Earnings Release • Aug 4, 2015
Earnings Release
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Paris La Défense, 4 August 2015: the Vicat Group (Euronext Paris: FR0000031775 - VCT) has today reported its half-year 2015 results, as approved by the Board of Directors on 31 July 2015.
| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | H 1 2014 | At constant scope | ||
| Reported | and exchange | ||||
| rates | |||||
| Consolidated sales | 1,243 | 1,218 | $+2.0%$ | $-6.1%$ | |
| EBITDA* | 203 | 208 | $-2.2%$ | $-10.1%$ | |
| EBITDA margin (%) | 16.3 | 17.1 | |||
| EBIT** | 93 | 115 | $-19.2%$ | $-25.4%$ | |
| EBIT margin (%) | 7.5 | 9.5 | |||
| Consolidated net income | 43 | 56 | $-23.2%$ | $-29.5%$ | |
| Net margin (%) | 3.5 | 4.6 | |||
| Net income, Group share | 34 | 51 | $-33.5%$ | $-38.0\%$ | |
| Cash flow | 140 | 144 | $-2.8%$ | $-11.2%$ |
*EBITDA: sum of gross operating income and other income and expenses on ongoing business.
**EBIT: EBITDA less net depreciation, amortisation and provisions on ongoing business. 2015 EBITDA was reduced by a €5.1 million charge related to a change in accounting standards (IFRIC 21). On a pro forma basis,
2015 EBITDA came to €208 million, up 0.2% on a reported basis and down 7.6% at constant scope and exchange rates. EBIT and operating profit were affected by the same amount. The impact on consolidated net income and cash flow was - €3.8 million and - €5.0 million respectively.
Commenting on these figures, Guy Sidos, the Group's Chairman and CEO said: "After an unrepresentative first quarter in a number of countries given seasonal trends and particularly this year owing to the far less favourable weather conditions than in 2014 business trends in the second-quarter improved significantly in terms of volumes and EBITDA.
Confident in the effectiveness of its business model combining production and financial efficiency, the Group intends to maintain its high level of cash generation and reduce its debt by leveraging the investments made in recent years and its strong market positions".
CONTACTS INVESTISSEURS VICAT -STEPHANE BISSELILL TEL. +33 (0) 158 86 86 13 [email protected]
CONTACTS PRESSE VICAT:
MARION GUÉRIN
TEL. +33 (0)1 58 86 86 26 [email protected]
TOUR MANHATTAN 6 PLACE DE L'IRIS F-92095 PARIS - LA DEFENSE CEDEX TEL: +33 (0) 1 58 86 86 86 FAX: +33 (0) 158 86 87 88
S.A. AU CAPITAL DE 179,600,000 ELIROS IDENTIFICATION CEE: FR 92 - 057
505 539 RCS NANTERRE
In this press release, and unless indicated otherwise, all changes are stated on a year-onyear basis (2015/2014), and at constant scope and exchange rates.
The Vicat Group's first-half 2015 consolidated sales came to $\epsilon$ 1,243 million, up +2.0% on a reported basis but down -6.1% at constant scope and exchange rates by comparison with the same period of 2014.
During the first half, the Cement division's operational sales declined by -4.9% (consolidated sales down -5.1%) at constant scope and exchange rates. The Concrete & Aggregates division's operational sales was lower by -7.7% (consolidated sales down -8.0%) at constant scope and exchange rates. Lastly. Other Products & Services sales were down by -8.6% (consolidated sales down -5.4%) at constant scope and exchange rates.
The breakdown of first-half 2015 operational sales by business shows a slight increase in the Cement division's contribution to 54.8% of operational sales from 53.5% in the first six months of 2014. The operational sales contribution from the Group's Concrete & Aggregates business declined very slightly to 31.2% from 31.7% over the same period in 2014. Lastly, the contribution made by Other Products & Services contracted to 14.0% of the Group's operational sales from 14.8% in the first half of 2014.
Trends in the Group's sales in the first six months of 2015 mainly reflected:
These changes were offset only partially by:
o further brisk business expansion in the United States in a supportive macroeconomic and industry environment;
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After a first quarter marked by tough weather conditions in some regions, the improving trends in a number of countries, including Switzerland, Turkey, Kazakhstan, Mali, and, to a lesser extent, in France, were reflected in the overall performance of the Group.
The Group's consolidated EBITDA dropped -2.2% to €203 million. At constant scope and exchange rates, the decline came to -10.1%.
