Earnings Release • Aug 3, 2016
Earnings Release
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Paris La Défense, 3 August 2016: The Vicat Group (Euronext Paris: FR0000031775 - VCT) has today reported its 2016 half-year results, as approved by the Board of Directors on 2 August 2016.
Audited condensed consolidated income statement:
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | At constant scope | ||
| Reported | and exchange | ||||
| rates | |||||
| Consolidated sales | 1,237 | 1,243 | -0.4% | +4.3% | |
| EBITDA* | 208 | 203 | +2.3% | +7.7% | |
| EBITDA margin (%) | 16.8 | 16.3 | |||
| EBIT** | 103 | 93 | +11.2% | +16.5% | |
| EBIT margin (%) | 8.4 | 7.4 | |||
| Consolidated net income | 60 | 43 | +38.7% | +44.5% | |
| Net margin (%) | 4.8 | 3.5 | |||
| Net income, Group share | 49 | 34 | +45.7% | +50.7% | |
| Cash flow | 153 | 140 | +9.2% | +15.0% |
*EBITDA: sum of gross operating income and other income and expenses on ongoing business.
**EBIT: EBITDA less net depreciation, amortization and provisions on ongoing business.
Commenting on these figures, Guy Sidos, the Group's Chairman and CEO said: "The Vicat Group delivered a good performance in the first six months of the year. The positive trends from the first quarter continued, with our business growing across most of our markets, with especially renewed growth momentum in France and in Egypt.
In line with our strategy, we generated strong cash flow and considerably reduced our debt compared with the first half of 2015. Confident in the effectiveness of our business model combining production and financial efficiency, we will continue to leverage the investments we have made in recent years and our strong market positions towards further profitable growth".
VICAT INVESTOR CONTACTS:
STÉPHANE BISSEUIL TEL. +33 (0)1 58 86 86 13 [email protected]
VICAT PRESS CONTACTS:
MARION GUERIN
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)1 58 86 87 88
A FRENCH REGISTERED COMPANY WITH SHARE CAPITAL OF €179,600,000
EU VAT IDENTIFICATION NUMBER: FR 92 - 057 505 539 RCS NANTERRE
In this press release, and unless indicated otherwise, all changes are stated on a year-onyear basis (2016/2015), and at constant scope and exchange rates.
The Vicat Group's first-half 2016 consolidated sales came to €1,237 million, almost stable (-0.4%) on a reported basis and up +4.3% at constant scope and exchange rates by comparison with the same period of 2015.
In the first half of 2016, the Cement business posted a -1.5% decrease in operational sales on a reported basis, but a +4.9% increase at constant scope and exchange rates. The Concrete & Aggregates business recorded growth of +3.5% in its operational sales on a reported basis, or a rise of +5.9% at constant scope and exchange rates compared with the first half of 2015. The operational sales recorded by the Other Products & Services division rose by +2.0% on a reported basis and by +4.2% at constant scope and exchange rates.
The breakdown of first-half 2016 operational sales by business shows a small decrease in Cement's contribution to 53.7% of operational sales from 54.8% in the first six months of 2015. The operational sales contribution from the Group's Concrete & Aggregates business edged higher to 32.2% from 31.2% over the same period in 2015. Lastly, the contribution made by Other Products & Services was globally stable at 14.2% of the Group's operational sales, compared with 14.0% in the first half of 2015.
The contribution made by Vicat's main businesses – Cement, Concrete and Aggregates – was almost stable at 85.9% of operational sales, compared with 86.0% in the first half of 2015.
Trends in the Group's sales in the first six months of 2016 reflected:
The Group's consolidated EBITDA rose +2.3% to €208 million. At constant scope and exchange rates, EBITDA moved up +7.7%.
The increase in EBITDA at constant scope and exchange rates was largely driven by:
These positive factors have fully offset the impact of:
EBIT came to €103 million, up +11.2% on a reported basis and up +16.5% at constant scope and exchange rates on the €93 million reported in the first half of 2015. The EBIT margin on consolidated sales came to 8.4% compared with 7.5% during the first half of 2015.
