The financial result, comprising the cost of net financial debt and other financial charges and income, is an expense of euro 92 million in H1 2020 compared to an expense of euro 1 million last year. The net expense on net financial debt was euro 48 million in H1 2020, including a euro 51 million interest charge related to Epsilon’s acquisition debt. Last year, it was a net income of euro 15 million. Other financial income and expenses were a charge of euro 44 million in H1 2020, notably composed by euro 40 million interest on lease liabilities. Other financial income and expenses were a charge of euro 16 million in H1 2019, including euro 30 million of interest on lease obligations and 19 million in income from the fair value remeasurement of Mutual Funds.
The revaluation of earn-out payments amounted to a profit of euro 2 million at end-June, compared to a charge of 1 million in H1 2019.
The tax charge is euro 39 million, corresponding to a forecast effective tax rate of 25.0% in 2020, compared to euro 136 million in H1 2019, corresponding to a forecast effective tax rate of 25.8% in 2019.
The share in the profit of associates is a loss of euro 2 million, compared to a loss of euro 5 million in H1 2019. Minority interests were an income of euro 13 million in Groupe results in H1 2020 compared to a loss of 1 million in the previous year.
Overall, net income attributable to the Groupe was euro 136 million at June 30, 2020, compared to 345 million euro at June 30, 2019.
| (in millions of euros) | June 30, 2020 | December 31, 2019 |
|---|---|---|
| Goodwill (net) | Goodwill (net) June 30, 2020 11,526 | Goodwill (net) December 31, 2019 11,629 |
| Other intangibles (net) | Other intangibles (net) June 30, 2020 1,852 | Other intangibles (net) December 31, 2019 1,979 |
| Net right-of-use assets related to leases | Net right-of-use assets related to leases June 30, 2020 1,831 | Net right-of-use assets related to leases December 31, 2019 2,122 |
| Other fixed assets (net) | Other fixed assets (net) June 30, 2020 903 | Other fixed assets (net) December 31, 2019 969 |
| Current and deferred taxes | Current and deferred taxes June 30, 2020 (371) | Current and deferred taxes December 31, 2019 (498) |
| Working capital requirements | Working capital requirements June 30, 2020 (2,423) | Working capital requirements December 31, 2019 (2,969) |
| Total assets | Total assets June 30, 2020 13,318 | Total assets December 31, 2019 13,232 |
| Group share of Shareholders’ equity | Group share of Shareholders’ equity June 30, 2020 7,030 | Group share of Shareholders’ equity December 31, 2019 7,401 |
| Minority interests | Minority interests June 30, 2020 (21) | Minority interests December 31, 2019 (9) |
| Total shareholders’ equity | Total shareholders’ equity June 30, 2020 7,009 | Total shareholders’ equity December 31, 2019 7,392 |
| Long- and short-term provisions | Long- and short-term provisions June 30, 2020 694 | Long- and short-term provisions December 31, 2019 596 |
| Net financial debt | Net financial debt June 30, 2020 3,221 | Net financial debt December 31, 2019 2,713 |
| Lease obligations | Lease obligations June 30, 2020 2,394 | Lease obligations December 31, 2019 2,531 |
| Total liabilities | Total liabilities June 30, 2020 13,318 | Total liabilities December 31, 2019 13,232 |
Consolidated equity attributable to holders of the parent company decreased from euro 7,401 million at December 31, 2019 to euro 7,030 million at June 30, 2020.
Minority interests were negative at euro 21 million, after euro 9 million at December 31, 2019.
