2016/17
HALF-YEAR FINANCIAL REPORTCONTENTS
Half-year sales growth and results 4
Sales 5
Group operating profit 6
Net profit 6
Cash flow and financing 6
Cash flow statement 6
Financing 8
Description of the main risks and uncertainties for the remaining three months of the financial year 9
Related-party transactions 9
2016 Outlook 9
Post-closing events AFTER 30 SEPTEMBER 2016 9
Vesting of free shares - Share capital increase 9
Combination with wabtec 10
Dividend 10
Free performance-based share allocation plan 10
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2016 11
Half-year consolidated financial statements 11
Half-year consolidated income statement 11
Half-year consolidated statement of comprehensive income 12
Half-year consolidated statement of financial position 13
Half-year consolidated statement of changes in equity 15
Half-year consolidated cash flow statement 16
Notes to the condensed consolidated half-year financial statements 17
Note 1: General information 18
Note 2: Highlights 18
Note 3: Accounting principles and methods 18
Note 4: Changes in consolidation scope and assets held for sale 20
Note 5: Goodwill 21
Note 6: Intangible assets 22
Note 7: Property, plant and equipment 23
Note 8: Assets held for sale 24
Note 9: Investments in equity-accounted entities 24
Note 10: Other non-current financial assets 25
Note 11: Inventories 25
Note 12: Work-in-progress on projects 26
Note 13: Current receivables 26
Note 14: Current financial assets 27
Note 15: Cash and cash equivalents 27
Note 16: Group equity 27
Note 17: Minority interests 29
Note 18: Analysis of provisions 29
Note 19: Borrowings and financial debt 30
Note 20: Financial risk management 32
Note 21: Current liabilities 35
Note 22: Factoring 35
Note 23: Segment reporting 36
Note 24: Sales 37
Note 25: Gross profit and Cost of sales 37
Note 26: Other income and expenses from recurring operations 38
Note 27: Restructuring costs and gains and losses on disposal of property, plant and equipment and intangible assets 38
Note 28: Net financial income/(expense) 38
Note 29: Income tax 39
Note 30: Profit or loss of operations held for disposal and discontinued operations 39
Note 31: Payroll costs and workforce 39
Note 32: Earnings per share 39
Note 33: Post-balance sheet events 40
Note 34: Transactions with related parties 40
Note 35: Dividends 41
Note 36: Off-balance sheet commitments 41
Note 37: Consolidation scope and method 42
Note 38: Financial communication 43
Statutory Auditors' report on the 2016/17 consolidated half-year financial statements (period from 1 April to 30 September 2016) 44
STATEMENT OF THE PERSONS RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT 45
The French version of this half-year financial report was submitted to the Autorité des Marchés Financiers (AMF) on 23 November 2016 in accordance with Article 222-4 of its General Regulations. It has been prepared in accordance with Article L.451-1-2 of the Monetary and Financial Code and includes a Half-Year Activity Report for the period from 1 April 2016 to 30 September 2016, the Faiveley Transport Group consolidated financial statements at 30 September 2016, the Statutory Auditors' report and the statement of persons responsible for the document.
- Half-year activity report at 30 September 2016
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PRELIMINARY NOTE
Readers are encouraged to read the following information on the Group's financial situation and financial performance in conjunction with the Group's consolidated half-year financial statements at 30 September 2016 and accompanying notes included in Chapter 2 of this Half-Year Financial Report at 30 September 2016, as well as the Group's consolidated financial statements at 31 March 2016 and accompanying notes included in section 3.6 of the 2015/16 Registration Document.
In application of Regulation (EC) 1606/2002 of the European Union of 19 July 2002 on the application of international accounting standards, the consolidated financial statements of Faiveley Transport for the first half of 2016/17 and the first half of 2015/16 have been prepared in accordance with IFRS (International Financial Reporting Standards), as adopted by the European Union. Percentages may be calculated using non-whole numbers and may therefore differ from those calculated using whole numbers.
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SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2016/17
PROPOSED COMBINATION WITH WABTEC CORPORATION
At 30 September 2016, the process for applying to the European Commission for authorisation of the Faiveley Transport / Wabtec combination was ongoing. Following the formal notification submitted on 4 April 2016, on 12 May 2016 the European Commission opened an in-depth investigation (Phase 2) regarding certain segments which could be affected by the combination. In the United States, the Department of Justice is continuing the additional information ("second request") proceedings in relation to the planned acquisition.
In this context, authorisation from regulatory authorities is expected in the fourth quarter of 2016.
- HALF-YEAR SALES GROWTH AND RESULTS
(€ millions)
HY1 2016/17
HY1 % change 2015/16
Order book
1,792.3
1,814.7 (1.2)%
Sales
520.5
532.8 (2.3)%
Adjusted Group operating profit (a)
49.0
51.8 (5.4)%
Free cash flow(b)
14.7
28.7
as % of sales
9.4%
9.7%
Net profit - Group share
(33.1)
23.2
Adjusted Group operating profit is defined as operating profit including the share of profit of equity-accounted entities, restated for restructuring costs, impairment, and costs related to the planned combination with Wabtec.
Indicators not defined under IFRS, definitions provided in the notes
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ORDER BOOK
At 30 September 2016, the Group's order book stood at €1,792.3 million, a slight fall of 1.2% (including a 2.0% organic fall) in comparison with 30 September 2015. This decline was primarily the result of the cancellation of an order of more than €35 million linked to the decision by an Asian client to abandon the modernisation of a fleet of trains, independent of the performance of Faiveley Transport.
The Group secured some significant contracts over the period, with notably in the second quarter:
In the Europe region:
Faiveley Transport SA published this content on 24 November 2016 and is solely responsible for the information contained herein.
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