184 / 330
FINANCIAL INFORMATION
4.2 Consolidated financial statements
4
184
Registration Document 2016 — Capgemini
Net financial expense
in millions of euros
Note
2015
2016
Income from cash, cash equivalents and cash management assets
28
25
Net interest on borrowings
(71)
(95)
Net finance costs at the nominal interest rate
(43)
(70)
Impact of amortized cost on borrowings
(12)
(34)
Net finance costs at the effective interest rate
(55)
(104)
Net interest cost on defined benefit pension plans
24
(45)
(37)
Exchange gains (losses) on financial transactions
21
28
Gains (losses) on derivative instruments
(20)
(30)
Other
(19)
(3)
Other financial income and expense
(63)
(42)
o/w financial income
143
219
o/w financial expenses
(206)
(261)
NET FINANCIAL EXPENSE
(118)
(146)
amortized cost on borrowings (€34 million) total €129 million and
Net interest on borrowings (€95 million) and the impact of
mainly comprise:
of €1 million (stable on 2015);
coupons on the 2011 bond issue of €24 million (compared with
◗
€26 million in 2015), plus an amortized cost accounting impact
component of the ORNANE 2013 bonds (€400 million) and the
respect of the difference between the market value of the bond
(see Note 21, Net debt / Net cash and cash equivalents);
accounting value of the bond component at the redemption date
the expense relating to the “ORNANE 2013” bonds redeemable
◗
(compared with €10 million in 2015), including €22 million in
in cash and/or in new and/or existing shares of €30 million
impact of €3 million in respect of these bonds: floating coupon
July 1, 2015) (see Note 2, Consolidation principles and Group
€1 million in 2015 for these three bond issues performed on
structure);
the July 2020 tranche and coupon of €26 million on the
of €4 million on the July 2018 tranche, coupon of €23 million on
€26 million plus an amortized cost accounting impact of
July 2023 tranche, respectively (compared with total coupons of
and July 2023 of €50 million, plus an amortized cost accounting
coupons on the bond issues maturing in July 2018, July 2020
the net cost of EUR/USD fix-to-fix cross currency swaps of
◗
€16 million.
instruments primarily concern inter-company loans denominated
Exchange gains on financial transactions and losses on derivative
in foreign currencies and their related hedging arrangements.
cash equivalents). Given the “matching” nature of the main
derivative instruments” (see Note 21, Net debt / Net cash and
fair value gains and losses fully offset each other, resulting in a nil
characteristics of these two derivative instruments, their respective
Fair value gains and losses on the conversion option embedded in
purchased in October 2013 are included in “Gains (losses) on
the “ORNANE 2013” bonds and the call option on own shares
impact on the Group net financial expense.