Plastic Omnium - 2018 Registration Document

5 2018 STATUTORY ACCOUNTS Comments on the statutory accounts www.plasticomnium.com PLASTIC OMNIUM 2018 REGISTRATION DOCUMENT 230 COMMENTS ON THE STATUTORY ACCOUNTS 5.1 BALANCE SHEET The main changes in the balance sheet involved the following items: the sale on December 18, 2018 of its subsidiary Plastic Omnium ● Environment BV to the consortium Latour Capital/Bpifrance (cf. Note C); the issue of a Schuldschein private placement of €300 million on ● December 21, 2018 to replace the private bond issue of €250 million issued October 4, 2012. inter-group financing of the increased participation of the Plastic ● Omnium group in its subsidiary HPBO. At December 31, 2018, Compagnie Plastic Omnium ended the year with positive net cash of €257.1 million, positive net cash of €20.5 million at December 31, 2017. EARNINGS PERFORMANCE Compagnie Plastic Omnium posted operating revenue of €49.7 million in 2018, compared with €43.9 million in 2017. This revenue can be broken down as follows: €30.1 million in trademark license fees from subsidiaries; ● €12.8 million in rents. ● Net operating profit came to €2.2 million in 2018, compared with a loss of €17.1 million in 2017. Net financial income for Compagnie Plastic Omnium was €211.4 million, versus €99 million in 2017. The change was largely due to: dividends from subsidiaries of €206.5 million in 2018, versus ● €104.6 million in 2017; net provision reversals of €14 million in 2018 on equity securities, ● versus net provisions of €8.7 million in 2017. After factoring in €6 million of exceptional non-operating income, net income before tax in 2018 amounted to €219.7 million, compared with €94.2 million in 2017. Income tax yielded taxable income of €12.1 million in 2018, compared with €17.6 million in 2017. As a result, the net profit for 2018 was €231.8 million, compared with €111.7 million in 2017. No non-deductible overhead expenses were added back to taxable income during 2018, in application of Articles 223 quater and 223 quinquies of the French General Tax Code.