PRESS RELEASE

VICAT INVESTOR

CONTACTS:

STÉPHANE BISSEUIL TEL. +33 (0)1 58 86 86 13

stephane.bisseuil@vicat.fr

PRESS CONTACT VICAT:

ALIZEE REMAUD

TEL. +33 (0)1 58 86 86 26

alizee.remaud@tbwa- corporate.com

HEAD OFFICE:

TOUR MANHATTAN

6 PLACE DE L'IRIS

F-92095 PARIS - LA

DÉFENSE 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

New geographical information and impacts of IFRS 16

Paris La Défense, 29 April 2019:

New geographical segmentation: following the acquisition of Ciplan in Brazil, the Group has adjusted the geographical structure of its internal reporting used by Senior Management to monitor and measure the Group's economic performance. Vicat will report its figures, as of the publication of the first-quarter

2019 sales, based on the following six regions:

France

Europe (excluding France), combining Switzerland and Italy

Americas, made up of the United States and Brazil

Asia, encompassing India and Kazakhstan

Mediterranean, consisting of Turkey and Egypt

Africa, comprising Senegal, Mali and Mauritania

First-timeadoption of IFRS 16: the Group has adopted the full retrospective approach at the transition date. The main impacts of the first application of IFRS16 on equity as at January 1, 2018 and on the 2018 annual and interim consolidated financial statements are presented below.

In order to compare the Group's future performance with that of 2018 in each of these new regions, the 2018 quarterly sales, half-year and full-year results are presented below on a pro forma basis (excluding Brazil), after taking into account the application of IFRS16.

PRESS RELEASE

1. First-time adoption of IFRS 16

1.1Consolidated statement of financial position: reconciliation from reported to

restated figures at 30 June and 31 December 2018

Consolidated statement of financial position

ASSETS

31/12/2017

Restatements

31/12/2017

30/06/2018

Restatements

30/06/2018

31/12/2018

Restatements

31/12/2018

(in thousands of euros)

restated

IFRS 16

published

restated

IFRS 16

published

restated

IFRS 16

published

NON CURRENT ASSETS

Goodwill

1 006 987

1 006 987

1 005 213

1 005 213

1 006 753

1 006 753

Other intangible assets

117 959

117 959

112 950

112 950

118 316

118 316

Rights of use relating to leases

200 725

200 725

0

202 542

202 542

0

223 792

223 792

0

Property, plant and equipment

1 837 759

1 837 759

1 800 464

1 800 464

1 806 040

1 806 040

Investment properties

16 240

16 240

15 735

15 735

15 491

15 491

Investments in associated companies

40 696

40 696

42 358

42 358

53 044

53 044

Deferred tax assets

98 603

2 970

95 633

119 328

3 340

115 988

93 394

3 848

89 546

Receivables and other non current financial assets

77 557

77 557

108 424

108 424

152 831

152 831

Total non current assets

3 396 526

203 695

3 192 831

3 407 014

205 882

3 201 132

3 469 661

227 640

3 242 021

CURRENT ASSETS

Inventories and work in progress

351 303

351 303

341 166

341 166

385 133

385 133

Trade and other accounts

408 092

408 092

493 708

493 708

407 085

407 085

Current tax assets

45 001

45 001

49 555

49 555

42 215

42 215

Other receivables

174 251

174 251

194 636

(43)

194 679

142 745

(59)

142 804

Cash and cash equivalents

265 364

265 364

278 227

278 227

314 633

314 633

Total current assets

1 244 011

0

1 244 011

1 357 292

(43)

1 357 335

1 291 811

(59)

1 291 870

TOTAL ASSETS

4 640 537

203 695

4 436 842

4 764 306

205 839

4 558 467

4 761 472

227 581

4 533 891

LIABILITIES

31/12/2017

Restatements

31/12/2017

30/06/2018

Restatements

30/06/2018

31/12/2018

Restatements

31/12/2018

(in thousands of euros)

restated

IFRS 16

published

restated

IFRS 16

published

restated

IFRS 16

published

SHAREHOLDERS' EQUITY

Share capital

179 600

179 600

179 600

179 600

179 600

179 600

Additional paid in capital

11 207

11 207

11 207

11 207

11 207

11 207

Consolidated reserves

1 976 285

(9 028)

1 985 313

1 922 354

(10 022)

1 932 376

2 068 460

(11 671)

2 080 131

Shareholders' equity

2 167 092

(9 028)

