.
1.2.3. Translation of the financial statements of foreign subsidiaries
Plastic Omnium Group uses the euro as its presentation currency in its financial statements. The financial statements of foreign companies are prepared in their functional currency, i.e. in the currency of the economic environment in which the entity operates. Generally, the functional currency usually corresponds to the local currency, except for some foreign subsidiaries such as the Mexican, Moroccan, Polish and Turkish subsidiaries which carry out the majority of their transactions in another currency (American dollar for Mexican subsidiaries, euro for Polish and Turkish subsidiaries). These financial statements are translated into the Group's presentation currency, as follows:
- translation of balance sheet items, other than equity, at the closing rate;
- translation of income statement items at the average rate for the period;
- translation differences are recognized in consolidated equity.
Goodwill arising from business combinations with foreign companies is recognized in the functional currency of the acquired entity. It is subsequently translated into the Group's presentation currency at the closing rate, with the translation difference recognized in equity.
On disposal of the entire interest in a foreign company, the related translation differences initially recognized in equity, are reclassified in profit and loss.
1.2.4. Business combinations
Business combinations are recognized by applying the acquisition method. Identifiable assets, liabilities and contingent liabilities acquired are recognized at their fair value on the purchase date.
The surplus of the sum of the price paid to the seller and, where appropriate, the value of the non-controlling interest in the company acquired against the net balance of the assets acquired and the identifiable liabilities assumed is recognized in goodwill.
Acquisition costs are recorded as expenses.
Changes in the fair value of assets acquired and liabilities assumed after the acquisition date, relative to the facts existing on that date, are recognized:
- as an offset against goodwill adjustments if they occur within twelve months and result from additional information obtained on situations existing on the acquisition date;
- in profit or loss, beyond twelve months.
1.3. Operational items
1.3.1. Segment information
Segment information is presented on the basis of the segments identified in the Group's internal reporting and notified to the management in order to decide on the allocation of resources and to analyze performance.
The Group is managed according to three operating segments: "Exterior Systems", "Modules" and "Powertrain".
1.3.2. Revenue / "Revenue from Contracts with Customers"
Sales of parts
Agreements signed with customers in the context of the development and supply of parts do not meet the criteria of a contract within the meaning of IFRS 15; in general, only firm orders received from customers are analyzed as contracts creating a performance obligation.
Revenue from sales of parts is recorded when control of the goods is transferred to the client, usually upon delivery of the goods, and measured at the fair value of the consideration received, after deducting discounts, rebates and other sales taxes and customs duties.
Services and creation of specific tooling
The project phase corresponds to the period during which the Group is working on the development of the part to be produced, on the design and manufacture of specific tooling to be used in production as well as on the organization of future production processes and logistics. It begins with the selection of the Group for the vehicle and the product concerned and is completed when the normal production volume is reached.
The accounting treatment applied is based on the identification by the Group in most cases of two performance obligations, distinct from the production of parts, under the Design business and the supply of certain specific tooling whose control is transferred to clients.
Income from the design activity, including that explicitly included in the part price, is recognized at the start of series production. Payments received before the start of series production are recorded in customer advances. The costs related to these two performance obligations are recognized in inventories during the project phase and then in expenses when their control is transferred to the client, i.e. when series production is launched.
1.3.3. Operating margin
The Group presents an operating margin in the income statement before and after taking into account:
- the amortization of intangible assets related to acquisitions as part of business combinations (Note 4.4 "Amortization of intangible assets acquired");
- the share of profit (loss) of associates and joint ventures (Note 4.5 "Share of profit (loss) of associates and joint ventures").
The first aggregate corresponds to revenue less Research and Development expenses (Note 4.1), the cost of goods and services sold and selling and administrative costs (Note 4.2).
The main operating indicator used by the Group is the operating margin after taking into account the amortization of intangible assets related to acquisitions and the share of profit (loss) of associates and joint ventures, termed "operating margin" in the income statement.
The operating margin does not include other operating income and expenses (Note 1.3.4).
1.3.4. Other operating income and expenses
Other operating income and expenses essentially include:
- the results of the disposal of property, plant, equipment and intangible assets;
- provisions for the impairment of property, plant, equipment and intangible assets, including any impairment of goodwill;
- exchange rate differences arising from different currency rates between those used to recognize operating receivables and payables and those recorded when these receivables and debts are settled;
- items corresponding to non-customary income and expenses due to their frequency, nature or amount, such as profits and losses realized in the context of changes in the scope of operations, pre-start-up costs for large new plants, restructuring costs and those related to employee downsizing measures.
1.3.5. Recognition of transactions in foreign currencies
Transactions in foreign currencies are initially recorded in the functional currency at the rate on the transaction date. On the closing date, monetary assets and liabilities are revalued at the rates prevailing at the closing date. Non-monetary assets and liabilities are valued at the historical cost prevailing at the transaction date (for example: goodwill, property, plant and equipment, inventories). Non-monetary assets and liabilities measured at fair value are valued at the rates prevailing at the date when fair value is determined.
For monetary items, exchange rate differences arising from changes in foreign exchange rates are recorded in the income statement as other operating income and expenses when they relate to operations and as net financial income (expense) when they relate to financial transactions.
1.3.6. Inventories and work in progress
Raw material inventories and other supplies are measured at the lower of cost and net realizable value.
Finished and semi-finished products are valued at their sales price which includes raw materials and direct and indirect production costs.
Projects inventories - tools and development inventories correspond to costs incurred by the Group in order to satisfy a performance obligation in connection with automotive projects contracts negotiated with its customers.
The cost of inventories is compared at the balance sheet date to the net realizable value. If it exceeds the net realizable value, a valuation allowance is recorded to bring the inventories to their net realizable value.
1.3.7. Receivables
Receivables are recognized at their fair value at the time they are recorded. The fair value generally corresponds to the nominal value of the receivable as long as the sale has been carried out with normal payment terms. Provisions are booked to cover the credit risk and identified risks of non-recovery of receivables.
Receivables sold to third parties, and thus no longer recognized on the balance sheet, meet the following criteria:
- the rights attached to receivables are transferred to third parties;
- substantially all the risks and rewards of ownership are transferred to third parties.
The risks taken into account are the following:
- o credit risk,
- o risks related to payment arrears both for the duration and amounts,
- o the transfer of interest rate risk, which is fully assumed by the buyer.
1.3.8. Grants
Investment grants received are recognized as liabilities in the balance sheet. They are recognized in profit or loss at the gross margin level, as and when the assets acquired through these grants are depreciated or the associated research expenses are recognized.
1.4. Staff costs and employee benefits
1.4.1. Share-based payment
In accordance with IFRS 2, stock options and free shares granted to employees and corporate officers are measured at their fair value at the date of grant by the Board of Directors.
The corresponding amount is recognized in "Staff costs" on a straight-line basis over the vesting period, with a corresponding adjustment to reserves.
When stock options are exercised, the amounts received in this respect by the Group are recognized in cash with a corresponding adjustment to consolidated reserves.
Obligations resulting from share-based payments, such as the "Long Term Incentive plan" described in Note 5.2.3 implemented during the 2022 fiscal year are recognized as cash settlement plans in accordance with standard IFRS 2. These cash-settled plans are measured at fair value over their term.
The expense relating to expected estimated payments is spread over the vesting period and is included in personnel expenses.
1.4.2. Provisions for pensions and other post-employment benefits
Pension commitments and other long-term benefits granted to staff concern either defined contribution or defined benefit plans.
1.4.2.1. Defined-contribution plans
The cost of defined-contribution plans, corresponding to salary-based contributions to local bodies responsible for pension and death/disability insurance plans made in accordance with local laws and practices in each country, is recognized as an operating expense. The Group has no legal or implicit obligation to pay additional contributions or future benefits. Consequently, no actuarial liability is recorded under these defined-contribution plans.
1.4.2.2. Defined-benefit plans
Defined-benefit plans are mainly related to post-employment benefits and correspond principally to:
- pension plans for French employees;
- other pension and supplementary pension plans, mainly in the US, France and Belgium;
- plans to cover healthcare costs in the US.
Defined benefit plans are subject to provisions for staff benefits calculated on the basis of actuarial valuations carried out by independent actuaries using the projected unit credit method.
These assessments take into account assumptions specific to each plan such as:
- retirement dates determined according to the terms of the legislation and, in particular for French employees, a voluntary retirement assumption when full benefit rights have been acquired;
- mortality;
- the probability of active employees departing before retirement age;
- estimates of salary increases up to retirement age;
- discount rates and inflation.
When defined-benefit plans are funded, the commitments under these plans are reduced by the market value of plan assets at the reporting date. The valuation builds in long-term profitability assumptions for the invested assets, calculated on the basis of the discount rate used to value company commitments.
For defined-benefit plans, changes in provisions are recorded:
- in "operating expenses", for rights benefitting employees, in proportion to their vesting;
- in net financial income (expenses), for the accretion effect;
- in equity, for actuarial gains and losses on post-employment benefit obligations.
1.4.2.3. Other long-term benefits
Other long-term benefits correspond mainly to long-service awards for French employees.
Actuarial gains and losses on "Other long-term benefits" (mainly long-service and jubilee awards) are recognized immediately in profit or loss.
1.5. Other provisions
1.5.1. Provisions for employee downsizing
The cost of employee downsizing plans is recognized once a detailed plan is drawn up and announced to the employees concerned or their representatives, thus creating a well-founded expectation that the Group will implement this plan.
1.5.2. Provisions for onerous contracts
Losses identified on onerous contracts, i.e. contracts whose unavoidable costs relating to their obligations are greater than the expected economic benefits, are subject to provisions. These provisions are recognized in current or non-current liabilities depending on whether they are short- or medium/long-term in nature.
1.6. Goodwill, intangible assets, property, plant and equipment
1.6.1. Goodwill
Goodwill is measured annually at cost, less any impairment representing loss of value. Impairments on goodwill are irreversible.
Negative goodwill (badwill) is recorded in the income statement during the year of acquisition.
1.6.2. Intangible assets
1.6.2.1. Research and Development costs
Development costs related to the execution of contracts with customers not fulfilling a performance obligation are recognized as intangible assets.
These costs relate to the organization of purchasing, logistics and industrial processes to produce the parts that will be ordered by customers.
They are amortized, once the series production begins, on a straight-line basis over its estimated life, i.e. generally three years for exterior parts, five years for fuel systems.
Amortization is recognized under Research and Development costs.
The costs borne by the Group, prior to its selection by the customer, and research costs unrelated to contracts, are recognized as expenses for the period.
1.6.2.2. Other intangible assets
Other intangible assets are measured at cost less accumulated amortization and impairment losses. They are amortized according to the straight-line method over their estimated useful lives.
They mainly include customer contracts and technology recognized under the various acquisitions completed by the Group, but also patents, licenses and software.
1.6.3. Property, plant and equipment
1.6.3.1. Assets owned outright
Property, plant and equipment are initially recorded at their:
- acquisition cost, or
- production cost when they are manufactured by the company for its own use (or subcontracted) or at their fair value for those acquired without consideration.
Property, plant and equipment may be specific tooling developed by the Group in connection with production contracts signed with customers without transfer of control to customers, for which the Group will receive an integrated compensation in the part price, where appropriate. In this case, this compensation is recognized in revenue over the series' production term.
Future expenditures are capitalized only if it is probable that the future economic benefits associated with the expenditure benefit the Group, for example, by an increase in the performance or effectiveness of the asset concerned.
After commissioning, the cost is reduced:
- by cumulative depreciation, calculated over the life of the fixed assets according to the table below, and
- by cumulative impairments recognized, where applicable.
| Buildings | 20 and 40 years |
|---|---|
| Real estate fixtures | 10 years |
| Presses and transformation machines | 7 - 10 years |
| Machining, finishing and other equipment | 3 - 10 years |
1.6.3.2. Lease contracts
At the contract date, the Group assesses whether a contract is or contains a lease. A contract is or contains a lease if it gives the right to control the use of a specific good for a certain time through a counterparty.
The rights of use of assets are recognized as tangible assets in the balance sheet for the amount of the rental obligation resulting from the contract, in return for a financial debt in respect of the obligation to pay rent over the duration of the contract.
The obligation and the resulting liability are calculated based on the Group's marginal debt rate at the start date of the contract. This rate corresponds to the interest rate that the lessee would obtain, at the start of the lease, to finance the acquisition of the leased asset. This rate is obtained by adding the rate on government bonds with terms similar to the leased assets and the entity's credit spread.
The Group does not recognize on its balance sheet rights related to contracts with a term of 12 months or less, nor those related to goods whose unit value as new is less than €5,000.
The amounts recognized as assets for rights of use and financial debts mainly concern real estate rentals of industrial sites, storage and administrative premises as well as industrial equipment and vehicles.
1.6.4. Impairment of goodwill, intangible assets , property, plant and equipment
Intangible and tangible assets are subject to impairment tests in the event of an indication of loss of value, and at least once a year for goodwill.
These tests are carried out at the level of the cash-generating units (CGUs) or groups of cash-generating units that make up the Group's divisions comprising the operating segments, as described in the Group's presentation.
The net carrying amount of all assets (goodwill included where applicable), constituting each cash-generating unit, is compared to its recoverable amount, i.e. the higher of the net disposal value (selling value net of disposal costs) and value in use determined using the discounted cash flow method.
The forecast data used to determine value in use are based on the Group's medium-term business plans, which are prepared for the next five years, and revised as necessary to reflect the most recent market conditions. Beyond this timeframe, a terminal value is calculated by extrapolation of the data for the last year covered by the business plan, using a long-term growth rate that reflects the outlook for the market.
These forecast data are discounted, based on a rate which takes into account:
- an industry risk premium;
- an industry financing "spread" to assess the cost of debt;
- a country risk premium;
- the rates used by comparable companies in each segment.
Sensitivity tests are carried out on the key assumptions, namely the discount rate, the perpetual growth rate and the operating margin.
1.7. Non-current assets held for sale and discontinued operations
Assets (or groups of assets) are classified in this category when they are available-for-sale in their current state and the sale is highly probable. These assets are no longer depreciated and are valued at the lower of their carrying amount and disposal price, less selling costs. Any impairment losses are recognized by the Group under "Other operating expenses".
On the balance sheet, data related to "Assets held for sale" shown separately in the financial statements are not subject to restatement of prior years.
In the income statement, the profit/loss (from the period and from the sale) of business operations or entities that meet the definition of a discontinued operation are reported as a separate line item entitled "Net income from discontinued operations" in each of the fiscal years presented.
1.8. Financial items
1.8.1. Financial assets (excluding derivatives)
1.8.1.1. Equity investments and funds
Financial assets include:
- Shares in listed companies;
- Units subscribed in funds and venture capital companies;
- Investments securities not meeting the criteria to be considered as cash equivalents;
- Loans, deposits and guarantees paid.
These assets are then measured at fair value except for loans, deposits and guarantees, recognized at amortized cost and impaired when necessary. Changes in fair value are recognized:
- For shares in listed companies: in "Other comprehensive income in equity";
- For units in funds and investment securities: Other operating income and expenses
1.8.2. Cash and cash equivalents
Cash and cash equivalents presented in the Statement of Cash-Flows include short-term, highly liquid cash items, readily convertible into known amounts of cash and subject to a negligible risk of change in value. Cash comprises cash and cash equivalents, short-term deposits and bank balances. Cash equivalents correspond to short-term investments and are subject to a negligible risk of changes in value in the context of the temporary use of cash surpluses (money market funds, negotiable debt securities, etc.). Changes in the fair value of these assets are recognized in profit or loss.
1.8.3. Current and non-current borrowings
Current and non-current borrowings are valued using the amortized cost method and the effective interest rate.
Borrowings in foreign currencies contracted by a subsidiary from the Group and whose repayment is neither planned nor likely in the foreseeable future are considered to be part of the net investment of the Plastic Omnium Group in this foreign business. The corresponding translation differences are recognized in equity.
1.8.4. Derivatives and hedge accounting
In order to manage its interest rate risk, the Group may use OTC derivative instruments. These are recognized in the balance sheet at their fair value.
Changes in the fair value of instruments qualified as "cash-flow hedges" are recorded under "Other comprehensive income" (equity) for the effective part and in financial income for the ineffective part.
Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in profit or loss.
1.9. Income tax
In France, the entity Compagnie Plastic Omnium maintained the option for the ordinary law tax consolidation system for itself and the French subsidiaries at least 95% controlled, as set out in Article 223 A of the French Tax Code.
In addition, the Group applies optional national consolidation or tax consolidation plans in Germany, Spain and the United States.
Deferred taxes are calculated using the liability method, applying the last tax rate enacted (or the quasi-adopted rate) at the balance sheet date and applicable to the period in which the temporary differences reverse.
Tax credits and deferred tax assets related to tax loss carryforwards and temporary differences are only recognized when the probability of their utilization within a relatively short period of time is proven.
1.10. Shareholders' equity and earnings per share
1.10.1. Treasury stock
The Group's treasury stock is recorded as soon as it is acquired as a deduction from equity, regardless of the purpose for which it is being held.
The proceeds from the sale of these securities are recognized directly as an increase in the Group's equity: no profit or loss is thus recognized in the net profit (loss) for the fiscal year.
1.10.2. Earnings per share
Basic earnings per share are calculated using the weighted average number of ordinary shares comprising the share capital, less the weighted average number of shares held in treasury stock.
Diluted earnings per share take into consideration the average number of treasury shares deducted from equity and shares which might be issued in respect of the fiscal year under stock option programs.
1.11. Estimates and judgements
In preparing its financial statements, the Group uses estimates and assumptions to assess some of its assets, liabilities, income, expenses and commitments. These estimates and assumptions, which may lead to significant adjustments to the carrying amount of assets and liabilities, are reviewed periodically by Senior Executives.
The events likely to significantly impact the assumptions are fluctuating production orders from customers, continued supply chain difficulties, the rise in inflation in several geographical areas where the Group operates, the geopolitical climate and regulations (climate, automotive industry).
In general, the estimates and assumptions used during the fiscal year were based on the information available at the balance sheet date. Estimates may be revised depending on changes in the underlying assumptions. These assumptions mainly concern:
Deferred taxes
Recognition of deferred tax assets depends on the probability of sufficient future profit being generated to allow their utilization. This leads the Group to make regular estimates of future taxable earnings, particularly as part of the mediumterm plans established within the Group. These estimates take into account the recurring or non-recurring nature of certain losses, expenses, etc.
Provisions
Provisions for pensions and other post-employment benefits
In the case of defined-benefit plans, the Group, assisted by independent actuaries, adopts assumptions (see Notes 1.4.2 and 5.2.5 "Provisions for pensions and other post-employment benefits") on:
- discount rates for pension and other long-term benefits;
- employee turnover and future salary increases.
Other provisions
Estimates also cover provisions, particularly those relating to employee downsizing, litigation, customer warranties, legal and tax risks.
Asset impairment tests
Impairment tests are carried out each year, in particular on goodwill and development costs incurred under customer contracts, but also during the fiscal year on these same assets as well as on industrial assets if signs of impairment are identified.
As part of these tests, for the determination of the recoverable amount, the concepts of fair value net of disposal costs and value in use obtained by the discounted cash-flow method are used. These tests are based on assumptions about future operating cash-flows, discount rates and long-term growth rates.
The cash flows include:
- The market forecasts covering in particular the change in the vehicle engine mix in worldwide production and regulatory changes, enabling it to integrate changing environmental factors and climate change-related risks;
- Volume forecasts provided by the Group's customers;
- Inflation-related impacts;
- Carbon neutrality objective for scopes 1 and 2 by 2025 taking into account the necessary investments at the entity level.
The discount rate (WACC) applied in 2023 is 9.5% for the Group, adjusted where necessary to take into account country specifics. Thus, the WACC used for the impairment tests of the Lighting Division's assets is 11.5%. The long-term growth rate, used in determining the terminal value, is set, with some exceptions, at 1.5%.
Sensitivity tests are carried out on the assumptions of long-term growth rates and discount rates for tests relating to goodwill and on the level of operating margin for tests relating to significant industrial assets.
Regulatory changes are taken into account in the Group's strategic plan as well as in the review of impairment indicators carried out under impairment tests. Thus the consequences of the vote of the European Parliament in favor of the ban, from 2035, of the sale of new gasoline or diesel vehicles in Europe have been analyzed.
Given the current investment policy, the dates of commissioning of industrial sites and assets and the depreciation periods applied (three to ten years maximum for industrial equipment), the net value of the industrial assets concerned by this regulatory change is being monitored particularly closely to ensure that it is, at all times, in line with future operating forecasts.
Lease contracts (IFRS 16)
The discount rate is a key assumption in determining accounting impacts related to the application of IFRS 16 on leases It is used to calculate the right of use and the lease liability for each leased asset (see Note 1.6.3.2).
2. SIGNIFICANT EVENTS OF THE PERIOD
2.1. International context and impacts on the Group's activity
Plastic Omnium Group's activities in 2023 have been affected by the following events:
- a high level of inflation worldwide, particularly in energy and labor costs;
- the disruption of the supply chain for materials and components, leading to stoppages in the production lines of some carmakers customers to whom the Group is adapting its activity;
- the strike in the United States, for forty days (ending at the end of October), of automobile employees of the Group's main carmaker customers (General Motors, Ford, Stellantis); and
- an increase in financing rates.
2.1.1. Continuation in 2023 of the measures taken by the Group to mitigate the impacts of inflation, additional costs triggered by the international context
Continuing on from 2022, the Group has maintained its actions to contain the above impacts using several levers:
- pursuing flexibility and cost-control;
- applying contractual provisions for indexing the purchase price of materials such as resin;
- discussions with suppliers to moderate the increase in materials, goods and services purchased; and
- partial pass-through of price increases to car manufacturer customers.
2.1.2. Consequences of the war in Ukraine on the Group's assets
Since the beginning of the war between Russia and Ukraine, certain carmaker customers of the Plastic Omnium Group have stopped their activity in Russia. Furthermore, in 2023, Russia took measures limiting on its territory the activities of companies from countries that have imposed sanctions against it.
In fiscal year 2023, to take into account the risk incurred in Russia, the Group recognized additional provisions of -€13.4 million. At December 31, 2023, provisions in the Group's financial statements for Russian activities amounted to €19.2 million.
The Group does not operate in Ukraine.
2.2. Other significant events of the period
2.2.1. Follow-up of 2022 fiscal year acquisitions
2.2.1.1. Reconciliation of the December 31, 2022 published balance sheet to the December 31, 2022 restated balance sheet
The Plastic Omnium Group acquired several entities in the second half of 2022:
- "AMLS Osram" on July 1, 2022;
- "Actia Power" on August 1, 2022;
- "VLS" on October 6, 2022.
As of December 31, 2023, the opening balance sheets of "Actia Power", "AMLS Osram" and "VLS" were finalized as the period for allocating the acquisition prices ends twelve months after the acquisition dates in accordance with IFRS 3.
The Group recognized adjustments that retrospectively impact, respectively, the opening balance sheets of the entities acquired and the consolidated financial statements as of December 31, 2022.
