ASPECTOS GENERALES
Capítulo 1 Aspectos generales
1.3 El sistema de alcantarillado en Lima
1.4.2 Objetivos específicos
Alstom has concluded on 22 December 2014 an agreement with the US Department of Justice (DOJ) in order to put an end to the investigation conducted in the United States from 2010 on subsidiaries of the Group relating to alleged potential violations of the Foreign Corrupt Practices Act (FCPA).
Two US subsidiaries, Alstom Power Inc. and Alstom Grid Inc. (formerly known as Alstom T&D Inc.), have agreed to enter into deferred
prosecution agreements with the DOJ relating to FCPA charges. If these two US subsidiaries fulfil the terms of their deferred prosecution agreements, all criminal charges will be dismissed against them at the end of three years. Another Alstom subsidiary, Alstom Network Schweiz AG (formerly known as Alstom Prom AG), has agreed to plead guilty to FCPA antibribery charges. In relation to these underlying charges, the ultimate parent company of the Group, Alstom S.A. has agreed to plead guilty to violating the books and records and internal controls provisions of the FCPA and to pay a fine of approximately $772 million.
The DOJ agreement has also stipulated that no part of the fine can be passed on to GE as part of the projected sale of Alstom’s energy businesses.
The Plea agreements concluded with the DOJ are subject to approval by the competent American court.
Payment of the fine is expected to occur ten days after entry of judgement and pronouncement of sentence, based upon such approval. Sentencing is currently scheduled for June 2015 which schedule could be postponed by the Court.
NOTE 4 • OPERATING INCOME
At the financial year ended 31 March 2015, operating income is essentially made of €128 million management fees invoiced to the Group’s Companies for the use of the ALSTOM name.
Administrative costs and other operating expenses include management fees invoiced by ALSTOM Holdings, external operating expenses, the
gross compensation paid to the Chairman and Chief Executive Officer (€1,744,495 paid for the financial year ended 31 March 2015) and directors’ fees due for the fiscal year (€1,264,000 for the same financial year ended).
NOTE 5 • FINANCIAL INCOME
(in € million)
Year ended at
31 March 2015 31 March 2014Year ended at
Net interest income on advances made to ALSTOM Holdings 168 172
Interest expenses on bonds (156) (168)
Interest expenses on borrowings (13) (4)
Provision ‑ (900)
Bonds issuance costs and premiums recognised as income or expense (7) (5) y
y Amortisation expense on deferred charges (8) (7)
y
y Amortisation income on premium received 1 2
Change differences ‑ ‑
TOTAL (8) (905)
At 31 March 2015, the Company has performed an impairment test of its investments in ALSTOM Holdings based on a multi‑criteria approach (see Note 2.1 and Note 8.1).
In view of the sale by the Company of the Energy activities to General Electric, the projected transaction was taken into consideration, when necessary, to appraise the inventory value.
As a result of the test, no additional provision for impairment was recorded as at 31 March 2015.
The net interest charge of the year, amounts to €1 million. The variation of net interest expenses is explained by:
y
ythe repayment of bonds decreasing interest expenses on bonds (see Note 14).
y
ycommercial papers issued or credit lines used within the last two financial years increasing interest expenses on borrowings (see Note 15).
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FINANCIAL INFORMATION
STATUTORY ACCOUNTS
Notes to the statutory financial statements
NOTE 6 • NON-RECURRING RESULT
(in € million)
Year ended at 31 March 2015
Year ended at 31 March 2014
Non-recurring income
Non-recurring
expense Net amount Net amount
Disposals of fixed assets ‑ ‑ ‑ ‑
Addition or release of provisions 66 (722) (656) (30)
Other ‑ (30) (30) (15)
TOTAL 66 (752) (686) (45)
Non‑recurring costs are mainly related to litigations on: y
yconclusion of the agreement with US Department of Justice (DOJ) in order to put an end to the investigation conducted in the United States relating to alleged potential violations of the Foreign Corrupt Practices Act (FCPA). Alstom S.A. has agreed to plead guilty to violating the
books and records and internal controls provisions of the FCPA and to pay a fine of approximately USD772 million, corresponding to a provision of €719 million (see Note 12.2);
y
y litigations on “Alleged anti‑competitive activities” and “alleged illegal payments (see Note 12.1).