2015 EBITDA was reduced by a $-65.1$ million charge related to a change in accounting standards (IFRIC 21). On a pro forma basis, 2015 EBITDA came to €208 million, up +0.2% on a reported basis and down -7.6% at constant scope and exchange rates. This change in accounting standards led to a negative impact of -€3.4 million in France, -€1.0 million in West Africa, -€0.4 million in Kazakhstan and -€0.3 million in the United States. EBIT and operating profit were affected by the same amount. The impact on consolidated net income was $-\epsilon$ 3.8 million.
The decline in EBITDA at constant scope and exchange rates mainly reflected:
These negative factors were compensated in part by:
a very substantial increase in EBITDA in the United States on the back of solid growth in volumes and selling prices;
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a strong improvement in performance in India given the selective business strategy adopted by the Group in the second half of 2014, which drove a significant recovery in selling prices, thereby making up to a very large extent for the impact of lower volumes. Accordingly, the Group's first-half EBITDA was on a par with that recorded over 2014 as a whole.
Taking these factors into account, the EBITDA margin on consolidated sales stood at 16.3% of sales, down from 17.1% in the first half of 2014. Excluding the change in accounting standards, EBITDA margin was almost stable at 16.8%.
After an unrepresentative first quarter in a number of countries given seasonal trends and particularly this year owing to the far less favourable weather conditions than in 2014, the Group's EBITDA generation reflected the marked improvement in the trends during the second quarter, especially in France, the United States, Switzerland, Turkey and Kazakhstan.
EBIT came to $\textcircled{\tiny Q}3$ million compared with $\in$ 115 million in the first half of 2014. The decline (fall of $-\epsilon 22$ million) came from a lower operating margin and a higher charge for depreciation, amortisation and provisions owing largely (negative impact of $-\epsilon$ 9 million) to currency effects.
The EBIT margin based on consolidated sales stood at 7.5% of sales, compared with 9.5% in the first six months of 2014.
Net interest expenses fell back -6.3% to - $\epsilon$ 27.8 million with the decline in the cost of the Group's net financial debt.
The -12.4% year-on-year decline in tax expense to - $\epsilon$ 24.9 million reflected the decrease in income before tax and the increase in the amount of withholding tax on dividends paid by certain international subsidiaries. Adjusted for these withholding levies, the effective tax rate was stable at 31.6% of income before tax compared with 31.5% in the first half of 2014.
Consolidated net income came to $\epsilon$ 43 million, representing a decline of -29.5% at constant scope and exchange rates. Net income, Group share dropped -38.0% at constant scope and exchange rates to €34 million.
| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | H1 2014 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 388 | 437 | $-11.1%$ | $-11.1%$ | |
| EBITDA | 49 | 68 | $-27.5%$ | $-27.5%$ | |
| EBIT | 18 | 42 | $-56.7%$ | $-56.7%$ |
Consolidated sales in France fell -11.1% at constant scope and exchange rates to €388 million. First-half performance was pulled down by a persistently challenging economic climate and a highly unfavourable base of comparison given the extremely mild weather conditions that prevailed in the first quarter of 2014. The gradual improvement in weather conditions during the second quarter helped to limit the decline over the first half as a whole. with sales dropping -8.0% in the last three months after a -15.0% decrease in the first quarter. EBITDA fell back -27.5%. Excluding the impact of adopting IFRIC 21, EBITDA was lower by -22.5% to $$52.5$ million.
| H1 2014 | Change (%) | ||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | Reported | At constant scope and exchange rates |
||
| Consolidated sales | 206 | 203 | $+1.5%$ | $-11.8%$ | |
| EBITDA | 49 | 47 | $+4.1%$ | $-9.7%$ | |
| EBIT | 28 | 29 | $-4.3%$ | $-17.3%$ |
First-half 2015 sales recorded in Europe, excluding France, rose by +1.5% on a reported basis, but moved -11.8% lower at constant scope and exchange rates.
In Switzerland, the Group's consolidated sales rose by +3.2% in the first six months of 2015. At constant scope and exchange rates, they declined by -10.7%. This strong contraction reflected the unfavourable base of comparison created by the exceptionally mild weather conditions of the first quarter of 2014 and the end of a number of major projects in August 2014. EBITDA generated in Switzerland came in +4.1% higher in reported figures. This as the favorable evolution in exchange rates over the period compensated the negative impact on the competitiveness of the Swiss economy and the construction sector that stemmed from the brutal reevaluation of the Swiss franc that took place early in the year. To note, the EBITDA generated in Switzerland improved significantly in the second quarter compared with the same period of 2014.