The table below summarizes the reconciliation between the Consolidated Balance Sheet as of December 31, 2022 as published and the Restated Balance Sheet presented for comparison purposes in the Annual Financial Statements as of December 31, 2023:
| In thousands of euros | Adjustments due to acquisitions(1) | December 31, | ||||
|---|---|---|---|---|---|---|
| ASSETS | December 31, 2022 Published |
AMLS Osram |
ACTIA Power |
VLS | 2022 restated | |
| Goodwill | 1,100,355 | -914 | 24,018 | 196,126 | 1,319,585 | |
| Other intangible assets | 642,357 | 5,095 | -2,118 | 37,019 | 682,353 | |
| Property, plant, equipment and Investment property | 1,966,143 | - | - | -106,083 | 1,860,060 | |
| Investments in associates and joint ventures | 320,247 | - | - | - | 320,247 | |
| Non-consolidated investments and convertible bonds | 20,334 | - | - | - | 20,334 | |
| Non-current financial assets | 88,730 | - | - | - | 88,730 | |
| Deferred tax assets | 152,658 | 4,024 | - | -11,657 | 145,025 | |
| Total non-current assets | 4,290,824 | 8,205 | 21,900 | 115,405 | 4,436,334 | |
| Inventories | 856,592 | -2,829 | -3,543 | 329 | 850,549 | |
| Trade receivables | 1,023,261 | 3,401 | - | -21,768 | 1,004,894 | |
| Other receivables | 499,052 | -11,514 | - | -6,859 | 480,679 | |
| Customers financing and other financial receivables | 955 | - | - | - | 955 | |
| Hedging instruments | 11,152 | - | - | - | 11,152 | |
| Cash and cash equivalents | 575,625 | - | - | - | 575,625 | |
| Total current assets | 2,966,637 | -10,942 | -3,543 | -28,298 | 2,923,854 | |
| Assets held for sale | 44,706 | - | - | - | 44,706 | |
| TOTAL ASSETS | 7,302,167 | -2,737 | 18,357 | 87,107 | 7,404,894 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| Equity attributable to owners of the parent | 1,883,170 | 2,158 | 389 | 3,924 | 1,889,641 | |
| Attributable to non-controlling interests | 29,285 | - | - | - | 29,285 | |
| Total Shareholder's Equity | 1,912,455 | 2,158 | 389 | 3,924 | 1,918,926 | |
| Non-current borrowings | 1,474,069 | - | - | - | 1,474,069 | |
| Provisions for pensions and other post-employment benefits | 71,341 | - | - | -1,152 | 70,189 | |
| Provisions | 48,272 | - | 2,805 | 25,342 | 76,419 | |
| Non-current government grants | 20,944 | - | - | - | 20,944 | |
| Deferred tax liabilities | 37,217 | -240 | - | 11,105 | 48,082 | |
| Total non-current liabilities | 1,651,843 | -240 | 2,805 | 35,295 | 1,689,703 | |
| Bank overdrafts | 15,022 | - | - | - | 15,022 | |
| Current borrowings and financial debt | 855,185 | - | - | 105 | 855,290 | |
| Hedging instruments | 709 | - | - | - | 709 | |
| Provisions for liabilities and expenses | 59,601 | 638 | 15,163 | 17,044 | 92,446 | |
| Current government grants | 665 | - | - | 1 | 666 | |
| Trade payables | 1,651,877 | 1,351 | - | 25,107 | 1,678,335 | |
| Other operating liabilities | 1,154,809 | -6,645 | - | 5,633 | 1,153,797 | |
| Total current liabilities | 3,737,869 | -4,656 | 15,163 | 47,890 | 3,796,265 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 7,302,167 | -2,737 | 18,357 | 87,107 | 7,404,894 |
(1) Details of the adjustments recognized for each activity are provided in Notes 2.2.1.2 for "AMLS" and "VLS" (Lighting Division) and 2.2.1.3 for "ACTIA Power".
2.2.1.2. Follow-up of the two specialized lighting activities of the "Lighting" Division
2.2.1.2.1. "AMLS Osram"
The Group finalized the acquisition of 100% of AMLS Osram (Automotive Lighting Systems GmbH) with the Osram group on July 1, 2022. The "AMLS Osram" entities are fully consolidated from July 1, 2022.
AMLS Osram, specializes in high-tech products for a global customer base, covering the key areas of front, interior lighting, advanced projection solutions and bodywork lighting, responding to new trends in style, safety and electrification. The entities are attached to the "Lighting" Division.
Change in the acquisition price:
The acquisition price changed as follows as of December 31, 2023:
| In thousands of euros | AMLS Osram |
|---|---|
| Enterprise value | 65,000 |
| Acquisition price on July 1, 2022 | 23,961 |
| Price reduction agreement taken into account in the financial statements published as of December 31, 2022 |
-12,915 |
| Acquisition price retained in the financial statements as of December 31, 2022 (published) | 11,046 |
| Price adjustment occurred in 2023 | 5,391 |
| Acquisition price retained in the financial statements as of December 31, 2022 (restated) | 16,437 |
The Plastic Omnium Group received a price adjustment of €7,524 thousand over the period.
The finalized AMLS Osram opening balance sheet:
The acquisition of the AMLS business is recognized in accordance with IFRS 3 "Business combinations", under exclusive control.
The recognition of the assets and liabilities acquired on the basis of the fair values at the acquisition date as presented in the Financial Statements published as of December 31, 2022, has been adjusted based on additional information obtained within the twelve months following the acquisition date on positions existing on the acquisition date.
Details of the adjustments to the opening balance sheet are presented in Note 2.2.1.4 "Summary of the allocation of the acquisition prices of AMLS Osram, Actia Power and VLS in the Group's financial statements as of December 31, 2023".
At December 31, 2023, the finalized Goodwill of AMLS Osram is presented in the table below:
| Allocation of "AMLS Osram" business acquisition price recognized in the Consolidated Financial Statements | ||||
|---|---|---|---|---|
| a In thousands of euros |
December, 31, 2022 published |
Additional adjustments |
December, 31, 2022 restated |
|
| Equity acquired | 27,000 | 27,000 | ||
| Equity acquired after adjustments | 1,254 | 6,305 | 7,559 | |
| Goodwill | 9,792 | -914 | 8,878 | |
| Allocation of the acquisition price presented at December 31, 2023 | 11,046 | 5,391 | 16,437 |
2.2.1.2.2. "Varroc Lighting Systems" (VLS)
On October 6, 2022, the Group finalized the acquisition of the automotive lighting business, Varroc Lighting Systems (VLS), with Varroc Engineering Limited (Maharashtra, India).
Varroc Lighting Systems specializes in advanced lighting solutions for headlights and taillights, innovative technologies in the development of optical systems and electronic control and lighting software, style and electrification. VLS Osram is part of the "Lighting" Division.
Change in the acquisition price:
After requesting a price reduction from its partner Varroc Engineering Limited in the first quarter of 2023, an agreement was signed on July 14, 2023.
The acquisition price changed as follows as of December 31, 2023:
| In thousands of euros | VLS |
|---|---|
| Enterprise value | 520,000 |
| Price of acquisitions on October 6, 2022 | 69,544 |
| Agreement reached on a price reduction at July 14, 2023, with cash collection, on July 17, 2023 | -15,000 |
| Net acquisition price at December 31, 2023 | 54,544 |
The finalized VLS opening balance sheet:
The acquisition of the VLS business is recognized in accordance with IFRS 3 "Business Combinations", under exclusive control.
The recognition of assets and liabilities acquired on the basis of fair values at the acquisition date as presented in the financial statements published as of December 31, 2022, has been adjusted based on additional information obtained within the twelve months following the acquisition date on positions existing on the acquisition date ("window period").
The adjustments mainly concern:
- Recognition of "customer contract" and "technology" intangible assets amortizable over eight and twelve years respectively;
- provisions for onerous contracts, the recognition of risks on current assets and liabilities;
- the fair value adjustment of industrial assets.
Details of the adjustments to the opening balance sheet are presented in Note 2.2.1.4 "Summary of the allocation of the acquisition prices of AMLS Osram, Actia Power and VLS in the Financial Statements of the Group as of December 31, 2023".
At December 31, 2023, the finalized Goodwill of VLS is presented in the table below:
| Allocation of "VLS" business acquisition price recognized in the Consolidated Financial Statements | |||||
|---|---|---|---|---|---|
| a In thousands of euros |
December, 31, 2022 published |
Additional adjustments |
December, 31, 2022 restated |
Price Adjustment |
December 31, 2023 |
| Equity acquired | 56,420 | 56,420 | 56,420 | ||
| Equity acquired (after adjustments) | 46,783 | -196,126 | -149,343 | -149,343 | |
| Goodwill | 22,761 | 196,126 | 218,887 | -15,000 | 203,887 |
| Allocation of the acquisition price at December 31, 2023 | 69,544 | - | 69,544 | -15,000 | 54,544 |
2.2.1.3. "Actia Power"
On August 1, 2022, the Group finalized the acquisition of the Actia Power Division with the Actia Group.
Actia Power is a specialist in the design and manufacture of on-board batteries, power electronics and electrification systems intended primarily for the electric mobility of trucks, buses and coaches, trains and construction machinery. Actia Power is part of the "Clean Energy Systems" (CES) Division.
Change in the acquisition price:
The acquisition price of Actia Power changed as follows as of December 31, 2023:
| In thousands of euros | Actia Power |
|---|---|
| Enterprise value | 52,500 |
| Acquisition price on August 1, 2022 | 17,164 |
| Agreement on price reduction with payment during the first half of 2023 | -4,913 |
| Net acquisition price at December 31, 2023 | 12,251 |
The finalized Actia Power opening balance sheet:
The acquisition of the Actia Power activity is recognized for in accordance with IFRS 3 "Business Combinations", under exclusive control.
The recognition of the assets and liabilities acquired on the basis of the fair values at the acquisition date as presented in the Financial Statements published as of December 31, 2022, has been adjusted based on the additional information obtained for the closing of the Financial Statements as of December 31, 2023.
These adjustments were finalized on August 1, 2023, corresponding to the anniversary date, i.e. twelve months following the acquisition date on positions existing on the acquisition date ("window period").
At December 31, 2023, Actia Power's finalized Goodwill is presented in the purchase price allocation table below:
| Allocation of "Actia" business acquisition price recognized in the Consolidated Financial Statements | |||||
|---|---|---|---|---|---|
| a In thousands of euros |
December, 31, 2022 published |
Additional adjustments |
December, 31, 2022 restated |
Price adjustment |
December, 31, 2023 |
| Equity acquired | -20,576 | -20,576 | -20,576 | ||
| Equity acquired (after adjustments) | -20,688 | -24,018 | -44,706 | - | -44,706 |
| Goodwill | 37,851 | 24,018 | 61,869 | -4,913 | 56,956 |
| Allocation of the acquisition price presented at December 31, 2023 |
17,164 | 17,164 | -4,913 | 12,251 |
2.2.1.4. Summary of the allocation of the acquisition prices of AMLS Osram, Actia Power and VLS in the Group's Financial Statements as of December 31, 2023
The summary of the allocation of the acquisition prices of "AMLS Osram","Actia Power" and "VLS" in the Plastic Omnium Group Financial Statements as of December 31, 2023 is presented in the table below:
| a In thousands of euros |
AMLS Osram |
Actia Power |
VLS | Total Plastic Omnium Group |
|---|---|---|---|---|
| Equity acquired | 27,000 | -20,576 | 56,420 | 62,844 |
| Fair value of assets | -14,916 | -2,473 | -133,973 | -151,362 |
| Provisions for risks, expenses and contingent liabilities | -734 | -4,508 | -16,869 | -22,111 |
| Working capital items | -19,791 | -4,467 | -62,913 | -87,171 |
| Provisions for onerous contracts | - | -17,120 | -28,374 | -45,494 |
| Technology | 16,000 | 4,500 | 44,000 | 64,500 |
| Customer contracts | - | - | 16,000 | 16,000 |
| Deferred taxes | - | -62 | -23,634 | -23,696 |
| Equity acquired (after adjustments) | 7,559 | -44,706 | -149,343 | -186,490 |
| Goodwill | 8,878 | 56,956 | 203,887 | 269,721 |
| Acquisition price as of December 31, 2023 | 16,437 | 12,251 | 54,544 | 83,232 |
2.2.2. Change in scope for the 2023 fiscal year
2.2.2.1. Creation of PO Rein Energy Technology in China by Plastic Omnium and its partner Rein
Plastic Omnium and Rein, a subsidiary of Shenergy Group, have created in partnership, "PO Rein Energy Technology" in Shanghai, China, to produce and market high-pressure hydrogen storage systems for the Chinese commercial vehicle market.
Plastic Omnium's stake is 50.01% and 49.99% for its partner. The Group controls and fully consolidates PO Rein using the full consolidation method with the recognition of a minority share in Rein. The capital amounts to 200 million renminbi (equivalent to €26.1 million as of December 31, 2023). See the table of changes in equity and changes in reserves in Note 5.2.1.5.
The business started in July 2023. A pilot line of high-pressure hydrogen tanks will be set up in 2025 with a new plant with an annual capacity of 60,000 high-pressure hydrogen tanks operational from 2026.
2.2.3. Asset impairment tests
Annual impairment tests were carried out on current intangible assets, including goodwill, to confirm that their carrying amount does not exceed their recoverable value.
The Group has reviewed indicators of loss of value on all industrial and intangible sites but also reviewed indicators of recovery in value on assets that were subject to depreciation in previous years. Impairment tests were carried out where appropriate.
The tests were carried out based on forecast data from the Group's medium-term plans finalized in November 2023, prepared for the period 2024-2028.
During the fiscal year, the tests and analysis carried out did not lead to the recognition of additional impairment.
The result of the impairment tests carried out on the groups of cash-generating units, i.e. the divisions, shows a very significant positive difference between the recoverable value and the amount of the assets tested, and less so for the assets of the Lighting division. Thus, for tests carried out on the divisions excluding Lighting, only unreasonable values relating to the main assumptions of the long-term growth rate, the discount rate and the operating margin rate could call into question the test results. For the Lighting division, a 1-point decrease in the operating margin rate in the final year would result in an impairment of €10 million. A 1-point increase in the discount rate or a zero long-term growth rate would not change the outcome of the test.
The industrial assets of the IES Division in the United States and Germany that led to the recognition of significant impairments in 2020 were tested for impairment as part of the closing of the 2023 financial statements, which made it possible to conclude that the necessary impairments previously recognized are sufficient. Sensitivity analyses were carried out on the operating margin, a key assumption. A 10% deterioration would result in:
- an increase of €12 million in impairments recognized on IES assets in Germany;
- and a €5 million increase in impairment of IES assets in the United States.
2.2.4. Disposal in June 2023 of the "Deltatech" Innovation and Research Center in Belgium
Following the transfer to France in 2021 of the activities of its innovation and research center located in Brussels, Belgium, the Group had continued to use the site for limited number of employees during the 2022 fiscal year and considered several scenarios for the site, including its sale.
As of December 31, 2022, the net carrying amount of the real estate complex, in the amount of €44.7 million, including land, a building, fittings as well as office furniture, was reclassified to "Assets held for sale" in the balance sheet, the Group having signed a preliminary sales agreement on December 22, 2022.
The actual disposal of the real estate complex took place in June 2023 with receipt of the disposal proceeds. The income from the sale was not significant (see Note 4.6 "Other operating income and expenses").
2.2.5. Financing transactions
2.2.5.1. Repayment of the "Schuldschein" private placement carried out in June 2016 - Amount: €159 million
On June 19, 2023, Compagnie Plastic Omnium SE repaid in accordance with the schedule, the €159 million balance of the "Schuldschein" private placement issued on June 16, 2016.
The initial amount of the Schuldschein issued on June 16, 2016 amounted to €300 million. Compagnie Plastic Omnium SE had repaid €141 million in advance in 2022.
See Notes 5.2.6.2 "Borrowings: private placement notes and bonds" and 5.2.6.7 "Reconciliation of gross and net financial debt".
2.2.5.2. Renewal and extension of credit lines in fiscal year of 2023
In 2023, Compagnie Plastic Omnium SE renewed several lines of credit with banks, including two lines of credit of €300 million and €50 million respectively, replaced by a line of €350 million and a line of €50 million, each maturing in 2028 before the exercise of extension options, and a line of €30 million maturing in 2028.
During the 2023 fiscal year, Compagnie Plastic Omnium SE exercised existing extension options on some credit lines to extend their maturity for one additional year.
2.2.5.3. Change in Negotiable European Commercial Paper (Neu-CP) issuance over the period
During the fiscal year, the Group increased its "Neu-CP" outstandings. As of December 31, 2023, it amounted to €619.0 million compared to €508.5 million as of December 31, 2022.
2.2.6. Group subsidiaries in hyperinflationary regions and impacts on the Group's financial statements
2.2.6.1. Impacts of hyperinflation in Argentina and Turkey on the Group's financial statements
Impacts of hyperinflation in Argentina:
As of December 31, 2023, the assets and liabilities as well as the net income and expenses of the two subsidiaries Plastic Omnium Auto Inergy Argentina SA (Clean Energy Systems) and Plastic Omnium Argentina (Intelligent Exterior Systems) were revalued. The impact on income was +€1.9 million.
Impacts of Turkish hyperinflation:
Turkey has been included in the list of hyper-inflationary countries since the first half of 2022.
B.P.O. AS, the only Turkish entity in the Group to have the Turkish lira as its functional currency, is 50%-owned ("Intelligent Exterior Systems" Division) and is consolidated using the equity method. The share of profit (loss) of B.P.O. AS and its weight in the Group's Operating Margin over the last few fiscal years does not exceed 0.6% and the weight of the related Equity investment in the total balance sheet of the Plastic Omnium group does not exceed 0.1%.
The conversion rate of the Turkish lira against the euro continued to decline in 2023: -48.1% on the average rate and - 63.6% on the closing rate.
The impact of the application of IAS 29 "Financial reporting in hyper-inflationary economies" on the financial statements of B.P.O. AS. stood at:
- in 2022 -€6.3 million for which the share of the Plastic Omnium Group was -€3.1 million; and
- in 2023 -€4.3 million for which the share of the Plastic Omnium Group was -€2.2 million.
The reference index used for the recognition is the CPI (consumer price index).
3. SEGMENT INFORMATION
3.1. Information by operating segment
The columns in the tables below show the amounts for each segment as defined in the note "Presentation of the Group". The "Other" column includes inter-segment eliminations, as well as the activity of the holding companies and "Op'nSoft", which centralizes the Group's software projects, enabling segment data to be reconciled with the Group's financial statements. Financial results, taxes and the share of profit (loss) of associates are monitored at Group level and are not allocated to segments. Transactions between segments are carried out on an arm's length basis.
| 2023 | |||||
|---|---|---|---|---|---|
| In thousands of euros | Exterior Systems |
Modules | Powertrain | Other(2) | Total |
| Economic revenue (1) | 5,578,633 | 3,112,484 | 2,707,419 | - | 11,398,536 |
| Including revenue from joint ventures and associates consolidated at the Group's percentage stake |
718,431 | 361,839 | 4,200 | - | 1,084,470 |
| Consolidated revenue before inter Segments' eliminations Inter-segment revenue |
4,939,121 (78,920) |
2,754,922 (4,277) |
2,706,004 (2,785) |
(85,982) 85,982 |
10,314,065 - |
| Consolidated revenue % of segment revenue - Total |
4,860,201 47.1% |
2,750,645 26.7% |
2,703,219 26.2% |
- - |
10,314,065 100.0% |
| Operating margin before amortization of intangible assets acquired and before share of profit (loss) of associates and joint ventures |
209,122 | 50,817 | 126,423 | (8,513) | 377,848 |
| % of segment revenue Amortization of intangible assets acquired Share of profit (loss) of associates and joint ventures |
4.3% (7,689) 39,903 |
1.8% (13,029) 6,274 |
4.7% (645) -7,595 |
- - - |
3.7% (21,363) 38,582 |
| Operating margin % of segment revenue Other operating income Other operating expenses % of segment revenue |
241,336 5.0% 8,615 (4,300) 0.1% |
44,062 1.6% - (2,664) -0.1% |
118,183 4.4% 7,998 (76,011) -2.5% |
(8,513) - 5,444 (3,171) - |
395,067 3.8% 22,057 (86,146) -0.6% |
| Financing costs | (105,737) | ||||
| Other financial income and expenses | 498 | ||||
| Profit (loss) from continuing operations before income tax and after share in associates and joint ventures |
225,740 | ||||
| Income tax | (62,697) | ||||
| Net profit (loss) | 163,043 |
3.1.1. Income statement by operating segment
| 2022 | |||||
|---|---|---|---|---|---|
| In thousands of euros | Exterior Systems |
Modules | Powertrain | Other(2) | Total |
| Economic revenue (1) | 4,209,641 | 2,580,434 | 2,686,814 | - | 9,476,889 |
| Including revenue from joint ventures and associates consolidated at the Group's percentage stake |
702,836 | 233,302 | 2,641 | - | 938,779 |
| Consolidated revenue before inter Segments' eliminations | 3,559,439 | 2,351,563 | 2,685,739 | (58,631) | 8,538,110 |
| Inter-segment revenue | (52,634) | (4,431) | (1,566) | 58,631 | - |
| Consolidated revenue | 3,506,805 | 2,347,132 | 2,684,173 | - | 8,538,110 |
| % of segment revenue - Total | 41.1% | 27.5% | 31.4% | - | 100.0% |
| Operating margin before amortization of intangible assets acquired and before share of profit (loss) of associates and joint ventures |
119,074 | 57,378 | 159,186 | (669) | 334,969 |
| % of segment revenue | 3.4% | 2.4% | 5.9% | - | 3.9% |
| Amortization of intangible assets acquired | (4,662) | (13,029) | (270) | - | (17,962) |
| Share of profit (loss) of associates and joint ventures | 48,056 | 3,629 | -4,816 | - | 46,868 |
| Operating margin | 162,467 | 47,978 | 154,100 | (669) | 363,875 |
| % of segment revenue | 4.6% | 2.0% | 5.7% | - | 4.3% |
| Other operating income | 18,985 | - | - | 2,227 | 21,212 |
| Other operating expenses | (45,012) | (1,701) | (38,996) | - | (85,709) |
| % of segment revenue | -0.7% | -0.1% | -1.5% | - | -0.8% |
| Financing costs | (67,073) | ||||
| Other financial income and expenses | 5,395 | ||||
| Profit (loss) from continuing operations before income tax and after share in associates and joint ventures |
237,700 | ||||
| Income tax | (60,196) | ||||
| Net profit (loss) | 177,504 |
(1) Economic revenue corresponds to revenue of the Group and its joint ventures and associates consolidated at their percentage of ownership.
