2016 Annual Results - CNIM€¦ · Capitalizable advance from CDC - Ello 0.6 0.0 Refundable...

2016 Annual Results

Constructions Industrielles de la Méditerranée

March 23, 2017

Contents

2016 Annual Results

Introduction

Nicolas Dmitrieff – Chairman, Management Board

Financial Highlights

Christophe Favrelle - Chief Financial Officer, Management Board

Innovation & Systems

Philippe Demigné - Innovation & Systems Director, Management Board

Environment and Energy

Stanislas Ancel – Environment and Energy Director, Management Board

Energy business activity: CNIM Babcock Services

François Darpas, Human Resources, Information Systems and Communication Director, Management Committee

Conclusion

Nicolas Dmitrieff – Chairman, Management Board

2

INTRODUCTION

Nicolas Dmitrieff

Chairman, Management Board

3

2016 Key Figures

4

Trough expected in 2016

Backlog rebuilt

Successful sale of Babcock Wanson subsidiaries: CNIM has the resources to drive future growth

(in €

millions)

Order intake 665.3 574.7 839.7

Revenues 727.0 635.9 539.9

Recurring operating income 47.1 42.1 22.2

Other non-recurring income (expense) (0.6) (0.6) (3.1)

Operating income 46.5 41.4 19.1

Net income (attributable to owners of the parent) 35.8 35.8 49.7

Cash, net of debt 100.3 100.3 157.7

(*) Excluding the sale of the Babcock Wanson subsidiaries

2015 20162015

restated (*)

FINANCIAL HIGHLIGHTS

Christophe Favrelle

Chief Financial Officer

5

6

Key Events

SALE OF BABCOCK WANSON SUBSIDIARIES

Revenues / EBITDA / Headcount

Impact on net income

Impact on cash and cash equivalents Due to the sale price of €56.8 million and the various transaction-related items, including cash

outflows from Babcock Wanson subsidiaries at July 20, 2016, the net impact on cash and

cash equivalents was €45 million.

As a result of the sale, CNIM Babcock Services, previously included in the Energy operating segment, was recognized under the

Environment operating segment. Comparative data have been restated to account for the reclassification.

Revenues EBITDA

Total Group (reported) 727.0 63.8 2,979

Babcock Wanson subsidiaries sold 91.1 6.7 584

Dec. 31, 2015(in € millions)

Headcount

Net income from discontinued operations

(in € millions)34.1

Net income from the Babcock Wanson subsidiaries sold

(from Jan. 1, 2016 to the transaction date)2.0

Capital gains on the sale of the Babcock Wanson subsidiaries 32.1

Order Intake

7

(*) restated to reflect:

- disposal of Babcock Wanson subsidiaries - reclassification of CNIM Babcock Maroc from the Energy segment to the Innovation & Systems segment (FY 2012 and 2013 reported figures)

- reclassification of CNIM Babcock Services (CBS) from the Energy segment to the Environment segment

+46.1%

Highest order intake since 2012

Technologies and Systems (WETS):

Order Intake

Environment

8

Turnkey plants (EPC): Kemsley, Park Adfer, amendments to contracts in progress

Operations (WEMS): 11 plants in France, United Kingdom, Azerbaijan

Solar plant

Financial closing of the Llo solar plant

CNIM Babcock Services (CBS): Arcelor Mittal (Fos-sur-Mer): refurbishment of a high-power

industrial boiler

41%

2%

37%

20% 2015

2016

2016

(in € millions) (Reported)(Continuing

operations)

(Continuing

operations)

Turnkey plants (EPC) 173.9 173.9 411.5

Technologies and systems (WETS) 29.1 29.1 88.9

Operations (WEMS) 89.1 89.1 79.0

Solar 57.5

CNIM Babcock Services (CBS) 24.7 46.7

TOTAL 292.1 316.8 683.6

2015

Bertin: order intake by business unit

Industrial Systems Division:

60%7%

17%

16%

Order Intake


9

61%10%

14%

16%

40%

38%

22%

28%

47%

25%

2016 2016

2015 2015

(in € millions)