In the Cement business, operational sales rose by +4.1%, but declined -10.0% at $\bullet$ constant scope and exchange rates. Consolidated sales advanced by +8.7%, but fell -6.0% at constant scope and exchange rates. After a significant decline in its firstquarter operational sales (down -13.8% at constant scope and exchange rates and down -1.7% on a reported basis), second-quarter sales recorded a smaller contraction (down -6.7% at constant scope and exchange rates and up +8.9% on a reported basis). Over the first half as a whole, volumes fell by more than -5% as a result of the highly unfavourable "weather-related" base of comparison and the completion of some maior projects in summer 2014. Meanwhile, selling prices edged lower owing to fiercer competition in border areas after the Swiss franc reevaluation. The EBITDA posted by this business moved up +13.1% over the first half as a whole, but declined by -2.1% over the period at constant scope and exchange rates.
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In Italy, consolidated sales fell back -33.3% owing to a significant contraction in volumes sold (down -30%) in a domestic market still very badly affected by the macroeconomic and industry environment and the Group's selective business policy aimed at keeping a tight rein on its credit risk. Against this backdrop, selling prices moved slightly lower. As a result of these factors, EBITDA contracted by -30.9%.
| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | H1 2014 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 163 | 116 | $+41.2%$ | $+15.0%$ | |
| EBITDA | 13 | $\mathbf{2}$ | +464.5% | +359.6% | |
| EBIT | (1) | (9) | $+88.4%$ | $+90.6%$ |
Business in the United States continued to recover in a firm macroeconomic environment providing support for the construction sector. As a result, the Group's consolidated sales rose by +41.2% or by +15.0% at constant scope and exchange rates. EBITDA totalled €13 million, representing a very strong increase on the $∈$ 2 million recorded in the first half of 2014. In the second quarter, the Group's business in the region held up at a brisk level, with its consolidated sales advancing by +12.8% at constant scope and exchange rates (up +17.7% in the first quarter).
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| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | H1 2014 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 286 | 254 | $+12.6%$ | $+0.3%$ | |
| EBITDA | 62 | 45 | $+37.2%$ | $+21.5%$ | |
| EBIT | 36 | 24 | $+52.8%$ | $+36.3%$ |
Sales across the region came to $\epsilon$ 286 million, a significant increase on a reported basis (+12.6%) and stable (+0.3%) at constant scope and exchange rates.
In Turkey, sales came to $\epsilon$ 111 million, up +1.3% but down -2.3% at constant scope and exchange rates. While business was heavily disrupted in the first quarter by weather conditions (down -16.8% at constant scope and exchange rates), it posted a healthy recovery in the second quarter (up +7.6% at constant scope and exchange rates). As a result, first-half EBITDA came to €21 million, down -7.1% on a reported basis and down -10.4% at constant scope and exchange rates.
In the Cement business, the Group recorded a very small decrease in its operational $\bullet$ sales of -1.2% at constant scope and exchange rates (down -2.6% on a consolidated basis). On a reported basis, operational and consolidated sales grew by +2.5% and +1.0% respectively. Following the marked decline in operational sales in the first quarter (down -18.5% at constant scope and exchange rates), business picked up strongly during the second quarter (up +10.4% at constant scope and exchange rates). Volumes declined slightly over the first half as a whole in spite of a healthy rebound in the second quarter, with support from the improvement in weather conditions from March onwards. Selling prices continued to firm up, especially in the Bastas area, helping to offset the volume downturn. Accordingly, EBITDA generated by the business posted an increase of +6.5% at constant scope and exchange rates.
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The operational sales recorded by the Concrete & Aggregates business edged down $\bullet$ -0.8% at constant scope and exchange rates (up +2.9% on a reported basis). Consolidated sales declined by -1.8% (up +1.8% on a reported basis). The business recovery in the second quarter (operational sales up +8.7% at constant scope and exchange rates) helped to make up for the marked decline in the first (down -12.5% at constant scope and exchange rates) as a result of weather conditions. Over the first half as a whole, volumes sold rose by more than +3% in concrete and were stable in aggregates. Selling prices moved slightly slower, with the decline more tangible in concrete than aggregates. As a result of these factors, especially the important downturn in first-quarter business trends, EBITDA recorded a first-half loss of - $\epsilon$ 1.4 million from a gain of $+\epsilon$ 2.5 million in the first half of 2014.
