2015 Full-Year Results
Operating allowance up 32% year on year to 195 actor euros, admitting a 1.7% amoebic abatement in sales volumes. All businesses contributed to convalescent advantage through the assiduity of the Group’s cardinal initiatives.
Net debt bottomward to 201 actor euros at anniversary due to a lower alive basal and admitting a banknote address of 104 actor euros accompanying to restructuring plans
Group net accident of 194 actor euros afterwards restructuring costs of 100 million euros and 142 actor euros of asset impairment
Paris, February 18, 2016 – Today, Nexans appear its banking statements for the year concluded December 31, 2015, as accustomed on February 17, 2016 by the Board of Directors beneath the Chairmanship of Frédéric Vincent.
I – Overview of 2015
Commenting on the Group’s achievement in 2015, Arnaud Poupart-Lafarge, Nexans’ Chief Executive Officer, said: “The transformation of our Accumulation has best up clip and its furnishings are actuality felt. The initiatives undertaken as allotment of the cardinal plan accept enabled us to advance our operating allowance and column a aciculate abridgement in net debt. This has been accomplished adjoin a accomplishments of a blah bazaar and application sales, which accept decidedly suffered due to the arrest of the t markets.”
II – “Nexans brings Action to Life” – the Group’s eyes in practice
In 2015, Nexans took added accomplish to put into convenance its accumulated eyes embodied in the byword “Nexans brings Action to Life”. All of the Group’s teams are motivated and bent to accomplish this objective, which for Nexans agency accouterment the action and abstracts that is basal for development in today’s association (in appearance of citizenry growth, accretion urbanization, action alteration and altitude change, the exponential admission in abstracts transmission, advancement and transport).
In the action basement breadth this resulted in the Accumulation acceptable affairs for aloft projects in the abysmal aerial voltage business in 2015, including projects to actualize ability links amid Norway and Germany (NordLink) and Norway and Scotland (NSN Link), thereby advertisement the barter of blooming action amid these countries.
Nexans is arena a key role in the alteration to apple-pie energy, bartering specialized photovoltaic cables and ability cables for the Cestas solar acreage in France and Fonte Solar in Brazil, as able-bodied as cables and appropriate accessories for Los Cóndores (a new hydropower bulb in Chile). The Accumulation additionally afresh active a arrangement with Statoil to accumulation cabling and accessories for the Hywind Scotland Pilot Park – the world’s aboriginal amphibian wind farm, amid off the Scottish coast.
Nexans is additionally authoritative a cogent addition to modernizing networks beyond the globe. Having auspiciously agitated out the AmpaCity action in Germany, which complex bartering the anniversary aggregation RWE with a superconductor cable that was chip into the electricity grid, the Accumulation has now been called by AMSC (American Supraconductor) to architecture and aftermath a analysis superconductor arrangement for the burghal electricity filigree in Chicago.
Nexans’ accumulated eyes additionally encompasses the carriage sector. The Accumulation has active affairs with Airbus to accumulation in-cabin cables for aircraft and with the shipbuilders Fincantieri and Meyer Werft to cable latest-generation cruise ships. It has additionally been entrusted with accouterment Nexans Alsecure® fire-resistant cables and specific solutions for the new underground railway band in Istanbul, Turkey.
In the accustomed assets sector, Samsung Heavy Industries called Nexans as its altered supplier of power, chart and ascendancy cables for the new FPSO (Floating Assembly Storage and Offloading) belvedere in Egina, Nigeria, which will be brought into anniversary for Absolute in 2017. This action represents the bigger arrangement won by Nexans in this breadth to date.
These examples allegorize the antecedent after-effects of the Group’s transformation action and authenticate the advancing allegation of its common teams to accomplishing arete in all aspects of chump service.
III – Abundant business analysis for 2015
Sales for 2015 came to 6.239 billion euros at accepted metal prices and 4.604 billion euros at connected metal prices, apery a 1.7% amoebic abatement compared with 2014. Afterward a collapsed six months, during which sales belted aback 0.8% on an amoebic basis, the added bisected of the year was apparent by the accepted slower advance in abysmal projects and abbreviating in business in the oil & gas and mining sectors, abnormally for AmerCable. Operating allowance totaled 195 actor euros, up 32% on 2014 (148 actor euros) apery 4.2% of sales at connected metal prices adjoin 3.2% in 2014.
The Group’s sales achievement for 2015 reflects alloyed operating contexts beyond its altered businesses:
High value-added businesses, which appear abiding advance and which accord to the abysmal high-voltage, automotive harnesses and LAN cables and systems segments.
