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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
The cash flows relating to the acquisitions can be analysed as follows:
In millions of euros
GPS
E&I
Total
Cash and cash equivalents
4.2
4.6
8.8
Bank overdrafts
–
(0.1)
(0.1)
Net cash acquired
4.2
4.5
8.7
Purchase price of the companies’ shares
(13.0)
(17.9)
(30.9)
Shareholder’s loans granted
(2.2)
–
(2.2)
Other cash flows
(1.4)
(0.8)
(2.2)
Net cash outflow
(12.4)
(14.2)
(26.6)
In accordance with IFRS 3R, the Group will complete the initial accounting for the acquisitions carried out in 2016 within one year of the dates
it acquired control of the companies concerned.
Cash flows related to acquisitions of shares in consolidated companies were as follows in 2016 and 2015:
In millions of euros
2016
2015
GPS acquisitions
(12.4)
(0.4)
E&I acquisitions
(14.2)
(28.5)
Staffing acquisitions
–
(5.8)
Acquisition of available-for-sale financial assets
–
(0.1)
Acquisitions of shares in consolidated companies
(26.6)
(34.8)
3.3 Goodwill
In accordance with IFRS 3R, goodwill is not amortised but is tested for impairment at least once a year.
For the purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) or groups of CGUs. A CGU corresponds
to the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets
or groups of assets. The level of CGU used for goodwill impairment tests depends on the characteristics of the business or market of
each operation.
The Group carries out impairment tests at each year-end and whenever there is an indication of impairment in order to estimate the
CGU’s recoverable amount. Recoverable amount corresponds to the higher of the CGU’s fair value less costs of disposal and its value
in use (the present value of the future cash flows expected to be derived from the CGU). When the recoverable amount of a CGU is
less than its carrying amount, an impairment loss is recognised and is deducted to the extent possible from the carrying amount of the
goodwill allocated to the CGU.
If a subsidiary is sold, the goodwill allocated to that subsidiary is taken into account in determining the proceeds of the sale.
Goodwill arising on the acquisition of fully-consolidated companies is presented in a separate line of the financial statements. Goodwill
related to equity-accounted investees is shown in “Equity-accounted investees”.
The Group’s three operating segments are as follows: Global Product Solutions (outsourced R&D); Energy & Infrastructure (complex infrastructure
engineering);·Staffing (worldwide assignment of consultants specialised in Oil & Gas and other industrial sectors). These three segments correspond
to the three cash-generating units (CGUs) that are used by the Group and which comply with the IFRS definition of CGUs.
In millions of euros
2015
2016
Accumulated
impairment
losses at
year-end
Carrying
amount
Effect
of changes
in scope of
consolidation
Impairment
losses
recognised
during the year
Currency
translation
differences
Carrying
amount
Global Product Solutions
94.5
19.1
–
(0.8)
112.8
11.6
Energy & Infrastructure
39.6
27.7
–
(1.4)
65.9
5.0
Staffing
13.1
–
(7.0)
–
6.1
14.0
Total
147.2
46.8
(7.0)
(2.2)
184.8
30.6
ASSYSTEM
REGISTRATION DOCUMENT
2016
92