In India, the Group posted consolidated sales of $\epsilon$ 137 million in the first half of 2015, up +21.4% on a reported basis and up +2.2% at constant scope and exchange rates. Volumes sold declined by close to -22% during the first half to almost 2 million tonnes. This decline, which came after the "deliberate" ramp-up in its markets by Kalburgi Cement (formerly Vicat Sagar Cement) in the first half of 2014, reflects the more selective business strategy implemented by the Group from the second half of 2014 across all its operations to reap the full benefit of the firm recovery in selling prices. As a result of these factors, selling prices recorded a significant increase compared with the first half of 2014, making up for the volume contraction to a very large extent. Accordingly, EBITDA rose by +114.7% at constant scope and exchange rates to reach €30.2 million, slightly ahead of the level recorded in $2014$ as a whole.
In Kazakhstan, consolidated sales advanced by +20.0% on a reported basis and by +2.4% at constant scope and exchange rates to reach €37.7 million. The second-quarter business recovery (+9.1%) helped to make up for the first-quarter decline (down -14.3% at constant scope and exchange rates) with the +23% volume growth in the second quarter offsetting the -9% contraction in the first quarter. The significant adjustment in the Russian rouble against the Kazakhstani tenge in the second quarter helped to ease the pressure of Russian importers in the first quarter. Overall, volumes rose by more than +14% in the period. Selling prices declined because of the depressed macroeconomic environment caused by the fall in commodity prices and tighter monetary conditions.
First-half EBITDA totalled $\epsilon$ 10.9 million, up +1.8% on a reported basis, but down -13.2% at constant scope and exchange rates.
| H1 2014 | Change (%) | ||||
|---|---|---|---|---|---|
| H1 2015 $(\epsilon$ million) |
Reported | At constant scope and exchange rates |
|||
| Consolidated sales | 199 | 208 | $-4.4%$ | $-9.6%$ | |
| EBITDA | 30 | 46 | $-34.0%$ | $-35.1%$ | |
| EBIT | 12 | 29 | $-59.9%$ | $-58.9%$ |
In the Africa and Middle East region, sales came to €199 million, down -4.4% on a reported basis and down -9.6% at constant scope and exchange rates. The Group's performance was marked across the region by a fall in sales, but more significantly in West Africa given the change in the competitive landscape in Senegal. Performance in Egypt was affected by a fall in selling prices during the second quarter owing partly to Ramadan beginning in June this year. In addition, profitability in Egypt was also pulled down by a significant rise in fuel costs given the halt to gas deliveries at the end of the first half of 2014 and their replacement by a significantly more expensive fuel mix from the second half of 2014 onwards. As a result, EBITDA recorded a marked decline of -35.1% at constant scope and exchange rates across the Africa and Middle East region.
| H1 2015 $(\epsilon$ million) |
Change (%) | ||||
|---|---|---|---|---|---|
| Reported | At constant scope and exchange rates |
||||
| Volume of (thousands) tonnes) |
9,876 | 10,572 | $-6.6%$ | ||
| Operational sales | 773 | 743 | $+3.9%$ | $-4.9%$ | |
| Consolidated sales |
658 | 633 | $+3.9%$ | $-5.1%$ | |
| EBITDA | 163 | 155 | $+5.0%$ | $-3.2%$ | |
| EBIT | 86 | 95 | $-8.8%$ | $-14.9%$ |
In the first half of 2015, the Cement business posted a +3.9% increase in operational sales. or a -4.9% decline at constant scope and exchange rates. Selling price trends varied from one region to another, with a significant rise in India and the United States and a smaller one in Turkey. While prices remained broadly unchanged in Mauritania and Mali, other regions experienced modest pricing erosion given the adverse macroeconomic and competition-related factors specific to each country. Overall, the price effect was slightly positive over the first half of the year.
The broadly positive trend in selling prices came with a -6.6% volume contraction. This decline in volumes, which was significant in India, France and West Africa, but more moderate in Switzerland and Turkey, was partially offset by the growth recorded in the United States, Egypt and Kazakhstan.