(2) "Other" corresponds to intra-group eliminations and amounts that are not allocated to a specific segment (for example, holding company activities, Op'nSoft company). This column is included to enable segment information to be reconciled with the consolidated financial statements.
| December 31, 2023 | |||||
|---|---|---|---|---|---|
| In thousands of euros Net amounts |
Exterior Systems |
Modules | Powertrain | Other | Total |
| Non-current assets | 2,541,608 | 845,372 | 1,178,006 | -65,703 | 4,499,283 |
| Current assets | 1,916,612 | 409,024 | 1,170,656 | -446,546 | 3,049,746 |
| Total segment assets | 4,458,220 | 1,254,396 | 2,348,662 | -512,249 | 7,549,029 |
| Non-current liabilities | 1,774,595 | 746,134 | 770,119 | -153,282 | 3,137,566 |
| Current liabilities | 2,683,625 | 508,262 | 1,578,543 | -358,967 | 4,411,463 |
| Total segment liabilities | 4,458,220 | 1,254,396 | 2,348,662 | -512,249 | 7,549,029 |
| December 31, 2022 restated | |||||
| In thousands of euros Net amounts |
Exterior Systems |
Modules | Powertrain | Other | Total |
| Non-current assets | 2,155,707 | 809,480 | 1,161,718 | 309,432 | 4,436,337 |
| Current assets | 1,768,809 | 367,354 | 1,099,015 | -266,621 | 2,968,557 |
| Total segment assets restated | 3,924,516 | 1,176,834 | 2,260,733 | 42,811 | 7,404,894 |
| Non-current liabilities | 1,223,178 | 732,539 | 930,627 | 722,284 | 3,608,628 |
| Current liabilities | 2,701,338 | 444,295 | 1,330,106 | -679,473 | 3,796,266 |
| Total segment liabilities restated | 3,924,516 | 1,176,834 | 2,260,733 | 42,811 | 7,404,894 |
3.1.2. Balance sheet aggregate data by operating segment
3.1.3. Other information by operating segment
| 2023 In thousands of euros |
Exterior Systems |
Modules | Powertrain | Other | Total |
|---|---|---|---|---|---|
| Acquisitions of intangible assets | 92,601 | 22,516 | 118,785 | 11,062 | 244,963 |
| Capital expenditure including acquisitions of investment property |
172,171 | 38,265 | 106,309 | 4,350 | 321,096 |
| Total | 264,772 | 60,781 | 225,094 | 15,412 | 566,059 |
| 2022 restated In thousands of euros |
Exterior Systems |
Modules | Powertrain | Other | Total |
|---|---|---|---|---|---|
| Acquisitions of intangible assets | 60,072 | 17,754 | 84,046 | 1,680 | 163,551 |
| Capital expenditure including acquisitions of investment property |
119,966 | 20,180 | 76,233 | 3,081 | 219,461 |
| Total | 180,038 | 37,934 | 160,279 | 4,761 | 383,012 |
3.1.4. Revenue - Information by geographic region and country of sales
The breakdown of revenue by region is based on the location of the Plastic Omnium subsidiaries generating the sales.
3.1.4.1. Information by sales region
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| In thousands of euros | Totals | % | In thousands of euros | Totals | % | |
| Europe | 5,835,143 | 51.2% | Europe | 4,594,006 | 48.3% | |
| North America | 3,150,093 | 27.6% | North America | 2,714,246 | 28.6% | |
| China | 1,047,894 | 9.2% | China | 1,097,499 | 11.5% | |
| Asia excluding China | 907,362 | 8.0% | Asia excluding China | 728,096 | 7.7% | |
| Africa / Middle East | 286,307 | 2.5% | South America | 178,018 | 2.2% | |
| South America | 171,736 | 1.5% | Africa / Middle East | 165,025 | 1.7% | |
| Economic revenue | 11,398,536 | 100% | Economic revenue | 9,476,889 | 100% | |
| Of which revenue from joint ventures and associates at the Group's percentage stake |
1,084,471 | Of which revenue from joint ventures and associates at the Group's percentage stake |
938,779 | |||
| Consolidated revenue | 10,314,065 | Consolidated revenue | 8,538,110 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| associates at the Group's percentage stake | 938,779 | |||||
3.1.4.2. Information for the top ten contributing countries
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| In thousands of euros | Totals | % | In thousands of euros | Totals | % |
| Germany | 1,781,092 | 15.6% | Germany | 1,414,692 | 14.9% |
| United States | 1,614,878 | 14.2% | United States | 1,340,218 | 14.1% |
| Mexico | 1,412,462 | 12.4% | Mexico | 1,273,922 | 13.4% |
| China | 1,047,894 | 9.2% | China | 1,097,499 | 11.6% |
| Slovakia | 734,019 | 6.4% | Slovakia | 619,812 | 6.5% |
| Spain | 647,179 | 5.7% | Spain | 591,852 | 6.2% |
| France | 606,353 | 5.3% | France | 532,656 | 5.6% |
| Czech Republic | 570,953 | 5.0% | Korea | 332,323 | 3.5% |
| Korea | 503,344 | 4.4% | United Kingdom | 325,383 | 3.4% |
| Poland | 416,001 | 3.6% | Poland | 311,895 | 3.3% |
| Other | 2,064,361 | 18.1% | Other | 1,636,637 | 17.3% |
| Economic revenue | 11,398,536 | 100% | Economic revenue | 9,476,889 | 100% |
| Of which revenue from joint ventures and associates at the Group's percentage stake |
1,084,471 | Of which revenue from joint ventures and associates at the Group's percentage stake |
938,779 | ||
| Consolidated revenue | 10,314,065 | Consolidated revenue | 8,538,110 |
| associates at the Group's percentage stake | 938,779 | ||||
|---|---|---|---|---|---|
3.1.4.3. Information by car manufacturer
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| In thousands of euros | Totals | % of total automotive revenue |
In thousands of euros | Totals | % of total automotive revenue |
|
| Volkswagen Group | 3,210,275 | 28.2% | Volkswagen Group | 2,492,834 | 26.3% | |
| Stellantis | 1,663,501 | 14.6% | Stellantis | 1,449,888 | 15.3% | |
| General Motors | 954,397 | 8.4% | Mercedes-Benz | 969,921 | 10.2% | |
| Mercedes-Benz | 939,092 | 8.2% | General Motors | 839,748 | 8.9% | |
| BMW | 923,493 | 8.1% | BMW | 770,845 | 8.1% | |
| Total – main manufacturers | 7,690,757 | 67.5% | Total – main manufacturers | 6,523,236 | 68.8% | |
| Other carmakers | 3,707,779 | 32.5% | Other carmakers | 2,953,654 | 31.2% | |
| Total economic revenue | 11,398,536 | 100.0% | Total economic revenue | 9,476,889 | 100% | |
| Of which revenue from joint ventures and associates at the Group's percentage stake |
1,084,471 | Of which revenue from joint ventures and associates at the Group's percentage stake |
938,779 | |||
| Total consolidated revenue | 10,314,065 | Total consolidated revenue | 8,538,110 |
| automotive revenue | In thousands of euros | Totals | % of total automotive revenue |
||||
|---|---|---|---|---|---|---|---|
| Of which revenue from joint ventures and associates at the Group's percentage stake |
938,779 | ||||||
3.2. Non-current assets by country
| In thousands of euros | France | Europe excluding France |
North America |
Asia | South America |
Other (1) | Total |
|---|---|---|---|---|---|---|---|
| December 31, 2023 | |||||||
| Goodwill | 270,229 | 931,936 | 81,386 | 2,931 | 10,557 | - | 1,297,039 |
| including translation adjustment | - | - | -2,927 | - | 295 | - | -2,632 |
| Intangible assets | 149,496 | 337,180 | 143,479 | 63,709 | 17,514 | 8,659 | 720,037 |
| Property, plant and equipment | 253,573 | 703,393 | 518,593 | 270,550 | 22,567 | 111,505 | 1,880,181 |
| including capital expenditure for the fiscal year |
32,634 | 124,286 | 95,425 | 60,870 | 2,549 | 5,331 | 321,096 |
| Total non-current fixed assets | 673,299 | 1,972,509 | 743,458 | 337,190 | 50,638 | 120,164 | 3,897,257 |
(1) The "Other" region includes South Africa and Morocco.
| In thousands of euros | France | Europe excluding France |
North America |
Asia | South America |
Other (1) | Total |
|---|---|---|---|---|---|---|---|
| December 31, 2022 restated | |||||||
| Goodwill | 275,142 | 946,937 | 84,313 | 2,931 | 10,261 | - | 1,319,585 |
| including translation adjustment | - | - | 4,909 | - | 233 | - | 5,142 |
| Intangible assets | 109,849 | 332,981 | 146,746 | 66,578 | 15,359 | 10,841 | 682,353 |
| Property, plant and equipment | 258,937 | 700,121 | 495,464 | 261,451 | 25,653 | 118,434 | 1,860,060 |
| including capital expenditure for the fiscal year |
30,320 | 96,264 | 58,365 | 29,329 | 2,992 | 2,191 | 219,461 |
| Total non-current fixed assets | 643,928 | 1,980,039 | 726,523 | 330,960 | 51,273 | 129,275 | 3,861,998 |
(1) The "Other" region includes South Africa and Morocco.
4. NOTES TO THE INCOME STATEMENT
4.1. Breakdown of Research and Development costs
The percentage of Research and Development costs is expressed in relation to the amount of revenue.
| In thousands of euros | 2023 | % | 2022 | % |
|---|---|---|---|---|
| Research and Development costs after developments sold | -350,629 | -3.4% | -283,466 | -3.3% |
| Capitalized development costs | 194,009 | 1.9% | 141,901 | 1.7% |
| Depreciation of capitalized development costs | -159,044 | -1.5% | -153,985 | -1.8% |
| Research tax credit | 10,411 | 0.1% | 14,460 | 0.2% |
| Other (including grants and contributions received) | 5,167 | 0.1% | 4,118 | 0.0% |
| Research and Development costs | -300,086 -2.9% | -276,972 -3.2% |
4.2. Cost of goods and services sold, development, selling and administrative costs
| In thousands of euros | 2023 | 2022 | |
|---|---|---|---|
| Cost of goods and services sold includes: | |||
| Material consumption (purchases and changes in inventory)(1) | -7,302,586 | -6,089,259 | |
| Direct production outsourcing | -14,926 | -13,266 | |
| Utilities and fluids | -172,785 | -101,803 | |
| Salary and benefits | -995,540 | -826,384 | |
| Other production costs | -408,324 | -263,230 | |
| Depreciation and amortization | -292,018 | -288,919 | |
| Provisions | 10,987 | 2,401 | |
| Total | -9,175,192 | -7,580,460 | |
| Research and Development costs include: | |||
| Salary and benefits | -274,026 | -219,129 | |
| Depreciation, amortization and provisions | -180,149 | -173,295 | |
| Other | 154,089 | 115,452 | |
| Total | -300,086 | -276,972 | |
| Selling costs include: | |||
| Salary and benefits | -41,798 | -33,412 | |
| Depreciation, amortization and provisions | -238 | -168 | |
| Other | -17,530 | -16,068 | |
| Total | -59,566 | -49,648 | |
| Administrative costs include: | |||
| Salary and benefits | -238,581 | -191,129 | |
| Other administrative expenses | -134,656 | -86,495 | |
| Depreciation and amortization | -21,878 | -18,214 | |
| Provisions | -6,258 | -223 | |
| Total | -401,373 | -296,061 |
(1) Including charges and reversals of provisions for inventories amounting to:
· +€ 6,454 thousand at December 31, 2023
· -€2,872 thousand at December 31, 2022
4.3. Staff costs
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| Wages and salaries | -1,155,626 | -929,585 |
| Payroll taxes | -320,719 | -274,187 |
| Non-discretionary profit-sharing | -20,502 | -17,582 |
| Share-based payments | -781 | -1,600 |
| Pension and other post-employment benefit costs | 1,837 | 3,173 |
| Other employee benefits expenses | -54,156 | -50,272 |
| Total employee benefits expense excluding temporary staff costs | -1,549,947 | -1,270,053 |
| Temporary staff costs | -156,777 | -117,857 |
| Total employee benefits expenses | -1,706,724 | -1,387,910 |
4.4. Amortization of intangible assets acquired
This item corresponds mainly to:
- the amortization over seven years of contractual customer relationships and over 15 years for the brand recognized on the takeover of HBPO in July 2018;
- the amortization over eight years of VLS customer contracts;
- the amortization over twelve years of the "Technology" intangible asset of VLS;
- the amortization over seven years of the "Technology" intangible asset of Actia Power;
- the amortization over ten years of the "Technology" intangible asset of AMLS Osram.
| In thousands of euros | 2023 | 2022 | |
|---|---|---|---|
| Amortization of customer contracts | -14,901 | -16,347 | |
| Amortization of brands | -547 | -547 | |
| Amortization of intangible assets: AMLS Osram technology | -1,600 | -800 | |
| Amortization of intangible assets: Actia Power technology | -643 | -268 | |
| Amortization of intangible assets: VLS technology | -3,672 | - | |
| Total amortization of intangible assets acquired | -21,363 | -17,962 |
4.5. Share of profit (loss) of associates and joint ventures
Share of profit (loss) of associates and joint ventures breaks down as follows (please refer to Note 5.1.4 for "Equity investments in associates and joint ventures" to the balance sheet):
| In thousands of euros | 2023 % interest |
2022 % interest |
2023 | 2022 |
|---|---|---|---|---|
| HBPO - SHB Automotive Modules | 50.00% | 50.00% | 6,274 | 3,629 |
| JV Yanfeng Plastic Omnium and its subsidiaries - joint venture | 49.95% | 49.95% | 38,080 | 45,955 |
| B.P.O. AS - joint venture | 49.98% | 49.98% | 1,822 | 2,101 |
| EKPO Fuel Cell Technologies | 40.00% | 40.00% | -7,595 | -4,816 |
| Total share of profit (loss) of associates and joint ventures | 38,582 | 46,868 |
4.6. Other operating income and expenses
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| Reorganization costs(1) | -37,920 | -16,355 |
| Impairment and provisions on non-current assets(2) | -15,349 | -5,268 |
| Provisions for litigations and expenses | -3,439 | -6,255 |
| Foreign exchange gains and losses on operating activities(3) | -21,438 | -15,519 |
| Fees and expenses related to changes in the scope of consolidation (4) | 132 | -22,938 |
| Changes in the fair value of long-term investments - Financial assets of Plastic Omnium(5) | 9,020 | - |
| Gains/Losses on disposals of non-current assets(6) | 5,834 | 3,356 |
| Other | -929 | -1,518 |
| Total operating income and expenses | -64,089 | -64,497 |
| - of which total income | 22,057 | 21,212 |
| - of which total expense | -86,146 | -85,709 |
At December 31, 2023
(1) Reorganization costs:
Reorganization costs mainly correspond to restructuring in the « Exterior systems » and « Powertrain » segments in Germany, in France, in the United States and in Eastern Europe.
(2) Impairment and provisions on non-current assets:
This item includes in particular the impairment of Russian assets (for the Group's portion, see Note 2.1.2 related to "Consequences of the war in Ukraine on the Group's assets in Russia") as well as a provision on development assets relating to a program canceled by a carmaker.
(3) Foreign exchange gains and losses on operating activities:
Over the period, foreign exchange gains and losses on operating activities mainly concern the US dollar, Chinese renminbi, Argentine peso and Japanese yen (negative impacts).
(4) Fees and expenses related to changes in the scope of consolidation:
This item concerns fees related to acquisitions over the period.
(5) Changes in the fair value of long-term investments:
In accordance with IFRS 9, the Group recognizes changes in the fair value of long-term investments in the Income Statement. The impact over the period concerns the "AP Ventures" and "Aster" funds. Please refer to Note 5.1.5.1 of the Balance Sheet.
(6) Gains/Losses on disposals of non-current assets:
This item includes in particular the profit of +€4.9 million on the sale of an industrial site in Brazil closed since 2017, as well as the profit of +€0.9 million on the sale of the Deltatech center. See Note 2.2.4 in "Other significant events of the period".
At December 31, 2022
Please refer to the Consolidated Financial Statements of December 31, 2022 for details of transactions in the previous fiscal year.
4.7. Net financial income (expense)
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| Finance costs | -83,355 | -51,528 |
| Interest on lease liabilities(1) | -10,807 | -7,890 |
| Financing fees and commissions | -11,575 | -7,655 |
| Borrowing costs | -105,737 | -67,073 |
| Exchange gains or losses on financing activities | 7,521 | -8,631 |
| Gains or losses currency hedges | -6,175 | 10,987 |
| Interest on post-employment benefit obligations | -2,738 | -1,475 |
| Other (2) | 1,890 | 4,514 |
| Other financial income and expenses | 498 | 5,395 |
| Total | -105,239 | -61,678 |
(1) See Notes 5.1.3 "Property, plant and equipment" and 5.2.6.7 "Reconciliation of gross and net financial debt".
(2) This item corresponds to the financial impact of hyperinflation in Argentina.
4.8. Income tax
4.8.1. Tax expense recognized in the income statement
The tax expense breaks down as follows:
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| Current taxes on continuing activities | -110,875 | -79,856 |
| Current tax expense / (income) | -98,943 | -78,613 |
| Tax expense / (income) on non-recurring items | -11,932 | -1,243 |
| Deferred taxes on continuing activities | 48,178 | 19,660 |
| Deferred tax income/(expense) on timing differences arising or reversed during the period | 48,569 | 20,508 |
| Expense/(income) resulting from changes in tax rates or the introduction of new taxes | -391 | -848 |
| Tax expense (income) on continuing activities recorded in the consolidated income statement | -62,697 | -60,196 |
4.8.2. "Global minimum taxation" on international tax reform - Pillar 2: progress of the work carried out by the Group
The Group has analyzed the potential consequences of Pillar 2 on its effective tax rate. The conclusion from the calculations carried out is that the additional tax would be insignificant.
At December 31, 2023, in accordance with the provisions of IAS 12, the Group has not recognized any deferred tax in connection with the new tax reform.
4.8.3. Analysis of tax expense - Tax proof
Analysis of the tax expense includes the following:
| 2023 | 2022 | |||
|---|---|---|---|---|
| In thousands of euros | Totals | % (1) | Totals | % (1) |
| Consolidated loss (profit) on continuing activities before tax and share of profit (loss) of associates and joint ventures (A) |
187,157 | 190,832 | ||
| Tax rate applicable in France (B) | 25.82% | 25.82% | ||
| Theoretical tax expense (income ) (C) = (A) x (-B) | -48,324 | -49,273 | ||
| Difference between the theoretical tax expense and the current and deferred tax expense excluding tax assessed on net interim profit on continuing activities (D) |
-14,374 | -7.7% | -10,923 | -5.7% |
| Tax credits | 37,789 | 20.2% | 40,480 | 21.2% |
| Permanent differences between accounting profits and taxable profits | -6,150 | -3.3% | -7,609 | -4.0% |
| Change in unrecognized deferred taxes | -31,632 | -16.9% | -38,533 | -20.2% |
| Impact on deferred tax of a tax rate change | 2,260 | 1.2% | 848 | 0.4% |
| Impact of differences in foreign tax rates | 2,020 | 1.1% | -554 | -0.3% |
| Contribution to Value Added | -1,716 | -0.9% | -520 | -0.3% |
| Other impacts | -16,945 | -9.1% | -5,037 | -2.6% |
| Total current and deferred tax expense (income) on continuing activities (E) = (C) + (D) |
-62,697 | -60,195 | ||
| Effective tax rate (ETR) on continuing activities (E)/(A) | 33.5% | 31.5% |
(1) Percentage expressed in relation to the consolidated profit on continuing activities before tax and share of profit/(loss) of associates and joint ventures (C)
The Group's effective tax rate was 33.5% in 2023 (31.5% for 2022).
In 2023, the tax recognized was an expense of -€63 million for a theoretical tax expense of -€48 million, based on a tax rate of 25.82%.
In 2022, the tax recognized was an expense of -€60 million for a theoretical tax expense of -€49.0 million, based on a tax rate of 25.82%.
In fiscal year 2023 the difference between the tax recognized and the theoretical tax mainly reflects:
- €38 million in specific tax reductions or tax credits mainly in North America, Belgium, Asia and France (€40 million at December 31, 2022);
- -€32 million through the effect of losses or other assets generated in the year but not recognized, net of those previously not capitalized but used or recognized during the year (-€39 million at December 31, 2022);
- -€6 million for permanent differences between accounting profit (loss) and taxable profit (loss) (-€8 million as of December 31, 2022); and
- -€17 million in other differences (-€5 million in other differences at December 31, 2022).
4.9. Net profit (loss) attributable to non-controlling interests
The net profit (loss) attributable to non-controlling interests corresponds to the share of non-controlling interests in the profit (loss) of fully consolidated entities and companies controlled by the Group. It breaks down as follows:
| In thousands of euros | 2023 | 2022 |
|---|---|---|
| HBPO GmbH and its subsidiaries | 1,483 | 10,245 |
| of which HBPO GmbH and its subsidiaries no longer presenting minority interests as of the transaction of December 12, 2022 |
- | 7,407(1) |
| of which HBPO subsidiary "Hicom HBPO Sdn Bhd - shah alam" whose shareholding still includes a minority partner after the operation of December 12, 2022 |
1,483 | 2,838 |
| Beijing Plastic Omnium Inergy Auto Inergy Co. Ltd | 1,002 | 496 |
| Plastic Omnium Auto Inergy Manufacturing India Pvt Ltd | 296 | 337 |
| DSK Plastic Omnium Inergy | -2,363 | -1,135 |
| DSK Plastic Omnium BV | -74 | -46 |
| PO Rein Energy Technology(2) | -425 | - |
| Total attributable to non-controlling interests | -80 | 9,898 |
(1) This was the share of non-controlling interests in the profit (loss) of HBPO entities until December 12, 2022, the date of acquisition by Plastic Omnium from Hella of the final third of the stake.
(2) This item is related to the partner's share in the creation of the fully consolidated "PO Rein Energy Technology" joint venture in China. See Note 2.2.2.1 in the "Other significant events of the period".
4.10. Earnings per share and diluted earnings per share
| Net profit (loss) attributable to owners of the parent | 2023 | 2022 |
|---|---|---|
| Basic earnings per share (in euros) | 1.13 | 1.16 |
| Diluted earnings per share (in euros) | 1.13 | 1.16 |
| Weighted average number of ordinary shares outstanding at end of period | 145,522,153 | 146,587,358 |
| - Treasury stock | -1,591,745 | -1,989,603 |
| Weighted average number of ordinary shares, undiluted | 143,930,408 | 144,597,756 |
| - Impact of dilutive instruments (stock options) | 176,718 | 321,747 |
| Weighted average number of ordinary shares, diluted | 144,107,126 | 144,919,503 |
| Weighted average price of the Plastic Omnium share during the period | ||
| - Weighted average share price | 15.30 | 16.80 |
5. NOTES TO THE BALANCE SHEET
5.1. Assets
5.1.1. Goodwill
| Goodwill In thousands of euros |
Gross Value | Impairment | Net value |
|---|---|---|---|
| Goodwill as of January 1, 2022 | 1,026,872 | - | 1,026,872 |
| Goodwill on "AMLS Osram" acquisition(1) | 8,878 | - | 8,878 |
| Goodwill on "Actia Power" acquisition(2) | 61,869 | - | 61,869 |
| Goodwill on "VLS" acquisition(3) | 218,887 | - | 218,887 |
| Goodwill impairment of DSK Plastic Omnium BV | - | -2,063 | -2,063 |
| Translation differences | 5,142 | - | 5,142 |
| Goodwill at December 31, 2022 restated | 1,321,648 | -2,063 | 1,319,585 |
| Goodwill on Actia Power acquisition (2) | -4,913 | - | -4,913 |
| Goodwill on VLS acquisition (3) | -15,000 | - | -15,000 |
| Translation differences | -2,632 | - | -2,632 |
| Goodwill at December 31, 2023 | 1,299,102 | -2,063 | 1,297,039 |
(1) The Group acquired "AMLS Osram" on July 1, 2022. See Note 2.2.1.2.1 in "Other significant events of the period".
