INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CMA CGM ?· CMA CGM / 2 Interim condensed consolidated…

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  • INTERIM CONDENSED

    CONSOLIDATED FINANCIAL STATEMENTS

    * * *

    Three-month period ended March 31, 2016

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    CMA CGM / 2 Interim condensed consolidated financial statements Three-month period ended March 31, 2016

    Contents

    Interim Consolidated Statement of Profit & Loss .............................................................................................. 3 Interim Consolidated Statement of Comprehensive Income ............................................................................. 4 Interim Consolidated Statement of Financial Position - Assets ......................................................................... 5 Interim Consolidated Statement of Financial Position - Liabilities & Equity ...................................................... 6 Interim Consolidated Statement of changes in Equity ....................................................................................... 7 Interim Consolidated Statement of Cash Flows ................................................................................................ 8 Notes to the Interim Condensed Consolidated Financial Statements ............................................................... 9

    Note 1 - Corporate information .................................................................................................................. 9 Note 2 - General accounting principles ....................................................................................................... 9

    2.1 Basis of preparation ...................................................................................................................... 9 2.2 Change in accounting policies and new accounting policies.......................................................... 10 2.3 Significant accounting judgments, estimates and assumptions .................................................... 10

    Note 3 - Significant events occurred during the period .............................................................................. 11 Note 4 - Results for the period ................................................................................................................... 12

    4.1 Operating segments .................................................................................................................... 12 4.2 Operating expenses ..................................................................................................................... 13 4.3 Gains on disposal of property and equipment and subsidiaries ..................................................... 13 4.4 Other income and expenses ......................................................................................................... 13 4.5 Financial result ............................................................................................................................. 14 4.6 Income and deferred taxes ........................................................................................................... 14

    Note 5 - Invested capital and working capital ............................................................................................16 5.1 Goodwill and other intangible assets ............................................................................................16 5.2 Property and equipment .............................................................................................................. 17 5.3 Working Capital ...........................................................................................................................19 5.4 Free cash flow .............................................................................................................................. 21

    Note 6 - Capital structure and financial debt ............................................................................................. 22 6.1 Derivative financial instruments .................................................................................................. 22 6.2 Other non-current financial assets - Securities and other current financial assets ......................... 23 6.3 Cash and cash equivalents ........................................................................................................... 24 6.4 Borrowings ................................................................................................................................. 24 6.5 Cash flow from financing activities .............................................................................................. 25

    Note 7 - Scope of consolidation ................................................................................................................ 26 7.1 Investments in associates and joint ventures ............................................................................... 26 7.2 Related party transactions .......................................................................................................... 26

    Note 8 - Other Notes ................................................................................................................................. 27 8.1 Provisions, retirement benefit obligations and contingent liabilities ............................................ 27 8.2 Commitments ............................................................................................................................. 28

    8.3 Significant transactions occurred after the date of the interim Consolidated Statement of Financial Position ..................................................................................................................................... 28

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    Interim condensed consolidated financial statements CMA CGM / 3 Three-month period ended March 31, 2016

    Interim Condensed Consolidated Statement of Profit &

    Loss

    (in USD million, except for earnings per share)

    Note 2016 2015

    REVENUE 4.1 3,399.3 4,013.0

    Operating expenses 4.2 (3,304.0) (3,523.1)

    EBITDA BEFORE GAINS / (LOSSES) ON DISPOSAL OF PROPERTY

    AND EQUIPMENT AND SUBSIDIARIES95.3 489.9

    Gains / (losses) on disposal of property and equipment and subsidiaries 4.3 (0.1) (0.9)

    Depreciation and amortization of non-current assets 5.2.1 (109.8) (98.0)

    Other income and expenses 4.4 (3.9) 17.6

    Net present value (NPV) benefits related to assets financed by tax leases 13.9 11.2

    EBIT BEFORE SHARE OF INCOME / (LOSS) FROM ASSOCIATES AND

    JOINT VENTURES(4.4) 419.8

    Share of income / (loss) from associates and joint ventures 7.1 4.0 3.1

    EBIT 4.1 (0.5) 422.9

    CORE EBIT 4.1 3.5 406.2

    Interests expense on borrowings (65.4) (65.8)

    Interests income on cash and cash equivalent 6.1 6.7

    Other net financial items (17.4) 71.8

    FINANCIAL RESULT 4.5 (76.7) 12.7

    PROFIT / (LOSS) BEFORE TAX (77.2) 435.6

    Income taxes 4.6.1 (17.6) (22.3)

    PROFIT / (LOSS) FOR THE PERIOD (94.8) 413.3

    of which:

    Non-controlling interests 5.1 6.9

    OWNERS OF THE PARENT COMPANY (99.8) 406.4

    Basic and diluted Earnings Per Share (EPS) attributable to the owners of

    the parent company (in USD)6.5 (6.6) 26.9

    For the three-month period ended

    March 31,

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    CMA CGM / 4 Interim condensed consolidated financial statements Three-month period ended March 31, 2016

    Interim Condensed Consolidated Statement of Comprehensive Income

    (in USD million)

    Note 2016 2015

    PROFIT / (LOSS) FOR THE PERIOD (94.8) 413.3

    Other comprehensive income reclassifiable to Profit and Loss

    Cash flow hedges:

    Gains / (losses) arising during the period 6.1 14.4 (1.2)

    Recycling to the income statement 0.5 0.5

    Available-for-sale financial assets 6.2.2 2.7 -

    Currency translation adjustment related to foreign subsidiaries, associates

    and joint ventures2.8 (55.5)

