88 / 186
FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
Deferred taxes
Deferred tax assets are recognised for the carryforward of unused tax
losses and unused tax credits and deductible temporary differences only
to the extent that it is probable that the Company and its subsidiary(ies)
concerned will have sufficient future taxable profit against which the
unused tax losses, tax credits and temporary differences can be utilised.
In assessing whether it will have sufficient future taxable profit to recover
deferred tax assets the Group takes into account forecasts of future
taxable profits, non-recurring expenses included in past losses and
which will not be incurred again in the future, and its past history of
taxable profit for prior years.
Figures for deferred taxes related to unused tax losses and temporary
differences are presented in Note 12.3 – Deferred taxes.
Goodwill impairment
The estimates used in the assumptions for calculating goodwill impairment
are set out in Note 3.4 – Goodwill impairment testing.
Employee benefit obligations
The estimates used in the assumptions for calculating employee
benefit obligations and the related sensitivity analyses are set out in
Note 5.3.2 – Employee benefit obligations.
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
The following significant events took place in 2016:
Buyback of bonds redeemable in cash and/or
in new and/or existing shares with a maturity
date of 1 January 2017 (“Ornane 2017 bonds”)
and subsequent repurchase procedure
During the first half of 2016, Assystem bought back a total of
1,230,764 of its Ornane 2017 bonds for €31.5 million (excluding
accrued coupons), representing 29% of the Ornane 2017 bonds issued
in July 2011. The aggregate face value of the Ornane bonds bought
back amounted to €27.1 million.
The following financial expenses were recognised by the Group in
relation to these buybacks:
●
€0.8 million recorded under “Other financial income and expenses”,
corresponding to accelerated amortisation of the Ornane bond
arrangement fees;
●
€2.2 million representing the difference between the redemption
value (excluding accrued coupons) and the fair value of the Ornane
bonds at 31 December 2015.
At 31 December 2016, 3,757 Ornane bonds remained outstanding,
representing an aggregate value of €0.1 million. They were recognised
in “Short-term bond debt” in the consolidated statement of financial
position.
Buyback of perpetual bonds redeemable in cash
and/or in new and/or existing shares (“Odirnane
bonds”) and subsequent repurchase procedure
Through successive buybacks carried out in the second half of 2016,
the Group redeemed 5,111,972 Odirnane bonds for a total amount
of €176.9 million (including accrued coupons and transaction costs).
At 31 December 2016 490,268 Odirnane bonds remained outstanding,
representing 8.8% of the original issue. These bonds were redeemed in
advance of maturity between late February and 6 March 2017 for an
aggregate €14.35 million (see Note 14 – Significant events after the
reporting date). The Odirnane bonds still outstanding at 31 December
2016 – representing an aggregate of €14.3 million including accrued
coupons – have been reclassified from “Equity instruments” to “Short-term
bond debt” in the consolidated statement of financial position.
External growth
The Group pursued its French and international external growth
drive in 2016 – in both the Global Product Solutions and Energy &
Infrastructure divisions – enabling it to broaden its client portfolio and
gain specific skills in a number of different markets. See Note 3.2 –
Business combinations for a description of the acquisitions carried out
during the year.
ASSYSTEM
REGISTRATION DOCUMENT
2016
88