(2) The Group acquired "Actia Power" on August 1, 2022. See Note 2.2.1.3 in "Other significant events of the period".
(3) The Group acquired "VLS" on October 6, 2022. See Note 2.2.1.2.2 in "Other significant events of the period".
Below is the breakdown of goodwill by operating segment:
| GOODWILL BY OPERATING SEGMENT In thousands of euros |
Gross Value | Impairment | Carrying amount |
|---|---|---|---|
| Exterior Systems | 544,340 | - | 544,340 |
| Powertrain | 227,036 | -2,063 | 224,973 |
| Modules | 527,726 | - | 527,726 |
| Value at December 31, 2023 | 1,299,102 | -2,063 | 1,297,039 |
| Exterior Systems | 561,162 | - | 561,162 |
| Powertrain | 232,760 | -2,063 | 230,697 |
| Modules | 527,726 | - | 527,726 |
| Value at December 31, 2022 | 1,321,648 | -2,063 | 1,319,585 |
5.1.2. Other intangible assets
| In thousands of euros | Patents and licenses |
Software | Development assets |
Customer contracts |
Other | Total |
|---|---|---|---|---|---|---|
| Carrying amount at December 31, 2022 restated | 78,678 | 16,407 | 477,485 | 50,608 | 59,175 | 682,353 |
| Capitalized development | - | - | 194,009 | - | - | 194,009 |
| Acquisitions | 7 | 7,512 | 0 | 8 | 43,427 | 50,954 |
| Disposals - net | -53 | -388 | -3,968 | - | -534 | -4,943 |
| Newly-consolidated companies | - | 27 | -1 | - | - | 26 |
| Reclassifications | 5 | 9,382 | 9,967 | - | -16,602 | 2,752 |
| Depreciation and amortization for the period | -8,312 | -11,976 | -159,044 | -14,907 | -57 | -194,296 |
| Impairment and reversals | - | -2 | 1,675 | - | -2,111 | -438 |
| Translation adjustment | 14 | -78 | -9,222 | -491 | -603 | -10,380 |
| Carrying amount at December 31, 2023 | 70,339 | 20,885 | 510,900 | 35,218 | 82,695 | 720,037 |
| In thousands of euros | Patents and licenses |
Software | Development assets |
Customer contracts |
Other | Total |
|---|---|---|---|---|---|---|
| Carrying amount as of January 1, 2022 | 7,471 | 15,081 | 447,500 | 48,425 | 20,299 | 538,777 |
| Capitalized development | - | - | 141,901 | - | - | 141,901 |
| Acquisitions | 1,071 | 2,317 | - | - | 15,667 | 19,055 |
| Disposals - net | - | -24 | -818 | - | -15 | -857 |
| Newly-consolidated companies | 32,777 | 2,256 | 49,486 | 3,333 | 24,500 | 112,352 |
| Reclassifications | - | 6,291 | 682 | - | -5,756 | 1,217 |
| Depreciation and amortization for the period | -3,579 | -9,217 | -153,985 | -16,465 | - | -183,246 |
| Impairments and reversals | -214 | -3 | -198 | - | - | -415 |
| Adjustments to amortization from prior periods | 8,621 | - | - | - | - | 8,621 |
| Translation adjustment | 77 | 61 | 4,919 | -0 | -104 | 4,952 |
| Carrying amount at December 31, 2022 | 46,223 | 16,762 | 489,487 | 35,293 | 54,591 | 642,357 |
| Adjustments on the acquisition of the VLS entities(1) | 32,455 | -355 | -9,885 | 15,315 | 4,584 | 42,114 |
| Adjustments on the acquisition of the ACTIA entities | - | - | -2,118 | - | - | -2,118 |
| Carrying amount as of December 31, 2022 restated |
78,678 | 16,407 | 477,485 | 50,608 | 59,175 | 682,353 |
(1) The Group acquired VLS on October 6, 2022. See Note 2.2.1.2.2.
| In thousands of euros | Patents and licenses |
Software | Development costs |
Customer contracts |
Other | Total |
|---|---|---|---|---|---|---|
| Analysis of carrying amount at January 1, 2023 restated |
||||||
| Gross value | 117,662 | 172,338 | 1,499,121 | 315,278 | 59,180 | 2,163,579 |
| Accumulated depreciation and amortization | -34,511 | -155,560 | -949,637 | -241,269 | - | -1,380,978 |
| Impairment | -4,472 | -370 | -71,999 | -23,401 | -6 | -100,248 |
| Carrying amount as of January 1, 2023 restated | 78,678 | 16,407 | 477,485 | 50,608 | 59,175 | 682,353 |
| Analysis of carrying amount at December 31, 2023 | ||||||
| Gross value | 117,972 | 184,546 | 1,598,671 | 313,756 | 84,821 | 2,299,766 |
| Accumulated depreciation and amortization | -43,253 | -163,315 | -1,019,169 | -255,138 | -1 | -1,480,876 |
| Impairment | -4,380 | -345 | -68,602 | -23,400 | -2,125 | -98,853 |
| Carrying amount at December 31, 2023 | 70,339 | 20,885 | 510,900 | 35,218 | 82,695 | 720,037 |
5.1.3. Property, plant and equipment and Investment property
Property, plant and equipment corresponds to property, plant and equipment owned but also to rights-of-use related to leases of property, plant and equipment following the application of IFRS 16 "Leases".
Impairment tests on assets led to the updating of impairment of property, plant and equipment over the period (see Notes 2.2.3 "Asset impairment tests" and 4.6 "Other operating income and expenses").
As of December 31, 2023, as for December 31, 2022, the Group held in investment property, undeveloped land in the Lyon region.
| In thousands of euros | Land | Buildings | Tech. eq. & tool. |
Property, plant and equipment under construction |
Other property, plant and equipment |
Total |
|---|---|---|---|---|---|---|
| Carrying amount at December 31, 2022 restated: Wholly-owned property, plant and equipment |
89,431 | 548,143 | 563,040 | 196,465 | 181,997 | 1,579,078 |
| Acquisitions | 147 | 9,015 | 39,643 | 245,372 | 26,919 | 321,096 |
| Disposals - net | -10,033 | -42,444 | -12,631 | - | -7,534 | -72,638 |
| Other reclassifications | 10,385 | 43,861 | 72,172 | -158,262 | 74,574 | 42,731 |
| Depreciation for the period | -1,420 | -33,128 | -127,624 | - | -93,360 | -255,529 |
| Impairments and reversals | -2,678 | 3,663 | -1,689 | -1,429 | 860 | -1,274 |
| Translation adjustment | -2,296 | -11,390 | -15,698 | -6,076 | -3,237 | -38,697 |
| Wholly-owned property, plant and equipment: Carrying amount at December 31, 2023 (A) |
83,536 | 517,723 | 517,216 | 276,071 | 180,224 | 1,574,770 |
| Carrying amount at December 31, 2022 restated : Lease right of-use assets |
2,252 | 247,890 | 19,594 | - | 11,218 | 280,954 |
|---|---|---|---|---|---|---|
| Acquisitions | 5,760 | 102,661 | 8,097 | - | 9,463 | 125,981 |
| Disposals - net | - | -34,080 | -559 | - | -566 | -35,205 |
| Depreciation for the period | -445 | -49,871 | -7,495 | - | -7,881 | -65,692 |
| Impairments and reversals | - | -5 | -94 | - | -40 | -139 |
| Other reclassifications | 2,670 | 118 | 283 | - | 67 | 3,138 |
| Translation adjustment | -318 | -3,079 | -247 | - | -12 | -3,656 |
| Lease-right-of-use assets: Carrying amount at December 31, 2023 (B) |
9,919 | 263,634 | 19,579 | - | 12,249 | 305,381 |
| Property, plant and equipment: Carrying amount at December 31, 2023 (C) = (A) + (B) |
93,455 | 781,357 | 536,795 | 276,071 | 192,473 | 1,880,151 |
|---|---|---|---|---|---|---|
| Investment property: Carrying amount at December 31, 2023 (D) | 30 | |||||
| Property, plant, equipment and Investment property: Carrying amount at December 31, 2023 (E) = (C) + (D) |
93,455 | 781,357 | 536,795 | 276,071 | 192,473 | 1,880,181 |
Information on rental expense resulting from uncapitalized leases:
Rental expense on uncapitalized leases amounted to -€18.4 million at December 31, 2023 compared with -€14.6 million at December 31, 2022.
| In thousands of euros | Land | Buildings | Tech. eq. & tool. |
Property, plant and equipment under construction |
Other property, plant and equipment |
Total |
|---|---|---|---|---|---|---|
| Analysis of carrying amount as of January 1 2023 | ||||||
| Gross value | 110,716 | 1,356,539 | 2,264,007 | 202,148 | 836,784 | 4,770,194 |
| Accumulated depreciation | -16,631 | -513,040 | -1,569,590 | - | -619,062 | -2,718,323 |
| Impairment | -2,401 | -47,466 | -111,784 | -5,683 | -24,507 | -191,841 |
| Carrying amount as of January 1, 2023 | 91,684 | 796,033 | 582,633 | 196,465 | 193,215 | 1,860,030 |
| Analysis of carrying amount as of December 31, | ||||||
| 2023 Gross value |
115,098 | 1,392,113 | 2,281,322 | 283,557 | 899,816 | 4,971,906 |
| Accumulated depreciation | -17,556 | -568,730 | -1,633,336 | - | -684,136 | -2,903,758 |
| Impairment | -4,087 | -42,026 | -111,191 | -7,486 | -23,207 | -187,997 |
| Carrying amount as of December 31, 2023 | 93,455 | 781,357 | 536,795 | 276,071 | 192,473 | 1,880,151 |
"Tech. eq. & tool.": technical installations, equipment and tooling
5.1.4. Non-consolidated interests, equity investments in associates and joint ventures and convertible bonds
5.1.4.1. Equity investments in associates and joint ventures
These are equity investments in associates and joint ventures. Details are provided in the following table:
| In thousands of euros | % interest December 31, 2023 |
% interest December 31, 2022 |
December 31, 2023 |
December 31, 2022 restated |
|---|---|---|---|---|
| HBPO - SHB Automotive Modules | 50.00% | 50.00% | 19,149 | 22,412 |
| JV Yanfeng Plastic Omnium and its subsidiaries - joint venture | 49.95% | 49.95% | 180,050 | 193,926 |
| B.P.O. AS - joint venture | 49.98% | 49.98% | 16,263 | 11,887 |
| EKPO Fuel Cell Technologies | 40.00% | 40.00% | 90,498 | 92,022 |
| Total investments in associates and joint ventures | 305,960 | 320,247 |
Investments in these entities include goodwill by segment for the following amounts:
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Goodwill in associates and joint ventures - Exterior Systems segment | 21,297 | 21,977 |
| Goodwill in associates and joint ventures - Modules segment | 2,411 | 2,411 |
| Goodwill in associates and joint ventures - Powertrain segment | 17,396 | 17,396 |
| Total goodwill in associates and joint ventures | 41,104 | 41,783 |
In view of the individual contribution of less than 10% of joint ventures and associates to the Group's main financial indicators, the summary balance sheet and income statement aggregates presented below aggregate:
- the joint venture YFPO and its subsidiaries after elimination of internal transactions;
- the associate SHB Automotive Modules (HBPO);
- the B.P.O. AS joint-venture; and
- the EKPO Fuel Cell Technologies associate and its subsidiary EKPO China.
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Non-current assets | 772,946 | 740,250 |
| Current assets | 1,273,128 | 1,273,272 |
| Cash and cash equivalents | 209,293 | 231,125 |
| Total assets | 2,255,367 | 2,244,647 |
| Shareholders' equity | 592,201 | 597,400 |
| Non-current liabilities | 185,635 | 189,122 |
| Current liabilities | 1,477,531 | 1,458,125 |
| Total equity and liabilities | 2,255,367 | 2,244,647 |
| Revenue | 2,193,404 | 2,124,193 |
5.1.4.2. Non-consolidated interests and convertible bonds
The non-consolidated interests relate to inactive wholly-owned companies; and shares in which the Group's stake does not allow it to exercise at least significant influence (Tactotek OY).
Convertible bonds include the Group's investments in the form of bonds for which the Group has the choice, at the time of settlement, of either repayment or conversion into shares, which is the case for the investment in Verkor.
Details of all these assets are provided in the following table:
| In thousands of euros | December 31, 2023 December 31, 2022 restated |
|
|---|---|---|
| Other non-consolidated equity investments(1) | 2,685 | 334 |
| Total non-consolidated equity investments | 2,685 | 334 |
| Verkor convertible bonds | 21,175 | 20,000 |
| Total convertible bonds | 21,175 | 20,000 |
| Total non-consolidated equity investments and convertible bonds | 23,860 | 20,334 |
(1) The change over the period mainly corresponds to the acquisition of an 8.9% stake in "Greenerwave", which specializes in the development of new materials for the control of radio waves.
5.1.5. Non-current financial assets
The financial assets recognized under this item correspond to long-term investments in equities and funds as well as other assets such as deposits and surety bonds grouped as follows:
5.1.5.1. Long-term investments in equities and funds
- investments in listed companies, funds or equivalents and investments in securities of listed companies, including funds invested in the "Aster", "AP Ventures" and "FAIM" venture capital companies;
- the Group's investments in the "FMEA 2" fund as part of the support of the Automotive Division subcontractors and in shell companies.
| In thousands of euros | December 31, 2023 | December 31, 2022 restated | ||||||
|---|---|---|---|---|---|---|---|---|
| Subscrib ed amounts |
Non called up amounts |
Fair Value Adjustm ents |
Net | Subscrib ed amounts |
Non called up amounts |
Fair Value Adjustm ents |
Net | |
| Financial investments in the "FMEA 2" fund (1) | 4,000 | -3,842 | 158 | 4,000 | -3,820 | 180 | ||
| Financial investments in listed securities(2) | 46,566 | - | 4,768 | 51,334 | 57,686 | - | -11,120 | 46,566 |
| Financial investments in the venture capital "AP Ventures"(3) | 28,127 | -10,689 | 7,998 | 25,436 | 28,127 | -13,139 | 14,988 | |
| Financial investment in the venture capital company "Aster" | 20,000 | -6,423 | 1,022 | 14,599 | 20,000 | -7,050 | 12,950 | |
| Financial investment in the venture capital company "FAIM"(4) | 5,000 | -4,160 | 840 | 5,000 | -4,585 | 415 | ||
| Other | - | - | 153 | - | - | 1,199 | ||
| Long-term investments in equities and funds | 92,520 | 76,298 | ||||||
| Other non-current financial assets and receivables | 13,038 | 12,432 | ||||||
| Non-current financial assets | 105,558 | 88,730 |
- (1) The net value of FMEA 2 at the end of each period corresponds to the fair value of the Group's investments in the fund. Uncalled amounts include distributions of income as well as fair value adjustments.
- (2) The fair value adjustment of listed securities is recorded in non-recyclable items (Statement of Comprehensive Income and reserves in changes in Equity).
- (3) The Group has committed to \$30 million over the life of the fund. At December 31, 2023, total Group investments in AP Ventures, a venture capital fund dedicated to hydrogen, amounts to \$22.0 million versus \$16.0 million at December 31, 2022. The fair value adjustment is recognized in "Other income and expenses" in Note 4.5.
- (4) The Group has committed to €5 million.
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|
|---|---|---|---|
| Raw materials and supplies | |||
| At cost (gross) | 314,226 | 349,841 | |
| Net realizable value | 273,689 | 301,685 | |
| Molds, tooling and engineering | |||
| At cost (gross) | 496,648 | 353,217 | |
| Net realizable value | 481,571 | 347,609 | |
| Maintenance inventories | |||
| At cost (gross) | 95,976 | 90,926 | |
| Net realizable value | 76,597 | 72,400 | |
| Goods | |||
| At cost (gross) | 4,192 | 4,650 | |
| Net realizable value | 3,418 | 564 | |
| Semi-finished products | |||
| At cost (gross) | 73,881 | 73,775 | |
| Net realizable value | 69,638 | 70,050 | |
| Finished products | |||
| At cost (gross) | 54,859 | 64,280 | |
| Net realizable value | 50,867 | 58,241 | |
| Total net | 955,780 | 850,549 |
5.1.6. Inventories and inventories in progress
5.1.7. Trade and other receivables
5.1.7.1. Sale of receivables
Compagnie Plastic Omnium SE and some of its European and United States subsidiaries have set up several sales of receivables programs with French financial institutions.
These non-recourse programs transfer substantially all the risks and rewards of ownership to the buyer of the sold receivables.
Receivables sold under these programs totaled €499,5 million at December 31, 2023 versus €393 million at December 31, 2022.
5.1.7.2. Trade receivables – Gross values, impairment and carrying amounts
| In thousands of euros | December 31, 2023 | December 31, 2022 restated | ||||||
|---|---|---|---|---|---|---|---|---|
| Gross value |
Impairment | % | Carrying amount |
Gross value |
Impairment | % | Carrying amount |
|
| Trade receivables | 1,038,684 | -24,907 -2.4% 1,013,778 | 1,033,467 | -28,572 -2.8% 1,004,894 |
The Group has not identified any significant non-provisioned customer risk over the two periods.
The late payment of trade receivables is presented in Note 6.3.1 "Customer risk".
5.1.7.3. Other receivables
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
||
|---|---|---|---|---|
| Sundry receivables | 115,465 | 162,734 | ||
| Prepayments to suppliers of tooling and prepaid development costs | 60,214 | 22,677 | ||
| Income tax receivables | 50,419 | 81,667 | ||
| Other tax receivables | 196,249 | 201,622 | ||
| Employee advances | 6,678 | 4,915 | ||
| Prepayments to suppliers of non-current assets | 5,678 | 7,064 | ||
| Other receivables | 434,703 | 480,679 |
5.1.7.4. Trade and other receivables by currency
| In thousands of currency units | December 31, 2023 | December 31, 2022 restated | |||||
|---|---|---|---|---|---|---|---|
| Local currency |
Euro | % | Local currency |
Euro | % | ||
| EUR USD CNY GBP Other |
Euro US dollar Chinese yuan Pound sterling Other currencies |
679,358 439,600 914,337 3,914 |
679,358 397,828 116,463 4,504 250,328 |
47% 27% 8% 0% 17% |
698,842 474,783 934,522 45,936 |
698,842 445,137 127,004 51,792 162,798 |
47% 30% 9% 3% 12% |
| Total | 1,448,481 | 100% | 1,485,573 | 100% | |||
| Of which: ● Trade receivables ● Other receivables |
1,013,778 434,703 |
70% 30% |
1,004,894 480,679 |
68% 32% |
5.1.8. Deferred taxes
As noted in Note 1.9 of the accounting rules and principles, deferred tax assets on tax loss carryforwards, temporary differences and tax credits are assessed according to their probability of future use. For this purpose, estimates were made as part of the closing of the accounts and led to the recognition of assets based on probable use within a relatively short period of time, reflecting a prudent approach given the current economic environment.
Deferred taxes break down as follows:
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Intangible assets | 98,118 | 77,014 |
| Property, plant and equipment | -31,583 | -23,593 |
| Employee benefit obligations | 21,464 | 18,685 |
| Provisions | 69,460 | 72,654 |
| Financial instruments | -1,103 | -2,572 |
| Tax loss carryforwards and tax credits | 389,079 | 335,608 |
| Other | 57,062 | 55,027 |
| Impairment of deferred tax assets | -458,514 | -435,880 |
| Total | 143,983 | 96,943 |
| Of which: | ||
| Deferred tax assets | 166,648 | 145,025 |
| Deferred tax liabilities | 22,665 | 48,082 |
Unrecognized tax assets in respect of tax losses amount to €290 million at December 31, 2023 against €234 million (amount restated following adjustments to the opening balance sheets of acquired entities in 2022) at December 31, 2022 and have the following characteristics:
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Indefinite tax loss carryforwards | 263,462 | 186,568 |
| Tax loss carryforwards available for more than 5 years | 1,888 | 13,192 |
| Tax loss carryforwards available for up to 5 years | 9,387 | 22,798 |
| Tax loss carryforwards available for up to 4 years | 6,552 | 6,476 |
| Tax loss carryforwards available for up to 3 years | 4,887 | 3,430 |
| Tax loss carryforwards available for less than 3 years | 4,272 | 1,790 |
| Total | 290,448 | 234,254 |
The change over the fiscal year is mainly due to changes in Germany and the United States.
5.1.9. Cash and cash equivalents
5.1.9.1 Gross cash and cash equivalents
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Cash at banks and in hand | 613,104 | 505,142 |
| Short-term deposits - Cash equivalents | 24,336 | 70,484 |
| Total cash and cash equivalents on the assets side of the balance sheet | 637,440 | 575,625 |
Cash and cash equivalents break down as follows:
| In thousands of euros | December 31, 2023 |
December 31, 2022 restated |
|---|---|---|
| Cash and cash equivalents of the Group's captive reinsurance company | 17,810 | 15,883 |
| Cash and cash equivalents in countries with exchange controls and/or restrictions on currency transfers(1) |
144,330 | 149,718 |
| Available cash | 475,300 | 410,024 |
| Total cash and cash equivalents on the assets side of the balance sheet | 637,440 | 575,625 |
(1) These available funds are located either (i) in countries, where setting up loans or financial current accounts is difficult; in this case, funds are repatriated, in particular on the occasion of the payment of dividends; or (ii) in countries where the cash cannot be centralized due to the regulations in force. In the first half of 2023, Thailand was added to the list of countries in this category compared with December 31, 2022, which included Brazil, China, India, Argentina, Turkey, Russia, South Korea, Malaysia and Indonesia.
5.1.9.2. Net cash and cash equivalents at end of period
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Cash | 613,104 | 505,142 |
| Cash equivalents | 24,336 | 70,484 |
| Short-term bank loans and overdrafts | -3,429 | -15,022 |
| Net cash and cash equivalents in the Statement of Cash-Flows | 634,012 | 560,603 |
5.1.10. Statement of cash-flows – Acquisitions and disposals of financial assets, non-controlling interests and related investments and non-consolidated equity interests
5.1.10.1 Acquisitions of equity investments, non-controlling interests and related investments
The amount of +€11.8 million in "Acquisitions of equity investments in subsidiaries, investments leading to a change in control, investments in associates and joint ventures, and related investments" is mainly explained as follows:
At December 31, 2023:
a - Acquisitions of equity investments in subsidiaries, investments leading to a change in control, investments in associates and joint ventures, and related investments
For +€14.1 million, details of which are given below:
- +€7.5 million corresponding to the receipt of the acquisition price reduction of "AMLS Osram" (the agreement for which had already been concluded at December 31, 2022); See Note 2.2.1.2.1 "AMLS Osram" under "Other significant events of the period".
- +€4.9 million corresponding to the receipt of the acquisition price reduction of "Actia Power" obtained in the first half of 2023; See Note 2.2.1.3 "Actia Power" under " Other significant events of the period ".
- +€15.0 million corresponding to payment of the reduction in the acquisition price of "VLS" received on July 17, 2023; See Note 2.2.1.2.2 in "Varroc Lighting Systems - VLS" in "Other significant events of the period".
- -€20.0 million disbursed in the first half of 2023 in accordance with the schedule agreed when acquiring a 40% stake in "EKPO Fuel Cell Technologies". As of December 31, 2023, the outstanding balance amounted to €20 million.