    Share of other comprehensive income of associates and joint ventures 0.2 0.1

    Other comprehensive income non reclassifiable to

    Profit and Loss

    Remeasurment of defined benefit pension plans 8.1 (7.9) (5.7)

    TOTAL OTHER COMPREHENSIVE INCOME / (LOSS)

    FOR THE PERIOD, NET OF TAX12.7 (61.8)

    TOTAL COMPREHENSIVE INCOME / (LOSS)

    FOR THE PERIOD, NET OF TAX(82.1) 351.5

    of which:

    Non-controlling interests 5.2 5.3

    Owners of the parent company (87.2) 346.2

    For the three-month period ended

    March 31,

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    Interim condensed consolidated financial statements CMA CGM / 5 Three-month period ended March 31, 2016

    Interim Condensed Consolidated Statement of Financial Position - Assets

    (in USD million)

    ASSETS Note As at March 31, 2016As at December 31,

    2015

    Goodwill 5.1.1 311.8 310.4

    Other intangible assets 5.1.2 262.3 249.5

    INTANGIBLE ASSETS 574.1 559.9

    Vessels 5.2.1 6,442.5 6,496.3

    Containers 5.2.1 536.6 499.4

    Lands and buildings 5.2.1 492.1 482.6

    Other properties and equipments 5.2.1 155.5 149.3

    PROPERTY AND EQUIPMENT 5.2.1 7,626.7 7,627.5

    Deferred tax assets 4.6.2 33.7 33.5

    Investments in associates and joint ventures 7.1 633.9 635.8

    Other non-current financial assets 6.2.1 565.0 545.7

    NON-CURRENT ASSETS 9,433.4 9,402.4

    Inventories 5.3.1 209.4 250.9

    Trade and other receivables 5.3.2 2,043.8 2,059.2

    Current income tax asset 5.3.2 18.5 18.5

    Current derivative financial instruments 6.1 20.2 -

    Securities and other current financial assets 6.2.2 932.1 938.7

    Cash and cash equivalents 6.3 1,236.2 1,224.0

    Prepaid expenses5.3.2 &

    5.3.3393.8 381.5

    CURRENT ASSETS 4,854.1 4,872.8

    TOTAL ASSETS 14,287.4 14,275.3

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    CMA CGM / 6 Interim condensed consolidated financial statements Three-month period ended March 31, 2016

    Interim Condensed Consolidated Statement of Financial Position - Liabilities & Equity

    (in USD million)

    LIABILITIES AND EQUITY Note As at March 31, 2016 As at December 31, 2015

    Share capital 234.7 234.7

    Reserves and retained earnings 5,133.3 4,555.4

    Profit / (Loss) for the period attributable to the equity owners of the parent

    company(99.8) 566.7

    EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY 5,268.2 5,356.8

    Non-controlling interests 50.8 48.7

    TOTAL EQUITY 5,319.0 5,405.5

    Non-current borrowings 6.4 4,475.5 4,414.0

    Non-current derivative financial instruments 6.1 35.3 42.7

    Deferred tax liabilities 4.6.2 52.0 52.1

    Provisions and retirement benefit obligations 8.1 303.3 296.6

    Non-current deferred income 5.3.2 & 5.3.3 41.1 42.7

    NON-CURRENT LIABILITIES 4,907.2 4,848.2

    Current borrowings 6.4 840.6 733.6

    Current derivative financial instruments 6.1 12.7 20.2

    Current portion of provisions 8.1 24.4 23.1

    Trade and other payables 5.3.2 2,765.4 2,756.6

    Current income tax liability 5.3.2 22.3 20.2

    Current deferred income 5.3.2 & 5.3.3 395.7 467.9

    CURRENT LIABILITIES 4,061.2 4,021.6

    TOTAL LIABILITIES & EQUITY 14,287.4 14,275.3

  • The accompanying notes are part of the interim condensed consolidated financial statements.

    Interim condensed consolidated financial statements CMA CGM / 7 Three-month period ended March 31, 2016

    Interim Condensed Consolidated Statement of changes in Equity

    (in USD million)

    Bonds

    redeemable in

    shares (**)

    Premium, legal

    reserves, Profit /

    (Loss) for the

    period and other

    comprehensive

    income non

    reclassifiable to

    profit and loss

    Other

    comprehensive

    income

    reclassifiable to

    profit and loss

    Balance as at January 1, 2015 169.2 331.6 4,536.8 (82.4) 4,955.2 40.1 4,995.3

    Profit for the period - - 406.4 - 406.4 6.9 413.3

    - - (5.7) (54.5) (60.2) (1.6) (61.8)

    Total comprehensive income / (expense) for the period - - 400.7 (54.5) 346.2 5.3 351.5

    Transaction with non-controlling interests - - (0.4) - (0.4) 0.3 (0.1)

    Dividends - - (40.0) - (40.0) (1.3) (41.3)

    Balance as at March 31, 2015 169.2 331.6 4,897.1 (136.9) 5,261.0 44.4 5,305.4

    Balance as at January 1, 2016 234.7 56.5 5,207.1 (141.4) 5,356.8 48.7 5,405.5

    Profit / (Loss) for the period - - (99.8) - (99.8) 5.1 (94.8)

    - - (7.9) 20.5 12.6 0.1 12.7

    Total comprehensive income / (expense) for the period - - (107.7) 20.5 (87.2) 5.2 (82.1)

    - - (1.4) 0.1 (1.3) (0.6) (1.9)

    Dividends - - - - - (2.5) (2.5)

    Total transactions with Shareholders - - (1.4) 0.1 (1.3) (3.1) (4.4)

    Balance as at March 31, 2016 234.7...

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