Accordingly, EBITDA came to €163 million, up +5.0% on a reported basis, but down -3.2% at constant scope and exchange rates. This trend reflected a significant contraction in the contribution from Egypt and France and, to a lesser extent, Europe (excluding France) and Kazakhstan, partially offset by the strong rises recorded in India and the United States.
| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H 1 2015 | H 1 2014 | Reported | At constant scope and exchange rates |
|
| Concrete volumes (thousands of $m^3$ ) |
4,002 | 4,150 | $-3.6%$ | ||
| Aggregates volumes (thousands of tonnes) |
10,048 | 11,002 | $-8.7%$ | ||
| Operational sales | 441 | 440 | $+0.1%$ | $-7.7\%$ | |
| Consolidated sales | 429 | 430 | $-0.1%$ | $-8.0\%$ | |
| EBITDA | 27 | 36 | $-24.9%$ | $-31.8%$ | |
| EBIT | $\mathbf{2}$ | 14 | $-82.4%$ | $-89.6%$ |
The Concrete & Aggregates business recorded stable operational sales on a reported basis, or a decline of -7.7% at constant scope and exchange rates compared with the first half of 2014. This performance reflected a business contraction in France and Switzerland, partially offset by strong business growth in the United States and, to a lesser extent, India. Taking these factors into account, EBITDA came to €27 million, representing a marked year-onyear decline owing to the contraction in France, Switzerland and Turkey.
| Change (%) | |||||
|---|---|---|---|---|---|
| $(\epsilon$ million) | H1 2015 | H 1 2014 | Reported | At constant scope and exchange rates |
|
| Operational sales | 197 | 205 | $-3.7\%$ | $-8.6%$ | |
| Consolidated sales |
156 | 155 | $+0.5%$ | $-5.4%$ | |
| EBITDA | 13 | 17 | $-20.7%$ | $-28.4%$ | |
| EBIT | 4 | $-38.0%$ | $-43.4%$ |
Operational sales declined by -3.7% on a reported basis and by -8.6% at constant scope and exchange rates.
EBITDA came to €13 million, down -28.4% at constant scope and exchange rates compared with the first half of 2014.
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At 30 June 2015, the Group had a solid financial position, with a strong equity base and net debt almost stable at €1.191 million, compared with €1.183 million at 30 June 2014.
On this basis, the Group's gearing stood at 46.8% at 30 June 2015, down from 52.7% at 30 June 2014, and the leverage ratio at 2.7x, stable compared with 30 June 2014.
Consolidated equity totalled $\epsilon$ 2,545 million, compared with $\epsilon$ 2,459 million at 31 December 2014.
Bank covenants do not pose a threat to either the Group's financial position or its balance sheet liquidity. At 30 June 2015, Vicat complied with all financial ratios required by covenants in financing agreements.
Vicat's cash flow declined by -2.8% on a reported basis, to $\epsilon$ 140 million.
The Group's capital expenditure came to $681.3$ million in the first half, representing an increase on the first-half 2014 level (€73 million). It is expected to total €170-190 million in 2015 as a whole.
In July 2015, Kalburgi Cement (formerly Vicat Sagar Cement) has redeemed in advance the debt entered into with development finance institutions in return of a strengthening of its equity by Parficim. This refund, amounting to a net €166 million has not incurred significant transaction costs and did result in the early cancellation of the foreign exchange and interest rate hedging instruments (cross currency swap) set up in 2011. This long-term repayment, financed through allocation of the Vicat lines of credit, will significantly reduce the interests expenses incurred by Kalburgi and by the Group from the end of July onwards.
In 2015, the Group expects further improvements in its performance, capitalising on ongoing growth in emerging markets and recovery in the United States. It should also benefit gradually from lower energy costs and the favourable variations in exchange rates. Lastly, the Group will continue in 2015 to pursue its policy of optimising cash flows and improving its debt ratios.
For 2015, the Group provides the following comments concerning its markets:
In France, the Group expects the macro-economic environment to remain $\bullet$ unfavourable to the construction sector. The first half of the year has been characterised by a particularly challenging comparison base due to the exceptional weather conditions recorded during this period in 2014. In the second half of the year, the Group expects stabilisation or even very gradual improvement in the construction sector. In view of these factors, volumes are likely to be down over the full year, in a globally unchanged pricing environment.