- -€6.0 million related to the subscription over the period to the capital increase of "EKPO Fuel Cell Technologies", consolidated by the equity method, in the amount of the Group's stake, i.e. 40 %.
- +€13.1 million corresponding to contribution to the investment alongside the partner Rein in the creation of the joint venture "PO Rein Energy Technologies". See Note 2.2.2.1 in the « Other significant events of the period ».
b – Non-controlling interests
• -€2.3 million corresponding to the equity investment in "Greenerwave" (8.9%), which specializes in the development of new materials for the control of radio waves. See Note 5.1.4.2. "Non-consolidated investments and convertible bonds".
At December 31, 2022:
Please refer to the previous fiscal year Consolidated Financial Statements for details of significant events.
5.1.11 Impact of dividends paid in the Statement of cash-flows
5.1.11.1 Impacts in the Statement of cash-flows of dividends paid by the Compagnie Plastic Omnium Group
In 2023, the dividend paid by Compagnie Plastic Omnium SE to shareholders other than Burelle SA amounted to €21,101 thousand (compared to €16,136 thousand in 2022), bringing the total amount of the dividend thus paid by Compagnie Plastic Omnium SE to €56,157 thousand (compared to €40,586 thousand in 2022).
See the corresponding amount in the Statement of changes in equity and in Note 5.2.2 "Dividends approved and paid by Compagnie Plastic Omnium SE".
5.1.11.2 Impacts in the Statement of cash-flows of dividends paid by other Group companies
As of December 31, 2023, the amount of dividends of the other Group companies, voted and approved, amounted to €4,261 thousand compared to €10,945 thousand at December 31, 2022 in the Statement of cash-flows.
The amount of dividends of the other Group companies amounted to €4,249 thousand at December 31, 2023 in the Statement of changes in equity. The difference with the amount in the Statement of cash flows is due to the exchange rate.
No dividends approved in favor of non-controlling interests of a Group subsidiary are pending payment at the end of the period.
5.2. Liabilities and Shareholders' Equity
5.2.1. Group shareholders' equity
5.2.1.1 Share capital of Compagnie Plastic Omnium SE
| In euros | December 31, 2023 | December, 31, 2022 restated |
|---|---|---|
| Share capital at January 1 of the period | 8,731,329 | 8,827,329 |
| Capital reduction during the period | - | -96,000 |
| Share capital at end of period, made up of ordinary shares with a par value of €0.06 each over the two periods |
8,731,329 | 8,731,329 |
| Treasury stock | 96,380 | 92,993 |
| Total share capital net of treasury stock | 8,634,950 | 8,638,337 |
Shares registered on behalf of the same holder for at least two years have double voting rights.
Capital structure at December 31, 2023 and at December 31, 2022
At December 31, 2023, and at December 31, 2022, Compagnie Plastic Omnium's share capital was made up of shares with a par value of €0.06, bringing the Company's share capital to €8,731,329.18. Compagnie Plastic Omnium holds 1,606,330 treasury shares, representing 1.10% of the share capital, compared with 1,549,878 shares, representing 1.07% of the share capital at December 31, 2022.
5.2.1.2 Voting rights of the main shareholder Burelle SA in Compagnie Plastic Omnium SE
The voting rights of the main shareholder Burelle SA over the reference periods are presented below:
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Voting rights of Burelle SA before elimination of treasury shares | 73.86% | 73.78% |
5.2.1.3 Note to the Statement of Other Comprehensive Income – Net profit (loss) of the period attributable to owners of the parent Compagnie Plastic Omnium SE
Net profit (loss) of the period:
Net profit (loss) of the period attributable to owners of the parent amounted to:
- €98,982 thousand at December 31, 2023;
- €101,654 thousand at December 31, 2022.
Net other comprehensive income of the period:
Net other comprehensive income of the period attributable to owners of the parent amounted to:
- €69,762 thousand at December 31, 2023;
- €121,508 thousand at December 31, 2022.
5.2.1.4 Breakdown of "Other reserves" in the Consolidated Statement of Changes in Equity
| In thousands of euros | Actuarial gains/(losses) relating to defined-benefit plans |
Cash-flow hedges – interest rate instruments |
Cash-flow hedges – currency instruments |
Fair value adjustments |
Retained earnings and other reserves |
Attributable to owners of the parent |
|---|---|---|---|---|---|---|
| At January 1, 2022 | -53,189 | -1,196 | -290 | 37,395 | 1,927,175 | 1,909,895 |
| Movements in 2022 | 23,334 | 193 | 482 | -11,120 | -163,729 | -150,840 |
| At December 31, 2022 restated | -29,855 | -1,003 | 192 | 26,275 | 1,763,451 | 1,759,060 |
| Movements in 2023 | -1,086 | 196 | -84 | 4,768 | 109,014 | 112,808 |
| At December 31, 2023 | -30,941 | -807 | 108 | 31,043 | 1,872,465 | 1,871,868 |
5.2.1.5 Breakdown of "Changes in the scope of consolidation and reserves" in the "Consolidated Statement of Changes in Equity"
Regarding the change of the period, see note 2.2.2.1 "Creation of the joint-venture "PO Rein Energy Technology" in China between Plastic Omnium and its partner Rein" in the significant events of the period.
| Shareholders' equity | ||||
|---|---|---|---|---|
| In thousands of euros | Attributable to owners of the parent |
Attributable to non-controlling interests |
Total shareholders' equity |
|
| Acquisition of the final third of HBPO: | ||||
| Acquisition from Hella of the final third of HBPO GmbH | -243,124 | -38,544 | -281,667 | |
| Increase by integration of the Hella partner's stake in SHB Automobile Modules Co Ltd, consolidated by the equity method |
6,270 | - | 6,270 | |
| Changes in the scope of consolidation at December 31, 2022 restated | -236,854 | -38,544 | -275,398 | |
| Creation of "PO Rein Energy Technology"(1) | - | 13,030 | 13,030 | |
| Changes in the scope of consolidation at December 31, 2023 | - | 13,030 | 13,030 |
(1) This item is related to the partner's share in the creation of the fully consolidated "PO Rein Energy Technology" joint venture in China. See Note 2.2.2.1 in the "Other significant events of the period".
5.2.2. Dividends approved and paid by Compagnie Plastic Omnium SE
| Amounts in thousands of euros Dividends per share in euros |
December 31, 2023 | December 31, 2022 restated | |||
|---|---|---|---|---|---|
| Number of shares in units | Number of shares in 2022 |
Dividend | Number of shares Dividend in 2021 |
||
| Dividends per share (in euros) | (1) 0.39 |
(1) 0.28 |
|||
| Total number of shares outstanding on the dividend payment date | 145,522,153 | (2) 147,122,153 |
|||
| Total number of shares outstanding at the end of the previous year | 145,522,153 | 147,122,153 | |||
| Total number of shares held in treasury on the dividend payment date | 1,530,663 | 2,172,481 | |||
| Total number of shares held in treasury at year-end (for information) | 1,549,878 | 2,061,413 | |||
| Dividends on ordinary shares | 56,754 | 41,194 | |||
| Dividends on treasury stock (unpaid) | (2) -597 |
-608 | |||
| Total net dividends | 56,157 | 40,586 |
(1) In fiscal year 2023, Compagnie Plastic Omnium paid a dividend of €0.39 per share based on the fiscal year 2022 net profit, versus €0.28 per share at December 31, 2022 based on the fiscal year 2021 net profit.
(2) At December 31, 2023: 1,549,878 treasury shares were taken into account at December 31, 2022 to determine the provisional total dividend. The number of treasury shares at the time of the dividend's payment in 2023 amounted to 1,530,663 shares, decreasing the dividends attached to these shares from €604 thousand to €597 thousand.
At December 31, 2022: 2,061,413 treasury shares were taken into account at December 31, 2021 to determine the provisional total dividend. The number of treasury shares at the time of the dividend's payment in 2022 amounted to 2,172,481 shares, increasing the dividends attached to these shares from €577 thousand to €608 thousand.
Distribution of a dividend of €0.39 per share in respect of 2023 (total amount of €56,754 thousand corresponding to 145,522,153 outstanding shares before subtracting treasury shares at December 31, 2023) will be proposed to the Combined Shareholders' Meeting on April 24, 2024.
5.2.3. Share-based payments
Stock options plan:
2022 and 2023: no new stock option plans were introduced in the 2022 and 2023 fiscal years. The last stock option plan still outstanding is the March 10, 2017 plan.
Free Share Award Plans:
Plan of May 2, 2019:
A performance share grant (valued using IFRS 2 accounting principles) was awarded by the Board of Directors of February 19, 2019 to employees and executive corporate officers of Compagnie Plastic Omnium, related companies, or groups linked to Compagnie Plastic Omnium, subject to performance conditions and with a four-year vesting period.
Plan of December 11, 2020:
A performance share grant was awarded by the Board of Directors of December 11, 2020, with retroactive effect from April 30, 2020, to employees and executive corporate officers of Compagnie Plastic Omnium, related companies, or groups linked to Compagnie Plastic Omnium, subject to performance conditions and with a four-year vesting period ending on April 30, 2024.
Plan of April 23, 2021:
A performance share grant was awarded by the Board of Directors of February 17, 2021, to executive corporate officers of Compagnie Plastic Omnium (two beneficiaries), with a four-year vesting period ending on April 23, 2025.
Plan of April 22, 2022:
A performance share grant was awarded by the Board of Directors of February 17, 2022, to executive corporate officers of Compagnie Plastic Omnium (two beneficiaries), with a three-year vesting period ending on April 21, 2025.
Plan of April 27, 2023:
A performance share grant was awarded by the Board of Directors of February 21, 2023, to executive corporate officers of Compagnie Plastic Omnium (two beneficiaries), with a vesting period between April 27, 2023 and the day following the 2026 Shareholders' Meeting.
The main assumptions used for the valuation of the plans using the principles of IFRS 2 are provided in the following table:
| Valuation of April 27, 2023 plan | Valuation of the number of shares awarded and valuation on April 27, 2023 |
|||
|---|---|---|---|---|
| In euros In units for the number of shares |
Initial | Renunciations during the first half of 2023 |
Final positions | |
| Number of shares allocated to the performance share plan | 92,025 shares | 0 share | 92,025 shares | |
| Market conditions | Not subject to market conditions | |||
| Plastic Omnium share price at the performance plan award date | €15.82 | |||
| Average value of one share | €14.00 | |||
| Number of shares to be awarded after application of an employee turnover rate | 92,025 | |||
| Estimated overall cost of the plan on the award date - (Accounting expense with adjustment to reserves) |
€1,288,350 |
The overall cost of the plan in the table above, is amortized on a straight-line basis over the three-year vesting period, of which €293 thousand at December 31, 2023 (for an annual expense of €429 thousand).
This plan is subject to a 20% social security contribution for the employer, as a French subsidiary and is due the month following the date of vesting by the beneficiary in 2026. It is the subject to a provision for expenses, calculated on the nominal value of the shares according to the market price at the award date, spread over the term of the plan, i.e. three years. As of December 31, 2023, the provision for expenses in this regard, amounted to €313 thousand.
The 2023 Long-term Incentive Plan for permanent members of the Executive Committee and non-corporate officers:
The Group set up a Long-term Incentive Plan for the permanent members of the Executive Committee over the period. The terms are similar to the plan set up in 2022: 30% of the beneficiary's fixed annual base salary on the grant date.
The dates associated with the 2023 plan are:
- grant date: April 27, 2023
- vesting date: the day following the 2026 General Meeting of Shareholders
The estimated total expense amounts to €1,037 thousand. It is amortized on a straight-line basis over the three-year vesting period, of which €212 thousand at December 31, 2023 (for an annual expense of €346 thousand).
It is subject to a 50% social security contribution for the employer, a French subsidiary, due the month following the date of vesting by the beneficiary in 2026. As of December 30, 2023, the provision for expenses recognized in this regard, amounted to €106 thousand.
Outstanding options at the end of the fiscal year and option plan expense for the period
The vesting period of the various plans is between three and four years.
| Outstanding options Stock options In euros |
Options | Revaluati | Increases | Decreases | Cost for the period |
Options outstanding at December 31, 2023 |
||
|---|---|---|---|---|---|---|---|---|
| In units for the number of options | outstanding at January 1, 2023 |
ons/adjust ments |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
Total | Of which, options exercisable at December 31, 2023 |
|
| March 10, 2017 plan | ||||||||
| Number of options | 281,500 | -13,500 | 268,000 | None | ||||
| Share price at the grant date | 33.71 | 33.71 | ||||||
| Exercise price | 32.84 | 32.84 | ||||||
| Term | 7 years | 7 years | ||||||
| Unrecognized cost at period-end | - | - | ||||||
| Remaining life | 1.2 year | 0.2 year |
| Outstanding options Performance share plan In euros |
Options outstanding at January 1, 2023 |
Revaluation | Increases | Decreases | Cost for the | December 31, 2023 | Options outstanding at | |||
|---|---|---|---|---|---|---|---|---|---|---|
| In units for the number of options | s/adjustmen ts |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
period | Total | Of which, options exercisable at December 31, 2023 |
|||
| May 2, 2019 plan | ||||||||||
| Number of shares allocated to the plan |
286,386 | -93,036 | -193,350 | - | None | |||||
| Number of shares after application of the real abandons for the valuation of the fiscal year expenses '(1) |
173,240 | 20,110 | -193,350 | - | ||||||
| Share price at the grant date | 26.65 | - | ||||||||
| Average share value | 23 | - | ||||||||
| Term | 4 years | 4 years | ||||||||
| Unrecognized cost at period-end | 332,043 | 462,530 | -794,573 | - | ||||||
| Remaining life | 0.3 year | - |
(1) Used to determine "Diluted earnings per share".
| Outstanding options Performance share plan In euros |
Options outstanding at January 1, 2023 |
Revaluatio | Increases | Decreases | Cost for the | Options outstanding at December 31, 2023 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| In units for the number of options | ns/adjust ments |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
period | Total | Of which, options exercisable at December 31, 2023 |
|||
| December 11, 2020 plan | ||||||||||
| Number of shares | 228,373 | 228,373 | None | |||||||
| Number of shares after application of the headcount turnover rate (22%) applied to the Plan concerning the employees '(1) |
188,113 | -85,926 | -12,000 | 90,187 | ||||||
| Share price at the grant date | 17.36 | 17.36 | ||||||||
| Average share value | 15 | 15.00 | ||||||||
| Term | 4 years | 4 years | ||||||||
| Unrecognized cost at period-end | 940,564 | -1,470,441 | 641,065 | 111,188 | ||||||
| Remaining life | 1.3 years | 0.3 year |
(2) Used to determine "Diluted earnings per share".
| Outstanding options Performance share plan In euros |
Options outstanding at January 1, 2023 |
Revaluatio | Increases | Decreases | Cost for the | December 31, 2023 | Options outstanding at | |||
|---|---|---|---|---|---|---|---|---|---|---|
| In units for the number of options | ns/adjust ments |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
period | Total | Of which, options exercisable at December 31, 2023 |
|||
| April 23, 2021 plan | ||||||||||
| Number of shares | 45,947 | 45,947 | None | |||||||
| Number of shares after application of the headcount turnover rate (22%) applied to the Plan concerning the employees '(1) |
45,947 | -22,973 | 22,974 | |||||||
| Share price at the grant date | 29.88 | 29.88 | ||||||||
| Average share value | 27.92 | 27.92 | ||||||||
| Term | 4 years | 0 | 4 years | |||||||
| Unrecognized cost at period-end | 741950 | -643,258 | 111,765 | 210,457 | ||||||
| Remaining life | 2.3 years | 0 | 1.3 year |
(1) Used to determine "Diluted earnings per share".
| Outstanding options Performance share plan In euros |
Options outstanding at January 1, 2023 |
Revaluatio | Increases | Decreases | Cost for the | Options outstanding at December 31, 2023 |
|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| In units for the number of options | ns/adjust ments |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
period | Total | Of which, options exercisable at December 31, 2023 |
||||
| April 22, 2022 plan | |||||||||||
| Number of shares | 95,602 | 95,602 | None | ||||||||
| Number of shares after application of the headcount turnover rate (22%) applied to the Plan concerning the employees '(1) |
95,602 | 95,602 | |||||||||
| Share price at the grant date | 15.58 | 15.58 | |||||||||
| Average share value | 14 | 14.00 | |||||||||
| Term | 3 years | 3 years | |||||||||
| Unrecognized cost at period-end | 1027962 | -446,143 | 581,819 | ||||||||
| Remaining life | 2,3 years | 1.3 year |
(1) Used to determine "Diluted earnings per share".
| Outstanding options Performance share plan In euros |
Options outstanding at January 1, 2023 |
Increases Revaluatio |
Decreases | Cost for the | Options outstanding at December 31, 2023 |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| In units for the number of options | ns/adjust ments |
Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
period | Total | Of which, options exercisable at December 31, 2023 |
|||
| April 27, 2023 plan | ||||||||||
| Number of shares | 92,025 | 92,025 | None | |||||||
| Number of shares after application of the headcount turnover rate (22%) applied to the Plan concerning the employees '(1) |
92,025 | 92,025 | ||||||||
| Share price at the grant date | 15.82 | 15.82 | ||||||||
| Average share value | 14.00 | 14.00 | ||||||||
| Term | 3 years | 3 years | ||||||||
| Unrecognized cost at period-end | 1,288,350 | -292,967 | 995,383 | |||||||
| Remaining life | 3 years | 2.3 years | ||||||||
| Total expense for the fiscal year | -780,853 euros |
(1) Used to determine "Diluted earnings per share".
A summary of the items related to the 2023 Long Term Incentive Plan for permanent members of the Executive Committee and non-Corporate Officers is provided below. This is a provision for charges:
| Long term Incentive Plan Non-Corporate Officers of the Executive Committee In euros |
Options outstanding at January 1, |
Revaluatio ns/adjust ments |
Increases | Decreases | Options outstanding at Cost for the period December 31, 2023 |
|||
|---|---|---|---|---|---|---|---|---|
| In units for the number of options | 2023 | Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
Total | Of which, options exercisable at December 31, 2023 |
||
| May 18, 2022 plan | ||||||||
| Share price at the grant date | 15.98 | 15.98 | ||||||
| Average share value | 15.31 | 15.31 | ||||||
| Term | 3 years | 0 | 3 years | |||||
| Unrecognized provision for expense at period-end |
884863 | -258,416 | -232,273 | 394,174 | ||||
| Remaining life | 2.4 years | 0 | 1.4 year |
| Long term Incentive Plan Non-Corporate Officers of the Executive Committee In euros |
Options outstanding at January 1, |
Revaluatio ns/adjust ments |
Increases | Decreases | Cost for the period |
Options outstanding at December 31, 2023 |
||
|---|---|---|---|---|---|---|---|---|
| In units for the number of options | 2023 | Options granted during the fiscal year |
Options forfeited during the fiscal year |
Options exercised during the fiscal year |
Total | Of which, options exercisable at December 31, 2023 |
||
| April 27, 2023 plan | ||||||||
| Share price at the grant date | 15.82 | 15.82 | ||||||
| Average share value | 16.40 | 16.40 | ||||||
| Term | 3 years | 3 years | ||||||
| Unrecognized provision for expense at period-end |
1,036,627 | -211,826 | 824,801 | |||||
| Remaining life | 3 years | 2.3 years | ||||||
| Total Provision for expense of the fiscal year |
-444,099 euros |
5.2.4. Provisions
| In thousands of euros | December 31, 2022 restated |
Allocations | Utilizations | Releases of surplus provisions |
Reclassifi - cations |
Actuarial gains/(losse s) |
Changes in scope of consolidation (derecognition ) |
Translati on adjustme nt |
December 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Customer warranties | 48,455 | 18,487 | -19,892 | -4,448 | 6,836 | - | - | -578 | 48,860 |
| Reorganization plans(1) | 16,533 | 16,582 | -7,687 | -366 | -4,867 | - | - | -112 | 20,083 |
| Provisions for taxes and tax risks | 17,396 | 705 | -525 | - | -149 | - | - | 32 | 17,459 |
| Contract risks | 57,409 | 6,918 | -22,775 | -1,195 | -71 | - | - | -21 | 40,265 |
| Provisions for claims and litigation | 9,112 | 324 | -1,204 | -227 | -315 | - | - | 39 | 7,729 |
| Other | 19,960 | 7,862 | -10,535 | -629 | -1,434 | - | - | -62 | 15,163 |
| Provisions | 168,867 | 50,878 | -62,618 | -6,865 | - | - | - | -702 | 149,561 |
| Provisions for pensions and other post employment benefits |
70,189 | 13,012 | -8,438 (2) | - | -15 | 1,906 | - | -1,240 | 75,413 |
| TOTAL | 239,056 | 63,890 | -71,056 | -6,865 | -15 | 1,906 | - | -1,942 | 224,974 |
(1) Provisions for reorganization (utilizations as well as allocations during the period) mainly concerned restructurings in the "Exterior Systems" and "Powertrain" segments in Germany and in Belgium.
(2) The change in the provision over the period is explained by the decrease in the discount rates in the two main regions i.e. Europe (down from 3.75% to 3.20%) and the United States (down from 5.02% to 4.82%).
5.2.5. Provisions for pensions and other post-employment benefits
Provisions for pensions:
Provisions for pensions mainly concern:
- end of career benefits;
- supplementary pension plans; and
- healthcare coverage plans.
2023 Fiscal year:
The increase in the technical rate used for the valuation of the commitments relating to the French pension plans as well as the impact of the pension reform in France, were taken into account over the period without significant impact.
Plans for the payment of healthcare costs mainly concern the North America region (United States).
Other long-term employee benefits:
Other long-term employee benefits cover long-service awards and other service awards within the Group.
Post-employment benefit plans are subject to the regulations applicable in each country. The benefits recognized in the financial statements are therefore not a function of the number of employees by region.
The regions identified and presented are those for which the regulations are consistent, allowing data to be aggregated. Where no such aggregation is possible, no reference actuarial rate is given, as a mismatch in the parameters does not enable an average to be calculated. Similarly, sensitivity tests are carried out on significant, homogeneous data and by region.
5.2.5.1 Actuarial Assumptions
The decrease in discount rates in 2023 led the Group to revalue its employee-related commitments for the Euro zone and the United States. The rates used at December 31, 2023 compared to those of last fiscal year are as follows:
| December 31, 2023 | December 31, 2022 | ||||
|---|---|---|---|---|---|
| France | United States | France | United States | ||
| Changes in interest rates | 3.20% | 4.82% | 3.75% | 5.02% |
The main significant actuarial assumptions used to value post-retirement and long-term benefits are the following:
| December 31, 2023 | December 31, 2022 | |||
|---|---|---|---|---|
| France | United States |
France | United States |
|
| Managers and non managers |
Managers and non managers |
|||
| Minimum age for receiving a full pension | 60-62 years | 65 years | 60-62 years | 65 years |
| Age from which no reduction applies | 65-67 years | 65-67 years | ||
| Annual discount rate – post-employment benefits | 3.20% | 4.82% | 3.75% | 5.02% |
| Annual discount rate – long-service awards | 3.00% | 3.55% | ||
| Inflation rate(1) | 2.25% | 2.25% | ||
| Rate of future salary increases | M = 2.25% to 5.25% NM= 2.25% to 3.25% |
3.50% | C=2.25% to 5.25% NC=2.25% to 3.25% |
3.50% |
| Rate of increase in healthcare costs | ||||
| For those under 65 years old | 7.00% | 7.00% | ||
| For those over 65 years old | 4.50% | 4.75% | ||
| Expected long-term rate of return on pension plan assets | 3.20% | 4.82% | 3.75% | 5.02% |
(1) For the United States region, the inflation rate is not a variable in the assessment of the obligation.