NOTE 7 • INCOME TAX
The €39 million Income tax credit is mainly linked to the tax grouping. In the absence of tax grouping, a €12 million income tax charge would have been recorded at 31 March 2015.
The deferred tax position of the Company at 31 March 2015, amounting to €1,188 million is mainly composed of tax losses carried forward.
NOTE 8 • FINANCIAL ASSETS
(in € million) At 31 March 2014 Provision Release At 31 March 2015
Investments y y ALSTOM Holdings 9,216 ‑ ‑ 9,216 y y Impairment (900) ‑ ‑ (900) TOTAL 8,316 - - 8,316
8.1. Investments
ALSTOM Holdings is the Company’s sole subsidiary and owns all operating entities of the Group Alstom.
At 31 March 2015, the Company has performed an impairment test of its investments in ALSTOM Holdings based on a multi‑criteria approach (see Note 2.1) which took into account the results of an internal valuation and assumed values within the framework of the planned sale to General Electric.
As a result of the test, no additional provision for impairment was recorded as at 31 March 2015.
3
FINANCIAL INFORMATION
STATUTORY ACCOUNTS
Notes to the statutory financial statements
8.2.
Advances
(in € million) At 31 March 2014 Variation At 31 March 2015
Advances to ALSTOM Holdings y
y Gross value 7,068 (166) 6,902
y
y Accrued interests 53 (12) 41
TOTAL 7,121 (178) 6,943
Advances to ALSTOM Holdings have a maturity of less than one year and can be cancelled by anticipation, which ensures their liquidity.
NOTE 9 • RECEIVABLES
Current receivables can be broken down as follows:
(in € million) At 31 March 2015 At 31 March 2014 Total Within one year One to five years Out of which
related parties Total
Out of which related parties Current account with
ALSTOM Holdings ‑ ‑ ‑ ‑ 12 12
Trade receivables 17 17 ‑ 17 8 8
«Research tax credit & others» receivable from the
French Tax administration 145 39 106 ‑ 95 ‑
Other receivables 9 9 ‑ 8 2 ‑
TOTAL 171 65 106 25 117 20
NOTE 10 • DEFERRED CHARGES
(in € million) At 31 March 2014
Amount capitalised during the period Amortisation expense of the period At 31 March 2015
3
FINANCIAL INFORMATION
STATUTORY ACCOUNTS
Notes to the statutory financial statements
NOTE 11 • SHAREHOLDERS’ EQUITY
11.1. Share capital
At 31 March 2015, ALSTOM’s share capital amounted to €2,168,547,479 consisting of 309,792,497 ordinary shares with a par value of €7 each and fully paid.
The variations of share capital during the period are the following:
Number Par value (in €)
Existing shares at beginning of year 308,702,146 7
y y capital increase ‑ 7 y y reimbursement of bonds 89 7 y y exercise of options 481,126 7 y
y subscription of shares under employee sharing program 609,136 7
EXISTING SHARES AT YEAR END 309,792,497 7
At 31 March 2014, ALSTOM’s share capital amounted to €2,160,915,022 consisting of 308,702,146 ordinary shares with a par value of €7 and fully paid.
11.2. Changes in shareholders’ equity
(in € million) At 31 March 2014
Shareholders’ Meeting held 1 July 2014 Other movements At 31 March 2015 Capital 2,161 ‑ 8 2,169
Additional paid‑in capital 876 ‑ 3 879
Legal reserve 210 ‑ ‑ 210 Restricted reserve 17 ‑ (8) 9 General reserve 7,470 (207) 4 7,267 Retained earnings 645 (645) ‑ ‑ Net profit (852) 852 (597) (597) TOTAL 10,527 - (590) 9,937
“Other movements” for the period arise from: y
y€6 million cash contribution, resulting from the exercise of options; y
ysubscriptions of shares under employee sharing programme; y
ythe €(597) million net loss.
NOTE 12 • PROVISIONS FOR RISKS AND CHARGES
12.1. Provisions for litigations and disputes
(in € million) At 31 March 2014 Additions Releases At 31 March 2015
Litigations, disputes, and other 69 3 (66) 6
Fines ‑ 719 ‑ 719
Post‑employment defined benefits 10 1 ‑ 11
3
FINANCIAL INFORMATION
STATUTORY ACCOUNTS
Notes to the statutory financial statements