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E
Financial
E.3
Financial review
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Net financial expense
net cost of financial debt of € 18.1 million and non-operational
financial costs of € 31.1 million.
Net financial expense amounted to € 49.2 million for the period
(compared to € 45.2 million prior year) and was composed of a
Net cost of financial debt was € 18.1 million (compared to
€ 17.4 million in 2015) and resulted from the following
elements:
€ 1,185.5 million in 2015 bearing an average expense rate of
1.60% compared to 2.32% last year.
the average gross borrowing of € 2,014.1 million compared to
•
The average gross borrowing expenses were mainly explained
by:
the used portion of the syndicated loan for an average of
•
€ 1,058.6 million (compared to an average of
€ 687.2 million in 2015) bearing an effective interest rate of
0.48%,
a € 600.0 million bond issue in July 2015 bearing a coupon
•
rate of 2.375%,
€ 90.0 million bearing a coupon rate of 1.444%,
yearly average impact on the total gross borrowings of
a € 300.0 million bond issue end of September 2016, with a
•
average of € 260.7 million, bearing an effective interest rate
of 4.03%;
other sources of financing, including securitization, for an
•
rate of 1.00% compared to 0.91% in 2015.
the average gross cash increased from € 1,105.3 million in
•
2015 to € 1,418.3 million in 2016 bearing an average income
difference between interest costs on pension obligations and
interest income on plan assets.
of € 9.0 million versus a net foreign exchange gain of
€ 6.2 million in 2015. The pension financial cost represented the
of pension related interest (€ 28.9 million compared to
€ 29.3 million expense in 2015) and a net foreign exchange gain
compared to € 27.8 million in 2015 and were mainly composed
Non-operational financial costs amounted to € 31.1 million
Corporate tax
before tax of € 763.9 million.
The Group effective tax rate was 19.0% including the French CVAE tax corresponding to the tax charge of € 145.2 million with a profit
Please refer to Note 7 Income tax for further explanations.
Non-controlling interests
September 30, 2016.
income of Worldline, as well as the minorities into equens
Worldline following the transaction that occurred on
venture partners and other associates of the Group.
The increase is mostly related to the non-controlling interests in
Worldline, including the impact from the Visa share on the net
Non-controlling interests amounted to € 53.0 million in
December 2016 (compared to € 30.8 million in December 2015).
Non-controlling interests included shareholdings held by joint
Normalized net income
The normalized net income excluding unusual, abnormal, and infrequent items (net of tax) was € 766.7 million, increasing by 22.5% in
comparison with the previous year.
(in € million)
December
31,
2016
12months ended
2015*
12months ended
December
31,
Net income from continuing operations- Attributable to owners of the parent
567.1
406.2
Other operating income and expenses
-290.8
-327.7
Tax impact on unsual items
91.2
108.1
Total unusual items – Net of tax
-199.6
-219.6
Normalized net income - Attributable to owners of the parent
766.7
625.8
December 31, 2015 adjusted to reflect change in presentation disclosed in Note “Basis of preparation and significant accounting policies”.
*