Annual discount rate of post-employment benefits:
The Group uses, as a reference, the rate of bonds issued by good quality (AA) commercial and industrial companies and with maturity equal to the length of the commitment being valued.
Average rate of future salary increases:
The average rates of future salary increases are weighted between "managers" and "non-managers" and the age of employees.
Expected long-term rate of return on pension plan assets:
These rates are based on long-term market forecasts and take account of each plan's asset allocation.
5.2.5.2. Changes in balance sheet commitments and benefit costs corresponding to defined-benefit plans
The balance sheet amounts for these benefits are as follows:
| Post-employment benefit plans |
Other long-term benefits | Total | ||||
|---|---|---|---|---|---|---|
| In thousands of euros | December 31, 2023 |
December 31, 2022 restated |
December 31, 2023 |
December 31, 2022 restated |
December 31, 2023 |
December 31, 2022 restated |
| Projected benefit obligation at January 1 | 168,548 | 177,713 | 5,697 | 3,746 | 174,245 | 181,459 |
| Service cost | 9,966 | 9,729 | 417 | 355 | 10,382 | 10,084 |
| Interest cost | 7,162 | 3,694 | 305 | 32 | 7,467 | 3,726 |
| Curtailments, settlements and other | - | -5 | - | - | - | -5 |
| Actuarial gains and losses | 9,024 | -48,929 | 529 | -563 | 9,553 | -49,492 |
| Of which, experience adjustments | 1,970 | 1,155 | 508 | 191 | 2,478 | 1,346 |
| Benefits paid from plan assets | -8,731 | -2,177 | - | - | -8,731 | -2,177 |
| Benefits paid by the Company | -4,822 | -2,888 | -481 | -303 | -5,303 | -3,191 |
| Change in scope | - | 26,119 | - | 2,388 | - | 28,507 |
| Reclassifications | 584 | - | -71 | - | 513 | - |
| Translation adjustment | -3,334 | 5,292 | -43 | 42 | -3,377 | 5,334 |
| Projected benefit obligation at December 31 | 178,396 | 168,548 | 6,352 | 5,697 | 184,748 | 174,245 |
| Change in projected benefit obligation | 9,848 | -9,165 | 655 | 1,951 | 10,503 | -7,214 |
| Fair value of plan assets at January 1 | 104,056 | 94,907 | - | - | 104,056 | 94,907 |
| Return on plan assets | 4,729 | 2,251 | - | - | 4,729 | 2,251 |
| Employee and employer contributions | 3,973 | 2,990 | - | - | 3,973 | 2,990 |
| Actuarial gains and losses | 7,119 | -17,729 | - | - | 7,119 | -17,729 |
| Benefit payments funded by plan assets | -8,932 | -2,015 | - | - | -8,932 | -2,015 |
| Change in scope | - | 19,302 | - | - | - | 19,302 |
| Reclassifications | 528 | - | - | - | 528 | - |
| Translation adjustment | -2,137 | 4,350 | - | - | -2,137 | 4,350 |
| Fair value of plan assets at December 31 | 109,335 | 104,056 | - | - | 109,335 | 104,056 |
| Change in fair value of plan assets | 5,279 | 9,149 | - | - | 5,279 | 9,149 |
| Excess of projected benefit obligation over plan assets = net | 69,061 | 64,492 | 6,352 | 5,697 | 75,413 | 70,189 |
| provision recorded in the balance sheet - of which France |
44,296 | 37,540 | 2,403 | 2,349 | 46,699 | 39,889 |
| - of which Europe excluding France | 4,130 | 1,958 | 2,719 | 2,222 | 6,849 | 4,180 |
| - of which United States | 1,412 | 6,798 | 1,082 | 1,096 | 2,494 | 7,894 |
| - of which other regions | 19,223 | 18,196 | 148 | 30 | 19,371 | 18,226 |
(1) See Notes 1.1 "Accounting standards applied", 1.4.2 "Provisions for pensions and similar" and 5.2.4 "Provisions".
The actuarial debt, partially covered by financial assets, amounted to €125,999 thousand at December 31, 2023, including €18,269 thousand for French plans and €63,777 thousand for the United States. At December 31, 2022, it amounted to €120,777 thousand, including €17,199 thousand for France and €63,548 thousand for the United States.
Over the two periods 2023 and 2022:
The increase in the actuarial debt partially covered by assets is due to the decrease in discount rates in the two regions of Europe and the United States. See Note 5.2.5.1 "Actuarial Assumptions".
5.2.5.3 Analysis of net obligations by region
Details of net obligations by region are presented in the table below:
| December 31, 2023 | December 31, 2022 restated | |||||||
|---|---|---|---|---|---|---|---|---|
| In thousands of euros | France | Europe excluding France |
United States |
Other | France | Europe excluding France |
United States |
Other |
| Post-employment benefit plan | ||||||||
| Indemnity payable on retirement | 40,032 | 5,077 | - | 13,802 | 35,625 | 3,427 | - | 15,578 |
| Supplementary pension plans | 4,264 | -947 | -1,002 | 5,077 | 1,915 | -1,469 | 4,126 | 2,357 |
| Healthcare plans | 2,414 | 344 | 2,672 | 261 | ||||
| Total post-employment benefit obligations | 44,296 | 4,130 | 1,412 | 19,223 | 37,540 | 1,958 | 6,798 | 18,196 |
| Other long-term benefits | 2,403 | 2,719 | 1,082 | 148 | 2,349 | 2,222 | 1,096 | 30 |
| Total Other post-employment benefit obligations | 2,403 | 2,719 | 1,082 | 148 | 2,349 | 2,222 | 1,096 | 30 |
| Net obligations recognized in the balance sheet | 46,699 | 6,849 | 2,494 | 19,371 | 39,889 | 4,180 | 7,894 | 18,226 |
The amounts in the table below correspond to commitments in France and the United States before taking into account plan assets:
| December 31, 2023 | December 31, 2022 restated | |||||
|---|---|---|---|---|---|---|
| France | United States | France | United States | |||
| Average maturity of obligations | In years | 11 | 11 | 10 | 14 | |
| Amount of obligations | In thousands of euros | 55,107 | 64,260 | 50,456 | 63,890 | |
| of which: | ||||||
| Retirement obligations | - | 19,737 | - | 16,565 | ||
| Vested deferred obligations | - | 16,114 | - | 15,952 | ||
| Active obligations | 55,107 | 28,411 | 50,456 | 31,373 |
5.2.5.4 Sensitivity tests on retirement obligations
The retirement obligation sensitivity tests on the main external variable, the discount rate, in 2023 and in 2022 show the following impacts:
| December 31, 2023 | December 31, 2022 restated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In thousands of euros | Increase | Decrease | Increase | Decrease | ||||||
| Basis | + 0,25% | - 0,25% | Basis | + 0,25% | - 0,25% | |||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||
| France | ||||||||||
| Effect on service cost and interest cost | 8,134 | 7,974 | -2.00% | 8,300 | 2.00% | 6,732 | 6,618 | -1.70% | 6,850 | 1.80% |
| Effect on projected benefit obligation | 55,261 | 53,705 | -2.80% | 56,880 | 2.90% | 50,221 | 49,006 | -2.40% | 51,485 | 2.50% |
| United States | ||||||||||
| Effect on service cost and interest cost | 3,056 | 3,104 | 1.56% | 3,001 | -1.80% | 3,101 | 3,102 | 0.03% | 3,079 | -0.70% |
| Effect on projected benefit obligation | 64,207 | 62,041 | -3.37% | 66,449 | 3.49% | 63,548 | 61,338 | -3.48% | 65,595 | 3.22% |
5.2.5.5 Changes in net balance sheet benefit positions
Changes in net balance sheet positions related to the full range of benefits are as follows:
| In thousands of euros | Post-employment benefit plans |
Other long-term benefits | Total | |||
|---|---|---|---|---|---|---|
| December 31, 2023 |
December 31, 2022 restated |
December 31, 2023 |
December 31, 2022 restated |
December 31, 2023 |
December 31, 2022 restated |
|
| Net projected benefit obligation at January 1 | 64,492 | 82,806 | 5,697 | 3,746 | 70,189 | 86,552 |
| Expense/income for the year | ||||||
| Service cost | 9,966 | 9,729 | 417 | 355 | 10,383 | 10,084 |
| Curtailments, settlements and other | - | -5 | - | - | - | -5 |
| Benefits paid by the Company | -4,822 | -2,888 | -481 | -303 | -5,303 | -3,191 |
| Actuarial gains and losses | - | - | 529 | -563 | 529 | -563 |
| Benefit payments funded by assets | 201 | -162 | - | - | 201 | -162 |
| Employee and employer contributions | -3,973 | -2,990 | - | - | -3,973 | -2,990 |
| Net non-recurring post-employment benefit plan costs recorded in operating expenses |
1,372 | 3,684 | 464 | -511 | 1,837 | 3,173 |
| Interest cost | 7,162 | 3,694 | 305 | 32 | 7,467 | 3,726 |
| Expected return on plan assets | -4,729 | -2,251 | - | - | -4,729 | -2,251 |
| Interest costs of post-employment benefit obligations (2) |
2,433 | 1,443 | 305 | 32 | 2,738 | 1,475 |
| Balance sheet impact | ||||||
| Change in scope | - | 6,817 | - | 2,388 | - | 9,205 |
| Reclassification | 56 | - | -71 | - | -15 | - |
| Actuarial gains and losses | 1,906 | -31,200 | - | - | 1,906 | -31,200 |
| Translation adjustment | -1,197 | 942 | -43 | 42 | -1,240 | 984 |
| Balance sheet impact | 764 | -23,441 | -114 | 2,430 | 651 | -21,011 |
| Net projected benefit obligation at December 31 | 69,061 | 64,492 | 6,352 | 5,697 | 75,413 | 70,189 |
(1) See Notes 1.1 "Accounting standards applied", 1.4.2 "Provisions for pensions and other post employment benefits" and 5.2.4 "Provisions".
(2) See "Interest on post-employment benefit obligations" in Note 4.7 ''Net financial income (expense)''.
5.2.5.6 Breakdown of plan assets by category
The plan assets at fair value break down by category as follows:
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
|---|---|---|
| Equities | 65,616 | 43,038 |
| Bonds | 3,717 | 22,677 |
| Real estate | 620 | 873 |
| Banks and Insurance | 17,573 | 26,225 |
| Other | 21,811 | 11,243 |
| Total | 109,335 | 104,056 |
5.2.5.7 Contributions paid in respect of defined-contribution plans
Contributions paid in respect of defined-contribution plans amount to €17,923.1 thousand in 2023 compared with €14,595.2 thousand in 2022.
5.2.6. Current and non-current borrowings
5.2.6.1 Definition of debt within the Group
Net debt is an important notion for the day-to-day management of Plastic Omnium's treasury cash. It is used to determine the Group's debit or credit position in relation to third parties and outside of the operating cycle. Net debt is determined as:
- long-term borrowings:
- o drawdowns on lines of credit,
- o private placement notes,
- o bonds;
- minus loans, negotiable debt securities and other long-term financial assets;
- plus short-term loans;
- plus overdraft facilities; and
- minus cash and cash equivalents.
5.2.6.2 Borrowings: private placement notes and bonds
As of December 31, 2023, the main terms of the bonds and private placements are summarized in the following table:
| December 31, 2023 | Private placement bond issue of June 26, 2017 |
"Schuldscheindarlehen" private placement of December 21, 2018 |
"Schuldschein" private placement of May 24, 2022 |
|||||
|---|---|---|---|---|---|---|---|---|
| Issue - Fixed rate | (in euros) | 500,000,000 | 300,000,000 | 15,000,000 | 36,000,000 | 108,000,000 | ||
| Issue - Variable rate | (in euros) | 80,000,000 | 139,000,000 | 22,000,000 | ||||
| Interest rate / annual coupon | 1.250% | 1.632% | 4.30% | 4.51% | 3.21% | |||
| Investors | European investors | International (German, Chinese, Belgian, Swiss, Austrian) and French investors |
International (German, Swiss, Slovak, etc.) and French investors |
|||||
| No covenant or rating obligations | ||||||||
| Maturity | June 26, 2024 | December 21, 2025 | May 23, 2025 | May 24, 2027 |
May 23, 2029 | |||
Fair value at December 31, 2023 98.58% 97.01% 96.80% 95.62% 94.81%
| 5.2.6.3 Bank loans | ||
|---|---|---|
Compagnie Plastic Omnium did not take out any new loan in 2023.
5.2.6.4. Issuance of "Negotiable European Commercial Paper" (Neu-CP)
Regarding the outstanding of Negotiable European Commercial Paper (Neu-CP) over the period of Compagnie Plastic Omnium, please refer to the Note 2.2.5.3 in the "Significant events of the period: Financing transactions".
5.2.6.5 Confirmed medium-term credit lines
Compagnie Plastic Omnium SE:
- repaid the €159 million balance of the "Schuldschein" private placement issued on June 16, 2016. See Note 2.2.5.1 in the « Other significant events of the period: Financing transactions »; and
- carried out, renewals and extensions of some of its credit lines. See Note 2.2.5.2 in the « Other significant events of the period: Financing transactions ».
5.2.6.6 Confirmed medium-term credit lines
As of December 31, 2023 and December 31, 2022, the Group benefited from several confirmed bank credit lines, amounting to €1,930 million with an average maturity of three years, almost all of which were undrawn.
5.2.6.7 Reconciliation of gross and net financial debt
| In thousands of euros | December 31, 2023 | December 31, 2022 restated | ||||
|---|---|---|---|---|---|---|
| Total | Current portion |
Non-current portion |
Total | Current portion |
Non-current portion |
|
| Finance lease liabilities (1) | 312,637 | 63,156 | 249,481 | 291,547 | 61,418 | 230,129 |
| Bonds and bank loans | 1,954,624 | 1,229,231 | 725,393 | 1,997,812 | 783,872 | 1,213,940 |
| of which the 2022 "Schuldschein" private placement | 402,811 | 3,846 | 398,965 | 401,988 | 3,329 | 398,659 |
| of which the 2018 "Schuldscheindarlehen" private placement |
299,753 | 148 | 299,605 | 299,567 | 148 | 299,419 |
| of which the bond issue in 2017 | 502,833 | 502,833 | - | 502,005 | 3,236 | 498,769 |
| of which the 2016 "Schuldschein" private placement (2) | - | - | - | 160,212 | 160,212 | - |
| of which Neu-CP (3) | 619,000 | 619,000 | - | 508,500 | 508,500 | - |
| of which bank lines of credit (4) | 130,227 | 103,404 | 26,823 | 125,540 | 108,447 | 17,093 |
| Current and non-current borrowings and other debt (+) | 2,267,261 | 1,292,387 | 974,874 | 2,289,359 | 845,290 | 1,444,069 |
| Other current and non-current debt related to the acquisition of a stake in EKPO (+) |
20,000 | 20,000 | - | 40,000 | 10,000 | 30,000 |
| Hedging instruments - liabilities (+) | 99 | 99 | 709 | 709 | - | |
| Total borrowings (B) | 2,287,360 | 1,312,486 | 974,874 | 2,330,068 | 855,999 | 1,474,069 |
| Long-term investments in equity instruments and funds (-)(5) | -92,520 | - | -92,520 | -76,298 | - | -76,298 |
| Other financial assets (-) | -14,893 | -1,854 | -13,039 | -13,387 | -955 | -12,432 |
| Other current financial assets and receivables (-) | -1,798 | -1,798 | - | - | ||
| Hedging instruments - assets (-) | -4,393 | -4,393 | -11,152 | -11,152 | ||
| Total financial receivables (C) | -113,603 | -8,045 | -105,558 | -100,837 | -12,107 | -88,730 |
| a | ||||||
| Gross debt (D) = (B) + (C) | 2,173,757 | 1,304,441 | 869,316 | 2,229,231 | 843,892 | 1,385,339 |
| Cash and cash equivalents (-) (6) | 637,440 | 637,440 | 575,625 | 575,625 | ||
| Short-term bank loans and overdrafts (+) | -3,429 | -3,429 | -15,022 | -15,022 | ||
| Net cash and cash equivalents as recorded in the Statement of Cash Flows (A)(7) |
-634,012 | -634,012 | -560,603 | -560,603 | ||
| NET FINANCIAL DEBT (E) = (D) + (A) | 1,539,745 | 670,429 | 869,316 | 1,668,629 | 283,289 | 1,385,339 |
(1) During the period, the net debt from lease contracts amounted to +€21 million, versus a change in net debt of +€76.8 million in fiscal year 2022.
(2) See Notes 2.2.5.1 in "Other significant events of the period ".
(3) See Notes 2.2.5.3 in "Other significant events of the period".
(4) See Notes 2.2.5.2 "Other significant events of the period" and 5.2.6.6 "Confirmed medium-term credit lines".
(5) See Note 5.1.5.1 "Long-term investments in equity instruments and funds".
(6) See Note 5.1.9.1 "Gross cash and cash equivalents".
(7) See Note 5.1.9.2 "Net cash and cash equivalents at end of period".
5.2.6.8 Analysis of gross financial debt by currency
The table below shows the gross financial debt after taking into account the swap transactions that allowed the conversion from euros into foreign currency.
| As a % of financial debt | December 31, 2023 |
December 31, 2022 restated |
|---|---|---|
| Euro | 65% | 70% |
| US dollar | 27% | 21% |
| Chinese yuan | 4% | 5% |
| Other currencies(1) | 4% | 4% |
| Total | 100% | 100% |
(1) "Other currencies" concerns various currencies, which taken individually represent less than 2% of the total financial debt over the two periods.
5.2.6.9 Analysis of gross financial debt by type of interest rate
| As a % of financial debt | December 31, 2023 | December 31, 2022 restated |
|
|---|---|---|---|
| Unhedged variable rates | 43% | 38% | |
| Fixed rates | 57% | 62% | |
| Total | 100% | 100% |
5.2.7. Interest rate and currency hedges
The Group does not have any interest rate contracts.
| December 31, 2023 | December 31, 2022 | |||||
|---|---|---|---|---|---|---|
| In thousands of euros | Assets | Liabilities | Assets | Liabilities | ||
| Exchange rate derivatives | 4,393 | -99 | 11,152 | -709 | ||
| Total balance sheet | 4,393 | -99 | 11,152 | -709 |
5.2.7.1 Currency hedges
The Group uses derivatives to hedge its exposure to currency risk.
The Group has chosen a hedging policy to cover the highly probable future transactions in its entities' foreign currencies. Hedging instruments implemented in this respect are forward purchases of foreign currencies. The Group has applied to these instruments the accounting treatment of cash-flow hedges as planned by the applicable IFRS: instruments are measured at fair value and changes in value are recognized in equity for the effective portion. These amounts recognized in equity are reported in profit or loss when the hedged forecast cash-flows affect income.
At December 31, 2023, the fair value of the instruments subscribed and thus recognized was €4,294 thousand, including €35 thousand recognized in equity.
Changes in the fair value of currency hedging instruments are recognized in net financial income (expense).
5.2.7.1.1. Portfolio of currency hedges
| December 31, 2023 | December 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Fair value (in thousands of euros) |
Notional amount (in thousands of currency |
Medium term exchange rate |
Exchange rate at December 31, 2023 |
Fair value (in thousands of euros) |
Notional amount (in thousands of currency |
Medium term exchange rate |
Exchange rate at December 31, 2022 |
|
| units) | Currency / Euro |
Currency / Euro |
units) | Currency / Euro |
Currency / Euro |
|||
| Net sell position (net buy position if >0) |
||||||||
| USD / EUR - Forward currency swap | +4,140 | -422,300 | 1.0936 | 1.1050 | +10,184 | -473,700 | 1.0448 | 1.0666 |
| Other positions of Forward exchange and currency swap contracts |
+154 | +259 | ||||||
| TOTAL | +4,294 | +10,443 |
5.2.7.1.2. Impact of unsettled foreign exchange hedges on income and equity
| In thousands of euros | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Impact of change in foreign exchange hedging portfolio on income (ineffective portion)(1) | -6,036 | 11,184 |
| Impact of change in foreign currency hedging portfolio on equity (effective portion) | -113 | 601 |
| Total | -6,149 | 11,785 |
(1) See "Gains or losses on interest rate and currency hedges" in Note 4.7 "Net financial income (expense)".
5.2.8. Operating and other liabilities
5.2.8.1. Trade payables
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
||
|---|---|---|---|---|
| Trade payables | 1,621,520 | 1,589,792 | ||
| Due to suppliers of fixed assets | 77,261 | 88,543 | ||
| Total | 1,698,781 | 1,678,335 |
5.2.8.2. Other operating liabilities
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
||
|---|---|---|---|---|
| Employee benefits expense | 237,155 | 209,191 | ||
| Income taxes | 46,376 | 35,032 | ||
| Other taxes | 124,581 | 167,154 | ||
| Other payables | 455,093 | 390,861 | ||
| Customer prepayments - Deferred revenues | 446,990 | 351,560 | ||
| Total | 1,310,196 | 1,153,797 |
5.2.8.3. Trade payables and other operating liabilities by currency
| In thousands of currency units | Liabilities at December 31, 2023 | Liabilities at December 31, 2022 restated | ||||||
|---|---|---|---|---|---|---|---|---|
| Local currency | Euro | % | Local currency |
Euro | % | |||
| EUR | Euro | 1,691,854 | 1,691,854 | 56% | 1,627,569 | 1,627,569 | 57% | |
| USD | US dollar | 790,079 | 715,004 | 24% | 748,382 | 701,651 | 25% | |
| GBP | Pound sterling | 80,920 | 93,113 | 3% | 64,731 | 72,983 | 3% | |
| CNY | Chinese yuan | 1,040,031 | 132,473 | 4% | 1,079,500 | 146,707 | 5% | |
| BRL | Brazilian real | 451,270 | 84,164 | 3% | 304,652 | 54,030 | 2% | |
| Other | Other currencies | 292,370 | 10% | 229,192 | 8% | |||
| Total | 3,008,977 | 100% | 2,832,132 | 100% | ||||
| Of which: | ||||||||
| ● Trade payables | 1,698,781 | 56% | 1,678,335 | 59% | ||||
| ● Other operating liabilities | 1,310,196 | 44% | 1,153,797 | 41% |
6. CAPITAL MANAGEMENT AND MARKET RISKS
Compagnie Plastic Omnium has set up a global cash management system centralized within its subsidiary Plastic Omnium Finance, which manages liquidity, currency and interest rate risks on behalf of its subsidiaries. The market risk strategy, which may take the form of on- and off-balance sheet commitments, is validated quarterly by the Group's Senior Executives.
6.1. Capital management
The Group's objective is to have, at all times, sufficient financial resources to enable it to carry out its current business, fund the investments required for its development and also to respond to any exceptional events.
This goal is achieved through the use of the capital markets, leading to capital and financial debt management.
As part of its capital management strategy, the Group compensates its shareholders primarily through the payment of dividends and may make adjustments in line with changes in economic conditions.