Net interest expense declined by €9.4 million to €18.4 million (from €27.8 million in the first half of 2015). This reflected a decrease of €7 million in the cost of the Group's net debt, chiefly as a result of the debt restructuring in India carried out in July 2015.
Tax expense rose to €29.1 million, representing a +4.1% increase on the previous year. The effective tax rate declined by close to 4 points to 34%, with the suppression of the exceptional 10% contribution in France.
At constant scope and exchange rates, consolidated net income came to €60 million, representing an increase of +44,5% and net income, Group share, advanced by +50.7% to €49 million.
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 405 | 388 | +4.4% | +4.4% | |
| EBITDA | 51 | 49 | +4.1% | +4.1% | |
| EBIT | 21 | 18 | +16.7% | +16.7% |
Consolidated sales in France for the six months to 30 June 2016 grew by +4.4% at constant scope and exchange rates to €405 million. First-half performance showed the benefit of a gradually improving economic and industry climate and a favourable base of comparison given the more supportive weather conditions than in the first quarter of 2015. To note, the Group's sales in France picked up slightly (+0.9%) in the second quarter of 2016 compared with the second quarter of 2015 despite the social unrest that took place in the country and unfavourable weather conditions.
EBITDA rose by +4.1% to €51 million. As a result, the EBITDA margin held almost firm at 12.6%, compared with 12.7% in the first six months of 2015.
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 198 | 206 | -4.1% | -0.6% | |
| EBITDA | 45 | 49 | -8.1% | -4.7% | |
| EBIT | 26 | 28 | -6.8% | -3.4% |
First-half 2016 sales recorded in Europe, excluding France, pulled back -4.1% on a reported basis, but remained almost stable at constant scope and exchange rates compared with the first six months of 2015.
In Switzerland, the Group's consolidated sales dropped -4.5% in the first six months of 2016. At constant scope and exchange rates, they were almost stable (-0.9%). The Group's sales performance in Switzerland was held back in the first half of the year by the end of deliveries to a number of large projects and lower average selling prices as a result of the fiercer competitive pressures in the second half of 2015. As a result, EBITDA declined -4.3% over the period, triggering a contraction of around 80 basis points in the EBITDA margin.
slightly, while market prices in aggregates recorded a steep increase on the back of brisk "landfill" business. Against this backdrop, the EBITDA generated by the business posted a significant increase of +28.5% at constant scope and exchange rates, and the EBITDA margin on operational sales increased by 280 basis points.
The Precast business posted a decline in its operational sales of -10.5% on a reported basis and -7.2% at constant scope and exchange rates. The bulk of this decline was attributable to lower sales of rail sleepers following the late start-up of projects and stronger pricing pressures in prefabricated products. After a stable performance during the first quarter (+0.1% at constant scope and exchange rates), the second quarter brought a significant decline in operational sales (-10.7% at constant scope and exchange rates). Accordingly, EBITDA was -46.2% lower at constant scope and exchange rates over the period as a whole.
In Italy, consolidated sales rose by +8.7% owing to solid growth in volumes (+10%) in a domestic market still marked by a tough macroeconomic and industry environment. Selling prices edged lower. As a result of these factors, EBITDA contracted by -23.1%.
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | At constant scope and exchange rates |
||
| Consolidated sales | 176 | 163 | +7.7% | +7.7% | |
| EBITDA | 22 | 13 | +72.1% | +72.1% | |
| EBIT | 8 | (1) | n.s. | n.s. |
Business in the United States continued to recover in a firm macroeconomic environment providing further support for the construction sector in the regions where the Group is present. As a result, the Group's consolidated sales advanced by +7.7% on a reported basis and at constant scope and exchange rates. EBITDA came to €22 million, up +72.1% compared with the first half of 2015.
