139 / 334
E
Financial
E.3
Financial review
Atos
|
Registration Document 2016
139
E
Cash Flow
E.3.2
The Group
net cash position
was € 481.4 million at the end of
December 2016, compared to € 593.1 million at the end of
December 2015.
acquisitions/disposals
and
equity
changes,
reached
€ 579.1 million versus € 393.4 million achieved in 2015.
Free cash flow
representing the change in net cash or net debt,
excluding dividends paid to shareholders, net material
(in € million)
December
31, 2016
12months ended
12months ended
December
31, 2015
Operating Margin before Depreciation and Amortization (OMDA)
1,374.5
1,200.4
Capital expenditure
-421.1
-441.0
Change in working capital requirement
-38.0
48.8
Cash from operation (CFO)
915.5
808.2
Taxes paid
-129.1
-105.5
Net cost of financial debt paid
-18.1
-17.4
Reorganization in other operating income
-83.7
-149.5
Rationalization & associated costs in other operating income
-43.1
-46.7
Integration and acquisition costs
-21.9
-42.1
Other changes*
-40.4
-53.6
Free Cash Flow (FCF)
579.1
393.4
Net (acquisitions)/disposals
-707.3
-859.8
Proceeds from the disposal of the Visa share
35.6
-
Capital increase/(decrease)
28.5
58.1
Dividends paid to owners of the parent
-47.3
-30.7
Change in net cash/(debt)
-111.4
-439.0
Opening net cash/(debt)
593.1
989.1
Change in net cash/(debt)
-111,4
-439,0
Foreign exchange rate fluctuation on net cash/(debt)
-0.2
43.0
Closing net cash/(debt)
481.4
593.1
integration costs and acquisition costs), dividends paid to non-controlling interests and other financial items with cash impact, net long
term financial investments excluding acquisitions and disposals, and profit sharing amounts payable transferred to debt.
“Other changes” include other operating income with cash impact (excluding reorganization, rationalization and associated costs,
*
increased by € 107.3 million compared to prior year. This
increase resulted from the change of the three following
components:
Cash from Operations (CFO)
amounted € 915.5 million and
operating margin and a strong reduction of the pensions
one-offs accounted in operating margin;
OMDA (€+174.1 million) mainly reflecting the increase in
•
a decrease in the capital expenditures (€+19.9 million);
•
compared to a working capital requirement reduction in 2015
of € 48.8 million.
a working capital requirement increase by €-38 million
•
compared to 11.2% of revenue last year:
OMDA
of € 1,374.5 million represented 11.7% of revenue,
(in € million)
December
31, 2016
12months ended
December
31, 2015*
12months ended
Operating margin
1,103.9
917.0
+ Depreciation of fixed assets
399.1
405.6
+ Net book value of assets sold/written off
34.0
41.4
+/- Net charge/(release) of pension provisions
-79.9
-109.0
+/- Net charge/(release) of provisions
-82.6
-54.6
OMDA
1,374.5
1,200.4
December 31, 2015 adjusted to reflect change in presentation disclosed in “Basis of Preparation and significant accounting policies”.
*
and mutualizing these expenses, thanks in particular to the
Cloud architectures.
continued to invest, especially in its payment platforms within
Worldline and in its infrastructure business, while rationalizing
Capital expenditures
amounted to € 421.1 million or 3.6% of
the revenue compared to € 441.0 million in 2015. The Group
of December 2015. DSO has been positively impacted by the
The
working capital
requirement increased by €-38.0 million.
The DSO ratio reached 30 days compared to 32 days at the end