4. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2021
- CONSOLIDATED STATEMENT OF INCOME
- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
- CONSOLIDATED STATEMENT OF FINANCIAL POSITION
- CONSOLIDATED STATEMENT OF CASH FLOWS
- CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
- NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Accounting policies
Note 2 Significant events of the period
Note 3 Segment reporting
Note 4 Operating data
Note 5 Personnel expenses and employee benefits
Note 6 Intangible assets and property, plant and equipment
Note 7 Other provisions and contingent liabilities
Note 8 Financing and financial instruments
Note 9 Income taxes
Note 10 Stockholders' equity and earnings per share
Note 11 Breakdown of cash flows
Valeo - 2021 Half-year Financial Report | 1 |
4.1. Consolidated statement of income
(in millions of euros) | Notes | First-half 2021 | First-half 2020 | |||||||
SALES | 4.1 | 8,994 | 7,058 | |||||||
Cost of sales | 4.2 | (7,408) | (6,551) | |||||||
Research and Development expenditure | 4.3.1 | (756) | (928) | |||||||
Selling expenses | (132) | (134) | ||||||||
Administrative expenses | (283) | (285) | ||||||||
OPERATING MARGIN | 415 | (840) | ||||||||
as a % of sales | 4.6% | (11.9)% | ||||||||
Share in net earnings (losses) of equity-accounted companies | 4.3.2 | (119) | (166) | |||||||
OPERATING MARGIN INCLUDING SHARE IN NET EARNINGS (LOSSES) | 4.3 | 296 | (1,006) | |||||||
OF EQUITY-ACCOUNTED COMPANIES | ||||||||||
as a % of sales | 3.3 % | (14.3)% | ||||||||
Other income and expenses | 4.4.2 | (29) | (135) | |||||||
OPERATING INCOME (LOSS) INCLUDING SHARE IN | 4.4.1 | 267 | (1,141) | |||||||
NET EARNINGS (LOSSES) OF EQUITY-ACCOUNTED COMPANIES | ||||||||||
Cost of net debt | 8.4.1 | (28) | (33) | |||||||
Other financial income and expenses | 8.4.2 | 6 | (22) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 245 | (1,196) | ||||||||
Income taxes | 9 | (114) | (24) | |||||||
NET INCOME (LOSS) FOR THE PERIOD | 131 | (1,220) | ||||||||
Attributable to: | ||||||||||
■ Owners of the Company | 90 | (1,215) | ||||||||
■ Non-controlling interests | 41 | (5) | ||||||||
Attributable earnings per share: | ||||||||||
■ Basic earnings per share (in euros) | 10.2 | 0.38 | (5.08) | |||||||
■ Diluted earnings per share (in euros) | 10.2 | 0.37 | (5.08) | |||||||
The Notes are an integral part of the condensed interim consolidated financial statements.
Valeo - 2021 Half-year Financial Report | 2 |
4.2. Consolidated statement of comprehensive income
(in millions of euros) | First-half 2021 | First-half 2020 | ||
NET INCOME (LOSS) FOR THE PERIOD | 131 | (1,220) | ||
Share of changes in comprehensive income from equity-accounted companies that may | (2) | 1 | ||
subsequently be recycled to income | ||||
- | - | |||
o/w income taxes | ||||
Translation adjustment | 90 | (118) | ||
Cash flow hedges: | 49 | |||
■ Gains (losses) taken to equity | ||||
(14) | ||||
■ (Gains) losses transferred to income for the period | (36) | 19 | ||
o/w income taxes | 3 | 2 | ||
OTHER COMPREHENSIVE INCOME (LOSS) THAT MAY SUBSEQUENTLY BE RECYCLED | 101 | (112) | ||
TO INCOME | ||||
Share of changes in comprehensive income from equity-accounted companies that may not subsequently be recycled to income
o/w income taxes
Actuarial gains (losses) on defined benefit plans
o/w income taxes
Remeasurement of long-term investments
o/w income taxes
OTHER COMPREHENSIVE INCOME (LOSS) THAT MAY NOT SUBSEQUENTLY BE RECYCLED TO INCOME
- | - | |||
- | - | |||
(2) | ||||
(6) | ||||
(3) | 3 | |||
(5) | (5) | |||
- | 2 | |||
(7) | ||||
(11) | ||||
OTHER COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | 94 | (123) | |||
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | 225 | (1,343) | |||
Attributable to: | 182 | (1,317) | |||
■ Owners of the Company | |||||
■ Non-controlling interests | 43 | (26) | |||
The Notes are an integral part of the condensed interim consolidated financial statements.