Industrial Systems Division 162.7 67.8

Bertin 95.2 88.3

TOTAL 257.9 156.1

2015 2016

Backlog

10

(*) Change in consolidation scope: Deconsolidation at January 1, 2016 of Babcock Wanson subsidiaries / (**) CBS reclassified under the Environment operating segment

Changes in backlog over the past five years (restated)

Order intake Revenues

ENVIRONMENT 386.1 287.6 12.6 300.2 683.6 331.6 652.2

INNOVATION & SYSTEMS 254.0 305.6 305.6 156.1 208.3 253.4

ENERGY 41.3 37.9 (25.3) (12.6) 0.0 0.0 0.0 0.0

CNIM Group 681.4 631.1 (25.3) 0.0 605.8 839.7 539.9 905.6

Backlog at

Jan. 1, 2015

(reported)

Backlog at

Jan. 1, 2016

(reported)

Backlog at

Dec. 31,

2016

Jan. 1, 2016

(restated)

Effect of

change in

consolidation

scope (*)

Reclassification

(**)

Completed year 2016

Backlog of €905.6 million at December 31, 2016

11

309.6

546.5

49.5

By geographical area (*) (in € millions)

France

United Kingdom and other EEC countries

Rest of the world (*) by destination

12

Revenues

Breakdown of revenues by geographical area(*):

(in €

millions)

(*) by destination

(in € millions)

2015

reported

2015

restated2016

CNIM Group 727.0 635.9 539.9

-15.1 %

Revenues – Operating Income – EBITDA

CNIM Group

13

(in € millions)

Revenues 727.0 635.9 539.9


Non-recurring income (expense) (0.6) (0.6) (3.1)


Recurring operating margin 6.5% 6.6% 4.1%

Operating margin 6.4% 6.5% 3.5%

- amortization & depreciation, other items 17.3 15.7 16.4

- Impairment of Information technologies CGU 3.0

EBITDA 63.8 57.2 38.5

EBITDA margin 8.8% 9.0% 7.1%

20162015

(reported)

2015

(restated)

14

Slowdown in new plant construction business

Sustained effort to develop new business and extend business into new geographical areas

(in € millions)


Environment

-20.7%

Revenues 390.6 418.3 331.6


Non-recurring income (expense) (0.4) (0.4) (0.1)


Recurring operating margin 9.5% 7.3% 3.9%

Operating margin 9.4% 7.2% 3.8%

- amortization & depreciation, other items 2.5 3.2 4.0

EBITDA 39.2 33.1 16.8

EBITDA margin 10.0% 7.9% 5.1%

2015

(restated)

2015

(reported)2016



15

Industrial Systems Division: decline in business, continuing efforts to drive growth

Bertin Business Units:

Bertin Systems: increase in revenues

Bertin Information Technology: delayed growth prospects

(in € millions)

Revenues 217.6 208.3

Recurring operating income 11.7 9.3

Non-recurring income (expense) (0.2) (3.0)

Operating income 11.5 6.3

Recurring operating margin5.4% 4.5%

Operating margin 5.3% 3.0%

- amortization & depreciation, other items 12.6 12.4

- impairment of Information Technology CGU 3.0

EBITDA 24.1 21.7

EBITDA margin 11.1% 10.4%

2015 2016

-4.3%

Net Income

16 +38.8%

(in € millions)

Revenues 711.3 727.0 635.9 539.9

Ebitda 57 - 8% 63.8 - 8.8% 57 - 9% 38.5 - 7.1%

Recurring operating income 43.5 - 6.1% 47.1 - 6.5% 42.1 - 6.6% 22.2 - 4.1%

Goodwill impairment (*) (3.0)

Non-recurring income (expense) (0.4) (0.6) (0.6) (0.1)

Operating income 43 - 6% 46.5 - 6.4% 41.4 - 6.5% 19.1 - 3.5%

Share of net income from equity-accounted associates 3.7 3.3 3.3 2.6

Operating income after share of net income from equity-

accounted associates46.7 49.8 44.7 21.7

Net financial income (expense) 0.7 2.9 2.7 (0.6)

