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Interim Condensed Consolidated Financial Statements

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Interim Condensed Consolidated Financial Statements INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS * * * Three-month period ended March 31, 2017 The accompanying notes are part of the interim condensed consolidated financial statements. Contents Interim Condensed Consolidated Statement of Profit & Loss ........................................................................... 3 Interim Condensed Consolidated Statement of Comprehensive Income .......................................................... 4 Interim Condensed Consolidated Statement of Financial Position - Assets ....................................................... 5 Interim Condensed Consolidated Statement of Financial Position - Liabilities & Equity .................................... 6 Interim Condensed Consolidated Statement of changes in Equity ..................................................................... 7 Interim Condensed 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 3.1 Business combination: Neptune Orient Lines (“NOL”) integration status update .................... 11 3.2 Shipping Alliance .................................................................................................................... 13 3.3 Terminal & Logistics development .......................................................................................... 13 3.4 CMA CGM Group governance ................................................................................................. 13 Note 4 - Results for the period ................................................................................................................... 14 4.1 Operating segments ............................................................................................................... 14 4.2 Operating expenses ................................................................................................................ 15 4.3 Gains / (Losses) on disposal of property and equipment and subsidiaries ................................ 15 4.4 Other income and (expenses) .................................................................................................16 4.5 Financial result .......................................................................................................................16 4.6 Income and deferred taxes ..................................................................................................... 17 Note 5 - Invested capital and working capital ............................................................................................19 5.1 Goodwill and other intangible assets ......................................................................................19 5.2 Property and equipment ........................................................................................................ 20 5.3 Working Capital ..................................................................................................................... 22 5.4 Non-current assets held for sale .............................................................................................. 23 5.5 Free cash flow ........................................................................................................................ 24 Note 6 - Capital structure and financial debt ............................................................................................. 25 6.1 Derivative financial instruments ............................................................................................ 25 6.2 Other non-current financial assets - Securities and other current financial assets .................. 26 6.3 Cash and cash equivalents, and liquidity ................................................................................. 27 6.4 Borrowings ............................................................................................................................ 28 6.5 Cash flow from financing activities ........................................................................................ 29 Note 7 - Scope of consolidation .................................................................................................................30 7.1 Investments in associates and joint ventures ..........................................................................30 7.2 Related party transactions ...................................................................................................... 31 Note 8 - Other Notes ................................................................................................................................. 31 8.1 Provisions, employee benefits and contingent liabilities ......................................................... 31 8.2 Commitments ........................................................................................................................ 32 8.3 Significant transactions occurred after the date of these Interim Condensed CFS ................... 32 CMA CGM / 2 Interim condensed consolidated financial statements Three-month period ended March 31, 2017 The accompanying notes are part of the interim condensed consolidated financial statements. Interim Condensed Consolidated Statement of Profit & Loss (in USD million, except for earnings per share) For the three-month period ended March 31, Note 2017 2016 REVENUE 4.1 4,620.2 3,399.3 Operating expenses 4.2 (4,237.4) (3,304.0) EBITDA BEFORE GAINS / (LOSSES) ON DISPOSAL OF 382.8 95.3 PROPERTY AND EQUIPMENT AND SUBSIDIARIES Gains / (losses) on disposal of property and equipment and subsidiaries 4.3 7.8 (0.1) Depreciation and amortization of non-current assets 5.2.1 (146.5) (109.8) Other income and (expenses) 4.4 (0.1) (3.9) Net present value (NPV) benefits related to assets financed by tax leases 11.9 13.9 EBIT BEFORE SHARE OF INCOME / (LOSS) FROM ASSOCIATES 255.9 (4.4) AND JOINT VENTURES Share of income / (loss) from associates and joint ventures 7.1 3.8 4.0 EBIT 4.1 259.6 (0.5) CORE EBIT 4.1 251.9 3.5 Interests expense on borrowings (112.4) (65.4) Interests income on cash and cash equivalent 7.9 6.1 Other net financial items (53.6) (17.4) FINANCIAL RESULT 4.5 (158.1) (76.7) PROFIT / (LOSS) BEFORE TAX 101.5 (77.2) Income taxes 4.6.1 (8.4) (17.6) PROFIT / (LOSS) FOR THE PERIOD 93.1 (94.8) of which: Non-controlling interests 6.8 5.1 OWNERS OF THE PARENT COMPANY 86.4 (99.8) Basic and diluted Earnings Per Share (EPS) attributable to owners of the 5.7 (6.6) parent company (in USD) Interim condensed consolidated financial statements CMA CGM / 3 Three-month period ended March 31, 2017 The accompanying notes are part of the interim condensed consolidated financial statements. Interim Condensed Consolidated Statement of Comprehensive Income (in USD million) For the three-month period ended March 31, Note 2017 2016 PROFIT / (LOSS) FOR THE PERIOD 93.1 (94.8) Other comprehensive income / (loss) reclassifiable to Profit and Loss Cash flow hedges: Gains / (losses) arising during the period (1.1) 14.4 Recycling to the income statement 0.5 0.5 Available-for-sale financial assets - 2.7 Currency translation adjustment related to foreign subsidiaries 8.9 2.8 Share of other comprehensive income of associates and joint ventures 7.6 0.2 Tax on other comprehensive income reclassifiable to Profit and Loss (0.1) - Other comprehensive income / (loss) non reclassifiable to Profit and Loss Remeasurment of defined benefit pension plans 8.1.1 0.4 (7.9) Remeasurement of defined benefit pension plans of associates and joint - - ventures Tax on other comprehensive income non reclassifiable to Profit and Loss - - TOTAL OTHER COMPREHENSIVE INCOME / (LOSS) 16.2 12.7 FOR THE PERIOD, NET OF TAX TOTAL COMPREHENSIVE INCOME / (LOSS) 109.3 (82.1) FOR THE PERIOD, NET OF TAX of which: Non-controlling interests 8.4 5.2 Owners of the parent company 100.9 (87.2) CMA CGM / 4 Interim condensed consolidated financial statements Three-month period ended March 31, 2017 The accompanying notes are part of the interim condensed consolidated financial statements. Interim Condensed Consolidated Statement of Financial Position - Assets (in USD million) As at December 31, ASSETS Note As at March 31, 2017 2016 Goodwill 5.1.1 1,013.0 1,007.9 Other intangible assets 5.1.2 1,093.0 1,083.3 INTANGIBLE ASSETS 2,106.0 2,091.1 Vessels 5.2.1 8,001.7 8,087.3 Containers 5.2.1 473.3 470.4 Lands and buildings 5.2.1 480.4 479.7 Other properties and equipments 5.2.1 310.8 311.8 PROPERTY AND EQUIPMENT 5.2.1 9,266.2 9,349.2 Deferred tax assets 4.6.2 76.6 59.4 Investments in associates and joint ventures 7.1 940.6 900.2 Derivative financial instruments 6.1 1.9 0.1 Other financial assets
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