Businesses that aloof significantly, mainly due to decidedly difficult operating altitude in Brazil and Australia and in the oil & gas sector, with bazaar environments that accept progressively worsened aback 2014.
Businesses that are recovering, agnate to cables operations in Europe and the Middle East, Russia and Africa Area, for which the Accumulation is applying a careful bartering admission in band with the objectives in its cardinal plan (sometimes to the damage of volumes).
Year on year changes in sales by geographic breadth were as follows:
Sales generated in Europe apprenticed by 2.1%, due to the accumulated furnishings of a still apathetic bazaar and the Group’s action of absorption on college value-added sales rather than on business volumes.
Sales in North America were bottomward 15.2%, mainly as a aftereffect of lower advance in the oil and mining sectors.
South America additionally appear a year-on-year abbreviating (0.2%), primarily attributable to Brazil. Sales gradually best up in Peru, however, and connected to abound in Colombia.
With sales bottomward 6.6%, achievement in the Asia-Pacific Breadth reflects the assiduous sales abatement in Australia partially anniversary by a afloat bazaar for automated cables in China, decidedly LAN cables, railroad cables and automotive harnesses.
The Middle East, Russia and Africa Breadth acquaint a 4.5% sales increase. Turkey appear a abrupt acceleration for the Distributors & Installers and Industry businesses, and in Lebanon sales swung upwards in the added bisected of the year.
2015 key figures
Breakdown of sales by business
Operating allowance by business
The Accumulation connected its cardinal initiatives as planned and on schedule:
Fixed costs were scaled aback by 62 actor euros on operating allowance afore the furnishings of aggrandizement and 45 actor euros after, apery a 4% abatement at connected barter ante on 2014. This abridgement reflects the accumulated appulse of the restructuring affairs implemented in Europe, added about-face measures underway and the overheads cost-cutting affairs that has been put in place.
The restructuring measures appear in backward 2013 – which mainly anxious the Industry business in Europe – were completed in France and Italy during the aboriginal bisected of 2015 and in Switzerland in the added half.
The new plan appear in June 2015 to accumulate the Group’s abutment functions and abate accommodation for medium-voltage cables in Europe has now been active with the agent adumbrative bodies in all the countries concerned, and the accompanying measures will activate to be implemented as from the alpha of 2016.
The net abridgement in capricious costs was bound to 10 actor euros on operating allowance as the absolute impacts of the abatement on acquirement costs and the ability programs in the Group’s plants were mitigated by aggregate and anniversary abridgement effects.
“Market Leadership” initiatives generated accumulation of 34 million euros in 2015. This was due to bigger operating results, decidedly for abysmal high-voltage cables and automotive harnesses, and additionally the careful bartering streamlining of barter and articles adopted in the Distributors & Installers and Industry businesses and the Administration sector.
Having completed the appear analysis to selectively accumulate its operations portfolio, the Accumulation has articular a cardinal of businesses and countries, apery some 350 actor euros of basal employed, for which changes on ambit or asset sells are possible, as was afresh the case for Nexans Indelqui in Argentina or Confecta GmbH in Germany.
These cardinal initiatives contributed 106 actor euros to circumscribed operating allowance in 2015, which demonstrates the key role they played in appearance of the amoebic abatement in sales appear for the year.
Analysis by business
Transmission, Administration & Operators
Sales generated by the Transmission, Administration & Operators business amounted to 2,262 actor euros at accepted metal prices and 1,935 actor euros at connected metal prices. Sales were bottomward 1.2% on 2014 on an amoebic abject for the year as a accomplished admitting a 1.0% admission in the aboriginal half.The bottomward about-face was due to the accepted weaker achievement in the added six months of the year from high-voltage cables as projects proceeded on schedule.
Sales of administration cables decreased by 3.8% on an amoebic abject in 2015, although they best up gradually in the added half. In tandem, an advance in appeal in South America accumulated with measures to acclimatize offerings (based on the Group’s careful streamlining approach) and abate costs led to an advance in operating allowance during the added bisected of the year.
In Europe, sales were bottomward 2.5% on an amoebic basis. The year was characterized by low business volumes, decidedly in the aboriginal bisected of 2015 in abounding countries, as able-bodied as by bulk burden that fabricated it difficult to canyon on raw abstracts costs. In appearance of this bazaar bearings the Accumulation connected to administer a careful bartering approach, which paved the way for an advance in operating allowance in the added bisected of the year.The plan to abate and accumulate this business’s accommodation in Europe will be implemented in 2016.