The capital structure may be adjusted by paying ordinary or special dividends, through share buybacks and cancellation of treasury stock, returning a portion of capital to shareholders or issuing new shares and/or securities giving rights to capital.
Gearing:
The Group uses the gearing ratio, corresponding to the ratio of consolidated net debt to equity, as an indicator of the Group's leverage. The Group includes in net debt all financial liabilities and commitments, interest-bearing liabilities, other than operating payables, less cash and cash equivalents and other non-operating financial assets, such as marketable securities and loans.
At December 31, 2023 and December 31, 2022, the gearing ratio was as follows:
| In thousands of euros | December 31, 2023 | December 31, 2022 restated |
||
|---|---|---|---|---|
| Net financial debt(1) | 1,539,746 | 1,668,644 | ||
| Equity(2) | 1,980,117 | 1,918,926 | ||
| Gearing ratio | 77.76% | 86.96% |
(1) See Note 5.2.6.7 "Reconciliation of gross and net financial debt".
(2) Until December 31, 2022, this item was entitled "Shareholders' equity and similar" and included non-current subsidies.
None of the Group's bank loans or financial liabilities contains covenants providing for early repayment in the event of non-compliance with financial ratios.
As part of its capital management, the liquidity account shows the following positions:
- at December 31, 2023:
- o 322,974 securities (shares); and
- o €595,518 in cash
- at December 31, 2022:
- o 273,172 securities (shares); and
- o €981,937 in cash
6.2. Commodities risk - Exposure to plastics risk
Plastic Omnium's business requires the purchase of large quantities of plastic, steel, paint and other raw materials subject to price changes that could have an impact on its operating margin.
To limit the risks associated with such price fluctuations, the Group has negotiated selling price indexation clauses with most of its customers or, failing that, regularly renegotiates selling prices.
In view of these measures, the Group considers that raw material price fluctuations do not have a material impact on its operating margin.
6.3. Credit risk
Credit risk covers customer credit risk and bank counterparty risk.
6.3.1. Customer risk
At December 31, 2023, 7.0% of the Group's "Trade receivables" was past due versus 10.4% at December 31, 2022. Trade receivables break down as follows:
6.3.1.1 Ageing analysis of net receivables
At December 31, 2023:
| In thousands of euros | Total outstanding |
Not yet due |
Due and past due |
Less than 1 month |
1-6 months |
6-12 months |
More than 12 months |
|---|---|---|---|---|---|---|---|
| Total | 1,013,778 | 942,509 | 71,269 | 35,008 | 19,520 | 9,666 | 7,073 |
At December 31, 2022 restated:
| In thousands of euros | Total outstanding |
Not yet due |
Due and past due |
Less than 1 month |
1-6 months |
6-12 months |
More than 12 months |
|---|---|---|---|---|---|---|---|
| Total | 1,004,894 | 899,928 | 104,966 | 74,137 | 22,156 | 4,901 | 3,772 |
The risk of non-recovery of trade receivables is low and involves only an immaterial amount of receivables more than twelve months past due.
6.3.1.2 Sensitivity tests on movements in currencies of "Trade and other receivables"
| In thousands of currency units |
Sensitivity tests on receivables at | December 31, 2023 | Sensitivity tests on receivables at December 31, 2022 restated |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base | Increase | Decrease | Base | Increase | Decrease | |||||||||
| +10% | +20% | -10% | -20% | +10% | +20% | -10% | -20% | |||||||
| Local currency |
Exchange rate |
% | % | % | % | Local currency |
Exchange rate |
% | % | % | % | |||
| EUR | Euro | 679,358 | 1.0000 | 45% | 42% | 50% | 52% | 698,842 | 1.0000 | 45% | 43% | 50% | 53% | |
| USD | US dollar | 439,600 | 0.9050 | 29% | 30% | 26% | 25% | 474,783 | 0.9376 | 31% | 33% | 28% | 27% | |
| CNY | Chinese yuan | 914,337 | 0.1274 | 8% | 9% | 8% | 7% | 934,522 | 0.1359 | 9% | 9% | 8% | 8% | |
| GBP | Pound sterling | 3,914 | 1.1507 | - | - | - | - | 45,936 | 1.1275 | 4% | 4% | 3% | 3% | |
| Other | Other currencies | - | - | 18% | 19% | 16% | 15% | - | - | 11% | 11% | 10% | 10% | |
| Total in euros | 1,448,481 | 1,524,728 | 1,601,579 | 1,371,024 | 1,294,172 | 1,485,578 | 1,564,145 | 1,642,809 | 1,406,817 | 1,328,153 |
Sensitivity tests on movements in currencies of "Trade and other receivables" give the following results:
| Of which: | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ● Trade receivables | 1,013,778 | 1,067,154 | 1,120,942 | 959,577 | 905,788 | 1,004,894 | 1,058,035 | 1,111,246 | 951,614 | 898,403 |
| ● Other receivables | 434,703 | 457,574 | 480,637 | 411,447 | 388,384 | 480,679 | 506,110 | 531,563 | 455,203 | 429,750 |
Exchange rate sensitivity tests on "Trade and other receivables" and "Trade payables and other operating liabilities by currency" (see Notes 5.1.7 and 5.2.8.3) show a low sensitivity of these items to changes in exchange rates.
6.3.1.3 Exchange rate sensitivity tests on "Trade payables and other liabilities"
Sensitivity tests on changes in foreign exchange rates of "Trade payables and other liabilities" give the following results:
| In thousands of currency units |
December 31, 2023 | Sensitivity tests on liabilities at | Sensitivity tests on liabilities at December 31, 2022 restated |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base | Increase – all currencies |
Decrease – all currencies |
Base | Increase – all currencies |
Decrease – all currencies |
|||||||||
| +10% | +20% | -10% | -20% | +10% | +20% | -10% | -20% | |||||||
| Local currency |
Conver sion rate |
% | % | % | % | Local currency |
Conversio n rate |
% | % | % | % | |||
| EUR Euro |
1,691,854 | 1.0000 | 54% | 52% | 59% | 62% | 1,627,569 | 1.0000 | 54% | 53% | 60% | 63% | ||
| USD | US dollar | 790,079 | 0.9050 | 25% | 26% | 22% | 21% | 748,382 | 0.9376 | 26% | 27% | 23% | 22% | |
| GBP | Pound sterling | 80,920 | 1.1507 | 3% | 3% | 3% | 3% | 64,731 | 1.1275 | 3% | 3% | 2% | 2% | |
| CNY | Chinese yuan | 1,040,031 | 0.1274 | 5% | 5% | 4% | 4% | 1,079,500 | 0.1359 | 5% | 6% | 5% | 5% | |
| BRL | Brazilian real | 451,270 | 0.1865 | 3% | 3% | 3% | 2% | 304,652 | 0.1774 | 2% | 2% | 2% | 2% | |
| Other | Other currencies | 10% | 11% | 9% | 8% | 9% | 9% | 8% | 7% | |||||
| Total in euros | 3,008,977 | 3,140,478 | 3,272,171 | 2,877,092 | 2,745,399 | 2,832,129 | 2,952,539 | 3,072,990 | 2,711,635 | 2,591,184 | ||||
| Of which: | ||||||||||||||
| ● Trade payables | 1,698,781 | 1,773,023 | 1,847,373 | 1,624,323 | 1,549,973 | 1,678,332 | 1,749,689 | 1,821,069 | 1,606,928 | 1,535,548 | ||||
| ● Other operating liabilities | 1,310,196 | 1,367,455 | 1,424,798 | 1,252,769 | 1,195,426 | 1,153,797 | 1,202,850 | 1,251,921 | 1,104,707 | 1,055,635 |
Exchange rate sensitivity tests on "Trade payables and other liabilities" and "Trade and other receivables" (see Notes 5.1.7 and 5.2.8.3) show an immaterial net sensitivity to exchange rate fluctuations at December 31, 2023.
6.3.2. Bank counterparty risk
The Group invests its cash surplus with leading banks and/or in highly-rated securities.
6.4. Liquidity risk
The Group must at all times have sufficient financial resources to finance the current business and the investments required to support its development, but also to withstand any exceptional events.
This goal is mainly achieved by using medium-term lines of credit with banking institutions but also by short-term bank resources.
The cash position of the Group is monitored daily for each business division and at central level, and a weekly summary report is submitted to the Group's Senior Executives.
6.4.1. Other long-term financial receivables - carrying amounts and undiscounted values
Undiscounted values can be reconciled with the information in the table in Note 6.4.2 on "Liquidity risk by maturity". None at December 31, 2023.
6.4.2. Liquidity risk by maturity
Liquidity risk by maturity is calculated on the basis of the undiscounted contractual cash-flows of financial assets and liabilities. The liquidity risk analysis shows the following:
At December 31, 2023:
| In thousands of euros | December 31, 2023 | Less than 1 year |
1 to 5 years | More than 5 years |
|
|---|---|---|---|---|---|
| FINANCIAL ASSETS | |||||
| Non-consolidated investments and convertible bonds | 23,860 | - | 23,860 | - | |
| Non-current financial assets | 105,558 | - | 105,558 | - | |
| Trade receivables | 1,013,778 | 1,006,705 | 7,073 | - | |
| Customers financing and other financial receivables | 3,652 | 3,652 | - | - | |
| Hedging instruments | 4,393 | 4,393 | - | - | |
| Cash and cash equivalents | 637,440 | 637,440 | - | - | |
| Total financial assets | 1,788,682 | 1,652,191 | 136,491 | - |
| FINANCIAL LIABILITIES | ||||
|---|---|---|---|---|
| Non-current borrowings (1) | 1,007,726 | - | 752,453 | 255,273 |
| Bank overdrafts | 3,429 | 3,429 | - | - |
| Current borrowings (2) | 1,363,194 | 1,363,194 | - | - |
| Hedging instruments | 99 | 99 | - | - |
| Trade payables | 1,698,781 | 1,698,781 | - | - |
| Total financial liabilities | 4,073,229 | 3,065,503 | 752,453 | 255,273 |
| FINANCIAL ASSETS AND FINANCIAL LIABILITIES - NET | -2,284,547 | -1,413,312 | -615,962 | -255,273 |
(1) "Non-current borrowings" includes the amounts reported in the balance sheet and interest payable over the remaining life of the borrowings.
(2) "Current borrowings" includes the amounts reported in the balance sheet and interest due within one year.
At December 31, 2022:
| In thousands of euros | December 31, 2022 restated |
Less than 1 year | 1 to 5 years | More than 5 years |
|---|---|---|---|---|
| FINANCIAL ASSETS | ||||
| Non-consolidated investments and convertible bonds | 20,334 | - | 20,334 | - |
| Non-current financial assets | 88,730 | - | 88,730 | - |
| Trade receivables | 1,004,894 | 1,001,123 | 3,772 | - |
| Customers financing and other financial receivables | 955 | 955 | - | - |
| Hedging instruments | 11,152 | 11,152 | - | - |
| Cash and cash equivalents | 575,625 | 575,625 | - | - |
| Total financial assets | 1,701,690 | 1,588,855 | 112,836 | - |
| FINANCIAL LIABILITIES | ||||
| Non-current borrowings (1) | 1,517,518 | - | 1,287,458 | 230,060 |
| Bank overdrafts | 15,022 | 15,022 | - | - |
| Current borrowings (2) | 891,767 | 891,767 | - | - |
| Hedging instruments | 709 | 709 | - | - |
| Trade payables | 1,678,335 | 1,678,335 | - | - |
| Total financial liabilities | 4,103,352 | 2,585,833 | 1,287,458 | 230,060 |
| FINANCIAL ASSETS AND FINANCIAL LIABILITIES - NET | -2,401,662 | -996,978 | -1,174,622 | -230,060 |
(1) "Non-current borrowings" includes the amounts reported in the balance sheet and interest payable over the remaining life of the borrowings.
(2) "Current borrowings" includes the amounts reported in the balance sheet and interest due within one year.
6.5. Currency risk
Plastic Omnium's business is based for the most part on local plants: by producing locally what is sold locally, the Group has little exposure to currency fluctuations, except for the translation of financial statements of companies whose functional currency is not the euro.
The Group's policy is to minimize the currency risk arising from transactions that will result in future payment or future revenue. If a transaction does give rise to a material currency risk, it is hedged with a forward currency contract. The subsidiary involved places this hedge with the Group Treasury Department or, with the latter's approval, locally.
6.6. Interest rate risk
Interest rate risk relates to the possibility of an increase in variable rates for variable rate debt, which would adversely affect net financial income (expense). Interest rate risk is managed on the basis of the Group's consolidated debt with the main objective of maintaining a durably low consolidated financing cost in light of the Group's operating profitability.
At December 31, 2023 as at December 31, 2022, the Group's financial debt was predominantly fixed rate (see Note 5.2.6.9 "Analysis of gross financial debt by type of interest rate").
Financial transactions, particularly interest rate hedges, are carried out with a broad panel of leading financial institutions. A competitive bidding process is carried out for any significant financial transactions and maintaining a satisfactory diversification of resources and participants is a selection criterion.
As of December 31, 2023, taking into account the variable-rate financial debt position presented in Note 5.2.6.9 ("Analysis of gross financial debt by type of interest rate"), the outstanding amount of receivables sold presented in Note 5.1.7.1 ("Sale of receivables") and the central cash position invested at variable rates, the Group estimates that a 1% increase in short-term interest rates would lead to an increase in the Group's annual net financial expenses of around €12.0 million.
6.7. Additional information about financial assets and liabilities
Most derivatives are traded over-the-counter for which there are no listed prices. Therefore, their valuation is based on models commonly used by traders to value these financial instruments (models for discounting future cash-flows or option valuation models).
Financial assets and liabilities by category and fair value break down as follows:
| 2023 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| In thousands of euros | At fair value | Instrument | Valuations based on observable market data (level 2) |
Valuations based on unobservable market data (level 3) |
|||||||
| ASSETS | At amortized cost |
Through profit or loss |
Through shareholder s' equity |
Through shareholders' equity (CFH)(2) |
Total carrying amount |
Valued at cost |
listed on an active market (level 1) |
||||
| Non-consolidated equity investments | - | - | 23,860 | - | 23,860 | 23,860 | - | - | - | ||
| Long-term investments in equities and funds | - | 40,035 | 52,485 | - | 92,520 | - | 92,520 | - | - | ||
| Other non-current financial assets | 13,038 | - | - | - | 13,038 | - | - | - | - | ||
| Customer financing and other financial receivables | 3,652 | - | - | - | 3,652 | - | - | - | - | ||
| Trade receivables | 1,013,778 | - | - | - | 1,013,778 | - | - | - | - | ||
| Hedging instruments | - | 4,393 | - | - | 4,393 | - | - | 4,393 | - | ||
| Cash and cash equivalents | - | 637,440 | - | - | 637,440 | - | - | 637,440 | - |
| In thousands of euros | At fair value | Instrument | Valuations | Valuations | |||||
|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | At amortized cost |
Through profit or loss |
Through shareholder s' equity |
Through shareholders' equity (CFH) |
Total carrying amount |
Valued at cost |
listed on an active market (level 1) |
based on observable market data (level 2) |
based on unobservable market data (level 3) |
| Non-current borrowings (1) | 974,874 | - | - | - | 974,874 | - | - | - | - |
| Bank overdrafts | 3,429 | - | - | - | 3,429 | - | - | - | - |
| Current borrowings (1) | 1,312,387 | - | - | - | 1,312,387 | - | - | - | - |
| Hedging instruments | - | 575 | - | -475 | 99 | - | - | 99 | - |
| Trade payables | 1,698,781 | - | - | - | 1,698,781 | - | - | - | - |
(1) See Note 5.2.6.7 "Reconciliation of gross and net financial debt". This item includes "Finance lease liabilities" and "Bonds and bank loans".
(2) CFH : "Cash-Flow Hedge".
In 2023, as in 2022, there was no transfer between fair value levels.
2022 restated
| In thousands of euros | At fair value | Total carrying amount |
Valued at cost |
Instrument listed on an active market (level 1) |
Valuations based on observable market data (level 2) |
Valuations based on unobservable market data (level 3) |
|||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | At amortized cost |
Through profit or loss |
Through shareholders' equity |
Through shareholders' equity (CFH )(2) |
|||||
| Non-consolidated equity investments | - | - | 20,334 | - | 20,334 | 20,334 | - | - | - |
| Long-term investments in equities and funds | - | - | 76,298 | - | 76,298 | - | 76,298 | - | - |
| Other non-current financial assets | 12,432 | - | - | - | 12,432 | - | - | - | - |
| Customer financing and other financial receivables | 955 | - | - | - | 955 | - | - | - | - |
| Trade receivables | 1,004,894 | - | - | - | 1,004,894 | - | - | - | - |
| Hedging instruments | - | 11,152 | - | - | 11,152 | - | - | 11,152 | - |
| Cash and cash equivalents | - | 575,625 | - | - | 575,625 | - | - | 575,625 | - |
| In thousands of euros | At fair value | Valuations | Valuations | ||||||
|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | At amortized cost |
Through profit or loss |
Through shareholders' equity |
Through shareholders' equity (CFH )(2) |
Total carrying amount |
Valued at cost |
Instrument listed on an active market (level 1) |
based on observable market data (level 2) |
based on unobservable market data (level 3) |
| Non-current borrowings (1) | 1,474,069 | - | - | 1,474,069 | - | - | - | - | |
| Bank overdrafts | 15,022 | - | - | 15,022 | - | - | - | - | |
| Current borrowings (1) | 855,290 | - | - | 855,290 | - | - | - | - | |
| Hedging instruments | - | 461 | 248 | 709 | - | - | 709 | - | |
| Trade payables | 1,678,335 | - | - | 1,678,335 | - | - | - | - |
(1) See Note 5.2.6.7 "Reconciliation of gross and net financial debt". This item includes "Finance lease liabilities" and "Bonds and bank loans".
(2) CFH: "Cash-Flow Hedge".
In 2022, as in 2021, there was no transfer between fair value levels.
The fair value of financial assets and liabilities at amortized cost is close to the carrying amount, except for borrowings.
| In thousands of euros | Balance sheet values at December 31, 2023 | Fair value at December 31, 2022 restated | ||||
|---|---|---|---|---|---|---|
| Total Current |
Non-current | Total | Current | Non-current | ||
| Bonds and bank loans (1) | 1,954,624 | 1,229,231 | 725,393 | 1,922,583 | 1,218,880 | 703,704 |
| In thousands of euros | Balance sheet values at December 31, 2022 restated | Fair value at December 31, 2022 restated | ||||
|---|---|---|---|---|---|---|
| Current Total |
Non-current | Total | Current | Non-current | ||
| Bonds and bank loans (1) | 1,997,707 | 783,767 | 1,213,940 | 1,881,065 | 770,084 | 1,110,981 |
(1) See Note 5.2.6.7 "Reconciliation of gross and net financial debt".
Methods for measuring fair value:
- The fair value of listed bonds is determined on the basis of quoted prices (level 1). The fair value of other borrowings is determined for each loan by discounting future cash-flows at a rate corresponding to the Euribor yield curve at year-end, corrected for the Group's credit risk (level 2).
- The fair value of monetary and non-monetary UCITS is measured according to their last known net asset value (level 1). The fair value of interest rate products (certificates of deposit, time-deposit accounts, negotiable medium-term notes, etc.) is based on discounted future cash-flows from coupons and coupons excluding accrued interest (principal and interest) for the remaining duration of the product on the closing sheet date (level 2). The discount rate used in this case is the market rate matching the maturity and products' characteristics.
- Other financial assets and financial receivables: items consisting mainly of financial receivables recorded on the basis of a discounted value when their maturity is more than one year.
- Most of the derivatives are traded over-the-counter, for which there are no listed prices. As a result, their valuation is based on models commonly used by traders to evaluate financial instruments using discounted cash-flow models or option valuation models (level 2).
7. ADDITIONAL INFORMATION
7.1. Headcount at end of year of controlled companies
| December 31, 2023 | December 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Excluding temporary |
Temporary | Total | Excluding temporary |
Temporary | Total | Changes/Total | |
| France | 3,016 | 442 | 3,458 | 2,899 | 613 | 3,512 | -2% |
| % | 10.1% | 10.8% | 10.2% | 9.6% | 14.5% | 10.2% | |
| Europe excluding France | 14,483 | 1,935 | 16,418 | 14,836 | 1,874 | 16,710 | -2% |
| % | 48.5% | 47.3% | 48.3% | 49.1% | 44.2% | 48.5% | |
| North America | 7,397 | 506 | 7,903 | 7,411 | 433 | 7,844 | 1% |
| % | 24.7% | 12.4% | 23.3% | 24.5% | 10.2% | 22.8% | |
| Asia and South America(1) | 4,995 | 1,209 | 6,204 | 5,074 | 1,316 | 6,390 | -3% |
| % | 16.7% | 29.5% | 18.3% | 16.8% | 31.1% | 18.5% | |
| Total | 29,891 | 4,092 | 33,983 | 30,220 | 4,236 | 34,456 | -1% |
(1) The "Asia and South America" region includes South Africa and Morocco.
7.2. Off-balance sheet commitments
7.2.1. Commitments granted / received
At December 31, 2023:
| In thousands of euros | Total | On intangible assets |
On property, plant and equipment |
On financial assets and liabilities |
On other non financial current assets/liabilities |
|---|---|---|---|---|---|
| Surety bonds granted(1) | -131,989 | - | -8,538 | -122,423 | -1,028 |
| Commitments to purchase assets (2) | -37,809 | - | -37,809 | - | - |
| Other off-balance sheet commitments | -66 | - | -66 | - | - |
| Total commitments given | -169,864 | - | -46,413 | -122,423 | -1,028 |
| Surety bonds received | 288 | - | 288 | - | - |
| Total commitments received | 288 | - | 288 | - | - |
| Total commitments – net | -169,576 | - | -46,125 | -122,423 | -1,028 |
At December 31, 2022:
| In thousands of euros | Total | On intangible assets |
On property, plant and equipment |
On financial assets and liabilities |
On other non financial current assets/liabilities |
|---|---|---|---|---|---|
| Surety bonds granted(3) | -77,152 | - | -8,300 | -68,777 | -75 |
| Commitments to purchase assets (4) | -38,132 | -70 | -38,062 | - | - |
| Other off-balance sheet commitments | -106 | - | -31 | -75 | - |
| Total commitments given | -115,390 | -70 | -46,393 | -68,852 | -75 |
| Other commitments received | 132 | - | 132 | - | - |
| Total commitments received | 132 | - | 132 | - | - |
| Total commitments – net | -115,258 | -70 | -46,261 | -68,852 | -75 |
At December 31, 2023:
(1) The surety bonds granted are mainly related to:
- €41 million in guarantees for PO Auto Exteriors SA with an energy supplier on behalf of Plastic Omnium Equipamientos Exteriores SA;
- €39 million in guarantees for suppliers to Siemens Mobility GmbH;
-
€20 million bank surety bond given related to the remaining payable in respect of the acquisition of a 40% stake in EKPO Fuel Cell Technologies;
-
€10 million on financial assets and liabilities of HBPO Germany GmbH to Deutsche Bank;
- €7.7 million from Compagnie Plastic Omnium SE to Société Générale Frankfurt;
- €6.7 million in bank guarantees from PO Lighting Turkey AS to a lessor.