In the second quarter, the Group's business in the region stayed positively oriented, with its consolidated sales advancing by +8.1% at constant scope and exchange rates (after a +7.1% increase in the first quarter).
In the Cement business, operational sales grew by +16.8% on a reported basis and at constant scope and exchange rates. Consolidated sales recorded growth of +28.4%. Growth continued in the second quarter, with operational sales advancing by +15.5% at constant scope and exchange rates, a slightly slower pace than the +18.4% growth recorded in the first quarter. Volumes continued to grow (+10%) on the back of upbeat trends in the South-East region (close to +22%), which fully offset the very slight dip in volumes in California (-1%) as a result of the very poor weather conditions in the first half. Selling prices rose significantly across both areas as a result of the hikes introduced in 2015 and those announced during the first half of 2016. Driven by these factors, the Group's Cement EBITDA in this region grew significantly (+77.4%) in the first six months
of the year, with the EBITDA margin on operational sales increasing by more than 600 basis points.
In the Concrete business, consolidated sales and operational sales dropped back -1.3% on a reported basis and at constant scope and exchange rates. After a business contraction of -4.3% in the first quarter, with the steep fall in business in California owing to poor weather conditions, the second quarter brought renewed growth (+1.0% at constant scope and exchange rates), with further brisk trends in the South-East region, which fully offset the slight contraction in California. Volumes declined by over -7% in the first half of the year, with the brisk trends in the South-East region only partially offsetting the volume contraction in California as a result of the unfavourable weather conditions. Prices recorded a healthy increase in both regions, but rose further in California. Against this backdrop, the EBITDA generated by the Concrete business posted a significant increase in the first half (+56.2% at constant scope and exchange rates), and the EBITDA margin on operational sales improved by close to 200 basis points.
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
|
| Consolidated sales | 268 | 286 | -6.1% | +8.7% | |
| EBITDA | 52 | 62 | -16.9% | -4.3% | |
| EBIT | 29 | 36 | -18.7% | -9.1% |
Sales across Asia as a whole came to €268 million in the first half of 2016, down -6.1% on a reported basis, but up +8.7% at constant scope and exchange rates.
EBITDA fell back -16.9% on a reported basis and -4.3% at constant scope and exchange rates.
In Turkey, sales came to €109 million, down -1.9% on a reported basis, but up +11.7% at constant scope and exchange rates. After recording a strong increase in the first quarter (+23.0% at constant scope and exchange rates) on the back of supportive weather conditions, business continued to expand in the second, albeit at a more moderate yet solid rate (+5.2% at constant scope and exchange rates). First-half EBITDA came to €21 million, down -3.9% on a reported basis, but up +9.5% at constant scope and exchange rates.
In the Cement business, operational sales in the first six months of the year rose by +9.6% at constant scope and exchange rates (consolidated sales up +4.8%). On a reported basis, operational and consolidated sales fell back -3.8% and -8.0% respectively. Following the strong growth in operational sales in the first quarter (+20.4% at constant scope and exchange rates), supported by the more favourable weather conditions, business grew at a slower rate in the second quarter (+3.8% at constant scope and exchange rates). This increase over the first half of the year
derived from an increase in volumes. The Group was able to take full advantage of the restart of its first kiln at its Bastas plant by seizing growth opportunities in the Ankara market, which offset the impact of the volume decline in the Konya market. Selling prices moved lower over the period as a whole. However, the contraction was less marked in the second quarter. Accordingly, the EBITDA generated by the Cement business was lower in the first half by -5.7% at constant scope and exchange rates, with the EBITDA margin on operational sales narrowing by close to 400 basis points.
