INTERIM REPORT
FOR THE HALF-YEAR ENDING 30 JUNE 2022
CONSOLIDATED STATEMENT OF INCOME ...................................................................................................................................................................................... | ||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............................................................................................................................................................... | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ...................................................................................................................................................................... | 6 | |
CONSOLIDATED STATEMENT OF CASH FLOWS ................................................................................................................................................................................ | 7 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ....................................................................................................................................................................... | 8 | |
SHARE CAPITAL AND RESERVES ................................................................................................................................................................................................... | 8 | |
EARNINGS PER SHARE ............................................................................................................................................................................................................... | 8 | |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS..................................................................................................................... | 9 | |
INTRODUCTION ................................................................................................................................................................................... | 9 | |
MAIN TRANSACTIONS FOR THE FIRST SIX MONTHS OF 2022 AND OF 2021 WITH EFFECT ON THE SCOPE OF THE CFE GROUP............... | 9 | |
1. | GENERAL POLICIES ................................................................................................................................................................. | 10 |
2. | CONSOLIDATED METHODS..................................................................................................................................................... | 11 |
SCOPE OF CONSOLIDATION ...................................................................................................................................................................................................... | 11 | |
INTRA-GROUPOPERATIONS ..................................................................................................................................................................................................... | 11 | |
TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES & ESTABLISHMENTS................................................................................................................ | 11 | |
FOREIGN CURRENCY TRANSACTIONS .......................................................................................................................................................................................... | 11 | |
3. | ACCOUNTING RULES AND METHODS ..................................................................................................................................... | 12 |
MAIN JUDGEMENTS AND ASSUMPTIONS ..................................................................................................................................................................................... | 12 | |
ADDITIONAL INFORMATION RELATING TO THE IMPLICATIONS OF THE CONFLICT BETWEEN RUSSIA AND UKRAINE ON THE CONSOLIDATED CONDENSED INTERIM FINANCIAL | ||
STATEMENTS ........................................................................................................................................................................................................................ | 12 | |
CHANGE IN SEGMENT INFORMATION ......................................................................................................................................................................................... | 12 | |
4. | SEGMENT REPORTING............................................................................................................................................................ | 13 |
OPERATING SEGMENTS ........................................................................................................................................................................................................... | 13 | |
CONSOLIDATED STATEMENT OF INCOME .................................................................................................................................................................................... | 13 | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................................................................................................................................... | 14 | |
CONSOLIDATED STATEMENT OF CASH FLOWS .............................................................................................................................................................................. | 15 | |
OTHER INFORMATION............................................................................................................................................................................................................. | 15 | |
GEOGRAPHICAL INFORMATION ................................................................................................................................................................................................. | 15 | |
5. | ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES .................................................................................................................. | 16 |
ACQUISITIONS FOR THE PERIOD ENDED 30 JUNE 2022.................................................................................................................................................................. | 16 | |
DISPOSALS FOR THE PERIOD ENDED 30 JUNE 2022 ...................................................................................................................................................................... | 16 | |
ASSETS AND LIABILITIES HELD FOR SALE FOR THE PERIOD ENDED 30 JUNE 2022 ................................................................................................................................. | 16 | |
6. | OTHER OPERATING INCOME .................................................................................................................................................. | 18 |
7. | FINANCIAL RESULT................................................................................................................................................................. | 18 |
8. | INCOME TAX FOR THE PERIOD ............................................................................................................................................... | 18 |
9. | PROPERTY, PLANT AND EQUIPMENT...................................................................................................................................... | 19 |
10. | INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD ..................................................................................................... | 20 |
11. | INVENTORIES ......................................................................................................................................................................... | 20 |
12. | TRADE RECEIVABLES AND OTHER OPERATING RECEIVABLES .................................................................................................. | 20 |
13. | PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONS ...................................... | 21 |
14. | CONTINGENT ASSETS AND LIABILITIES ................................................................................................................................... | 21 |
