HALF YEAR FINANCIAL REPORT
Six-month period ended June 30, 2021
Condensed Consolidated Financial Statements
Half-Year Management Report
CEO Attestation
Statutory Auditors' Review Report
1. Consolidated statement of income
(in millions of euros except for earnings per share) | Note | First half 2021 | First half 2020 |
Revenue | 3 | 13,774 | 11,575 |
Cost of sales | (8,070) | (6,954) | |
Gross profit | 5,704 | 4,621 | |
Research and development | 4 | (375) | (344) |
Selling, general and administrative expenses | (2,967) | (2,701) | |
Adjusted EBITA * | 3 | 2,362 | 1,576 |
Other operating income and expenses | 5 | 35 | (69) |
Restructuring costs | (121) | (221) | |
EBITA ** | 2,276 | 1,286 | |
Amortization and impairment of purchase accounting intangibles | 6 | (180) | (86) |
Operating income | 2,096 | 1,200 | |
Interest income | 4 | 17 | |
Interest expenses | (53) | (80) | |
Finance costs, net | (49) | (63) | |
Other financial income and expenses | 7 | (29) | (109) |
Net financial income/(loss) | (78) | (172) | |
Profit from continuing operations before income tax | 2,018 | 1,028 | |
Income tax expenses | 8 | (484) | (247) |
Share of profit/(loss) of associates | 10 | 53 | 40 |
PROFIT FOR THE PERIOD | 1,587 | 821 | |
attributable to owners of the parent | 1,556 | 775 | |
attributable to non controlling interests | 31 | 46 | |
Basic earnings (attributable to owners of the parent) per share (in euros per share) | 2.80 | 1.40 | |
Diluted earnings (attributable to owners of the parent) per share (in euros per share) | 2.78 | 1.39 | |
- Adjusted EBITA (Earnings Before Interest, Taxes, Amortization of Purchase Accounting Intangibles). Adjusted EBITA corresponds to the operating income before amortization and impairment of purchase accounting intangible assets, before goodwill impairment, other operating income and expenses and restructuring costs.
- EBITA (Earnings Before Interest, Taxes and Amortization of Purchase Accounting Intangibles). EBITA corresponds to the operating income before amortization and impairment of purchase accounting intangible assets and before goodwill impairment.
The accompanying notes are an integral part of the consolidated financial statements.
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Other comprehensive income
(in millions of euros) | Note | First half 2021 | First half 2020 |
Profit for the period | 1,587 | 821 | |
Other comprehensive income: | |||
Translation adjustment | 778 | (528) | |
Cash-flow hedges | 148 | 2 | |
Income tax effect of cash flow hedges | (4) | - | |
Net gains/(losses) on financial assets | (1) | (6) | |
Income tax effect of gains/(losses) on financial assets | - | - | |
Actuarial gains/(losses) on defined benefit plans | 13 | 131 | (107) |
Income tax effect of actuarial gains/(losses) on defined benefit plans | (30) | 15 | |
Other comprehensive income for the period, net of tax | 1,022 | (624) | |
(526) | |||
of which to be recycled in income statement | 922 | ||
of which not to be recycled in income statement | 100 | (98) | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 2,609 | 197 | |
attributable to owners of the parent | 2,392 | 203 | |
attributable to non-controlling interests | 217 | (6) | |
The accompanying notes are an integral part of the consolidated financial statements.
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2. Consolidated statement of cash flows
(in millions of euros) | Note | First half 2021 | First half 2020 |
Profit for the period | 1,587 | 821 | |
Share of (profit)/losses of associates | (53) | (40) | |
Income and expenses with no effect on cash flow: | |||
Depreciation of property, plant and equipment | 341 | 348 | |
Amortization of intangible assets other than goodwill | 326 | 230 | |
Impairment losses and fair value adjustments on financial assets | (19) | 45 | |
Increase/(decrease) in provisions | 30 | 132 | |
Losses/(gains) on disposals of assets | (74) | (9) | |
Difference between tax paid and tax expense | (66) | (121) | |
Other non-cash adjustments | 64 | 53 | |
Net cash provided by operating activities | 2,136 | 1,459 | |
Decrease/(increase) in accounts receivables | (283) | 628 | |
Decrease/(increase) in inventories and work in progress | (626) | (481) | |
(Decrease)/increase in accounts payables | 304 | 31 | |
Decrease/(increase) in other current assets and liabilities | (73) | (333) | |
Change in working capital requirement | (678) | (155) | |
TOTAL I - CASH FLOWS FROM OPERATING ACTIVITIES | 1,458 | 1,304 | |
Purchases of property, plant and equipment | (230) | (225) | |
Proceeds from disposals of property, plant and equipment | 29 | 28 | |
Purchases of intangible assets | (178) | (142) | |
Net cash used by investment in operating assets | (379) | (339) | |
Acquisitions and disposals of businesses, net of cash acquired & disposed | 2 | (3,958) | (140) |
Other long-term investments | 17 | 16 | |
Increase in long-term pension assets | (34) | (37) | |
Sub-total | (3,975) | (161) | |
TOTAL II - CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES | (4,354) | (500) | |
Issuance of bonds | - | 1,786 | |
Repayment of bonds | - | - | |
Sale/(purchase) of own shares | - | (50) | |
Increase/(decrease) in other financial debt | 819 | 1,113 | |
Increase/(decrease) of share capital | - | - | |
Dividends paid to Schneider Electric's shareholders | (1,447) | (1,413) | |
Dividends paid to non-controlling interests | (42) | (14) | |
TOTAL III - CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES | (670) | 1,422 | |
TOTAL IV - NET FOREIGN EXCHANGE DIFFERENCE | 199 | (92) | |
INCREASE/(DECREASE) IN NET CASH AND CASH EQUIVALENTS: I +II +III +IV | (3,367) | 2,134 | |
Net cash and cash equivalents, beginning of the period | 15 | 6,762 | 3,395 |
Increase/(decrease) in cash and cash equivalents | (3,367) | 2,134 | |
NET CASH AND CASH EQUIVALENTS, END OF THE PERIOD | 15 | 3,395 | 5,529 |
The accompanying notes are an integral part of the consolidated financial statements.
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3. Consolidated balance sheet
Assets
(in millions of euros) | Note | June 30,2021 | Dec. 31, 2020 |
NON-CURRENT ASSETS: | |||
Goodwill, net | 9 | 23,787 | 19,956 |
Intangible assets, net | 6,451 | 5,033 | |
Property, plant and equipment, net | 3,694 | 3,619 | |
Investments in associates and joint ventures | 10 | 791 | 598 |
Non-current financial assets | 11 | 817 | 776 |
Deferred tax assets | 1,996 | 1,984 | |
TOTAL NON-CURRENT ASSETS | 37,536 | 31,966 | |
CURRENT ASSETS: | |||
Inventories and work in progress | 3,561 | 2,883 | |
Trade and other operating receivables | 6,179 | 5,626 | |
Other receivables and prepaid expenses | 2,025 | 2,094 | |
Current financial assets | 17 | 18 | |
Cash and cash equivalents | 15 | 3,572 | 6,895 |
TOTAL CURRENT ASSETS | 15,354 | 17,516 | |
TOTAL ASSETS | 52,890 | 49,482 | |
The accompanying notes are an integral part of the consolidated financial statements.
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Schneider Electric SE published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 05:38:07 UTC.