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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
The cash inflows and outflows relating to the acquisition of Radicon break down as follows:
In millions of euros
Cash and cash equivalents
2.4
Bank overdrafts
–
Net cash acquired
2.4
Purchase price of Radicon’s shares
(17.9)
Shareholder’s loan granted
(11.9)
NET CASH OUTFLOW
(27.4)
In accordance with IFRS 3R, the Group completed the initial accounting for the acquisition within one year of the date it acquired control of
Radicon,
i.e.
by 15 January 2016.
No other significant business combinations took place in 2015.
Cash flows related to acquisitions of shares in consolidated companies were as follows in 2015 and 2014:
In millions of euros
2015
2014
Acquisition of Sud Aviation shares
(0.4)
(1.9)
Acquisition of Radicon shares
(27.4)
–
Acquisition of Plast Concept shares
(1.1)
–
Payment on exercise of the put on non-controlling interests in MPH Global Services
(5.8)
–
Acquisition of available-for-sale financial assets
(0.1)
–
ACQUISITIONS OF SHARES IN CONSOLIDATED COMPANIES
(34.8)
(1.9)
2014
No significant business combinations took place in 2014.
NOTE 8
GOODWILL
In millions of euros
2015
2014
Beginning of year
124.5
119.8
Effect of changes in scope of consolidation
26.2
4.3
Impairment losses
(7.0)
–
Currency translation differences
3.5
0.4
Year-end
147.2
124.5
Gross value at year-end
173.2
141.9
Accumulated impairment losses at year-end
(26.0)
(17.4)
The effect of changes in scope of consolidation in 2015 corresponds
to the goodwill generated on the following acquisitions:
●
Plast concept (deemed to be a non-material business combination
at Group level);
●
Radicon (see Note 7 – Business combinations).
The Group’s three operating segments are now as follows: Global
Product Solutions (outsourced R&D); Energy & Infrastructure (complex
infrastructure and 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 now used by the Group and which comply with the IFRS
definition of CGUs.
The Group tests goodwill for impairment once a year or whenever there
is an objective indication that it may be impaired.
ASSYSTEM
FINANCIAL REPORT
2015
97