Income tax (18.0) (17.6) (16.1) (7.1)

Net income from continuing operations 29 - 4.1% 35 - 4.8% 31.3 - 4.9% 14 - 2.6%

Net income from discontinued operations 2.6 3.7 34.1

NET INCOME 32 - 4.5% 35 - 4.8% 35 - 5.5% 48 - 8.9%

Non-controlling interests (0.4) (0.8) (0.8) (1.6)

NET INCOME attributable to owners of the parent 32.4 - 4.6% 35.8 - 4.9% 35.8 - 5.6% 49.7 - 9.2%

(*) Bertin (Information Technology CGU)

2014

(restated)

2015

(reported)

2015

(restated)2016

Income Tax

17

(in € millions)

20152015

(restated)2016

Pretax income 52.7 47.4 21.1

Net income from equity-accounted associates 3.3 3.3 2.6

Pretax income and share of net income from equity-accounted

associates49.4 44.1 18.5

Recognized income tax expense (17.6) (16.0) (7.1)

Effective income tax rate

(excluding share of net income from equity-accounted associates)35.6% 36.4% 38.5%

- O/w French value-added business tax (CVAE) (3.3) (2.9) (2.5)

- O/w impact of 3% tax on dividends paid (0.5) (0.5) (0.5)

Income tax rate excluding French value-added business tax (CVAE)

and 3% tax on dividends paid27.9% 28.7% 22.3%

Cash and Cash Equivalents

18

(1) Other: income tax paid and dividends received

(2) Change in consolidation scope: mainly relating to the sale of Babcock Wanson subsidiaries

NB: A detailed definition of Free Cash Flow and the reconciliation with the consolidated statement of cash flows are provided in the appendices.

Capital expenditures

19

Capital expenditures at end-December 2016

Intangible assets: 32.2%

Development costs: Environment 3% (Solar); Innovation & Systems 97% (Systems & Instrumentation 48%, Information Technology 37%,

Pharma 12%)

Property, plant and equipment: 67.8% Work at the Group’s headquarters, industrial equipment

N.B: Capital expenditures excluding disposals of fixed assets

Cash Flow and Debt at December 31, 2016

20

(in €

millions)

Cash equivalents 20.7

Cash 163.0

Total cash and cash equivalents 183.7

Non-current financial liabilities (15.9)

Current financial liabilities (10.1)

Cash and cash equivalents, net of debt 157.7

Dec. 31, 2016

Non-current

financial

liabilities

Current

financial

liabilities

Total

Medium-term credit 7.6 6.2 2.1 8.3

Short-term financing CNIM Singapore 4.5 0.0

Capitalizable advance from CDC - Ello 0.6 0.0

Refundable advances 7.2 5.1 0.8 5.8

Sales of receivables 12.2 4.0 4.7 8.7

Adjustments to finance leases, other 4.4 0.6 0.2 0.8

Sub-total 36.6 15.9 7.7 23.7

Bank overdrafts and short-term bank loans 1.5 2.4 2.4

TOTAL 38.1 15.9 10.1 26.0

(21.2)

100.3

Dec. 31, 2015

Dec. 31, 2015 Dec. 31, 2016

67.3

71.1

138.4

(16.9)

Liquidity

21

(in € millions)