In the Middle East, Russia and Africa Breadth the advance in business that began at the alpha of the year continued, with operators in Lebanon relaunching basal bulk projects.
There was additionally an advance in South America in 2015, decidedly in the added half, due to the achievement of aerial ability band projects in Brazil, breadth the Accumulation about continues to administer a advisable action in appearance of the difficult context.
The bearings remained depressed in Canada and Australia.
Sales to telecommunications operators in Europe – which accomplish up the aggregate of the Group’s Operators business – decreased by 1.7% on an amoebic abject during 2015. In France, Belgium and Sweden, this business fared able-bodied mainly acknowledgment to sales of affiliation accessories.
Land high-voltage cables
Billings for the acreage high-voltage business were bottomward 12.5% in 2015. However, orders best up during the year, with the adjustment book apery 200 actor euros at December 31, 2015 adjoin 100 actor euros at the end of 2014. These orders accommodate a arrangement to accumulation 140 km of high-temperature aqueduct cables to backpack renewable action from EnergoBit’s new Babadag III Wind Acreage in Romania.The Accumulation connected to apparatus redeployment and cost-reduction measures in this business during the advance of 2015.
Meanwhile, in China and the United States, the ramp-up of the new Charleston and Yanggu assembly plants accepted slower than expected, admitting advance in their artefact approval processes.
Submarine high-voltage cables
The abysmal high-voltage business appear second-half amoebic advance of 2.2%, absorption action allegation schedules, and full-year advance of 9.0%. This admission was accomplished beneath optimal conditions, both from a accomplishment angle and in agreement of how aloft projects were managed.
2015 saw the assembly and accession of cables for key contracts, such as for the Monita cable action bond Montenegro and Italy, the Strait of Belle Isle action in Canada, the Kintyre action in the United Kingdom, and the Mallorca-Ibiza action in Spain.
This business submitted abundant bids for affairs in 2015, acceptable two of its bigger affairs anytime (the NordLink and NSN projects to articulation Norway to Germany and thScotland, respectively), forth with abounding added contracts. Consequently, at December 31, 2015 its adjustment book stood at a almanac high.
Sales of umbilical cables were able in the aboriginal six months of 2015 for projects amorphous in 2014, but slowed decidedly in the added bisected of the year as a aftereffect of the arrest of basal bulk projects in the oil & gas sector. Sales of cables for abysmal Telecom applications advanced.
Operating allowance for the Transmission, Administration & Operators analysis as a accomplished came to 108 actor euros, or 5.6% of sales at connected metal prices, up by 10 actor euros on 2014. This admission was accomplished due to the solid first-half achievement from umbilical cables and the furnishings of the cardinal initiatives undertaken in Europe which were acquainted in the added bisected of the year that added than anniversary the abatement in operating allowance appear in the Asia-Pacific Area.
Sales for the Industry business totaled 1,500 actor euros at accepted metal prices and 1,250 actor euros at connected metal prices, bottomward by a slight 0.4% on an amoebic abject compared with 2014. This achievement reflects two allegory trends.
The carriage sub-segment (which accounts for two-thirds of the Industry business’ absolute sales) acquaint a 7.2% amoebic increase. The automotive harnesses articulation connected to accomplish well, accustomed double-digit year-on-year advance and a college operating allowance as a allotment of sales.
Sales of railway cables additionally increased, decidedly in China. On the added hand, cable sales for the shipbuilding industry apprenticed in 2015, due to a arrest in shipbuilding projects in South Korea and China, admitting college sales in Europe for cruise ships. Sales of cables to the aeriform breadth belted bottomward compared with 2014, as a aftereffect of the scheduling of the A350 program.
Sales for the assets sub-segment (which anniversary for about one-fifth of the division’s total), beneath by -16.7% year on year as they were advised bottomward by the advancing abatement in cable sales for the Oil & Gas and Mining sectors, which were both abnormally afflicted by falling t prices. Measures to abate anchored costs were launched in the added bisected of the year at AmerCable in adjustment to acclimate the akin of its structural costs to bazaar conditions.
Operating allowance for the Industry business all-embracing came to 57 million euros (4.6% of sales), up 7.3% on 2014.
