Agrietamiento por flexión

When only part of the investment is subject to a payment commit- ment from the grantor, the amount guaranteed by the grantor is recognized as a financial asset, and the remaining value is recognized as an intangible asset according to the hybrid model.

Based on its analysis, RATP group applies IFRIC 12 to account for RATP’s transport operation arrangements in Île-de-France and cer- tain agreements entered into by RATP Dev’s transport subsidiaries, according to the principles described in Note 13.

2.9 ASSET IMPAIRMENT

2.9.1. IMPAIRMENT OF CASH-GENERATING UNITS

(CGUS)

The assets to be tested for impairment are combined in Cash- Generating Units (CGUs).

A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

The CGUs defined for ePIC RATP correspond to Infrastructure management (IM) and Transport operations (TO) activities resulting from the accounting separation since 2012 (see Note 2.21).

The other CGUs are defined at subsidiary level in terms of the business or geographical area: France/Switzerland, Italy, USA, United Kingdom and Asia. Since 2015, the “Sightseeing” business has comprised a new CGU. These CGUs are included in the TO (Transport Operations) operating segment.

An impairment test is carried out:

•

annually on all CGUs containing goodwill or other intangible assets with indefinite useful lives; or

•

when there is an indication of impairment.

For impairment testing, the carrying amount of the CGU is com- pared to its recoverable value. The recoverable value of a CGU is the higher of its fair value less costs to sell and its value in use. In the event of impairment, an impairment loss is recognized in operating income. Impairment losses on goodwill cannot be reversed.

Value in use is determined by discounting the CGU’s expected future cash flows using an appropriate discount rate based on the nature of the business, and taking into consideration its residual value.

2.9.2. IMPAIRMENT OF OTHER ASSETS

For all non-financial assets, impairment testing is performed whenever there is an indication of impairment. The carrying amount of the non-financial asset is compared to its recoverable value, which is defined as the higher of selling price less costs to sell and its value in use.

2.10 FINANCIAL ASSETS

The Group’s financial assets are classified in one of the three following categories: available-for-sale financial assets, loans and receivables (other financial assets), and financial assets at fair value through profit and loss (derivative financial instruments and financial assets designated as fair value hedges). When initially recognized on the transaction date, financial assets are measured at fair value, plus direct transaction costs.

2.10.1 AVAILABLE-FOR-SALE FINANCIAL ASSETS

Available-for-sale (AFS) financial assets primarily consist of unconsol- idated investments or shares in UCIT funds, which are not defined as cash and cash equivalents, and assets that do not meet the definition of other financial assets.

They are measured at fair value. Subsequent changes in fair value are recognized in other comprehensive income under equity until their disposal. However, if there is an indication of a significant or lasting impairment of an AFS asset, the accumulated impairment loss is recognized in the income statement. If there is an improve- ment in the value following an impairment loss and it relates to equity instruments, it is recognized under other comprehensive income.

If fair value cannot be determined reliably for unlisted securities, the fair values are stated at cost less any impairment losses.

2.10.2 LOANS AND RECEIVABLES

(OTHER FINANCIAL ASSETS)

Other financial assets mainly consist of receivables relating to subsidiaries and affiliated companies, loans and security deposits. These financial assets are initially measured at fair value, then at amortized cost using the effective interest rate method.

Impairment tests are performed when there is an indication that the present value of the flows using the initial effective interest rate is lower than the carrying amount. Impairment is recorded in the income statement.

2.10.3 DERIVATIVE FINANCIAL INSTRUMENTS

The Group uses interest rate derivative instruments, currency derivatives or commodity derivatives (fuel) to manage its exposure to interest rate, exchange rate and diesel price escalation risk.

These instruments are only used for risk management purposes. These risks are managed according to objectives set by the Group’s Finance department.

2.10.3.1 Recognition of derivative financial instruments

in the balance sheet

Derivative financial instruments are recognized in the balance sheet under financial assets and liabilities.

Derivative instruments are measured at their fair value when initially recognized, then subsequently re-measured at each reporting date until maturity. At each reporting date, the fair value of the derivative financial instruments is calculated on the basis of market values using the valuation models and methods commonly used on the markets or using external valuations provided by counterparties (Note 2.20).

The method of accounting for derivative financial instruments varies according to whether they are designated as fair value hedges, cash flow hedges or are not qualified as hedging instruments.

2.10.3.2 Hedging instruments

For hedging transactions, the Group applies the following arrange- ments: derivative financial instruments are recorded in the balance sheet at their fair value at the reporting date, based on their hedge classification.

Fair value hedges

A fair value hedge is a hedge of the exposure to a change in the fair value of a recognized asset or liability, or of an unrecognized firm commitment.

The hedged item and the hedging instrument are re-measured, and changes in their fair values are recorded immediately in profit or loss. The net effect of the ineffective portion of the hedge is recognized immediately in the income statement.

Cash flow hedges

A cash flow hedge is a hedge of the exposure to a highly probable forecast transaction that is not recorded in the balance sheet. Changes in the fair value of the effective portion of the derivative instrument are recognized under other comprehensive income (cash flow hedge reserves) and are transferred to the income statement as the hedged transaction is settled. Changes in the fair value of the ineffective portion are recognized immediately in the income statement.

Effectiveness tests are performed when the hedges are set up and then subsequently at each reporting date. Hedge accounting can no longer apply if effectiveness tests show that the limits set by IAS 39 (80%-125%) are no longer respected. If this is the case, the derivative instrument is no longer classified as a hedging instrument.

2.10.3.3 Derivatives not classified as hedges

Although they are part of the Group’s hedging policy, some transac- tions do not qualify as hedging operations as they do not meet the criteria. These are essentially hedges of intra-group transactions in foreign currencies.

Any changes in fair value of these derivative financial instruments are immediately recorded in the income statement.