Dec. 31, 2015 Dec. 31, 2016

Cash and cash equivalents 138.4 183.7

Medium-term credit facility 120.0 120.0

Drawdowns on medium-term credit facility - -

Theoretical liquid assets 258.4 303.7

Total cash and cash equivalents

€183.7 million

Current and non-current liabilities

€(26.0) million

Cash and cash equivalents, net of debt

€157.7 million

Medium-term credit facility €120.0 million

39% of which is due in less than one year

Maturity: 2020

Guarantees

22

(in € millions) 2011 2012 2013 2014 2015 2016

Guarantees given 344.8 389.7 404.9 445.3 330.4 350.1

Guarantees received 98.3 139.3 194.7 129.4 129.2 145.4

Backlog 1,151.0 1,164.5 1,109.4 681.4 631.1 905.6

1,151.0 1,164.51,109.4

681.4631.1

905.6

2011 2012 2013 2014 2015 2016

Backlog Guarantees given Guarantees received

Shareholding structure at December 31, 2016

23

% Shares% Exercisable

voting rights

56.56% 64.61%

15.38% 17.57%

5.02% -

3.02% 3.43%

S/T 79.98% 85.61%

20.02% 14.39%

56.56%

15.38%

5.02%

3.02%20.02%

Soluni & Dmitrieff family

Franeli & Herlicq family

Own shares held directly andindirectlyEmployees

General public

Return on Equity

24

Note: a special dividend (€88.4 million - excluding treasury shares) was paid in 2014)

Changes in equity:

At Dec. 31, 2015 152.0

Net income for the year 49.7

Dividend payment (17.0)

Other: foreign currency translation adjustments, change in consolidation scope (5.5)

At Dec. 31, 2016 179.3

Dividends / Earnings per Share

25

(*) Dividend proposed at the Annual General Meeting on June 7, 2017.

Earnings per share attributable to owners of the parent (including own shares held directly):

6.90 6.84 10.20 11.10 12.20 17.30

Earnings per share attributable to owners of the parent (including own shares held directly):

6.80 6.66

9.9310.71

11.82

16.43

3.40

3.40

5.00 5.35 5.906.70

2011 2012 2013 2014 2015 2016 (*)

Earnings per share Dividends per share

(Euros)

26

Share Price

CNIM was floated on the stock market on June 30, 1987

Share price:

At Dec. 31, 2015 89.81 €

At Dec. 31, 2016 114.42 €

High and low in 2016 :

High: Dec. 14, 2016 114.84 €

Low: Jan. 20, 2016 80.50 €

Year-on-year change (CNIM share price

compared with majors indices):

CNIM up 27.40 %

SBF 120 up 4.69 %

CAC 40 up 4.86 %

Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Fev-17 Mar-17

Change in CNIM Share Price and SBF

120 Index

27

Agenda

FY 2016 Earnings Press Release March 9, 2017

FY 2016 Earnings Presentation March 23, 2017

Q1 Financial Disclosures Press Release May 9, 2017

Annual General Meeting June 7, 2017

Dividend Payments July 4, 2017

HY1 2017 Earnings Press Release August 31, 2017

Q3 Interim Financial Disclosures Press Release November 22, 2017

GROUP BUSINESS ACTIVITY IN 2016

28

INNOVATION & SYSTEMS

Philippe Demigné

29

Bertin Buiness Units

Expertise and innovative products

and systems Pharmaceutical products and

R&D

Instrumentation

Specialized systems

Security solutions

Speech solutions

Intelligence solutions

Ergonomics and human factors

30

SYSTEMS & INSTRUMENTATION

PHARMA AND BIOTECH

INFORMATION TECHNOLOGY

CONSULTING AND ENGINEERING

Bertin Systems & Instrumentation in brief

2016 Revenues ~ €60 million, including 40% from exports

Main markets: Defense & Security, Aerospace & State-of-the-Art

Scientific Instruments, Nuclear, Environment, Life Sciences

31

Customized solutions

Bertin proprietary products

Target positioning system for the

Laser Megajoule project

InCellis: digital epifluorescence

microscope FusionSight: night and day

enhanced vision device

Bertin Systems & Instrumentation

Strong upward trend in product sales

32

In € millions

5 1 2 3

6

21 24

30 1

5

10

2

5

6

10

0

10

20

30

40

50

60

70

2008 2015 2016 2020

Optronique de Défense

Détection Chimique

Mesure des rayonnementsionisants

Banalisation des déchetshospitaliers

Equipements de Laboratoire

Acquisition of

in January 2015

3

29

38

61 Laboratory equipment

Disposal of hospital waste

Measurement of ionising radiation

CBRN threat detection

Optronic defense systems

Bertin Information Technology

Growth in sales of enterprise intelligence and speech analytics

software

33

0

2

4

6

8

10

12

14

16

2011 2015 2016 2020

EnterpriseIntelligence

Speech Analytics(Contact Centers,Trading Floors)

