This chapter presents the main results and the most important events that characterized the Group’s operating performance in the first quarter of 2014. The presentation that follows is structured in accordance with the breakdown of the Group’s operations, which is based on the different geographic regions where the Group operates. This geographic regions are:
- Italy
- European Union (except Italy)
- European countries outside the European Union
- Asia
- Middle East
- Africa
- North America
- Latin America
- Asia Pacific
The “Other Activities” section provides an overview of the main activities performed by the Corporate functions and the events and reference parameters that concern the Group’s concessions.
The remaining activities related to the solid waste disposal projects in the Campania region (hereinafter “USW Campania Projects”), the discontinued operations of the Todini Group and of Fisia Babcock Environment G.m.b.H. are reviewed in the section of this Report entitled “Non-current assets held for sale.”
The contribution of the income statement of the various activities and the composition of invested capital are shown in the schedules presented on the pages that follow.
Income statement for the first quarter of 2014 by geographic region
| (amounts in thousands of euros) | ITALY | EU (except Italy) | Non-EU countries | ASIA | MIDDLE EAST | AFRICA | NORTH AMERICA | LATIN AMERICA | ASIA PACIFIC | ELIMINATION | Total for the Group |
|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||
| Operating revenue | 96,436 | 99,252 | 96,983 | 41,928 | 45,985 | 231,836 | 27,188 | 171,563 | 2,983 | (511) | 813,643 |
| Other revenue | 4,676 | 842 | 27,341 | 2,779 | 5,249 | 4,098 | 295 | 1,177 | 95 | (1,209) | 45,343 |
| Total revenue | 101,112 | 100,094 | 124,324 | 44,707 | 51,234 | 235,934 | 27,483 | 172,740 | 3,078 | (1,720) | 858,986 |
| Costs | |||||||||||
| Purchasing costs, subcontractors, services and other costs | (105,383 | (87,390) | (116,321) | (24,086) | (36,357) | (143,878) | (14,433) | (136,243) | (3,415) | 1,090 | (666,416) |
| Personnel costs | (25,062) | (7,588) | (6,492) | (5,056) | (6,018) | (23,981) | (8,290) | (22,069) | (346) | 630 | (104,272) |
| Depreciation and amortization | (13,159) | (651) | (212) | (2,962) | (1,525) | (16,217) | (3,354) | (5,147) | (4) | (43,231) | |
| Total costs | (143,604) | (95,629) | (123,025) | (32,104) | (43,900) | (184,076) | (26,077) | (163,459) | (3,765) | 1,720 | (813,919) |
| Operating profit (loss) (EBIT) | (42,492) | 4,465 | 1,299 | 12,603 | 7,334 | 51,858 | 1,406 | 9,281 | (687) | 45,067 | |
| Return on Sales | n,a, | 4,50% | 1,00% | 28,20% | 14,30% | 22,00% | 5,10% | 5,40% | n,a, | 0,00% | 5,20% |
| Profit (loss) from continuing operations | (1,749) | (4,276) | 8,503 | (2,407) | (1,849) | 2,517 | - | (14) | - | - | 725 |
Consolidated statement of financial position at March 1, 2014 by geographic region
| (amounts in thousands of euros) | ITALY | EU (except Italy) | Non-EU countries | ASIA | MIDDLE EAST | AFRICA | NORTH AMERICA | LATIN AMERICA | ASIA PACIFIC | ELIMINATION | Total for the Group |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-current assets | 574,616 | 43,838 | 4,572 | 45,314 | 37,008 | 234,765 | 27,091 | 67,609 | 59 | (207,189) | 827,683 |
| Assets (liabilities) held for sale | 237,625 | (24,569) | 23,823 | 2,627 | 5,359 | 1,772 | - | (15) | - | 2 | 246,624 |
| Provisions for risks, post-employment benefits, other employee benefits and other non-current assets (liabilities) | (105,672) | (1,230) | (1,438) | (1,285) | (726) | (6,772) | (619) | (10,159) | - | 4,024 | (123,877) |
| Other non-current assets (liabilities) | 5,922 | 980 | (1,183) | - | 116 | 4,051 | (2,270) | 91 | - | - | 7,707 |
| Tax assets (liabilities) | 88,637 | (7,640) | 212 | 1,634 | (328) | (30,277) | 4,394 | 46,903 | 760 | - | 104,295 |
| Working capital | 632,642 | (94,900) | 30,287 | 19,144 | (103,035) | (85,663) | (28,814) | 120,452 | (9,574) | (124) | 480,415 |
| Net invested capital | 1,433,770 | (83,521) | 56,273 | 67,434 | (61,606) | 117,876 | (218) | 224,881 | (8,755) | (203,287) | 1,542,847 |
| Shareholders’ equity | 908,752 | ||||||||||
| Net financial position | 634,095 | ||||||||||
| Total financial resources | 1,542,847 |