The operational sales recorded by the Concrete & Aggregates business increased by +22.3% at constant scope and exchange rates (+7.4% on a reported basis). Consolidated sales also moved up +22.3% at constant scope and exchange rates (+8.2% on a reported basis). Following growth in operational sales in the first quarter (+30.4% at constant scope and exchange rates) thanks to favourable weather conditions, the start of significant projects initially planned for 2015 providing a favorable basis for comparison in this beginning of year, business continued to expand in the second quarter (+16.6%). Over the first half as a whole, volumes rose in concrete and in aggregates, as the dynamism of the Ankara market largely offset the decline recorded in the Konya region. In this environment, selling prices remained stable in concrete and moved higher in aggregates during the first six months of the year. Accordingly, EBITDA grew higher over the first half to reach €1.6 million, compared with a loss of €1.4 million in the first six months of 2015.
In India, the Group posted consolidated sales of €140 million in the first half of 2016, up +1.7% on a reported basis and up +8.7% at constant scope and exchange rates. The growth in operational sales at constant scope and exchange rates picked up further momentum in the second quarter to reach +12.7%, compared with +5.0% in the first quarter. Volumes sold rose by over +28% to total more than 2.5 million tonnes during the first half. This increase reflects the strategy implemented by the Group since year-end 2015 of seizing opportunities as the macroeconomic and industry environment firms up, with a number of major projects starting up. Volumes recorded a strong acceleration in the second quarter, with growth reaching close to +38%, compared with close to +19% in the first quarter. Competition intensified amid this volume growth, driving down average selling prices, with the fall accentuated by an unfavourable geographical sales mix. As a result, first-half EBITDA posted a small decline of -1.6% at constant scope and exchange rates to €27.7 million. The EBITDA margin contracted by around 220 basis points.
Consolidated sales in Kazakhstan declined very steeply, falling -46.6% on a reported basis to €20.2 million given the very strong devaluation in the tenge that took place in August 2015. At constant exchange rates, consolidated sales were almost stable (-0.5%). Volumes rose by more than +1% during the period. Selling prices dropped slightly because of a macroeconomic environment marked by the fall in commodity prices and tighter monetary conditions. Taking these factors into account and the significant negative impact of the devaluation of the Kazakhstani tenge on certain fixed costs, first-half EBITDA came to €3.6 million, down -38.9% at constant scope and exchange rates.
| H1 2015 | Change (%) | ||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | Reported | At constant scope and exchange rates |
||
| Consolidated sales | 190 | 199 | -4.5% | +0.3% | |
| EBITDA | 38 | 30 | +25.6% | +30.4% | |
| EBIT | 19 | 12 | +57.6% | +62.3% |
In the Africa and Middle East region, consolidated sales came to €190 million, down -4.5% on a reported basis but stable at constant scope and exchange rates. The Group's performance in the region was characterized by a healthy top-line increase in Egypt, which fully made up for weaker sales in West Africa at constant exchange rates. The factor holding back performance in West Africa was primarily the significant business downturn in Mauritania, while activity remained stable in Senegal over the period. After a very small decline in first-quarter sales (-0.7% at constant scope and exchange rates), second-quarter sales advanced slightly (+1.2% at constant scope and exchange rates) in the whole region. As a result, and given the very substantial reduction in production costs in Egypt, the region's overall EBITDA contribution recorded a very strong increase (+30.4% at constant scope and exchange rates).
improvement in the second quarter compared with the first quarter of 2016. Conversely, they fell further in Mali and Mauritania. Taking these factors into account, EBITDA came to €26.1 million, down -14.6% at constant scope and exchange rates.
| (€ million) | Change (%) | ||||
|---|---|---|---|---|---|
| H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
||
| Volume (thousands of tonnes) |
11,074 | 9,876 | +12.1% | ||
| Operational sales | 761 | 773 | -1.5% | +4.9% | |
| Consolidated sales | 639 | 658 | -2.9% | +4.2% | |
| EBITDA | 168 | 163 | +3.3% | +9.3% | |
| EBIT | 95 | 86 | +9.7% | +14.9% |
In the first half of 2016, the Cement business posted a -1.5% decrease in operational sales, or a +4.9% increase at constant scope and exchange rates. Selling price trends varied from one region to another, with a strong rise in the United States, but with declines more or less marked across the other regions as a result of macroeconomic constraints and competitive forces specific to each of them. Overall, the price effect was negative for the first half of the year as a whole.
