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MANAGEMENT REPORT
3
GROUP RESULTS
3.2.3
RESULTS OF OPERATIONS AND FINANCIAL POSITION
3.2.3.1
Operating profit before non-recurring items (EBITA)
Consolidated EBITA advanced 15.7% to €66.9 million in 2016 from €57.8 million the previous year, and EBITA margin represented 7.0% of
revenue, up 0.6 of a point on the 6.4% recorded for 2015.
EBITA*
In millions of euros
2016
% of revenue
2015
% of revenue
Group
66.9
7.0%
57.8
6.4%
Global Product Solutions
47.0
8.1%
38.8
7.3%
Energy & Infrastructure
24.1
7.6%
25.7
8.3%
Staffing
2.4
4.6%
1.4
2.3%
Holding company and Other
(6.6)
–
(8.1)
–
* Operating profit before non-recurring items (EBITA) including share of profit of equity-accounted investees (€1.4 million in 2016 and €0.5 million in 2015).
Global Product Solutions EBITA rose by €8.2 million to €47.0 million,
representing an EBITA margin of 8.1%
versus
7.3% in 2015. Both the
Aerospace and Automotive sectors saw a sharp increase in their EBITA
and EBITA margin figures.
EBITA for the Energy & Infrastructure division contracted by €1.6 million
to €24.1 million, representing an EBITA margin of 7.6% compared with
8.3%. Radicon’s contribution to EBITA was a negative €1.2 million,
versus
a positive €3.7 million in 2015. Excluding Radicon, Energy
& Infrastructure EBITA increased by €3.3 million to €25.3 million,
representing an EBITA margin of 8.5%
versus
7.8% in 2015.
Staffing EBITA came to €2.4 million compared with €1.4 million in
2015, and EBITA margin rose to 4.6% from 2.3%. These year-on-year
increases stemmed from a reduction in the business’s cost base and
the collection of receivables that had previously been written down as
bad debt.
The Group’s “Holding company” expenses, net of the results of the
activities classified in the “Other” category, amounted to €6.6 million
in 2016 (€8.1 million in 2015).
3.2.3.2
Operating profit
After deducting the net non-recurring expense for the year, consolidated
operating profit came to €53.4 million.
Non-recurring income and expenses represented a net expense of
€13.5 million in 2016, breaking down as:
●
a €7.0 million impairment loss recognised for assets used by the
Staffing business;
●
€3.5 million in restructuring costs; and
●
a €3.0 million net expense related to acquisitions and disposals and
awards of free shares and performance shares.
3.2.3.3
Financial income and expenses
In 2016 the Group recorded net financial expense of €3.6 million
compared with net financial income of €1.0 million in 2015.
This year-on-year negative swing was mainly due to (i) €2.2 million in
financial expenses recognised in relation to the buybacks of Ornane
bonds and (ii) fluctuations in exchange rates.
3.2.3.4
Profit for the period
Excluding the impact of goodwill impairment, the effective tax rate for
the year was 31.95 and the Group’s income tax expense came to
€17.7 million.
Consolidated profit for the period amounted to €32.1 million, of which
€0.6 million was attributable to non-controlling interests (compared with
€27.9 million and €0.7 million respectively in 2015).
ASSYSTEM
REGISTRATION DOCUMENT
2016
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