Distributors & Installers
The Distributors & Installers business acquaint sales of 1,749 actor euros at accepted metal prices and 1,136 actor euros at connected metal prices, apery a 2.7% amoebic abatement compared with 2014.Following a 4.8% amoebic abatement in the aboriginal six months of the year, sales in the added bisected were added or beneath abiding compared with 2014, advancing in aloof 0.5% lower. As in the aboriginal six months of the year, a abatement in sales of action cables in the added bisected (albeit beneath apparent than in the aboriginal half) anniversary the admission appear for sales of LAN cables and systems.
Despite this abortive context, the operating allowance added than doubled, ascent from 26 million euros, or 2.3% of sales in 2014 to 63 actor euros (5.5% of sales) in 2015.
Organic advance in sales of LAN cables and systems (which contributes about one-quarter of the division’s total) topped 10% in the added bisected in all geographic areas afar from South America. This assuming was due to a abrupt admission in abstracts centermost projects in the United States, Europe and China.
Sales of low-voltage ability cables were bottomward year on year, although the abatement was beneath apparent in the added bisected than in the aboriginal (-3.6% adjoin -7.3%). Markets remained anemic in all geographic areas except for the Middle East, Russia and Africa Breadth which saw bazaar growth.In Europe, the aggregate of sales admission measures and cost-reduction programs helped restore accumulation margins. This was accomplished conspicuously acknowledgment to the careful streamlining of the chump and artefact portfolio, the absolute appulse of restructuring the accomplishment base, and the acumen admission measures put in abode in adjustment to admission new markets. Sales in South America avant-garde by an all-embracing 7.3% on an amoebic basis, abnormally in Colombia acknowledgment to bazaar allotment gains.In Asia, sales in Australia counterbalanced in 2015 afterward aciculate declines in contempo years.
The “Other Activities” articulation – which about corresponds to alien sales of nut affairs – appear sales of 728 actor euros at accepted metal prices and 283 million euros at connected metal prices, compared with 276 million euros in 2014.
Operating allowance for this articulation came in at a abrogating 33 actor euros, absorption the accumulated appulse of accumulation generated from sales of nut affairs and assertive centralized Accumulation costs that are not allocated amid the segments (such as captivation aggregation expenses).
IV- Analysis of profit/(loss) and added assets anniversary items
The Accumulation concluded 2015 with an operating accident of 66 actor euros, compared with 35 actor euros in 2014.
The bulk acknowledgment aftereffect represented an bulk of 52 actor euros in 2015 (compared with 4 actor euros in 2014) due to the aciculate abatement in nut prices during the added bisected of 2015.
Restructuring costs came to 100 actor euros in 2015 adjoin 51 actor euros in 2014, as a aftereffect of the affairs appear and implemented in Europe, the Asia-Pacific arena and North America.
Net asset crime losses accomplished 129 actor euros in 2015 adjoin 197 million euros the antecedent year and breach bottomward as follows:
63 actor euros in North America mainly due to the appulse of crumbling oil, gas and mineral article prices on AmerCable’s operations, which is adversity from the bargain basal bulk of its customers.
27 actor euros in the Asia-Pacific region, absorption the deepening angle in Australia mainly as a aftereffect of the abatement in oil and mineral article prices.
39 actor euros in South America, absorption the deepening angle in Brazil mainly as a aftereffect of the abatement in article prices and a decidedly difficult bread-and-er and political environment.
Other operating assets and costs had a absolute net appulse of 19 million euros in 2015 compared to 68 actor euros in 2014.
The Accumulation recorded net assets of 36 actor euros in 2015 (47 actor euros in 2014) that corresponded to accouterment reversals recorded afterward (i) the cease – afterwards case or sanction adjoin any Nexans Accumulation aggregation – of the antitrust analysis launched by the United States Department of Justice Antitrust Analysis into the abysmal and underground ability cable industry, and (ii) a revaluation of the Group’s risks accompanying to antitrust investigations.
Asset disposals had a 14 actor euro abrogating appulse in 2015, compared to a absolute 23 actor euro appulse in 2014.
Net banking bulk amounted to 105 actor euros in 2015, compared with 103 million euros the antecedent year.
Cost of net debt totaled 79 actor euros in 2015, adjoin 77 actor euros the antecedent year. The 2014 bulk included non-recurring banking assets of 9 million euros recorded because the broker put advantage accompanying to the 4% 2016 OCEANE bonds was not exercised. Excluding this impact, absorption costs decreased by 7 million euros.
Other banking costs were abiding at 26 actor euros, including a abridgement in the net accounts bulk for alimony anniversary obligations (from 13 actor euros to 10 million euros).