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To accompany the publication of its half-year 2015 results, the Vicat group is organising a conference call in English that will take place on Wednesday, 5 August 2015 at 3pm Paris time (2pm London time and 9am New York time). To take part in the conference call live, dial one of the following numbers:
France: United Kingdom: United States:
+44 (0) 20 3427 1915 +1 646 254 3366
To listen to a playback of the conference call, which will be available until midnight on Wednesday 12 August 2015, dial one of the following numbers:
| France: | |
|---|---|
| United Kingdom: | |
| United States: |
+33 (0) 1 74 20 28 00 +44 (0)20 3427 0598 +1 347 366 9565
Access code:
2702610#
Next publication:
3 November 2015 after the market closes: third-quarter 2015 sales
Stéphane Bisseuil: T. + 33 1 58 86 86 13 [email protected]
Marion Guérin: $T. + 33158868626$ [email protected]
The Vicat Group has over 7,700 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €2,423 million in 2014.
The Group operates in eleven countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India. Nearly 66% of its sales are generated outside France.
The Vicat Group is the heir to an industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities.
This press release may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding results or any other performance indicator, but rather trends or targets.
These statements are by their nature subject to risks and uncertainties as described in the Company's annual report available on its website (www.vicat.fr). These statements do not reflect the future performance of the Company, which may differ significantly. The Company does not undertake to provide updates of these statements.
Further information about Vicat is available from its website (www.vicat.fr).
Consolidated financial statements for the six-month period to 30 June 2015 approved by the Board of Directors on 31 July 2015
The consolidated financial statements for the first half of 2015 and accompanying notes are available in their entirety on the Company's web site at www.vicat.fr.
| $(\epsilon$ million) | Cement | Concrete Aggregates |
Other Products & Services |
Operational sales |
Inter-sector eliminations |
Consolidated sales |
|---|---|---|---|---|---|---|
| France | 172 | 182 | 113 | 467 | (79) | 388 |
| Europe (excluding) France) |
84 | 83 | 66 | 233 | (27) | 206 |
| United States | 80 | 114 | 194 | (30) | 163 | |
| Asia | 250 | 49 | 18 | 317 | (32) | 286 |
| Africa and Middle East |
187 | 13 | 200 | $\mathbf 0$ | 199 | |
| Operational sales |
773 | 441 | 197 | 1,411 | (168) | 1,243 |
| Inter-sector eliminations |
(115) | (11) | (42) | (168) | ||
| Consolidated sales |
658 | 429 | 156 | 1,243 |
Shareholders' equity and minority interests
| ASSETS | June 30, 2015 | December 31, 2014 | |
|---|---|---|---|
| (in thousands of euros) | Notes | ||
| NON CURRENT ASSETS | |||
| Goodwill | 3 | 1,054,830 | 1,007,848 |
| Other intangible assets | 4 | 135,537 | 122,985 |
| Property, plant and equipment | 5 | 2,223,924 | 2,148,739 |
| Investment properties | 20,333 | 18,754 | |
| Investments in associated companies | 47,391 | 43,815 | |
| Deferred tax assets | 156,307 | 135,437 | |
| Receivables and other non current financial assets | 137,437 | 98,891 | |
| Total non current assets | 3,775,759 | 3,576,469 | |
| CURRENT ASSETS | |||
| Inventories and work in progress | 414,856 | 394,205 | |
| Trade and other accounts | 471,457 | 356,405 | |
| Current tax assets | 34,848 | 37,206 | |
| Other receivables | 159,418 | 141,200 | |
| Cash and cash equivalents | 6 | 228,750 | 268,196 |
| Total current assets | 1,309,329 | 1,197,212 | |
| TOTAL ASSETS | 5,085,088 | 4,773,681 | |
| LIABILITIES | June 30, 2015 | December 31, 2014 | |
| (in thousands of euros) | Notes | ||
| SHAREHOLDERS' EQUITY | |||
| Share capital | $\overline{7}$ | 179,600 | 179,600 |
| Additional paid in capital | 11,207 | 11,207 | |