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4.3. Consolidated statement of financial position
(in millions of euros) | Notes | June 30, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||||
Goodwill | 6.1 | 2,515 | 2,512 | |||||||
Other intangible assets | 2,360 | 2,341 | ||||||||
Property, plant and equipment | 4,979 | 4,919 | ||||||||
Investments in equity-accounted companies | 102 | 108 | ||||||||
Other non-current financial assets | 625 | 641 | ||||||||
Assets relating to pensions and other employee benefits | 5.1 | 19 | 19 | |||||||
Deferred tax assets | 450 | 440 | ||||||||
NON-CURRENT ASSETS | 11,050 | 10,980 | ||||||||
Inventories, net | 1,783 | 1,582 | ||||||||
Accounts and notes receivable, net | 2,491 | 2,674 | ||||||||
Other current assets | 616 | 508 | ||||||||
Taxes receivable | 25 | 30 | ||||||||
Other current financial assets | 74 | 100 | ||||||||
Cash and cash equivalents | 8.2.4 | 2,280 | 2,951 | |||||||
Assets held for sale | - | 22 | ||||||||
CURRENT ASSETS | 7,269 | 7,867 | ||||||||
TOTAL ASSETS | 18,319 | 18,847 | ||||||||
EQUITY AND LIABILITIES | ||||||||||
Share capital | 242 | 242 | ||||||||
Additional paid-in capital | 1,545 | 1,545 | ||||||||
Translation adjustment | (187) | (271) | ||||||||
Retained earnings | 1,748 | 1,710 | ||||||||
STOCKHOLDERS' EQUITY | 3,348 | 3,226 | ||||||||
Non-controlling interests | 776 | 756 | ||||||||
STOCKHOLDERS' EQUITY INCLUDING NON-CONTROLLING | 4,124 | 3,982 | ||||||||
INTERESTS | ||||||||||
Provisions for pensions and other employee benefits - long-term portion | 5.1 | 1,082 | 1,091 | |||||||
Other provisions - long-term portion | 7.1 | 333 | 369 | |||||||
Long-term portion of long-term debt | 8.2.1 | 4,290 | 3,869 | |||||||
Other financial liabilities - long-term portion | 36 | 42 | ||||||||
Liabilities associated with put options granted to holders of non-controlling | 8.2.3 | 19 | 18 | |||||||
interests - long-term portion | ||||||||||
Subsidies and grants - long-term portion | 106 | 101 | ||||||||
Deferred tax liabilities | 65 | 67 | ||||||||
NON-CURRENT LIABILITIES | 5,931 | 5,557 | ||||||||
Accounts and notes payable | 4,649 | 4,697 | ||||||||
Provisions for pensions and other employee benefits - current portion | 5.1 | 67 | 58 | |||||||
Other provisions - current portion | 7.1 | 346 | 369 | |||||||
Subsidies and grants - current portion | 20 | 31 | ||||||||
Taxes payable | 112 | 132 | ||||||||
Other current liabilities | 1,613 | 1,590 | ||||||||
Current portion of long-term debt | 8.2.1 | 143 | 622 | |||||||
Other financial liabilities - current portion | 14 | 90 | ||||||||
Liabilities associated with put options granted to holders of non-controlling | 8.2.3 | 47 | 50 | |||||||
interests - current portion | ||||||||||
Short-term financing | 8.2.2.5 | 1,248 | 1,631 | |||||||
Bank overdrafts | 8.2.2.5 | 5 | 6 | |||||||
Liabilities held for sale | - | 32 | ||||||||
CURRENT LIABILITIES | 8,264 | 9,308 | ||||||||
TOTAL EQUITY AND LIABILITIES | 18,319 | 18,847 | ||||||||
The Notes are an integral part of the condensed interim consolidated financial statements.
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4.4. Consolidated statement of cash flows
(in millions of euros) | Notes | First-half 2021 | First-half 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) for the period | 131 | (1,220) | |||
Share in net (earnings) losses of equity-accounted companies | 119 | 166 | |||
Net dividends received from equity-accounted companies | 10 | 13 | |||
Expenses (income) with no cash effect | 11.1 | 706 | 1,372 | ||
Cost of net debt | 28 | 33 | |||
Income taxes (current and deferred) | 114 | 24 | |||
GROSS OPERATING CASH FLOWS | 1,108 | 388 | |||
Income taxes paid | (133) | (106) | |||
Changes in working capital | 11.2 | (160) | (506) | ||
NET CASH FLOWS FROM (USED IN) | 815 | (224) | |||
OPERATING ACTIVITIES | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of intangible assets
Acquisitions of property, plant and equipment
Investment subsidies and grants received
Disposals of property, plant and equipment and intangible assets Net change in non-current financial assets
Acquisitions of investments with gain of control, net of cash acquired
Disposals of investments with loss of control, net of cash transferred
NET CASH FLOWS FROM (USED IN)
INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
(299) | (332) |
(377) | (430) |
11 | 6 |
44 | 3 |
(92) | (143) |
- | (5) |
(9) | (5) |
(722) | (906) |
Dividends paid to owners of the Company | (72) | - | |||||
Dividends paid to non-controlling interests in consolidated subsidiaries | (17) | (34) | |||||
Sale (purchase) of treasury stock | (1) | 1 | |||||
Issuance of long-term debt | 11.3 | 305 | 21 | ||||
Loan issuance costs and premiums | - | - | |||||
Interest paid | (70) | (80) | |||||
Interest received | 8.2.2.2 | 57 | 18 | ||||
Repayment of long-term debt | 11.3 | (567) | (94) | ||||
Change in short-term financing | 8.2.2.5 | (383) | 1,662 | ||||
NET CASH FLOWS FROM (USED IN) | (748) | 1,494 | |||||
FINANCING ACTIVITIES | |||||||
CASH AND CASH EQUIVALENTS RELATING TO OPERATIONS | 1 | - | |||||
HELD FOR SALE | |||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH | (16) | (4) | |||||
EQUIVALENTS | |||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (670) | 360 | |||||
NET CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,945 | 1,751 | |||||
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,275 | 2,111 | |||||
Of which: | |||||||
■ Cash and cash equivalents | 2,280 | 2,113 | |||||
■ Bank overdrafts | (5) | (2) | |||||
The Notes are an integral part of the condensed interim consolidated financial statements.
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Valeo SA published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 16:57:12 UTC.