Annual report 2001 - GL events
Annual report 2001 - GL events Annual report 2001 - GL events
4 4-2-3 Consolidated Cash Flow Statement 2001 2000 1999 Notes K€ K€ K€ Cash & cash equi. at the beginning of the year (discounted notes) (1) 20 955 8 394 (2 327) Operating activities Net profit 15 9 171 22 318 4 912 Depreciations and provisions 15 697 17 429 13 225 Charges transferred to the deferred charges account (818) (138) (1 424) Capital (gains) and losses on disposal of fixed assets (195) (16 142) 313 Minority interests in net consolidated profit 15 507 1 213 697 Part of net profit from companies consolidated under the equity method 0 (62) (5) Deferred tax charge / (profit) 12 212 (295) 718 Net cash flow excluding working capital movements 24 574 24 323 18 436 Elimination of income and expenses with no cash effect or not a result of operating activities : Change in inventory (63) (541) (952) Change in accounts receivable, discounted notes and deferred income 3 719 (14 436) 5 969 Change in accounts payable (14 450) 12 627 6 386 Change in other balances (15 123) 4 270 (2 823) Variation in working capital (25 917) 1 920 8 580 Net cash flow from operating activities (A) (1 343) 26 243 27 016 Investing activities Acquisition of tangible assets and rental equipment (22 541) (19 342) (11 654) Acquisition of intangible fixed assets (1 643) (384) (336) Disposal of tangible and intangible assets 24 984 1 450 357 Purchase of long term investments (1 393) (1 192) (20 920) Sale of long term investments 696 43 660 88 Net cash flows from acquisition and disposal of subsidiaries (5 092) (20 250) (1 422) Net cash flow from investing activities (B) (28 989) 3 942 (33 887) Financing activities Cash inflows from shareholders due to share capital increases 181 9 709 0 Dividends paid to shareholders of the parent company 15 (3 349) (2 272) (1 136) Dividends paid to the minority shareholders of the consolidated companies 15 (100) (427) (612) Cash inflows from new loans 26 806 9 536 32 280 Repayment of loans (11 025) (34 227) (13 009) Conversion of debts 0 0 0 Net cash flow from financing activities (C) 12 513 (17 682) 17 524 Impact of exchange rate movements (D) 90 57 68 Net increase (A + B + C + D) (17 729) 12 561 10 721 Cash & Cash Equivalents at year end (discounted notes) (1) 3 226 20 955 8 394 (1) Cash balance : cash and bank balances + short term investments - (bank overdrafts + “Dailly”) – discounted notes (2) the capital gains and losses on asset disposals are presented net of tax. (3) In 2000, the company SF Protection was acquired at 93.59 %. This acquisition was paid partly in cash (K€ 5 916) and partly in shares (K€ 9 709). The part paid in shares was not compensated for in the table of the consolidated cash flow statement in order to facilitate reconciliation with the notes.
62 63 4-2-4 Notes to the consolidated financial statements at 31 December 2001 Unless otherwise indicated, the following information is expressed in thousands Euros. The notes below form an integral part of the consolidated financial statements for the (12 month) period ended 31 December 2001. The consolidated financial statements were approved by the Board of Directors on 4 March 2002. Note 1 Significant events and Pro forma information The major events of the year are the following : • As part of the group’s tendency towards a greater globalization and a deeper penetration in the events market : acquisition of the British company Owen Brown, • Disposal of the non-trading real estate companies held by Générale Location, • Development of the activity of engineering and communication by event with the integration of Package, • Additional shareholding up to 100 % in the company Secil. Générale Location acquired the company Owen Brown, major player on the British market. Created in 1913, Owen Brown specializes in the installation and rental of temporary structures. Finalization of the sale of Générale Location’s real estate. SCI 88, which holds the following non-trading real estate investment companies : Le Favier 92, Prisma 94, Raspail Brignais, Hall 96 and at the same time 45% of the non-trading real estate investment company Vachon Lisses was sold on 30 June 2001 to the company Polygone SA. Taking into account the consolidation of the incomes of these companies until 30 June 2001, the capital gain due to the sale recorded in the exceptional profit / (loss) comes to 0.6 m€, the tax on the corporate capital gain being 0.3 m€. In October, Générale Location took over majority interest in Package Organisation, a company held up to then by its principal shareholder Groupe Polygone. This company has three subsidiaries, CEE, Centre Infobatir and Norexpo. Operating profit for 2001 is influenced by the following two elements : • Economic situation for short-term rental of structures : the slow-down of the rotation rate of the structures invested for