| Consolidated reserves | 2,063,458 | 1,986,616 | |
| Shareholders' equity | 2,254,265 | 2,177,423 | |
| Minority interests | 290,506 | 281,870 | |
| Shareholders' equity and minority interests | 2,544,771 | 2,459,293 |
NON CURRENT LIABILITIES Provisions for pensions and other post employment benefits 8 142,514 125,862 Other provisions 8 96,392 86,141 Financial debts and put options $\overline{9}$ 1,233,378 1,067,527 Deferred tax liabilities 236,103 219,656 Other non current liabilities 10,010 7,205 Total non current liabilities 1,718,397 1,506,391 CURRENT LIABILITIES Provisions 8 11,279 10,526 Financial debts and put options at less than one year $\overline{9}$ 278,698 281,730 Trade and other accounts payable 280,642 283,381 Current taxes payable 39,301 30,455 Other liabilities 195,798 218,407 Total current liabilities 822,220 807,997 Total liabilities 2,540,617 2,314,388 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,085,388 4,773,681
| June 30, 2015 | June 30, 2014 | ||
|---|---|---|---|
| (in thousands of euros) | Notes | ||
| Sales | 11 | 1,242,559 | 1,217,811 |
| Goods and services purchased | (812, 143) | (810, 599) | |
| Added value | 1.22 | 430,416 | 407,212 |
| Personnel costs | (207, 425) | (187, 974) | |
| Taxes | (33, 141) | (25, 539) | |
| Gross operating income | 1.22 & 14 | 189,850 | 193,699 |
| Depreciation, amortization and provisions | 12 | (108, 508) | (91, 571) |
| Other income and expenses | 13 | 11,975 | 10,292 |
| Operating income | 14 | 93,317 | 112,420 |
| Cost of net financial debt | 15 | (21, 729) | (23, 514) |
| Other financial income | 15 | 4,370 | 5,832 |
| Other financial expenses | 15 | (10, 446) | (12,004) |
| Net financial income (expense) | 15 | (27, 805) | (29, 686) |
| Earnings from associated companies | 2,400 | 1,712 | |
| Profit (loss) before tax | 67,912 | 84,446 | |
| Income tax | 16 | (24, 923) | (28, 438) |
| Consolidated net income | 42,989 | 56,008 | |
| Portion attributable to minority interests | 9,247 | 5,292 | |
| Portion attributable to the Group | 33,742 | 50,716 |
| EBITDA | 1.22 & 14 | 203,059 | 207,674 |
|---|---|---|---|
| EBIT | 1.22 & 14 | 93,089 | 115,199 |
| Cash flow from operations | 1.22 | 139,659 | 143,733 |
| Earnings per share (in euros) | |||
| Basic and diluted Group share of net earnings per share | 0.75 | 1.13 | |
|--|
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
|---|---|---|---|---|---|
| (in thousands of euros) | June 30, 2015 | June 30, 2014 | |||
| Consolidated net income | 42,989 | 56,008 | |||
| Other comprehensive income items | |||||
| Items not recycled to profit or loss : | |||||
| Remeasurement of the net defined benefit liability | (1,790) | (8, 566) | |||
| Tax on non-recycled items | (471) | 2,998 | |||
| Items recycled to profit or loss : | |||||
| Net income from change in translation differences | 114,382 | (868) | |||
| Cash flow hedge instruments | 7,148 | (10, 782) | |||
| Tax on recycled items | (3,010) | 3,510 | |||
| Other comprehensive income (after tax) | 116,259 | (13,708) | |||
| Total comprehensive income | 159,248 | 42,300 | |||
| Portion attributable to minority interests | 20,561 | 6,180 | |||
| Portion attributable to the Group | 138,687 | 36,120 |
| (in thousands of euros) | Notes | June 30, 2015 | June 30, 2014 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Consolidated net income | 42,988 | 56,008 | |
| Earnings from associated companies | (2,400) | (1,712) | |
| Dividends received from associated companies | 1,176 | 969 | |
| Elimination of non cash and non operating items : | |||
| - depreciation, amortization and provisions | 109,214 | 91,833 | |
| - deferred taxes | (12, 337) | (13, 394) | |
| - net (gain) loss from disposal of assets | (1,409) | 282 | |
| - unrealized fair value gains and losses | 2,640 | 1,097 | |
| - other | (213) | 8,650 | |
| Cash flows from operating activities | 1.22 | 139,659 | 143,733 |
| Change in working capital requirement | (136, 877) | (58, 724) | |