15. | DERIVATIVE FINANCIAL INSTRUMENTS .................................................................................................................................. | 21 |
16. | NET FINANCIAL DEBT ............................................................................................................................................................. | 22 |
BREAKDOWN OF THE NET FINANCIAL DEBT .................................................................................................................................................................................. | 22 | |
CREDIT FACILITIES AND BANK TERM LOANS.................................................................................................................................................................................. | 22 | |
FINANCIAL COVENANTS........................................................................................................................................................................................................... | 22 | |
17. | OTHER COMMITMENTS GIVEN............................................................................................................................................... | 23 |
18. | OTHER COMMITMENTS RECEIVED ......................................................................................................................................... | 23 |
19. | LITIGATION ............................................................................................................................................................................ | 23 |
20. | RELATED PARTIES................................................................................................................................................................... | 23 |
21. | SUBESQUENT EVENTS ............................................................................................................................................................ | 24 |
22. | IMPACT OF FOREIGN CURRENCIES ......................................................................................................................................... | 24 |
23. | SEASONAL NATURE OF THE BUSINESS.................................................................................................................................... | 24 |
ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION .............................................................................................................. | 25 | |
STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL STATEMENTS AND THE TRUE AND FAIR NATURE OF THE | ||
PRESENTATION IN THE MANAGEMENT REPORT................................................................................................................................. | 27 | |
GENERAL INFORMATION ABOUT THE COMPANY ............................................................................................................................... | 27 | |
STATUTORY AUDITOR'S REPORT ON THE REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION FOR THE | ||
SIX-MONTH PERIOD ENDING 30 JUNE 2022 ....................................................................................................................................... | 28 |
DEFINITIONS
Working capital requirement | Inventories + trade receivables and other operating receivables + other current operating/non- |
operating assets - trade payables and other operating liabilities - tax payables - other current | |
operating/non-operating liabilities | |
Capital employed | Equity of real estate development segment + net financial debt of real estate development segment |
Net financial debt (NFD) | Non-current bonds + non-current financial liabilities + current bonds + current financial liabilities - |
cash and cash equivalents | |
Net financial surplus | Cash and cash equivalents - non-current bonds - non-current financial liabilities - current bonds - |
current financial liabilities | |
Income from operating activities | Revenue + other operating income + purchases + remunerations and social security payments + |
other operating expenses + depreciation and amortisation + goodwill depreciation | |
Operating Income (EBIT) | Income from operating activities + share of profit (loss) of investments accounted for under the |
equity method | |
EBITDA | Income from operating activities + amortisation and depreciation of (in)tangible assets and goodwill |
Return on equity (ROE) | Net income, share of the group / equity, share of the group (opening) |
Order book | Revenue to be generated by the projects for which the contract has been signed and has come into |
effect (after notice to proceed has been given or conditions precedent have been fulfilled) and for | |
which project financing is in place. |
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CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
For the period ended June 30 | Notes | 2022 | 2021 restated (*) | |||||||
(in € thousands) | ||||||||||
Revenue | 4 | 586,205 | 566,926 | |||||||
Other operating income | 6 | 26,151 | 19,494 | |||||||
Purchases | (415,439) | (400,633) | ||||||||
Remuneration and social security payments | (104,780) | (105,123) | ||||||||
Other operating expenses | (64,382) | (61,301) | ||||||||
Depreciation and amortisation | (10,647) | (10,404) | ||||||||
Income from operating activities | 17,108 | 8,959 | ||||||||
Share of profit (loss) of investments accounted for using equity method | 10 | 3,959 | 6,866 | |||||||
Operating income | 21,067 | 15,825 | ||||||||
Cost of financial debt | 7 | (962) | (2,073) | |||||||
Other financial expenses and income | 7 | (1,845) | (678) | |||||||
Financial result | (2,807) | (2,751) | ||||||||
Result before tax | 18,260 | 13,074 | ||||||||
Income tax expenses | 8 | (4,806) | (3,410) | |||||||
Result for the period from continuing operations | 13,454 | 9,664 | ||||||||
Result for the period from discontinued operations | 5 | 193,270 | 33,767 | |||||||
Result for the period | 206,724 | 43,431 | ||||||||
Non-controlling interests - continuing operations | 0 | 0 | ||||||||
Non-controlling interests - discontinued operations | (2,297) | (809) | ||||||||
Result for the period - share of the group | 204,427 | 42,622 | ||||||||
Result from continuing operations - share of the group | 13,454 | 9,664 | ||||||||
Result from discontinued operations - share of the group | 5 | 190,973 | 32,958 | |||||||
Earnings per share (share of the group) (EUR) (diluted and basic) | 8.08 | 1.68 | ||||||||
Earnings per share (share of the group) from continuing operations (EUR) | 0.53 | 0.38 | ||||||||
(diluted and basic) | ||||||||||
Earnings per share (share of the group) from discontinued operations (EUR) | 7.55 | 1.30 | ||||||||
(diluted and basic) | ||||||||||
- As required by IFRS 5.34, the consolidated statement of income for the period ended 30 June 2021 has been restated and DEME has been presented as a discontinued operation.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended June 30 | Notes | 2022 | 2021 | ||||||||
(in € thousands) | |||||||||||
Result for the period - share of the group | 204,427 | 42,622 | |||||||||
Result for the period | 206,724 | 43,431 | |||||||||
Changes in fair value related to financial derivatives | 15 | 85,874 | 12,963 | ||||||||
Exchange differences on translation | (746) | 3,965 | |||||||||
Deferred taxes | (12,482) | (1,698) | |||||||||
Other elements of the comprehensive income to be reclassified to | 72,646 | 15,230 | |||||||||
profit or loss in subsequent periods | |||||||||||
Re-measurement on defined benefit and contribution plans | 1,460 | 0 | |||||||||
Deferred taxes | (245) | 0 | |||||||||
Other elements of the comprehensive income not to be reclassified to | 1,215 | 0 | |||||||||
profit or loss in subsequent periods | |||||||||||
Total other elements of the comprehensive income recognised | 73,861 | 15,230 | |||||||||
directly in equity | |||||||||||
Comprehensive income : | 280,585 | 58,661 | |||||||||
- Share of the group | 278,228 | 58,036 | |||||||||
- Attributable to non-controlling interests | 2,357 | 625 | |||||||||
Comprehensive income (share of the group) per share (EUR) (diluted | 10.99 | 2.29 | |||||||||
and basic) | |||||||||||
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CFE - Compagnie d'Entreprises SA published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 04:59:10 UTC.