Media Monitoring

Defense & Security

In € millions

Acquisition of Vecsys (2011)

Acquisition of AMI Software

(2015)

€0.5 million

€3.9 million

€6 million

€14 million

Industrial Systems Division

Asia

Morocco, Casablanca

34

Other Industries

Nuclear State-of-the-Art

Scientific Instruments

Maritime Defense

France, La Seyne sur Mer

Strategic Challenges and Priorities Industrial Systems Division

Focus on:

Defense

Nuclear Power and State-of-the-Art Scientific

Instruments

Technological and industrial excellence

Illustration: CNIM and the ITER project

Global development strategy

Asia

35

Defense

36

Sea Landing Systems

Bridging Systems for Land Forces

Deterrence

CNIM makes the new Chernobyl arch leaktight

Nuclear Power and

State-of-the-Art

Scientific Instruments

37

Hinkley Point EPR

Chernobyl

Jules Horowitz Reactor

38

1 - TF Coils / Radial Plates 2 - Pre-Compression Rings PCR Test Facility 3 - PF Coils manufacturing 4 - Visible/IR Camera 5 - Diagnostic Port Plugs structures manufacturing 6 - In-Vessel Viewing System 7 - Divertor Cassette Body 8 - Inner Vertical Target 9 - Sector Sub-Assembly Tools Installation 10 - Purpose-Built Tools, Equipment & Platforms 11 - Mechanical Handling Equipment for In-Vessel Assembly

©ITER Org

©IT

ER

Org

Focus on ITER ongoing contracts

1

2 3

4

3

3

3 5

6 7 8

5

9 9

10

11

©IT

ER

Org

39

©F4E

Focus on the ITER Program

CNIM participates in the world’s leading energy research project

-

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

ITER project cumulative revenues (in € millions)

Global Development Strategy

Asia

Singapore

Historical base with Escalators business

Local sales teams strengthened

Defense and Security

Nuclear, Laboratory Equipment


40

Global Development Strategy

Asia

China

Historical base with

Escalators business

Investments underway to

exploit full potential of CTE

and the Chinese market

Nuclear

Hospital waste processing

Laboratory equipment

41

STERILWAVE: HOSPITAL WASTE PROCESSING SOLUTIONS

ENVIRONMENT AND ENERGY

Stanislas Ancel

42

43

CNIM EPC Contracts

CNIM WEMS

Technologies and Systems

for emissions reduction

Technologies and Systems

for emissions reduction

Turnkey plants for waste-to-energy production (biomass

and solar)

Integrated solutions for energy generation

and/or waste and biomass management

Services for upgrading and

standards compliance of thermal power

equipment

Environment and Energy Offering

Strategic Challenges and Priorities


International development

Expand internationally, while maintaining the lead

position in Europe

Assist our clients and partners throughout the value

chain

Technological differentiation and competitiveness

44

Turnkey Plants – CNIM EPC Contracts

Focus on the United Kingdom

45

Leeds

Undisputed European market leader

• CNIM, no. 1 in the UK for contracts awarded

between 2008 and 2016, accounting for approximately 32% of installed capacity

• 25 WtE/FGT projects in 2016 in the British Isles

Kemsley

Parc Adfer

Leeds

Technologies and Systems - Waste & Energy Technical Solutions

Focus on Scandinavia

46

LAB, technical spearhead

55 patents filed over the past 10 years

40 of which have also been registered internationally

Lowest emission level achieved

LAB’s TTF emissions are up to 10 times lower than limits set in European Directives for certain pollutants (dust, acid gas, dioxins/furans)

22 flue gas treatment systems in

Scandinavia

Denmark

Finland

Norway

Sweden Amager Bakke (Denmark)

Hofor BIO 4 (Denmark)

AVA Lisbjerg (Denmark)

47

Ng/Nm3

Flue Gas Treatment in

Waste-to-Energy Production

Standard values measured at the stack outlet

compared with emission limits specified in

the Industrial Emissions Directive (IED)