the Sydney Olympic Games, has for effect an operation loss of 1.5 m€. The actions launched in term of logistics, commercial and organizational operations should break even starting 2002. • Structural for venue management : following the increase at 100% of the shareholding interest in the company Secil, the company which operates the Convention Center of Lyon, the remuneration of the owner, previously paid with dividend, starting the year 2001 was paid via a rent which exercises an impact on the operating charges for 1.1 m€ ; this last item is then withdrawn from the pro forma presentation of the income statement. Pro forma consolidated income statement is presented below. It includes for each of the two years the following variations : • for the year 2000 : - Polygone Maroc originally consolidated in the first sixmonth is cancelled in its entirety. - the effects due to the deconsolidation of Morrocco and Spain are cancelled. • For the year 2001 : - cancellation of the companies acquired in 2001, this concerns Owen Brown and Package Organisation with its three subsidiaries, CEE, Centre Infobatir, and Norexpo. - the companies acquired in 2000 are accounted for in 2001 at the same periods as those of the year 2000 ; the following companies are concerned : SF Protection, ISF, Standard Decoration, Team Legend, and GL Belgium. Note that the companies created in 2001 are not adjusted, - the non-trading real estate companies sold the 30th of June 2001 are taken into account for the 12 months of the year. - the rent paid by Secil to run the operation of the Convention Center of Lyon is cancelled net of tax and compensated by the result of minority interest, - cancellation of the financial expenses (at 4.5% rate ) net of tax, corresponding to the disburserment of the shares of companies acquired in 2001.
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4<br />
4-2-3 Consolidated Cash Flow Statement<br />
<strong>2001</strong> 2000 1999<br />
Notes K€ K€ K€<br />
Cash & cash equi. at the beginning of the year (discounted notes) (1) 20 955 8 394 (2 327)<br />
Operating activities<br />
Net profit 15 9 171 22 318 4 912<br />
Depreciations and provisions 15 697 17 429 13 225<br />
Charges transferred to the deferred charges account (818) (138) (1 424)<br />
Capital (gains) and losses on disposal of fixed assets (195) (16 142) 313<br />
Minority interests in net consolidated profit 15 507 1 213 697<br />
Part of net profit from companies consolidated under the equity method 0 (62) (5)<br />
Deferred tax charge / (profit) 12 212 (295) 718<br />
Net cash flow excluding working capital movements 24 574 24 323 18 436<br />
Elimination of income and expenses with no cash effect<br />
or not a result of operating activities :<br />
Change in inventory (63) (541) (952)<br />
Change in accounts receivable, discounted notes and deferred income 3 719 (14 436) 5 969<br />
Change in accounts payable (14 450) 12 627 6 386<br />
Change in other balances (15 123) 4 270 (2 823)<br />
Variation in working capital (25 917) 1 920 8 580<br />
Net cash flow from operating activities (A) (1 343) 26 243 27 016<br />
Investing activities<br />
Acquisition of tangible assets and rental equipment (22 541) (19 342) (11 654)<br />
Acquisition of intangible fixed assets (1 643) (384) (336)<br />
Disposal of tangible and intangible assets 24 984 1 450 357<br />
Purchase of long term investments (1 393) (1 192) (20 920)<br />
Sale of long term investments 696 43 660 88<br />
Net cash flows from acquisition and disposal of subsidiaries (5 092) (20 250) (1 422)<br />
Net cash flow from investing activities (B) (28 989) 3 942 (33 887)<br />
Financing activities<br />
Cash inflows from shareholders due to share capital increases 181 9 709 0<br />
Dividends paid to shareholders of the parent company 15 (3 349) (2 272) (1 136)<br />
Dividends paid to the minority shareholders of the<br />
consolidated companies 15 (100) (427) (612)<br />
Cash inflows from new loans 26 806 9 536 32 280<br />
Repayment of loans (11 025) (34 227) (13 009)<br />
Conversion of debts 0 0 0<br />
Net cash flow from financing activities (C) 12 513 (17 682) 17 524<br />
Impact of exchange rate movements (D) 90 57 68<br />
Net increase (A + B + C + D) (17 729) 12 561 10 721<br />
Cash & Cash Equivalents at year end (discounted notes) (1) 3 226 20 955 8 394<br />
(1) Cash balance : cash and bank balances + short term investments - (bank overdrafts + “Dailly”) – discounted notes<br />
(2) the capital gains and losses on asset disposals are presented net of tax.<br />
(3) In 2000, the company SF Protection was acquired at 93.59 %. This acquisition was paid partly in cash (K€ 5 916) and partly in<br />
shares (K€ 9 709). The part paid in shares was not compensated for in the table of the consolidated cash flow statement in order<br />
to facilitate reconciliation with the notes.