The impact of this negative trend in selling prices on operational sales was offset to a great extent by solid growth of +12.1% in volumes in the first half of the year. This strong volume increase was supported by performance in India, Turkey, Egypt, France, the United States and, to a lesser extent, by Kazakhstan, Italy and West Africa. Switzerland was the only country to record a volume contraction in the first six months of the year.
Against this global backdrop of higher volumes, but lower prices, EBITDA came to €168 million, up +3.3% on a reported basis and up +9.3% at constant scope and exchange rates. This performance reflected a significant increase in EBITDA in the United States, Egypt and France, offsetting the declines recorded in other countries.
Taking these factors into account, the EBITDA margin on operational sales advanced by 100 basis points to 22.1% from 21.1% in the first six months of 2015.
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
|
| Concrete volumes (thousands of m3 ) |
4,331 | 4,002 | +12.1% | ||
| Aggregates volumes (thousands of tonnes) |
10,945 | 10,048 | +8.9% | ||
| Operational sales | 456 | 441 | +3.5% | +5.9% | |
| Consolidated sales | 445 | 429 | +3.6% | +5.8% | |
| EBITDA | 28 | 27 | +4.3% | +7.5% | |
| EBIT | 6 | 2 | +160.4% | +181.0% |
The Concrete & Aggregates business recorded growth of +3.5% in its operational sales on a reported basis, or a rise of +5.9% at constant scope and exchange rates compared with the first half of 2015. The key driver was expansion in the Group's business across all its regions except for the United States where it was hit by the adverse weather conditions in California during the first part of the year. This encouraging performance reflected healthy growth in concrete volumes (+8.2%) and aggregates (+8.9%), especially in Turkey and France. Selling prices in concrete moved higher in the United States, were stable in Turkey and declined slightly in France and Switzerland. Conversely, aggregates selling prices increased across all the regions in which the Group operates.
EBITDA came to €28 million, up +4.3% on a reported basis and up +7.5% at constant scope and exchange rates compared with the first half of 2015. As a result, the EBITDA margin on operational sales was stable at 6.1%.
| 1.3.3 Other Products & Services | |||
|---|---|---|---|
| -- | -- | -- | --------------------------------- |
| Change (%) | |||||
|---|---|---|---|---|---|
| (€ million) | H1 2016 | H1 2015 | Reported | At constant scope and exchange rates |
|
| Operational sales | 201 | 197 | +2.0% | +4.2% | |
| Consolidated sales |
154 | 156 | -0.9% | +0.6% | |
| EBITDA | 11 | 13 | -13.8% | -12.0% | |
| EBIT | 3 | 4 | -41.0% | -41.3% |
Operational sales rose by +2.0% on a reported basis and by +4.2% at constant scope and exchange rates.
EBITDA came to €11 million, down -12.0% at constant scope and exchange rates compared with the first half of 2015.
At 30 June 2016, the Group had a solid financial position, with a strong shareholders' equity base of €2,413 million compared with €2,545 million at 30 June 2015. This decrease in shareholders' equity was largely attributable to the negative impact of exchange rate fluctuations, which totalled €-83 million. Net debt totalled €1,059 million, down €-132 million from €1,191 million at 30 June 2015.
Accordingly, the Group's financial ratios improved appreciably. Its gearing dropped to 43.9% at 30 June 2016 from 46.8% at 30 June 2015, while its leverage ratio was at 2.3x, down from 2.7x at 30 June 2015.
Bank covenants do not pose a threat to either the Group's financial position or its balance sheet liquidity. At 30 June 2016, Vicat complied with all financial ratios required by covenants in financing agreements.
Cash flow came to €153 million, representing an increase of 9.2% and of 15.0% at constant scope and exchange rates.
The Group's capital expenditure came to €61 million in the first half, representing a decrease on the first-half 2015 level (€81 million). It is expected to lie in the €130-150 million range over 2016 as a whole.