| Net cash flows from operating activities (1) | 18 | 2,782 | 85,009 |
| Cash flows from investing activities | |||
| Outflows linked to acquisitions of non-current assets : | |||
| - property, plant and equipment and intangible assets | (97,066) | (81, 155) | |
| - financial investments | (703) | (9, 815) | |
| Inflows linked to disposals of non-current assets : | |||
| - property, plant and equipment and intangible assets | 2,537 | 2,781 | |
| - financial investments | 1,118 | 4,554 | |
| Impact of changes in consolidation scope | (55) | (17, 822) | |
| Net cash flows from investing activities | 19 | (94, 169) | (101, 457) |
| Cash flows from financing activities | |||
| Dividends paids | (77, 109) | (80, 588) | |
| Increases in capital | 122 | ||
| Proceeds from borrowings | 155,328 | 113,530 | |
| Repayments of borrowings | (49, 810) | (43, 569) | |
| Acquisitions of treasury shares | (484) | (9,203) | |
| Disposals or allocations of treasury shares | 2,485 | 13,127 | |
| Net cash flows from financing activities | 30,410 | (6, 581) | |
| Impact of changes in foreign exchange rates | 8,934 | 1,940 | |
| Change in cah position | (52,043) | (21,089) | |
| Net cash and cash equivalents - opening balance | 20 | 242,990 | 225,812 |
| Net cash and cash equivalents - closing balance | 20 | 190,947 | 204,723 |
| STATEMENT OF C | CHANGES IN CON | NSOLIDATED SHA | REHOLDERS' EQU | UITY | ||||
|---|---|---|---|---|---|---|---|---|
| (in thous ands of euros) |
Capit tal |
Addi ti ona l paid in n capi ta l |
Trea s ury sha res |
Cons olida te d reserves |
Transla tion reserves |
S hare‐holders' equity |
Mi nori ty interes ts |
Total share‐ holders' equity and minority interests |
| At Janua ry 1, 2014 |
179,6 00 |
11,207 7 |
(73,945) | 2,155,752 | (262,865) | 2,009,749 | 282,216 | 2,291,965 |
| Cons olid da ted net incom me |
50,716 | 50,716 | 5,292 | 56,008 | ||||
| Othe r co omprehensive income |
(21,190) | 6,594 | (14,596) | 888 | (13,708) | |||
| To otal comprehensiv ve incom me |
29,526 | 6,594 | 36,120 | 6,180 | 42,300 | |||
| Dividen ds paids |
(66,064) | (66,064) | (14,876) | (80,940) | ||||
| Net chan nge in trea s ury sha res |
4,713 | (517) | 4,196 | 4,196 | ||||
| Changes s in cons olida tio on scope a nd a ddi tional acquisit tions |
(3,304) | (3,304) | (7,875) | (11,179) | ||||
| Increa se e in sha re ca pi ta al |
||||||||
| Othe r ch hanges |
(228) | (228) | (14) | (242) | ||||
| At June 3 30, 2014 |
179,6 00 |
11,207 7 |
(69,232) | 2,115,165 | (256,271) | 1,980,469 | 265,631 | 2,246,100 |
| At Janua ry 1, 2015 |
179,6 00 |
11,207 7 |
(70,133) | 2,206,447 | (149,698) | 2,177,423 | 281,870 | 2,459,293 |
| Cons olid da ted net incom me |
33,742 | 33,742 | 9,247 | 42,989 | ||||
| Othe r co omprehensive income |
2,027 | 102,918 | 104,945 | 11,314 | 116,259 | |||
| To otal comprehensiv ve incom me |
35,769 | 102,918 | 138,687 | 20,561 | 159,248 | |||
| Dividen ds paids |
(66,108) | (66,108) | (11,967) | (78,075) | ||||
| Net chan nge in trea s ury sha res |
2,800 | (524) | 2,276 | 2,276 | ||||
| Changes s in cons olida tio on scope a nd a ddi tional acquisit tions Increa se es in sha re capi tal |
||||||||
| Othe r ch hanges |
1,987 | 1,987 | 42 | 2,029 | ||||
| At June 3 30, 2015 |
179,6 00 |
11,207 7 |
(67,333) | 2,177,571 | (46,780) | 2,254,265 | 290,506 | 2,544,771 |
1)Include 2015. ed the impact ofIFR RIC21 new standar rd "Taxes" amount ting to €1.5 million n, whose applicatio on is mandatory fo r the period begin nning on or after Ja nuary 1,
Group tr ransla tion differ rences a t June 3 30th, 2015 a re bro oken down by cu urrency as follow ws (in thousand s of euros ) :
| (46,780) | |
|---|---|
| Indian rupe ee : |
(65,931) |
| Mauri tania n ouguiya: |
(1,985) |
| Ka zakh teng gue : |
(65,135) |
| Egyptian po ound : |
(54,195) |
| Turki sh new w li ra : |
(131,608) |
| Swiss franc c : |
228,642 |
| US Dollar : | 43,432 |
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