Assystem - 2018 Register document

BUSINESS REVIEW AND FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

Government grants and tax credits Government grants and tax credits related to operating expenses are recognised in the income statement over the periods necessary to match them with the costs they are intended to compensate. They are recorded either:

● as a deduction from the corresponding expense if they are intended to compensate an identified cost; or

● as a decrease in other operating expenses if they are granted for general purposes.

TRADE RECEIVABLES

2018

2017

In millions of euros Trade receivables Accrued revenue Contract assets* Gross value

107.1

118.0

16.7 33.3

16.1 32.8

157.1

166.9

Impairment

(6.3)

(6.9)

Carrying amount

150.8

160.0

* A contract asset corresponds to revenue calculated on a fixed-price contract using the percentage-of-completion method but which has not yet been invoiced.

The Group has put in place a factoring programme under which the receivables sales concerned meet the derecognition criteria in IFRS 9 – Financial Instruments. Consequently, the factored receivables under this programme – which represented net amounts of €10 million at 31 December 2018 and €5.2 million at 31 December 2017 – were derecognised at those two dates. ANALYSIS OF CHANGE IN OPERATING WORKING CAPITAL REQUIREMENT

At beginning of year

Change related to operations

Other

At year-end

In millions of euros

5

Trade receivables (1) Contract liabilities (2)*

160.0 (17.4) 142.6 (32.8)

(10.3) (10.4) (20.7)

1.1

150.8 (28.4) 122.4 (31.0)

(0.6) 0.5

WCR – Trade receivables (1+2)

Trade payables (3)

(0.7) 1.2 2.3 2.8 (2.0) (2.3)

2.5

Supplier prepayments (4) Prepaid expenses (4)

0.9 2.1

- -

2.1 4.4

WCR – Trade payables (3+4) Accrued taxes and payroll costs (5)

(29.8) (85.9)

2.5 (1.2)

(24.5) (89.1)

Other current payables (5)

(0.8) 39.5

0.2

(2.9) 28.9

Prepaid and recoverable taxes and payroll costs (6)

(10.2)

(0.4) (0.5) (1.9)

Other current receivables WCR – Other (5+6)

4.8

0.9

5.2

(42.4)

(13.6) (31.5)

(57.9)

Total 40.0 * A contract liability corresponds to amounts invoiced and/or payments received under a contract, for which the performance obligations have not yet been satisfied by the Group. 70.4 1.1

position. Contract liabilities and other current payables constitute the “Other current liabilities” line of the statement of financial position.

The amounts in the “Other” column notably include the impact of changes in scope of consolidation and currency effects. Supplier prepayments, prepaid expenses and other current receivables constitute the “Other receivables” line of the statement of financial

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ASSYSTEM

REGISTRATION DOCUMENT 2018