Standard values measured at the stack outlet

compared with input pollutant levels

FGT Inlet

Typical Values EU DirectiveGuaranteed

ValuesOperation Values

HCl 900 10 8 5

SO2 150 50 40 25

Hg 0,30 0,05 0,03 0,02

Dust 6,0 10,0 5,0 2,5

Metals 100,00 0,50 0,30 0,15

NOx 450 200 200 180

Dioxins 5,00 0,10 0,08 0,05

mg/Nm3 (dioxins in ng/Nm3), , dry 11% O2

Stack

0,

(0.04%)

Integrated Waste & Energy Management

Solutions

Legal

Financial

48

Development

Integrated waste management solutions CNIM WEMS - Waste & Energy Management Solutions

Business lines

Construction

Operations Maintenance &

Services

Operations & Maintenance - Waste & Energy Management Solutions

Operations

Operating contracts of 10 to 20 years

12 sites worldwide processing 1.2 million metric tons of waste in 2016

Average availability of plants operated by CNIM above 90% in 2016

Proven track record

Expertise required for future refurbishment contracts

49

Operations & Maintenance - Waste & Energy Management Solutions

Refurbishment & upgrading

50

Colmar Thiverval

Client SIDOMPE

Site: Thiverval

Operator: CNIM

Design, Construction, Operations & Maintenance contract

Client: SITDCE

Operator: SCCU

Site: Colmar

-Compliance with regulatory requirements - Improved environmental performance

- Improved plant availability

HOURS/YEAR

- Highly skilled operators - Enhanced working

environment - Optimized

maintenance costs - Useful life of

components lengthened

€/YEAR

- Lower operating costs

€/METRIC TON

- Greater processing capabilities

- METRIC TONS/HOUR

Turnkey Plants

51

Llo solar plant, Eastern Pyrenees,

France, World’s first Fresnel

thermodynamic solar plant with

energy storage

Financing obtained for the eLIo

project company

SUNCNIM and the French Deposit

and Consignment Office are

shareholders of the project company

Approximately €60 million raised

Banking pool comprising: Caisse d’Epargne et de Prévoyance

Provence-Alpes-Corse (CEPAC) Bpi Financement Caisse d’Epargne et de Prévoyance

Languedoc-Roussillon Crédit Coopératif Crédit du Nord

• Excavation work on solar farms completed

• Pathways/lanes in the solar farms completed

• Erection of lines 7, 8, 9 and 10 in solar farm “Est”

52

Services – Upgrading and Compliance of Thermal

Power Plant Equipment

France’s largest company for upgrading

thermal power plant equipment to ensure compliance with new standards

Regional network in France

80% annually recurring clients

10% to 15% revenue generated internationally

52

Process industries, heating networks and

utilities served by LAB and Bertin teams

‣ Exxon, Lyondell Basel, Naphtachimie,

CPCU, EDF, Uniper

Biomass and household waste incineration

plants served by the Environment teams

Nuclear industry served by the Innovation &

Systems teams

Outlook


Develop upgrading and refurbishment services

in France and worldwide

Continue to drive sales in the Middle East, Asia and the

United States

Turnkey plants for waste-to-energy production

Ash and bottom ash treatment plants

53

Develop new energy offers, in addition to waste management,

drawing on our resources, business lines and markets

54

Outlook Environment and Energy

CONCLUSION

Nicolas Dmitrieff

Chairman, Management Board

55

Questions

56

Appendices

Note: Definition of EBITDA and Free Cash

Flow

58

EBITDA =

Operating income

excluding depreciation and amortization: + Net additions to depreciation and amortization of PP&E and intangible assets

Excluding impairment of non-current assets:

+/- Net impairment losses (additions less reversals) for non-current assets (PP&E and

intangible assets, non-consolidated equity interests)

excluding the impact of disposals of non-current assets:

+ Carrying amount of non-current assets sold

- Proceeds from disposals of non-current assets

Free Cash Flow (FCF) =

EBITDA

+ Dividends received + Change in working capital - Capital expenditure (net of disposals of non-current assets) - Income tax paid