Quantitative data on the use of these derivative financial instru- ments are provided in Note 28.

2.11 INVENTORIES

Inventories and assets under production are measured at the lower of cost (including associated transaction costs) and net realizable value. Cost is calculated using the weighted average cost method.

2.12 TRADE AND OTHER RECEIVABLES

Trade and other receivables are recorded at fair value, which equates to their face value, as the effect of discounting is not material for assets that are due within one year.

Impairment is recorded if there is collectability risk, to reduce the carrying amount to probable realizable value.

2.13 CASH AND CASH EQUIVALENTS

The line item “Cash and cash equivalents” includes bank accounts, liquid investments and cash equivalents.

Cash equivalents comprise risk-free investments with maturities of three months or less, which can almost immediately be converted into cash and with negligible risk of change in value. They are held exclusively to meet the Group’s short-term cash requirements.

They include:

•

negotiable instruments that are measured at their nominal value, as justified by their maturity date (less than three months) and credit risk level;

•

shares in short-term money market funds, which are measured at net asset value at the reporting date;

•

long-term deposits redeemable with no risk to invested capital, measured at their nominal value;

•

collateral deposits.

2.14 EQUITY

2.14.1 CAPITAL STOCK

RATP was formed by the Act of March 21, 1948. However, no capital was transferred to it at that time. In 1986, the public authorities allocated RATP capital, partially in exchange for the early repayment of the loans previously granted to it by the economic and Social Development Fund. The amount allocated was increased by €150 million in July 2010 as part of the national recovery plan announced at the start of 2009.

2.14.2 RESERVE FOR ASSETS ALLOCATED TO RATP

The equity contra-account entitled “Reserve for assets allocated to RATP” shown in liabilities essentially reflects the residual value at January 1, 1949 – when RATP was created – of the assets provided for use by RATP at that time and that remained on the balance sheet at December 31, 1976.

2.15 PROVISIONS

A provision is recognized at the reporting date if the Group has a current obligation towards a third party as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the obligation can be reliably estimated. This obligation may be legal, regulatory, contractual or implicit. The provision recognized corresponds to the estimated amount of resources the Group requires to settle the obligation.

Provisions are discounted if the effect of discounting is material. Decommissioning costs mainly concern railway rolling stock. A provision is recorded to offset the amount recorded under fixed assets, and the asset components are amortized over the useful life of the trains. Any increase in the liability provisioned in terms of cost or term to maturity (decommissioning component) is capitalized in the value of the associated equipment. As the effect of discounting is not material, the provisions are not discounted.

A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity, or a present obligation for which it is unlikely that an outflow of resources will be required or for which the obligation amount cannot be measured in a reliable manner.

Contingent liabilities are not recognized in the financial statements unless they relate to business combinations. However, disclosure is required in the Notes to the financial statements.

2.16 EMPLOYEE BENEFITS

2.16.1 DEFINED CONTRIBUTION PLANS

The organization of RATP’s pension funding scheme ensues from the application of the following decrees:

•

decree No. 2005-1635 of December 26, 2005 regarding the RATP pension fund (CRP-RATP);

•

decree No. 2005-1636 of December 26, 2005 regarding the financial agreements made under the special pension scheme for RATP employees, as well as the base and contribution rates to the scheme. The decree amends decree No. 59-157 of January 7, 1959 on passenger transport services in the Île-de-France region;

•

decree No. 2005-1637 of December 26, 2005 regarding RATP

pension fund resources;

•

decree No. 2005-1638 of December 26, 2005 setting the rates of contributions to the RATP pension fund.

These decrees state that the CRP-RATP (RATP pension fund), a State entity, assumes the liability for the payment of retirement pensions. RATP’s obligation is to pay contributions, which are cal- culated in a specific manner, but are equal to the amounts payable by all companies with employees under statutory social protection schemes (compulsory pension schemes such as the French national pension fund (Caisse nationale d’assurance vieillesse) and the complementary pension fund for managers/employees (Association générale des institutions de retraite des cadres/Association pour le régime de retraite complémentaire des salariés Agirc-Arrco). The European Commission authorized this scheme on July 13, 2009 by a decision addressed to the French authorities.

RATP pays employer contributions into the CRP-RATP employees’ pension fund. Pursuant to the decrees of December 2005, these con- tributions are the only requirement incumbent upon RATP in terms of retirement obligations. RATP has no other actuarial liabilities. The payments made by RATP are expensed in the period they relate to. Expenses for 2015 amounted to €279,055 thousand. The expense is included in payroll and payroll-related costs as part of operating income and expense (see Note 5).

2.16.2 DEFINED BENEFIT PLANS FOR

POST-EMPLOYMENT BENEFITS

The net liability recorded in the balance sheet for post-employment benefit obligations corresponds to the present value of the defined benefit obligation at the reporting date. The present value of the obligation, as well as the cost of past services is calculated using the projected unit credit method. Under this method, rights to benefits are allocated to service periods in the same way as rights are acquired under the plan or on a straight-line basis when the rhythm of acquisition of the rights is not uniform and would significantly defer recognition of a provision for the obligation.

The amount of future payments for employee benefits is assessed using assumptions such as salary increase rate, retirement age, number of years’ service to date and mortality tables. They are discounted to their present value using a discount rate specific to each region and currency, namely:

•

the Bloomberg 15-year eurobond composite rate for companies with an AA rating (for the eurozone);

•

AA rated sterling-denominated corporate bonds (for UK companies).

Remeasurement of the net liability under post-employment benefit schemes (including changes in the liability and the financial assets due to changes in assumptions and experience adjustments) are recognized in “Other comprehensive income”. They may not be recycled through profit or loss.

Any effects of plan changes (gains or losses) are immediately recognized in profit or loss.

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