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MANAGEMENT REPORT
3
GROUP RESULTS
3.2.3.2
Operating profit
The consolidated operating profit, once non-operating income and
expenses have been taken into account, stands at €39.5 million.
Non-operating income and expenses represent a net expense for 2015
of (€18.3) million.
They include:
●
an impairment expense of (€7.0) million on assets committed to
Staffing activities;
●
a provision for a net amount of (€5.3) million, allocated to a tax
dispute;
●
restructuring costs amounting to (€3.4) million;
●
expenses relating to acquisitions and sales, and to allocations of free
shares and performance shares for (€2.6) million.
3.2.3.3
Net financial result
The 2015 financial result represents income of €1.0 million compared
to an expense of (€5.7) million in 2014.
The €6.7 million improvement in the financial result compared to 2014
mainly originates from exchange rate gains (+€2.4 million compared
to December 2014) and financial expense associated with the buyout
of Ornane which had an impact on the 2014 accounts to the extent
of -€8.8 million.
3.2.3.4
Profit for the period
The effective tax rate for the year was 32.75%, representing an income
tax expense of (€13.1) million.
The profit attributable to owners of the parent is €27.2 million taking
into account a positive financial result of €1.0 million, a tax expense of
(€13.1) million, a contribution to the result from discontinued operations
amounting to €0.5 million and a share of net consolidated profit (loss)
attributable to non-controlling interests of (€0.7) million.
3.2.3.5
Net financial position
The Group had a net cash position of €198.8 million on 31 December
2015, compared with €166 million on 30 June 2015 and
€221.9 million on 31 December 2014.
A breakdown of this positive swing is provided in the table below:
In millions of euros
Net cash position (as at 31 December 2014)
221.9
EBITDA
68.1
Variation in operating Working Capital Requirement
6.0
Corporate tax disbursed
(9.5)
Operating investments, net
(7.5)
Other flows
(12.3)
Free cash flow
44.8
Purchases
(38.2)
Share capital movements
(29.7)
NET CASH POSITION (ON 31 DECEMBER 2015)
198.8
Consolidated free cash flow for 2015 is +€44.8 million compared to
+€31.7 million for 2014,
i.e.
a 41% increase. It benefits from the very
good performance from operating WCR, resulting in particular from
the five-day reduction in DSO on a like-for-like basis. It represents 78%
of the Earnings Before Interest and Taxes (EBIT) and 4.9% of revenue
for the year.
Acquisitions during the year were mainly linked to Radicon (€31.6 million,
including €4.2 million in respect of the minority shareholder’s current
account) and the buyout of minority shareholders in MPH Global
Services (€5.8 million).
The (29.7) million of flows relating to movements on total equity
include (€16.2) million of dividends paid to Assystem shareholders,
(€7.2) million of coupons paid to holders of Odirnane bonds and
(€6.3) million for the buy-back of treasure shares, net of increase in
capital resulting from the exercising of BSAAR stock warrants.
40
ASSYSTEM
FINANCIAL REPORT
2015