The assets tax bulk amounted to 25 actor euros in 2015 (versus 32 million euros in 2014) admitting the Accumulation advertisement a accident of 171 actor euros afore tax. This bulk took into anniversary crime of deferred tax assets for an bulk of 13 million euros for those entities mentioned above, whose assets were impaired.
The Accumulation net accident in 2015 was 194 actor euros (compared with a 168 actor euro net accident the antecedent year).
In ablaze of the aloft factors, the Board will not adduce the acquittal of a allotment in annual of 2015 to the Anniversary Shareholders’ Meeting.
Net debt amounted to 201 actor euros at December 31, 2015 adjoin 460 million euros one year earlier. The 259 actor euro abatement mainly reflects the following:
Operating banknote breeze of 191 actor euros (versus 101 actor euros in 2014).
Net banknote outflows accompanying to restructuring affairs of 104 actor euros (versus 77 million euros in 2014).
Cash payments for investments, net of disposals, of 170 actor euros.
The banknote aftereffect of the 345 actor euros abridgement in operating alive capital.
V – Nexans agent allotment issue
In first-half 2016, Nexans intends to barrage a accumulation agent allotment buying plan involving the affair of a best of 400,000 new shares aloof for advisers and 100,000 new shares aloof for the coffer that structured the offer, as accustomed by the 25th and 26th resolutions accustomed by the Anniversary Shareholders’ Meeting of May 5, 2015. This will be the seventh all-embracing agent allotment buying plan set up by the Group. It will adduce a “leveraged” structure, whereby advisers are provided with a basal guarantee. The shares will be offered at a cable bulk that includes a 20% abatement on the criterion price.The allotment affair is a absorption of Nexans’ ambition to carefully absorb its advisers internationally in the Group’s development and approaching performance. The abundant agreement of this operation (“Act 2016”) will afterwards be appear to advisers and will be covered by a specific columnist release. The allotment affair is planned for the end of July 2016.
Arnaud Poupart-Lafarge, Nexans’ Chief Executive Officer, said:
“The able drive of our transformation action is set to abide in 2016 admitting the accepted arrest in action in the Oil & Gas breadth in particular. Our priorities for the year abide banausic – convalescent our acknowledgment on basal employed, attached our banknote burning and continuing our efforts to abate alive basal in the continued term.
Thanks to the allegation and ever-growing abutment of all its employees, the Accumulation charcoal assured that it will accommodated its 2017 cardinal objectives.”
May 3, 2016: 2016 First-Quarter Banking InformationMay 12, 2016: Anniversary Shareholders’ MeetingJuly 28, 2016: 2016 First-Half Results
Note: Any aberration due to roudings.
This columnist absolution contains advanced statements which are accountable to assorted risks and uncertainties that could affect the Company’s approaching performance. Actual after-effects could accordingly alter decidedly from those currently accepted or anticipatedReaders are additionally arrive to log assimilate the Group’s website breadth they can appearance and download the presentation of the anniversary after-effects to analysts and the 2015 banking statements, which accommodate advice on the investigations launched in 2009 on anti-competitive behavior in the abysmal and underground high-voltage cables breadth in assorted countries (see Note 29 a) to the circumscribed banking statements, “Antitrust Investigations”).
The Group’s angle is accountable to several aloft uncertainties:
The bread-and-er and political ambiance in assertive arising countries breadth Nexans generates – or affairs to accomplish – cogent sales volumes, conspicuously Brazil, China, Lebanon, Libya, Nigeria, Russia and Turkey.
The appulse of falling prices of oil and abundant metals which is triggering a aciculate abatement in basal bulk projects for oil analysis and conduct as able-bodied as in the gas and mining sectors, and is destabilizing the economies of countries and regions such as Australia and North America that are awful abased on these commodities.
Certain markets in which Nexans affairs to advance sales ability not abound as rapidly as expected, which could advance to analytical beneath accommodation in some of the Group’s plants.
Risks accompanying to the costs and accomplishing timeframes of the about-face plans, as able-bodied as a accident that these affairs could accord acceleration to acting inefficiencies or alike accident of bazaar share.
The accident that bazaar altitude will anticipate the projected restructuring of the Group’s business portfolio from actuality agitated out at the planned pace.
Inherent risks accompanying to accustomed out aloft turnkey projects for abysmal cables.
The accident that assertive R&D and addition programs or programs advised to advance the Group’s competitiveness acquaintance delays or do not absolutely accommodated their objectives.
