Question
Statement of Financial Position Assets Dec.31st 3017 De 31st 2016 Non Current Assets Goodwill 17,285.00 17,372.00 Intangible Assets Net 6,904.00 6,639.00 Property, Plant and Equipment
Statement of Financial Position
Assets
Dec.31st 3017
De 31st 2016
Non Current Assets
Goodwill
17,285.00
17,372.00
Intangible Assets Net
6,904.00
6,639.00
Property, Plant and Equipment net
51,024.00
57,739.00
Available for sale securities
2,656.00
2,997.00
Loans and receivables at amortised cost
2,976.00
2,250.00
Derivative Instrument
2,948.00
3,603.00
Investment in entities accounted for using equity method
7,409.00
624.00
Other Assets
567.00
431.00
Deferred Tax Assets
803.00
1,250.00
TOTAL NON CURRENT ASSETS
Loans and receivables at amortised cost
599.00
596.00
Derivative instruments
7,378.00
9,047.00
Trade and receivables net
20,311.00
20,535.00
Inventories
4,155.00
3,666.00
Other assets
8,492.00
10,692.00
Financial assets at fair value through income
1,608.00
1,439.00
Cash and cash equivalents
8,931.00
9,825.00
Assets classified as held for sale
6,587.00
3,506.00
TOTAL CURRENT ASSETS
58,131.00
59,595.00
TOTAL ASSETS
150,332.00
158,499.00
LIABILITIES
Dec.31st 3017
De 31st 2016
Shareholders
36,639.00
39,578.00
Non controlling interest
5,938.00
5,870.00
TOTAL EQUITY
Non-Current Assets
Provisions
18,428.00
19,461.00
Long Term Borrowing
25,292.00
24,411.00
Derivative Instrument
2,980.00
3,410.00
Other financial liabilities
32.00
200.00
Other liabilities
1,009.00
1,203.00
Deferred Tax liabilities
5,220.00
6,775.00
TOTAL NON CURRENT LIABILITIES
52,960.00
55,461.00
CURRENT LIABILITIES
Provisions
3,340.00
2,747.00
Short term borrowing
8,176.00
12,539.00
Derivative instruments
8,720.00
9,228.00
Trade and other payables
16,432.00
17,075.00
Other liabilities
14,756.00
15,702.00
Liabilities directly associated with asets clasified as held for sale
3,371.00
300.00
TOTAL CURRENT LIABILITIES
54,795.00
57,591.00
TOTAL EQUITY AND LIABILITIES
15,033.00
158,499.00
INCOME STATEMENT
Revenue
65,029.00
Purchase
-36,740.00
Personnel cost
10,082.00
Depreciation, amortization and provision
-3,736.00
Other operating expenses
-11,077.00
Other operating income
1,441.00
CUREENT OPERATING INCOME
4,835.00
Share in net income ofentities accounted for using the equity method
437.00
CURRENT OPERATING INCOME AFTER SHARE IN NET INCOME OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD
5,273.00
Mark-to market commodity contracts than trading instrument
-307.00
Impairments losses
-1,317.00
Restructuring costs
-671.00
Changes in scope of consolidation
752.00
Other non-recurring items
-911.00
INCOME(LOSS) FROM OPERATING ACTIVITIES
2,819.00
Financial expenses
-2,122.00
Financial Income
827.00
NET FINANCIAL INCOME(LOSS)
-1,296.00
Income tax benefit(expense)
425.00
NET INCOME(LOSS) RELATING TO CONTINUED OPERATION
1,948.00
NET INCOME(LOSS) RELATING TO DISCONTINUED OPERATION
290.00
NET INCOME(LOSS)
2,238.00
Net income (loss) Group shares
1,423.00
of which net income(loss) relating to continue operation, Group share
1,226.00
of which net income(loss) relating to discontinue operation, Group share
196.00
Non-Controlling interests
815.00
of which Non-controlling interests relating to continue operation
722.00
of which Non-controlling interests relating to discontinue operation
93.00
BASIC EARNINGS/(LOSS) PER SHARE(EUROS)
0.53
of which basic earning(loss) relating to continue operation per share
0.45
of which basic earning(loss) relating to discontinue operation per share
0.08
DILUTED EARNINGS(LOSS) PER SHARE (EUROS)
0.53
of which Diluted earnings(loss) relating to continue operatios per share
0.45
of which Diluted earnings(loss) relating to discontinue operatios per share
0.08
Based on the above:
1)a. Appraise GDF SUEZ's capital structure using the tools discussed in the module.
b. Critically evaluate theoretical advantages and disadvantages of the company's capital structure with regards to the debt and equity structure of the business. How these advantages and disadvantages apply to the specific company? Your answer must be accompanied by significant evidence from the literature.
2)a. Assess the above company from a short-term financing perspective and comment on the application of the matching principle. What conclusions can you draw, how are they linked with the academic literature?
3)b. Critically evaluate the potential advantages and disadvantages of the GDF SUEZ'sstrategy around the working capital and backup your answer with significant evidence from the literature
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