2017 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
13.1.5.Non-controlling interests The contributions to the income statement and balance sheet of entities in which there are non-controlling interests come mainly from joint ventures formed with the UK authorities in the United Kingdom region: NHS SBS, 50%-owned by the UK Department of Health, and SSCL, 25%-owned by the Cabinet Office. The Group has 50% and 75% control, respectively. They also relate to the companies of the newly acquired Galitt group. In relation to SSCL, the Group granted the Cabinet Office an option to sell the shares it holds in the company.
Similarly, the Group has entered into an irrevocable commitment to acquire the remaining shares, in the form of a put option granted to the other Galitt shareholders. Due to the accounting treatment of the put option granted in respect of SSCL and Galitt shares, the amount of non-controlling interests on the balance sheet mainly relates to the UK Department of Health’s share in the net assets of NHS SBS, i.e. €31.0 million. In the income statement, the amounts attributable to non-controlling interests came to €0.1 million for SSCL, €1.0 million for NHS SBS and negative €0.2 million for Sopra Steria Wenhao, the Group’s 51%-owned Chinese subsidiary.
Summary financial information for SSCL and NHS SBS is as follows:
(in millions of euros)
Revenue Net profit
13.1.6.Capital management objectives, policy and procedures
Non-controlling interests arise where a portion of equity ownership in a subsidiary is not attributable directly or indirectly to the parent company. When non-controlling interests have an option to sell their investment to the Group, a financial liability is recorded in other non-current liabilities (see Note 7.4) for the present value of the option’s estimated exercise price. The offset of the financial liability generated by these commitments is deducted from: p the corresponding amount of non-controlling interests initially; and p the Group’s share of consolidated reserves for the remainder. Subsequent changes in this put option arising from changes in estimates or relating to the unwinding of discount are offset against the corresponding non-controlling interests and the remainder is deducted from the Group’s share of consolidated reserves.
The company’s capital is uniquely comprised of the items disclosed in the balance sheet. There are no financial liabilities considered to be components of capital and, conversely, there are no equity components not considered to be part of the company’s capital. The company is not subject to any external constraints on its capital. Treasury shares are detailed in Note 13.1.2. The only diluting instruments are the free shares awards granted under Steria’s (and now Sopra Steria’s) legacy performance-linked free share plans (see Note 5.4.2).
SOPRA STERIA REGISTRATION DOCUMENT 2017
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