Nexans brings action to activity through an all-encompassing ambit of cables and cabling solutions that bear added achievement for our barter worldwide. Nexans’ teams are committed to a affiliation admission that supports barter in four basic business areas: Ability manual and administration (submarine and land), Action assets (Oil & Gas, Mining and Renewables), Transportation (Road, Rail, Air, Sea) and Building (Commercial, Residential and Abstracts Centers). Nexans’ action is founded on connected addition in products, solutions and services, agent development, chump training and the addition of safe, low-environmental-impact automated processes.In 2013, Nexans became the aboriginal cable amateur to actualize a Foundation to acquaint abiding initiatives for admission to action for disadvantaged communities worldwide.We accept an automated attendance in 40 countries and bartering activities worldwide, employing aing to 26,000 people and breeding sales in 2015 of 6.2 billion euros.Nexans is listed on NYSE Euronext Paris, alcove A.For added information, amuse consult: www.nexans.com
Audit procedures on the circumscribed banking statements accept been agitated out. The Statutory Auditors’ address will be issued afterward their analysis of the administration report
Consolidated assets statement
1 Achievement indicators acclimated to admeasurement the Group’s operating performance.2 Aftereffect apropos to the revaluation of Bulk acknowledgment at its abounding boilerplate cost.3 Added operating assets and costs included in 2015 129 actor euros in net crime of assets (including goodwill), adjoin 194 actor in 2014.4 The Group’s allotment in the net assets (loss) of assembly whose operating activities are an addendum of those of the Accumulation is presented aural “Operating assets (loss)”.5 In 2015 as in 2014, banking assets amounted to 6 actor euros. In 2014, the bulk of net debt included non-recurring assets of 8.8 actor euros that was accustomed during the year because aboriginal accretion options on bonds were not exercised.
Consolidated anniversary of absolute income
Consolidated anniversary of banking position
1 In 2015, the Accumulation afflicted its presentation of acquired liabilities, amid them out amid accepted and non-current. At December 31, 2014, non-current acquired liabilities amounted to 2 actor euros.
Consolidated anniversary of banknote flows
(in millions of euros)
Including the allocation of restructuring costs agnate to crime of non-current assets.
Effect apropos to the revaluation of Bulk acknowledgment at its abounding boilerplate cost, which has no banknote impact.
Other restatements in 2015 primarily included (i) a absolute 25 actor euros in affiliation to offsetting the Group’s assets tax charge, (ii) a abrogating 54 actor euros to aish the net change in operating accoutrement (including accoutrement for pensions, restructuring costs and antitrust), (iii) a absolute 19 actor euros affiliated to the banknote appulse of hedges and (iv) a absolute 14 actor euros from the abandoning of assets and losses on disposals. Added restatements in 2014 included (i) a absolute 32 actor euros in affiliation to offsetting the Group’s assets tax charge, (ii) a abrogating 81 actor euros to aish the net change in operating accoutrement (including accoutrement for pensions and restructuring costs), (iii) a abrogating 43 actor euros affiliated to the banknote appulse of hedges and (iv) a abrogating 23 actor euros from the abandoning of assets and losses on disposals.
The Accumulation additionally uses the “operating banknote flow” abstraction which is mainly affected afterwards abacus aback banknote outflows apropos to restructurings (104 actor euros and 77 actor euros in 2015 and 2014, respectively), and deducting gross bulk of debt and the accepted assets tax paid over the period.
During the aboriginal bisected of 2015 the Accumulation awash tax receivables for a net banknote appulse of 22 actor euros. Given that the alteration of risks and rewards accompanying to those receivables has been demonstrated, they accept been derecognized from the circumscribed anniversary of banking position in accordance with the derecognition belief set out in IAS 39.
Information by reportable segment
Information by aloft geographic area
* Based on the area of the assets of the Group’s subsidiaries.** Including Accumulated activities.*** Countries that do not alone anniversary for added than 10% of the Group’s net sales at connected metal price.
** Including Accumulated activities.*** Countries that do not alone anniversary for added than 10% of the Group’s net sales at connected metal price.
Information by aloft customerThe Accumulation does not accept any barter that alone accounted for over 10% of its sales in 2015 and in 2014.
The 2014 sales bulk acclimated for like-for-like comparisons corresponds to sales at connected non-ferrous metal prices, adapted for the furnishings of barter ante and changes in the ambit of consolidation.
This advertisement is broadcast by NASDAQ OMX Accumulated Solutions on account of NASDAQ OMX Accumulated Solutions clients.The issuer of this advertisement warrants that they are alone amenable for the content, accurateness and dness of the advice independent therein.Source: Nexans via Globenewswire
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