In 2016, the Group expects further improvements in its performance, capitalising on continued growth in the United States and India, plus renewed growth in Egypt and, to a lesser extent, in France. In addition, the Group expects to continue to benefit from lower energy costs, particularly in Egypt. Lastly, the Group will continue in 2016 to pursue its policy of optimizing cash flows and reducing its level of debt.
For 2016, the Group provides the following guidance concerning its markets:
To accompany the publication of the Group's 2016 half-year results, Vicat is holding a conference call in English that will place on Thursday 4 August 2016 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: | +33 (0)1 76 77 22 30 |
|---|---|
| United Kingdom: | +44 (0) 20 3427 1911 |
| United States: | +1646 254 3363 |
To listen to a playback of the conference call, which will be available until 13 August 2016, dial one of the following numbers:
| France: | +33 (0) 1 74 20 28 00 |
|---|---|
| United Kingdom: | +44 (0) 20 3427 0598 |
| United States: | +1 347 366 9565 |
| Access code: | 164952# |
Next report: Third-quarter 2016 sales after the close on 3 November 2016.
Stéphane Bisseuil: Tel.: +33 (0) 1 58 86 86 14 [email protected]
Marion Guérin: Tel: +33 (0)1 58 86 86 26 [email protected]
The Vicat Group has close to 7,900 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €2,458 million in 2015. The Group operates in eleven countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India. Over 68% 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.
The consolidated financial statements for the first half of 2016 and accompanying notes are available in their entirety on the Company's web site at www.vicat.fr.
| (€ million) | Cement | Concrete & Aggregates |
Other Products & Services |
Operational sales |
Inter-segment eliminations |
Consolidate d sales |
|---|---|---|---|---|---|---|
| France | 181 | 191 | 125 | 496 | (91) | 405 |
| Europe (excluding France) |
79 | 87 | 59 | 224 | (26) | 198 |
| United States | 93 | 112 | 205 | (29) | 176 | |
| Asia | 231 | 54 | 18 | 303 | (34) | 268 |
| Africa and Middle East |
177 | 13 | 190 | 0 | 190 | |
| Operational sales |
761 | 456 | 201 | 1,418 | (181) | 1,237 |
| Inter-sector eliminations |
(123) | (12) | (47) | (181) | ||
| Consolidated sales |
639 | 445 | 154 | 1,237 |
| ASSETS | June 30, 2016 | December 31, 2015 | |
|---|---|---|---|
| (in thousands of euros) | Notes | ||
| NON CURRENT ASSETS | |||
| Goodwill | 3 | 1,018,569 | 1,040,307 |
| Other intangible assets | 4 | 122,598 | 135,818 |
| Property, plant and equipment | 5 | 2,041,452 | 2,121,011 |
| Investment properties | 17,579 | 17,766 | |
| Investments in associated companies | 51,057 | 49,854 | |
| Deferred tax assets | 148,537 | 150,292 | |
| Receivables and other non current financial assets | 122,616 | 122,672 | |
| Total non current assets | 3,522,408 | 3,637,720 | |
| CURRENT ASSETS | |||
| Inventories and work in progress | 364,157 | 407,192 | |
| Trade and other accounts | 464,270 | 376,627 | |
| Current tax assets | 42,701 | 53,715 | |
| Other receivables | 184,371 | 150,725 | |
| Cash and cash equivalents | 6 | 178,138 | 254,371 |
| Total current assets | 1,233,637 | 1,242,630 | |
| TOTAL ASSETS | 4,756,045 | 4,880,350 | |
| LIABILITIES | June 30, 2016 | December 31, 2015 | |
