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FINANCIAL INFORMATION
4.3 Comments on the Cap Gemini S.A. Financial Statements
232
Registration Document 2016 — Capgemini
Comments on the Cap Gemini S.A. Financial
4.3
Statements
Income statement
4.3.1
December 31, 2016 of €304 million (including €264 million in
The Company reported
operating income
for the year ended
royalties received from subsidiaries) compared with €312 million
last year (including €258 million in royalties).
Operating profit
is €162 million, compared with €175 million in
2015.
Net finance income
totaled €867 million (compared with
€1,037 million in 2015) and reflects the difference between:
provisions for equity interests (€646 million), particularly in the
Netherlands, Asia-Pacific and Italy, foreign exchange gains on
the pooling of currency risk at Group level (€243 million), the
income of €1,197 million, mainly comprising reversals of
◗
reversal of the provision on a derivative in own shares
(€114 million), dividends received from subsidiaries (€69 million),
income from loans granted to subsidiaries (€55 million) and
income from derivatives in own shares unwound during the year
(€50 million);
swap (€124 million).
expenses of €330 million, mainly comprising foreign exchange
◗
losses on the pooling of currency risk at Group level
(€202 million), as well as interest on bond issues and a currency
equity interests.
was mainly due to the decrease in net reversals of provisions for
This €170 million decrease in net finance income year-on-year
The net non-recurring expense of €71 million compared with
€25 million in 2015, is mainly attributable to the loss recognized on
the transfer of shares on the exercise of BSAAR warrants
(€14 million) and the exercise of ORNANE bonds (€56 million).
€950 million.
After an
income tax expense
of €8 million (compared with
€30 million in 2015), mainly reflecting the income tax expense of
the tax consolidation group, the Company reported a
net profit
of
Balance sheet
4.3.2
Net investments rose from €15,060 million last year to
€15,719 million at December 31, 2016. This €659 million increase
is mainly attributable to:
net reversals of provisions for equity interests of €646 million;
◗
a €56 million increase in other long-term investments
◗
corresponding to the net impact of treasury share transactions
during the year.
year. This increase essentially reflects the difference between:
Shareholders’ equity
is €11,709 million, up €671 million on last
net profit for 2016 (€950 million);
◗
the June 1, 2016 dividend payment of €1.35 per share on the
◗
169,444,022 shares making up the Company’s share capital at
May 30, 2016 (after neutralization of the 2,737,478 treasury
shares held by the Company), representing a total payment of
€229 million;
the share capital reduction by cancellation of 617,235 Cap
◗
Gemini S.A. shares purchased under the share buyback
program authorized by the Combined Shareholders’ Meeting of
May 18, 2016 in the amount of €50 thousand.
Borrowings
totaled €5,214 million at December 31, 2016, up
€602 million compared with December 31, 2015. This increase
was mainly due to:
the €500 million bond issue performed on November 9, 2016;
◗
the €283 million increase in outstanding inter-company loans;
◗
included in the Group’s cash pooling arrangement (Cash pooling
international), for which the Company acts as the centralizing
agent, offset in full by an opposite position of the same amount
in the cash and cash equivalents of the Company;
the €721 million increase in bank overdrafts on the accounts
◗
€500 million;
the redemption of the 2011 bond issue in the amount of
◗
the redemption of the ORNANE bonds redeemable in cash
and/or in new and/or existing shares in the amount of
€400 million.
In addition to the above, the following information is required by law:
External accounts payable of Cap Gemini S.A. total €235 thousand,
€198 thousand of which are not yet due. Group accounts payable
total €18.7 million, none of which are due.