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