(2) The commitments to purchase assets are mainly related to:
- €12.9 million from Plastic Omnium Auto Inergy (USA) LLC;
- €10.2 million from PO Lighting Czech S.R.O;
- €5.1 million from PO Lighting Mexico SA DE CV;
- €4.1 million from Plastic Omnium Automotive LTD.
At December 31, 2022:
(3) The surety bonds granted were mainly related to:
- €40 million bank surety bond given related to the remaining payable in respect of the acquisition of a 40% stake in EKPO Fuel Cell Technologies;
- €14.6 million from Compagnie Plastic Omnium SE to Société Générale Frankfurt;
- €6.7 million in bank guarantees from PO Lighting Turkey AS to a lessor;
- €6.0 million on financial assets and liabilities of HBPO Germany GmbH to Deutsche Bank;
(4) The commitments to purchase assets are mainly related to:
- €13.4 million from Plastic Omnium Auto Inergy (USA) LLC;
- €5.3 million from Plastic Omnium Equipamientos Exteriores SA;
- €4.6 million from PO Lighting Turkey AS;
- €4.5 million from PO Lighting Mexico SA DE CV;
- €4.0 million from PO Lighting Czech S.R.O.
7.3. Related-party transactions
7.3.1. Compensation paid to executives and other corporate officers
Executive corporate officers are, in accordance with IAS 24 "Persons with the authority and responsibility for planning, directing and controlling the activities" of Compagnie Plastic Omnium and its subsidiaries.
Under a free share award plan, the Board of Directors' meeting on February 21, 2023 granted 92,025 shares to the executive corporate officers of Compagnie Plastic Omnium. See Note 5.2.3 "Share-based payments" on the terms of allocation.
The total amount of compensation paid to members of the Board of Directors and executive corporate officers is presented in the table below:
| In thousands of euros | Paid or payable by… | 2023 | 2022 |
|---|---|---|---|
| Directors' fees | Paid by Compagnie Plastic Omnium | 154 | 165 |
| Directors' fees | Paid by companies controlled by Compagnie Plastic Omnium (excl. Compagnie Plastic Omnium) and by Burelle SA |
117 | 106 |
| Gross compensation | Payable by the Plastic Omnium Group | 4,977 | 4,201 |
| Supplementary pension plans | Payable by the Plastic Omnium Group | 963 | 601 |
| Cost of stock option and share | Payable by the Plastic Omnium Group | 1,489 | 1,070 |
| purchase plans and free share | Cost to be spread over the vesting period | 1,231 | 802 |
| plans | Social contributions related to the new plan of the period | 258 | 268 |
| Total compensation | 7,700 | 6,143 |
7.3.2. Transactions with joint ventures and associates
7.3.2.1. Transactions presented at 100%
The items presented below relate to transactions before application of the Group's share.
At December 31, 2023:
| 2023 In thousands of euros |
Sales | Direct and indirect costs |
Royalties and management fees |
Trade payables | Other receivables |
|---|---|---|---|---|---|
| YFPO and its subsidiaries | 3,675 | -462 | -11,475 | 8,889 | 718 |
| B.P.O. AS | -2,561 | -144 | |||
| EKPO Fuel Cell Technologies | 1,639 | - | -206 | 261 | 427 |
| Total | 5,314 | -3,023 | -11,825 | 9,150 | 1,145 |
| 2022 In thousands of euros |
Sales | Direct and indirect costs |
Royalties and management fees |
Trade payables | Other receivables |
|---|---|---|---|---|---|
| YFPO and its subsidiaries | 2,737 | -130 | -11,620 | 8,519 | 517 |
| B.P.O. AS | -2,673 | 220 | |||
| EKPO Fuel Cell Technologies | 1,670 | -193 | |||
| Total | 4,407 | -2,996 | -11,620 | 8,739 | 517 |
7.3.2.2. Transactions presented at Plastic Omnium Group share
The information presented below is related to transactions in the Financial Statements at the Group's share.
At December 31, 2023:
| 2023 In thousands of euros |
% interest |
Dividends approved and paid |
Dividends approved and payable at closing |
Dividends approved the previous fiscal year and paid during the period |
|---|---|---|---|---|
| The joint venture YFPO and its subsidiaries | 49.95% | 41,463 | - | - |
| B.P.O. AS | 49.98% | 642 | - | 979 |
| SHB Automotive Modules (HBPO) | 50.00% | 8,384 | - | - |
| Total | 50,489 | - | 979 |
| 2022 In thousands of euros |
% interest |
Dividends approved and paid |
Dividends approved and payable at closing |
Dividends approved the previous fiscal year and paid during the period |
|---|---|---|---|---|
| The joint venture YFPO and its subsidiaries | 49.95% | 31,327 | - | - |
| B.P.O. AS | 49.98% | 1,965 | 979 | - |
| SHB Automotive Modules (HBPO) | 50.00% | 4,016 | - | - |
| Total | 37,308 | 979 | - |
7.3.3. Transactions with Sofiparc SAS, Sofiparc Hotels, Burelle SA and Burelle Participations SA
At December 31, 2023:
| In thousands of euros | Direct and indirect costs |
Royalties and manageme nt fees |
Proceeds from disposal of property, plant and equipment including investment property |
Other Operating income and expenses |
Financial income and expenses |
Current account s |
Deposits | Trade payables |
Trade receivable s |
Other receivables |
Other debtors |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sofiparc SAS | - | -6,353 | - | - | 7 | - | 1,283 | 2,127 | 56 | 1,608 | - | |
| Burelle SA | - | 602 | - | - | 8 | - | - | - | - | 61 | - | |
| Burelle Participations SA | - | 171 | - | - | 4 | - | - | - | - | - | - | |
| Sofiparc Hotels | - | 32 | - | - | - | - | - | - | - | - | - |
At December 31, 2022:
| In thousands of euros |
Direct and indirect costs |
Royalties and manageme nt fees |
Proceeds from disposal of property, plant and equipment including investment property |
Financial income and expenses |
Current | accounts Deposits | Trade payables |
Trade receivabl es |
Other receivables |
Other debtors |
|---|---|---|---|---|---|---|---|---|---|---|
| Sofiparc SAS | - | -5,979 | - | 8 | - | 1,180 | 1,942 | 6 | - | - |
| Burelle SA | 2 | 570 | - | 8 | - | - | - | - | 67 | 10 |
| Burelle Participations SA |
- | 126 | - | 6 | - | - | - | 4 | - | - |
| Sofiparc Hotels | - | 4 | - | - | - | - | - | 4 | - | - |
7.4. Fees paid to the Statutory Auditors
| 2023 | ||||
|---|---|---|---|---|
| In thousands of euros | PwC | EY | Total | |
| Audit services | -2,543 | -3,859 | -6,402 | |
| of which: | ||||
| Compagnie Plastic Omnium Subsidiaries |
-625 -1,918 |
-625 -3,234 |
-1,250 -5,152 |
|
| Fees for services other than certification of financial statements(1) | -144 | -90 | -234 | |
| of which: | ||||
| Compagnie Plastic Omnium Subsidiaries |
-119 -25 |
-42 -48 |
-161 -73 |
|
| Total | -2,687 | -3,949 | -6,636 |
(1) The section "Fees other than certification of financial statements" mainly concerns the work carried out as part of the validation
of the consolidated non-financial performance disclosure, reviews and analyses relating to the Taxonomy and the European Corporate Sustainability Reporting Directive (CSRD).
| 2022 | |||||||
|---|---|---|---|---|---|---|---|
| In thousands of euros | PwC | EY | Total | ||||
| Audit services | -2,221 | -3,004 | -5,225 | ||||
| of which: | |||||||
| Compagnie Plastic Omnium Subsidiaries |
-465 -1,756 |
-461 -2,543 |
-926 -4,299 |
||||
| Fees for services other than certification of financial statements(1) | -234 | -106 | -340 | ||||
| of which: | |||||||
| Compagnie Plastic Omnium Subsidiaries |
- -234 |
-10 -96 |
-10 -330 |
||||
| Total | -2,455 | -3,110 | -5,565 |
(1) The section "Fees for services other than certification of financial statements" refers in particular to the review of the consolidated social, environmental and societal information provided in the management report, certificates, agreed procedures and due diligence.
7.5. Consolidating entity
Burelle SA holds 60.68% of Compagnie Plastic Omnium SE after the cancellation of the treasury stock (60.01% before cancellation of treasury stock) and fully consolidates Company Plastic Omnium SE.
Burelle SA - 19 Boulevard Jules Carteret 69342 Lyon Cedex 07 - France
7.6. Subsequent events
No event likely to have a material impact on the Group's business, financial position, earnings or assets and liabilities at December 31, 2023 has occurred since the closing date.
LIST OF CONSOLIDATED COMPANIES AT DECEMBER 31, 2023
| Reportable segment | December 31, 2023 | December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal name | Exterior | Powertrain | Un-allocated Modules |
Method of Consolidation |
% control |
% interest |
Method of Consolidation |
% control |
% interest |
||
| France | |||||||||||
| COMPAGNIE PLASTIC OMNIUM SE | * | Parent company | Parent company |
||||||||
| PLASTIC OMNIUM GESTION SNC | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM FINANCE SNC | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| SIGNALISATION FRANCE SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| INERGY AUTOMOTIVE SYSTEMS FRANCE SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIEUR SERVICES SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIORS SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY MANAGEMENT SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIEUR SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM COMPOSITES SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY SERVICES SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY FRANCE SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM CLEAN ENERGY SYSTEMS RESEARCH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM NEW ENERGIES FRANCE SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM MODULES SAS | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM MANAGEMENT 4 | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PO LIGHTING SYSTEMS | b2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM SOFTWARE HOUSE | b2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM E-POWER | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM E-POWER FRANCE | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| South Africa | |||||||||||
| PLASTIC OMNIUM AUTO INERGY SOUTH AFRICA (PROPRIETARY) Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| YANFENG PLASTIC OMNIUM (SOUTH AFRICA) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd |
a2022 | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | |||
| Germany | |||||||||||
| PLASTIC OMNIUM GmbH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO COMPONENTS GmbH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY GERMANY GmbH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTOMOTIVE EXTERIORS GmbH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| EKPO FUEL CELL TECHNOLOGIES GMBH | * | EM_Ifrs | 40 | 40 | EM_Ifrs | 40 | 40 | ||||
| HBPO BETEILIGUNGSGESELLSCHAFT GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO RASTATT GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO GERMANY GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO INGOLSTADT GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO REGENSBURG GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO VAIHINGEN Enz GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO Saarland GmbH | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM E-POWER GERMANY GmbH | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM LIGHTING SYSTEMS GmbH | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PO LIGHTING GERMANY GmbH | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM INDUSTRIE GmbH | a2023 | * | FC | 100 | 100 | - | - | - | |||
| HBPO BREMEN GmbH | a2023 | * | FC | 100 | 100 | - | - | - |
| Reportable segment | December 31, 2023 | December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal name | Exterior | Powertrain | Modules | Un-allocated | Method of Consolidation |
% control |
% interest |
Method of Consolidation |
% control |
% interest |
|
| Argentina | |||||||||||
| PLASTIC OMNIUM AUTO INERGY ARGENTINA SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Austria | |||||||||||
| PLASTIC OMNIUM NEW ENERGIES WELS GMBH | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Belgium | |||||||||||
| PLASTIC OMNIUM ADVANCED INNOVATION AND RESEARCH NV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY BELGIUM SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTOMOTIVE BELGIUM | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| OPTIMUM CPV BVBA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM NEW ENERGIES SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM NEW ENERGIES HERENTALS SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Brazil | |||||||||||
| PLASTIC OMNIUM AUTO INERGY DO BRASIL LTDA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM DO BRASIL Ltda | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PO LIGHTING DO BRASIL Ltda | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Canada | |||||||||||
| HBPO CANADA INC. | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| China (1/2) | |||||||||||
| PLASTIC OMNIUM HOLDING (SHANGHAI) Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| WUHAN PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| BEIJING PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 60 | 60 | FC | 60 | 60 | ||||
| CHONGQING PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| GUANGZHOU PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| NINGBO PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| SHENYANG PLASTIC OMNIUM AUTO INERGY Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| YANFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM (SHANGHAI TIEXI) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd |
* | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM YIZHENG AUTOMOTIVE EXTERIOR SYSTEM Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM (SHENYANG) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM NINGBO AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM WUHAN AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM HARBIN AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM HANGZHOU AUTO EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM NINGDE AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANKANG AUTO PARTS RUGAO Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM (DAQING) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | ||||
| YANFENG PLASTIC OMNIUM (LIAONING) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | a2022 | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | |||
| YANFENG PLASTIC OMNIUM (HE FEI) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | a2022 | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | |||
| YANFENG PLASTIC OMNIUM (NEW DADONG) AUTOMOTIVE EXTERIOR SYSTEMS Co. | a2022 | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | |||
| Ltd YANFENG PLASTIC OMNIUM (BEIJING) AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd |
a2022 | * | EM_Ifrs | 49.95 | 49.95 | EM_Ifrs | 49.95 | 49.95 | |||
| Reportable segment | December 31, 2023 | December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal name | Exterior | Powertrain | Modules | Un-allocated | Method of Consolidation |
% control |
% interest |
Method of Consolidation |
% control |
% interest |
|
| China (2/2) | |||||||||||
| CHONGQING YANFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIOR FAWAY Co. Ltd GUANGZHOU ZHONGXIN YANFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIOR TRIM Co. Ltd |
EM_Ifrs EM_Ifrs |
49.95 49.95 |
25.47 25.47 |
EM_Ifrs EM_Ifrs |
49.95 49.95 |
25.47 25.47 |
|||||
| CHENGDU FAWAY YANFENG PLASTIC OMNIUM Co. Ltd | * | EM | 24.48 | 24.48 | EM | 24.48 | 24.48 | ||||
| DONGFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIOR SYSTEMS Co. Ltd | * | EM | 24.98 | 24.98 | EM | 24.98 | 24.98 | ||||
| CHANGCHUN HUAZHONG YANFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIORS Co. Ltd |
* | EM_Ifrs | 49.95 | 24.98 | EM_Ifrs | 49.95 | 24.98 | ||||
| GUANGZHOU ZHONGXIN YANFENG PLASTIC OMNIUM AUTOMOTIVE EXTERIOR SYSTEMS Co., Ltd |
* | EM_Ifrs | 49.95 | 25.47 | EM_Ifrs | 49.95 | 25.47 | ||||
| HBPO CHINA BEIJING Co. Ltd | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO NANJIN Co. Ltd | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO SHANGHAI Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| HBPO AUTO COMPONENTS (Shanghai) Ltd | a2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM LIGHTING SYSTEMS (KUNSHAN) Co., Ltd | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| SHANGHAI PLASTIC OMNIUM NEW ENERGIES Co., Ltd | a2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| EKPO CHINA | a2022 | * | EM_Ifrs | 40 | 40 | EM_Ifrs | 40 | 40 | |||
| PO-REIN (SHANGHAI) ENERGY TECHNOLOGY Co., Ltd | a2023 | * | FC | 100 | 50.10 | - | - | - | |||
| PO-REIN (SHANGHAI) ENERGY DEVELOPMENT Co., Ltd | a2023 | * | FC | 100 | 50.10 | - | - | - | |||
| South Korea | |||||||||||
| PLASTIC OMNIUM Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM KOREA NEW ENERGIES Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| SHB AUTOMOTIVE MODULES | a2022_minos | * | EM_Ifrs | 50 | 50 | EM_Ifrs | 50 | 50 | |||
| HBPO PYEONGTAEK Ltd | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Spain | |||||||||||
| PLASTIC OMNIUM EQUIPAMIENTOS EXTERIORES SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY SPAIN SA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTOMOTIVE ESPANA | c2023 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO AUTOMOTIVE SPAIN SL | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| United States | |||||||||||
| PLASTIC OMNIUM Inc. | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM INDUSTRIES Inc. | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIORS LLC | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY (USA) LLC | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| HBPO NORTH AMERICA Inc. | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM NEW ENERGIES USA Inc. | a2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM E-POWER Inc. | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM LIGHTING SYSTEMS Inc. | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PO LIGHTING USA Inc. | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Hungary | |||||||||||
| HBPO MANUFACTURING HUNGARY Kft | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO AUTOMOTIVE HUNGARIA Kft | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO SZEKESFEHERVAR Kft | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO PROFESSIONAL SERVICES Kft | a2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PLASTIC OMNIUM AUTO EXTERIORS HUNGARY Kft | a2022 | * | FC | 100 | 100 | FC | 100 | 100 |
| Reportable segment | December 31, 2023 | December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Method of | % | % | Method of | % | % | ||||||
| Legal name | Exterior | Powertrain | Modules | Un-allocated | Consolidation | control | interest | Consolidation | control | interest | |
| India | |||||||||||
| PLASTIC OMNIUM AUTO EXTERIORS (INDIA) PVT Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY INDIA PVT Ltd | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY MANUFACTURING INDIA PVT Ltd | * | FC | 55 | 55 | FC | 55 | 55 | ||||
| PO LIGHTING INDIA PVT. Ltd | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Indonesia | |||||||||||
| PLASTIC OMNIUM AUTO INERGY INDONESIA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Japan | |||||||||||
| PLASTIC OMNIUM KK | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Malaysia | |||||||||||
| HICOM HBPO SDN BHD | a2022_minos | * | FC | 51 | 51 | FC | 51 | 51 | |||
| PO AUTOMOTIVE SDN BHD MALAYSIA | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Morocco | |||||||||||
| PLASTIC OMNIUM AUTO INERGY (MOROCCO) SARL | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIEUR | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PO LIGHTING MOROCCO SA | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Mexico | |||||||||||
| PLASTIC OMNIUM INDUSTRIAL AUTO EXTERIORES RAMOS ARIZPE SA DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY MEXICO SA DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIORES SA DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INDUSTRIAL SRL DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY INDUSTRIAL SA DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO INERGY SERVICIOS SA DE CV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| HBPO MEXICO SA DE CV | a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PO LIGHTING MEXICO SA DE CV | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Netherlands | |||||||||||
| DSK PLASTIC OMNIUM BV | * | FC | 51 | 51 | FC | 51 | 51 | ||||
| PLASTIC OMNIUM AUTO INERGY NETHERLANDS HOLDING BV | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| Poland | |||||||||||
| PLASTIC OMNIUM AUTO INERGY POLAND Sp Z.O.O. | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO EXTERIORS Sp Z.O.O. | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM AUTO Sp Z.O.O. | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PO LIGHTING POLAND Sp Z.O.O. | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Czech Republic HBPO CZECH S.R.O. |
a2022_minos | * | FC | 100 | 100 | FC | 100 | 100 | |||
| HBPO KVASINY S.R.O. | a2022 | * | FC | 100 | 100 | FC | 100 | 100 | |||
| PO LIGHTING CZECH S.R.O. | a2022_d | * | FC | 100 | 100 | FC | 100 | 100 | |||
| Romania | |||||||||||
| PLASTIC OMNIUM AUTO INERGY ROMANIA SRL | * | FC | 100 | 100 | FC | 100 | 100 | ||||
| PLASTIC OMNIUM LIGHTING SYSTEMS SRL | a2022 | * | FC | 100 | 100 | FC | 100 | 100 |
| Reportable segment | December 31, 2023 | December 31, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal name | Powertrain Exterior |
Modules | Un-allocated | Method of Consolidation |
% control |
% interest |
Method of Consolidation |
% control |
% interest |
|||
| United Kingdom | ||||||||||||
| PLASTIC OMNIUM AUTOMOTIVE Ltd | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| a2022_minos HBPO UK Ltd |
* | FC | 100 | 100 | FC | 100 | 100 | |||||
| Russia | ||||||||||||
| PLASTIC OMNIUM AUTO INERGY RUSSIA LLC | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| DSK PLASTIC OMNIUM INERGY | * | FC | 51 | 51 | FC | 51 | 51 | |||||
| Slovakia | ||||||||||||
| PLASTIC OMNIUM AUTO EXTERIORS S.R.O. | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| PLASTIC OMNIUM AUTO INERGY SLOVAKIA S.R.O. | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| a2022_minos HBPO SLOVAKIA S.R.O. |
* | FC | 100 | 100 | FC | 100 | 100 | |||||
| Switzerland | ||||||||||||
| PLASTIC OMNIUM RE AG | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| SWISS HYDROGEN | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| Thailand | ||||||||||||
| PLASTIC OMNIUM AUTO INERGY THAILAND Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| PLASTIC OMNIUM AUTOMOTIVE Co. Ltd | * | FC | 100 | 100 | FC | 100 | 100 | |||||
| Turkey | ||||||||||||
| B.P.O. AS | * | EM_Ifrs | 50 | 49.98 | EM_Ifrs | 50 | 49.98 | |||||
| a2022_d PO LIGHTING TURKEY AS |
* | FC | 100 | 100 | FC | 100 | 100 |
Consolidation method and special features:
| FC: | Full consolidation |
|---|---|
| EM: | Companies that were already consolidated by the equity method before the application of the new |
| consolidation standards at January 1, 2014. | |
| EM_Ifrs: | Companies consolidated by the equity method since the application of the new consolidation standards at |
| January 1, 2014. They are included at their percentage stake in the determination of "Economic revenue". | |
| Movements for the period: | |
| a2023: | Companies acquired and/or created and/or whose business started during fiscal year 2023 |
| b2023 | Companies whose name was changed during fiscal year 2023 |
| c2023: | Companies sold and/or merged during fiscal year 2023 |
| a2022: | Companies acquired and/or created during fiscal year 2022 |
| a2022_d: | Companies acquired during fiscal year 2022 whose name was changed by the Group since the acquisition |
| AMLS Osram: entities integrated in the Group at July 1, 2022 | |
| "AMLS Osram GmbH" became "Plastic Omnium Lighting Systems GmbH" | |
| "AMLS Osram US" became "Plastic Omnium Lighting Systems Inc" | |
| "AMLS Osram China" became "Plastic Omnium Lighting Systems (Kunshan) Co., Ltd" | |
| Actia Power: entities integrated in the Group at August 1, 2022 | |
| "Actia Power Holding" became "Plastic Omnium e-Power" | |
| "Actia Power France" became "Plastic Omnium e-Power France" | |
| "Actia Power Germany" became "Plastic Omnium e-Power Germany GmbH" | |
| "Actia Power US" became "Plastic Omnium e-Power Inc." | |
| VLS – Varroc Lighting Systems: entities integrated in the Group at October 6, 2022 | |
| "Varroc Lighting Systems SA Morocco" became "PO Lighting Morocco SA" |
b2022 Companies whose name was changed during fiscal year 2022
"Varroc Lighting Systems CZ" became "PO Lighting Czech S.R.O"
"Varroc Lighting Systems USA" became "PO Lighting USA Inc."
a2022_minos : Acquisition by the Group on December 12, 2022 of the final third of HBPO held by Hella
"Varroc do Brazil" became "PO Lighting do Brasil Ltda" "Varroc India SPV" became "PO Lighting India Pvt. Ltd"
"Varroc Lighting Systems Poland" became "PO Lighting Poland Sp Z.O.O" "Varroc Lighting Systems Turkey" became "PO Lighting Turkey AS" "Varroc Lighting Systems Mexico" became "PO Lighting Mexico SA de CV"
"Varroc Lighting Systems Germany GmbH" became "PO Lighting Germany GmbH"
c2022: Companies sold and/or merged during fiscal year 2022