Econocom - 2020 annual report

05 management report profit for the year

Goodwill Goodwill amounted to €499.5 million, down €13.4 million compared with the previous year. This decrease is due mainly to the reclassification of the goodwill operations held for sale, recognition of goodwill as a result of the acquisitionof Les Abeilles in the amount of €2 millionas well as the disposals carriedout during theyear. Equity Total equity stood at €472.9 million, down slightly by €11.0 million compared with end-2019.This decreaseis mainlyattributable to the change in currency translation reserves for approximately -€4.2 million and to the transactions recognized in equity in respect of transactions with non-controlling

interests for approximately-€5.5 million. Net income for the year nearly offsets the amount paid in dividends and the equity transactions carried out during the year. At 31 December 2020, Econocom group held 9,779,167 treasury shares valued at €24.2 million not recorded in its balance sheet (at the share price on 31 December 2020, i.e. €2.475). The breakdown of equity attributable to owners of the parent and the share attributable to non-controlling interests fluctuated due to acquisitions: accordingly the share non-controlling interests were €66.9 million versus €73.6 million at 31 December 2019.

Net financial debt At 31 December 2020, the Groups net cash surplus stood at -€20.2 million compared to net financial debtof €252.2 millionat the end of 2019.This surplus broke down as follows:

2020

2019

in € millions

649.3

593.8

Cash and cash equivalents

(156.7) 492.7 (182.2)

(310.3) 283.6 (189.2) (102.3)

Bank debt and commercial paper

Net cash at bank

Convertible bond debt (OCEANE)

(56.3)

Non-convertible bond debt (Euro PP)

Non-convertible bond debt ( Schuldschein )

(150.0)

(149.9)

(83.8)

(94.3)

Other

Net financial debt

-

(252.2)

Net cash surplus

20.2

-

This cash surplus corresponds to the amount after financing of TMF self-funded contracts in the amountof €185.9 (vs. €238.5in 2019).

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2020 annual report