| (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 | 1,951,126 | 2,060,741 | |
| Shareholders' equity | 2,141,933 | 2,251,548 | |
| Minority interests | 270,823 | 292,160 | |
| Shareholders' equity and minority interests | 2,412,756 | 2,543,708 | |
| NON CURRENT LIABILITIES | |||
| Provisions for pensions and other post employment benefits | 8 | 180,903 | 134,729 |
| Other provisions | 8 | 100,099 | 95,938 |
| Financial debts and put options | 9 | 1,196,777 | 1,225,391 |
| Deferred tax liabilities | 203,374 | 228,019 | |
| Other non current liabilities | 5,044 | 5,369 | |
| Total non current liabilities | 1,686,197 | 1,689,446 | |
| CURRENT LIABILITIES | |||
| Provisions | 8 | 13,043 | 13,204 |
| Financial debts and put options at less than one year | 9 | 109,016 | 114,884 |
| Trade and other accounts payable | 280,055 | 283,734 | |
| Current taxes payable | 35,878 | 37,274 | |
| Other liabilities | 219,100 | 198,100 | |
| Total current liabilities | 657,092 | 647,196 | |
| Total liabilities | Е | 2,343,289 | 2,336,642 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,756,045 | 4,880,350 |
| June 30, 2016 | June 30, 2015 | ||
|---|---|---|---|
| (in thousands of euros) | Notes | ||
| Sales | 11 | 1,237,449 | 1,242,559 |
| Goods and services purcha sed | (806,854) | (812,143) | |
| Added value | 1.22 | 430,595 | 430,416 |
| Pers onnel cos ts | (205,482) | (207,425) | |
| Taxes | (32,626) | (33,141) | |
| Gross operating income | 1.22 & 14 | 192,487 | 189,850 |
| Deprecia tion, amorti za tion and provi sions | 12 | (102,725) | (108,508) |
| Other income and expenses | 13 | 13,575 | 11,975 |
| Operating income | 14 | 103,337 | 93,317 |
| Cos t of net financial debt | 15 | (14,712) | (21,729) |
| Other fi na ncial i ncome | 15 | 6,318 | 4,370 |
| Other fi na ncial expenses | 15 | (10,033) | (10,446) |
| Net financial income (expense) | 15 | (18,427) | (27,805) |
| Ea rni ngs from as socia ted compa nies | 3,759 | 2,400 | |
| Profit (loss) before tax | 88,669 | 67,912 | |
| Income tax | 16 | (29,080) | (24,923) |
| Consolidated net income | 59,589 | 42,989 | |
| Porti on a ttributable to mi nori ty inte res ts | 10,474 | 9,247 | |
| Portion attributable to the Group | 49,115 | 33,742 |
| EBITDA | 1.22 & 14 | 207,712 | 203,059 |
|---|---|---|---|
| EBIT | 1.22 & 14 | 103,497 | 93,089 |
| Cash flow from operations | 1.22 | 152,512 | 139,659 |
| Earnings per share (in euros) | |||
| Basic and diluted Group sha re of net ea rnings per s ha re | 7 | 1.09 | 0.75 |
CONSOLIDATED CASH FLOWS STATEMENT
| (in thousands of euros) | Notes | June 30, 2016 | June 30, 2015 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Consolidated net income | 59,589 | 42,988 | |
| Ea rnings from associa ted compa nies | (3,758) | (2,400) | |
| Dividends received from as socia ted companies | 922 | 1,176 | |
| Elimina tion of non ca s h and non opera ting i tems : | |||
| ‐ deprecia tion, amortiza tion and provi sions | 105,758 | 109,214 | |
| ‐ de fe rred taxes | (8,488) | (12,337) | |
| ‐ net (gain) loss from disposal of a s se ts | (1,797) | (1,409) | |
| ‐ unreali zed fair value gains and l os ses | (514) | 2,640 | |
| ‐ other | 802 | (213) | |
| Cash flows from operating activities | 1.22 | 152,514 | 139,659 |
| Change in working ca pi tal requi rement | (34,622) | (136,877) | |
| Net cash flows from operating activities (1) | 18 | 117,892 | 2,782 |
