Assystem - Registration Document 2016

FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS

Subsequent to initial recognition, goodwill is carried at cost less any accumulated impairment losses (see the Section entitled “Goodwill” below). Additionally, the following principles apply to business combinations: ● any contingent consideration is measured at fair value at the acquisition date, and any subsequent changes in the fair value of the contingent consideration are recognised in profit; ● acquisition-related costs are expensed as incurred; in accordance with IFRS 10, when the proportion of the equity in a subsidiary held by non-controlling interests changes, the Group recognises directly in “Equity attributable to owners of the parent” any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received.

Energy & Infrastructure (E&I) Assystem acquired Bâtir Group and Onyx in France, enabling it to broaden its skills in construction engineering (for complex, industrial and nuclear buildings) and large-scale infrastructure projects. It also acquired Envy in Turkey, allowing it to consolidate its skills and client portfolio in the international nuclear sector. These companies’ aggregate contributions to the Group’s consolidated revenue and profit for 2016 were €6.7 million and €1.5 million respectively. Cross put and call options exercisable in the medium or long term were put in place in connection with the acquisitions of Aerotec Concept and Envy (see Note 10 – Liabilities related to share acquisitions and other non-current liabilities).

BUSINESS COMBINATIONS CARRIED OUT IN 2016 The Group considers that its acquisitions in 2016 did not individually

represent material amounts. Global Product Solutions (GPS)

The Group acquired Aerotec Concept in France and Edison in the United Kingdom. These acquisitions have respectively enabled Assystem to (i) gain expertise in the airplane/helicopter refurbishment and customisation market and (ii) broaden its client portfolio of leading automotive sector players in the UK. These companies’ aggregate contributions to the Group’s consolidated revenue and profit for 2016 were €1.8 million and €0.3 million respectively.

The fair values of the net assets acquired in the business combinations carried out in 2016 are shown in the table below.

GPS 4.2 4.1 8.3 2.6 5.3 7.9 0.4

E&I 4.6 5.2 9.8 0.3 5.8 6.1 3.7

Total

In millions of euros

Cash and cash equivalents

8.8 9.3

Other current and non-current assets

Total assets

18.1

Financial liabilities

2.9

6

Other current and non-current liabilities

11.1 14.0

Total liabilities

Net assets

4.1

Goodwill related to the acquisitions, as determined using the full goodwill method, breaks down as follows:

GPS

E&I

Total 30.5 14.1

In millions of euros

Portion of the purchase price paid in cash

12.6

17.9

Deferred purchase costs (cross put and call options and other)

4.9 1.6 0.4

9.2 4.3

Liabilities related to the present value of dividends

5.9 0.4

Fair value of Assystem SA shares delivered as consideration

–

Total purchase price

19.5

31.4

50.9

Fair value of net assets acquired

0.4

3.7

4.1

Goodwill

19.1

27.7

46.8

91

ASSYSTEM

REGISTRATION DOCUMENT 2016