2 176 120

2 113 161

(10 022)

2 123 183

2 259 267

(11 671)

2 270 938

Minority interests

233 369

(73)

233 442

215 428

(37)

215 465

221 474

(26)

221 500

Shareholders' equity and minority interests

2 400 461

(9 101)

2 409 562

2 328 589

(10 059)

2 338 648

2 480 741

(11 697)

2 492 438

NON CURRENT LIABILITIES

Provisions for pensions and other post employment benefits

115 084

115 084

114 271

114 271

118 344

118 344

Other provisions

70 703

70 703

107 685

107 685

70 757

70 757

Financial debts and put options

928 403

928 403

1 042 986

(163)

1 043 149

882 203

(141)

882 344

Lease liabilities

166 596

166 596

0

168 532

168 532

0

193 306

193 306

0

Deferred tax liabilities

182 291

(150)

182 441

166 571

(117)

166 688

181 392

(210)

181 602

Other non current liabilities

1 398

1 398

1 292

1 292

5 365

90

5 275

Total non current liabilities

1 464 475

166 446

1 298 029

1 601 337

168 252

1 433 085

1 451 367

193 045

1 258 322

CURRENT LIABILITIES

Provisions

8 738

8 738

8 175

8 175

9 604

9 604

Financial debts and put options at less than one year

138 499

138 499

149 935

(45)

149 980

153 516

(45)

153 561

Lease liabilities at less than one year

46 350

46 350

0

48 227

48 227

0

47 048

47 048

0

Trade and other accounts payable

328 450

328 450

337 336

(536)

337 872

358 753

(441)

359 194

Current taxes payable

41 188

41 188

37 800

37 800

38 273

38 273

Other liabilities

212 376

212 376

252 907

252 907

222 170

(329)

222 499

Total current liabilities

775 601

46 350

729 251

834 380

47 646

786 734

829 364

46 233

783 131

Total liabilities

2 240 076

212 796

2 027 280

2 435 717

215 898

2 219 819

2 280 731

239 278

2 041 453

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

4 640 537

203 695

4 436 842

4 764 306

205 839

4 558 467

4 761 472

227 581

4 533 891

PRESS RELEASE

1.2Consolidated income statement: reconciliation from reported to restated figures for H1 2018 and FY 2018

Consolidated income statement

(in thousands of euros)

Sales

Goods and services purchased

Added value

Personnel costs

Taxes

Gross operating income

Depreciation, amortization and provisions Other income and expenses

Operating income

Cost of net financial debt

Other financial income

Other financial expenses

Net financial income (expense)

Earnings from associated companies

Profit (loss) before tax

Income tax

Consolidated net income

Portion attributable to minority interests

Portion attributable to the Group

EBITDA

EBIT

Cash flow from operations

Earnings per share (in euros)

Basic and diluted Group share of net earnings per share

30/06/2018

Restatements 30/06/2018

restated

IFRS 16

published

1 281 261

1 281 261

(834 071)

27 565

(861 636)

447 190

27 565

419 625

(213 458)

(213 458)

(34 508)

(34 508)

199 224

27 565

171 659

(117 220)

(24 354)

(92 866)

19 650

19 650

101 654

3 211

98 443

(15 177)

(4 164)

(11 013)

7 091

7 091

(7 814)

(7 814)

(15 900)

(4 164)

(11 736)

2 070

2 070

87 824

(953)

88 777

(26 739)

243

(26 982)

61 085

(710)

61 795

2 949

37

2 912

58 136

(747)

58 883

224 343

27 565

196 778

106 996

3 212

103 784

171 289

23 401

147 888

1,29

-0,02

1,31

31/12/2018

Restatements 31/12/2018

restated

IFRS 16

published

2 582 465

2 582 465

(1 644 858)

57 802

(1 702 660)

937 607

57 802

879 805

(428 963)

(428 963)

(59 431)

(59 431)

449 213

57 802

391 411

(236 075)

(51 981)

(184 094)

35 698

35 698

248 836

5 821

243 015

(29 359)

(8 772)

(20 587)

20 024

20 024

(18 708)

(18 708)

(28 043)

(8 772)

(19 271)

3 737

3 737

224 530

(2 951)

227 481

(65 867)

790

(66 657)

158 663

(2 161)

160 824

9 781

52

9 729

148 882

(2 213)