| Cash flows from investing activities | |||
| Outflows linked to acqui si tions of non‐current as sets : | |||
| ‐ property, plant and equipment and intangible a s se ts | (69,650) | (97,066) | |
| ‐ financial inves tments | (24,697) | (703) | |
| Inflows linked to disposals of non‐current as sets : | |||
| ‐ property, plant and equipment and intangible a s se ts | 2,873 | 2,537 | |
| ‐ financial inves tments | 496 | 1,118 | |
| Impact of cha nges in consolida tion s cope | 0 | (55) | |
| Net cash flows from investing activities | 19 | (90,978) | (94,169) |
| Cash flows from financing activities | |||
| Dividends paids | (77,857) | (77,109) | |
| Increases in capi tal | |||
| Proceeds from borrowings | 1,371 | 155,328 | |
| Repayments of borrowi ngs | (21,877) | (49,810) | |
| Acqui si tions of trea s ury s ha res | (244) | (484) | |
| Disposals or alloca tions of trea s ury s ha res | 2,412 | 2,485 | |
| Net cash flows from financing activities | (96,195) | 30,410 | |
| Impact of cha nges in foreign exchange ra tes | (8,200) | 8,934 | |
| Change in cah position | (77,481) | (52,043) | |
| Net ca s h and ca s h equivalents ‐ opening balance | 20 | 225,096 | 242,990 |
| Net ca s h and ca s h equivalents ‐ closing balance | 20 | 147,615 | 190,947 |
| (inthousands of euros) | Capital | Additional paid in capital |
Treasury shares |
Consolidate d reserves |
Translation reserves |
Share‐holders' equity |
Minority interests |
Totalshare‐ holders' equity and minority interests |
|---|---|---|---|---|---|---|---|---|
| AtJanuary 1, 2015 | 179600 | 11207 | (70133) | 2206447 | (149698) | 2177423 | 281870 | 2459293 |
| Consolidated netincome | 33742 | 33742 | 9247 | 42989 | ||||
| Other comprehensive income |
2027 | 102918 | 104945 | 11314 | 116259 | |||
| Total comprehensive income |
35769 | 102918 | 138687 | 20561 | 159248 | |||
| Dividends paids | (66108) | (66108) | (11967) | (78075) | ||||
| Net change in treasury shares |
2800 | (524) | 2276 | 2276 | ||||
| Changes in consolidation scope and additional acquisitions |
||||||||
| Increase in share capital | ||||||||
| Other changes | 1987 | 1987 | 42 | 2029 | ||||
| AtJune30, 2015 | 179600 | 11207 | (67333) | 2177571 | (46780) | 2254265 | 290506 | 2544771 |
| AtJanuary 1, 2016 | 179600 | 11207 | (67008) | 2221553 | (93804) | 2251548 | 292160 | 2543708 |
| Consolidated netincome | 49115 | 49115 | 10474 | 59589 | ||||
| Other comprehensive income |
(29009) | (65670) | (94679) | (17786) | (112465) | |||
| Total comprehensive income |
20106 | (65670) | (45564) | (7312) | (52876) | |||
| Dividends paids | (66292) | (66292) | (13880) | (80172) | ||||
| Net change in treasury shares |
3368 | (787) | 2581 | 2581 | ||||
| Changes in consolidation scope and additional acquisitions |
||||||||
| Increases in share capital |
||||||||
| Other changes | (340) | (340) | (145) | (485) | ||||
| AtJune30, 2016 | 179600 | 11207 | (63640) | 2174240 | (159474) | 2141933 | 270823 | 2412756 |
| June2016 | June2015 | |
|---|---|---|
| US Dollar: | 45861 | 43432 |
| Swiss franc : | 200555 | 228642 |
| Turkish newlira : | (147996) | (131608) |
| Egyptian pound : | (68335) | (54195) |
| Kazakh tengue : | (85323) | (65135) |
| Mauritanian ouguiya: | (5115) | (1985) |
| Indian rupee : | (99121) | (65931) |
| (159474) | (46780) |
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