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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Impairment of goodwill and sensitivity analysis
6.3.1
The impairment tests performed on goodwill and other intangible assets in 2015 and 2014 in accordance with IAS
36 did not lead to the
recognition of any impairment losses on these assets.
The perpetual growth rates and discount rates (corresponding to the weighted average cost of capital – WACC) applied for impairment testing
purposes in 2015 and 2014 are presented below by CGU:
2015
2014
After-tax
Perpetual
After-tax
Perpetual
discount rate
growth rate
discount rate
growth rate
France
6.3%
1.6%
6.1%
2.0%
Spain
7.2%
2.1%
6.5%
2.0%
Italy
6.6%
1.6%
6.5%
1.9%
Belgium
6.5%
1.8%
5.9%
2.0%
Poland
8.2%
2.5%
7.6%
2.3%
Romania
8.5%
2.5%
8.2%
2.1%
Brazil
13.2%
5.0%
11.1%
3.6%
Argentina
19.5%
8.8%
20.3%
7.7%
China
9.5%
2.4%
9.3%
3.0%
Taiwan
7.7%
1.8%
7.1%
2.0%
CGUs for which the recoverable amount
6.3.1.1
Sensitivity analyses were performed to determine the changes in the
main assumptions that would lead to an impairment loss being
of goodwill was close to the carrying
recognized. The amounts below represent the difference between the
amount
recoverable amount and the carrying amount of the net assets
The tests carried out at December
31, 2015 did not reveal any
allocated to the CGU concerned. The "-" sign indicates that the
impairments of goodwill.
scenario would have led to the recognition of an impairment loss for
the amount shown.
For the Italy and Poland CGUs, the recoverable amount of goodwill was
found to be close to – but still greater than – the carrying amount.
ITALY
Sensitivity to changes in WACC and perpetual growth rate
WACC (%)
(1.0)%
(0.50)%
0.00%
0.50%
1.0%
(0.50)%
472
222
19
(151)
(293)
Perpetual growth (%)
(0.25)%
611
333
109
(75)
(230)
0.00%
768
457
209
7
(161)
0.25%
945
595
319
97
(87)
0.50%
1,148
750
442
196
(5)
Sensitivity to changes in net sales and EBITDA margin growth rates
Net sales growth (%)*
(1.00)%
(0.50)%
0.00%
0.50%
1.00%
(0.50)%
(264)
(221)
(176)
(131)
(85)
EBITDA margin growth (%)*
(0.25)%
(81)
(33)
16
67
119
0.00%
101
155
209
265
322
0.25%
284
342
402
463
526
0.50%
466
530
595
661
729
Adjustment variable for each of the years covered by the business plan.
*
2015 REGISTRATION DOCUMENT
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