Reconciliation of FCF with the Consolidated

Statement of Cash Flows

59

(in € millions)

Reconciliation with FCF

Continuing

operations

Dicontinued

operations Total

Net cash from operations

Discontinued operations 3.4 EBITDA 38.5 3.8 42.3

Continuing operations 32.1 Provisions (6.6) (6.6)

Total 35.5 Net financial income (expense) (0.2) (0.2)

Total 38.5 3.8 (6.8) 35.5

Income tax paid (10.6) Income tax paid (9.1) (1.5) (10.6)

Change in WCR 24.1 Change in WCR 23.6 0.4 24.1

Cash generated by operating actvities 49.0 (A) 53.0 2.7 (6.8) 49.0

Impact of change in consolidation scope 43.2 Impact of change in consolidation scope 43.2 43.2

Capital expenditure (22.8) Capital expenditure (PP&E and intangible assets) (21.1) (0.8) (22.0)Disposals of non-current assets 0.5 Disposals of non-current assets 0.5 0.5

Downpayments and loans 1.4 Downpayments, loans, etc. 0.6 0.6

Dividends received 4.4 Dividends received 4.4 4.4

Cash from investing activities 26.7 (B) (15.7) (0.8) 43.2 26.7

Issue/repayment of borrowings/other financing

transactions/interest paid (11.9) (A) + (B) = Free Cash Flow 37.4 1.9

Purchase of treasury shares (0.1)

Impact of foreign currency translation (2.3)

Dividends paid (17.0)

Cash used in financing activities (31.2)

Change in cash and cash equivalents 44.4

Cash and cash equivalents - end of period 181.3

Debts/drawdowns on MT credit facility (23.6)

Cash and cash equivalents, net of debt 157.7

31.12.2016

FCF

Excl. FCF

Working Capital Requirements

60

(*) Changes in consolidation scope, currency translation differences:

• Deconsolidation of Babcock Wanson subsidiaries (+€4.8 million)

• Currency translation gain of €0.5 million

• Impact of -€1.3 million due to change in consolidation method (particularly for Ello)

(in € thousands)

Assets

Inventories and work in progress 40,814 24,476 (16,338) 12,185 (4,153) 387 (4,540)

Advances and down payments made on orders 3,820 6,154 2,334 303 2,637 282 2,355

Trade and other receivables 174,579 174,273 (306) 21,249 20,944 (3,030) 23,973

Accrued income from contracts in progress 51,630 46,905 (4,725) 3,013 (1,712) 177 (1,889)

Prepaid expenses 7,261 5,198 (2,063) 1,428 (635) 49 (684)

Other receivables (social security, taxes, etc.) 49,482 59,192 9,710 2,237 11,946 (732) 12,678

Total assets 327,586 316,198 (11,389) 40,415 29,027 (2,866) 31,893

Liabilities

Advances and down payments received (10,098) (20,725) (10,627) (2,575) (13,201) 668 (13,870)

Trade payables (117,277) (116,066) 1,211 (9,209) (7,998) 3,671 (11,669)

Deferred income (137,078) (157,888) (20,809) (12,300) (33,110) (1,964) (31,146)

Social security and tax payables (73,169) (64,284) 8,885 (8,813) 71 (138) 209

Other liabilities (8,729) (4,108) 4,621 (3,505) 1,116 183 934

Total liabilities (346,352) (363,071) (16,719) (36,402) (53,121) 2,420 (55,542)

Working Capital Requirement (18,766) (46,874) (28,108) 4,013 (24,094) (446) (23,649)

Dec. 31, 2016Dec. 31, 2015 Change

Foreign

currency

translation

adjustments,

changes in

consolidation

scope (*)

Change in

WCR (CFS)

Discontinued

operations

Change in WCR

(CFS)

(continuing

operations)

2016 Annual Results - CNIM€¦ · Capitalizable advance from CDC - Ello 0.6 0.0 Refundable...

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Transcript of 2016 Annual Results - CNIM€¦ · Capitalizable advance from CDC - Ello 0.6 0.0 Refundable...