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FINANCIAL INFORMATION
4.1 Analysis on Capgemini 2016 Group consolidated results
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167
Registration Document 2016 — Capgemini
Consolidated statement of financial position
Equity attributable to owners of the Company
totaled
December 31, 2015. This increase was mainly due to:
€7,272 million at December 31, 2016, up €385 million on
profit for the year of €921 million;
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a €169 million increase in foreign exchange translation reserves;
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partially offset by:
the value of own shares deducted from consolidated equity for
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launched by the Group,
the year of €340 million under the share buyback program
net of deferred tax,
pensions and other post-employment benefits of €257 million,
the recognition in equity of actuarial losses on provisions for
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€229 million.
the payment to shareholders of the 2015 dividend of
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up €55 million on December 31, 2015, mainly due to:
Non-current assets
total €10,590 million at December 31, 2016,
impact of foreign currency translation adjustments;
a €121 million increase in goodwill, attributable to the positive
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a €83 million decrease in other non-current assets, mainly due
to:
redemption of ORNANE 2013 bonds, valued at €162 million
purchased on October 18, 2013 following the early
in 2015,
the exercise of the call option on Cap Gemini S.A. shares
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the fair value remeasurement of cash flow hedging derivative
of foreign exchange risk, recognized through equity in the
instruments contracted pursuant to the central management
amount of €54 million.
Operating receivables
(accounts and notes receivable) totaled
December 31, 2016 compared with €2,207 million at
excluding capitalized costs on projects, totaled €2,244 million at
December 31, 2015 and represent 64 days annual revenue.
€3,074 million at December 31, 2016, compared with
advances from clients and amounts billed in advance and
€3,055 million at December 31, 2015. Accounts receivable, net of
Non-current liabilities
increased €213 million at December 31,
mainly due to the increase in provisions for pensions and other
2016 (to €5,206 million compared with €4,993 million last year),
post-employment benefits, notably in the United Kingdom and to
the ORNANE 2013 bonds).
bond issues (2016 bond issue offset by the early redemption of
compared with €2,724 million at December 31, 2015.
than income tax and total €2,818 million at December 31, 2016,
and related accounts, personnel costs and accrued taxes other
Accounts and notes payable
mainly consist of trade payables
2016 compared with €1,767 million at December 31, 2015. This
Consolidated net debt
totaled €1,413 million at December 31,
€354 million improvement was mainly due to:
organic free cash flow, equal to cash flow from operations less
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acquisitions of property, plant, equipment and intangible assets
interest cost, of €1,071 million;
(net of disposals) and adjusted for flows relating to the net
offset by:
Gemini S.A. shares,
cash outflows of €340 million in respect of transactions in Cap
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payment to shareholders of the 2015 dividend of €229 million,
an increase in lease finance liabilities of €60 million.
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Outlook for 2017
and organic free cash flow generation in excess of €950 million.
exchange rates of 3.0%, an operating margin of 11.7% to 11.9%
For 2017, the Group forecasts revenue growth at constant
In addition:
notably the appreciation of the US dollar and the Brazilian real.
The Group expects the impact of currency movements on
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the pound sterling depreciation against the euro offsetting
revenues to be minimal on a full year basis, with the impact of
The Group looks into discontinuing its equipment resale activity
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In order not to disrupt the analysis of quarterly trends, organic
in Brazil, which represented approximately €60 million in 2016.
growth and growth at constant exchange rates will be presented
after removing this activity from 2016 and 2017 revenues.
The impact of acquisitions on revenue growth is estimated at
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this stage to be a few tens of basis points.