151 095

492 318

57 802

434 516

255 059

5 821

249 238

387 476

49 034

338 442

3,32

-0,05

3,37

PRESS RELEASE

1.3Statement of comprehensive income: reconciliation from reported to restated figures for H1 2018 and FY 2018

Consolidated statement of comprehensive income

(in thousands of euros)

30/06/2018

Restatements 30/06/2018

restated

IFRS 16

published

Consolidated net income

61 085

(710)

61 795

Other comprehensive income items

Items not recycled to profit or loss :

Remeasurement of the net defined benefit liability

4 536

4 536

Tax on non-recycled items

(1 165)

(1 165)

Items recycled to profit or loss :

Net income from change in translation differences

(46 158)

(250)

(45 908)

Cash flow hedge instruments

(3 594)

(3 594)

Tax on recycled items

928

928

Other comprehensive income (after tax)

(45 453)

(250)

(45 203)

Total comprehensive income

15 632

(960)

16 592

Portion attributable to minority interests

(7 003)

35

(7 038)

Portion attributable to the Group

22 635

(995)

23 630

31/12/2018 Restatements 31/12/2018

restated

IFRS 16

published

158 663

(2 161)

160 824

6 289

6 289

(1 613)

(1 613)

(61 365)

(437)

(60 928)

759

759

(197)

(197)

(56 127)

(437)

(55 690)

102 536

(2 598)

105 134

(2 454)

46

(2 500)

104 990

(2 644)

107 634

PRESS RELEASE

1.4Statement of cash flow: reconciliation from reported to restated figures for H1 2018 and FY 2018

Consolidated statement of cash flow

(in thousands of euros)

30/06/2018

Restatements

30/06/2018

31/12/2018

Restatements

31/12/2018

restated

IFRS 16

published

restated

IFRS 16

published

Cash flows from operating activities

Consolidated net income

61 085

(710)

61 795

158 663

(2 161)

160 824

Earnings from associated companies

(2 070)

(2 070)

(3 737)

(3 737)

Dividends received from associated companies

1 346

1 346

2 492

2 492

Elimination of non cash and non operating items :

0

0

- depreciation, amortization and provisions

112 540

24 354

88 186

233 671

51 981

181 690

- deferred taxes

1 571

(243)

1 814

4 720

(790)

5 510

- net (gain) loss from disposal of assets

(3 454)

(3 454)

(8 582)

(8 582)

- unrealized fair value gains and losses

157

157

353

353

- other

114

114

(108)

(108)

Cash flows from operating activities

171 289

23 401

147 888

387 472

49 030

338 442

Change in working capital requirement

(61 082)

(61 082)

(5 394)

(5 394)

Net cash flows from operating activities

110 207

23 401

86 806

382 078

49 030

333 048

Cash flows from investing activities

Outflows linked to acquisitions of non-current assets :

- property, plant and equipment and intangible assets

(78 402)

(78 402)

(180 224)

(180 224)

- financial investments

(21 608)

(21 608)

(28 469)

(28 469)

Inflows linked to disposals of non-current assets :

- property, plant and equipment and intangible assets

4 529

4 529

14 049

14 049

- financial investments

4 983

4 983

3 939

3 939

Impact of changes in consolidation scope

(12 984)

(12 984)

(22 686)

(22 686)

Net cash flows from investing activities

(103 482)

0

(103 482)

(213 391)

0

(213 391)

Cash flows from financing activities

Dividends paids

(76 872)

(76 872)

(72 976)

(72 976)

Increases in capital

0

0

Proceeds from borrowings

126 976

126 976

114 838

114 838

Repayments of borrowings

(47 464)

(23 401)

(24 063)

(226 824)

(49 030)

(177 794)

Repayments of lease liabilities

0

0

0

0

Acquisitions of treasury shares

(16 153)

(16 153)

(927)

(927)

Disposals or allocations of treasury shares

17 658

17 658

68 876

68 876

Net cash flows from financing activities

4 145

(23 401)

27 546

(117 013)

(49 030)

(67 983)

Impact of changes in foreign exchange rates

(8 676)

(8 676)

(9 766)

(9 766)

Change in cah position

2 194

0

2 194

41 908

0

41 908

Net cash and cash equivalents - opening balance

220 058

220 058

220 058

220 058

Net cash and cash equivalents - closing balance

222 252

222 252

261 969

261 969

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Vicat SA published this content on 29 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 April 2019 16:07:08 UTC