Financial position of the Parent Company Salini Impregilo S.p.A.

Tab. 5 - Reclassified statement of financial position of the Parent Company Salini Impregilo S.p.A.

(Amounts in €/000) Note (*) December 31, 2015 December 31, 2014 Change 
Property, plant and equipment, intangible assets  and non-current financial assets  4-5-6 1,086,621 1,055,488 31,133
Provisions for risks  22 (29,884) (36,952) 7,068
Post-employment benefits and employee benefits  21 (12,090) (11,322) (768)
Net tax assets  8-13-25 60,499 18,629 41,870
Inventories  9 198,256 192,130 6,126
Contract work in progress  10 938,856 765,792 173,064
Progress payments and advances on contract work in progress  23 (1,003,418) (803,169) (200,249)
Receivables (**)  11 1,027,402 986,438 40,964
Payables  24 (899,898) (863,255) (36,643)
Other current assets  14 215,530 318,956 (103,426)
Other current liabilities  26 (118,168) (137,152) 18,984
Working capital    358,560 459,740 (101,180)
Net invested capital    1,463,706 1,485,583 (21,877)
Equity  16 937,362 942,987 (5,625)
Net financial position    526,344 542,596 (16,252)
Total financial resources    1,463,706  1,485,583  (21,877)

(*) The note numbers refer to the notes to the financial statements of Salini Impregilo S.p.A. where the respective items are analysed in detail.
(**) The item is considered net of € 17.5 million (€ 65.9 million as at December 31, 2014) classified in the net financial position as part of the net receivables relating to Consortiums and Consortium companies upon which nobody exercises control and that work through cost transfers to which is given a share of the Group’s liquid resources possessed by SPVs.

 

Net invested capital

For the Parent Company the item increased by € 21.9 million compared to last year. The main changes that occurred in the year, refers to the effects hereinafter described.

Property, plant and equipment, intangible assets and non-current financial assets

Property, plant and equipment, intangible assets and non-current financial assets increased by € 31.1 million.
This caption is broken down as follows:

(Amounts in €/000) December 31, 2015 December 31, 2014 Change 
Property, plant and equipment  288,955 268,805 20,150
Intangible assets  118,066 84,058 34,008
Investments  679,600 702,625 (23,025)
Property, plant and equipment, intangible assets and non-current financial assets 1,086,621 1,055,488  31,133

Intangible assets, mainly referred to costs for the acquisition of projects, increased by € 34.0 million. This caption increased by € 56.6 million due to increase in investment stake in the companies that are constructing Line 3 of Riyadh’s metro and the Verona-Padua High Speed/High Capacity railway.

Amortisation amounted to € 17.4 million in the reporting year.

Post-employment benefits and employee benefits

This caption amounted to € 12.1 million and is basically unchanged compared to the previous year.

Net tax assets (liabilities)

As at December 31, 2015, net tax assets amounted to € 60.5 million (18.6 million). The caption is detailed as follows:

(Amounts in €/000) December 31, 2015December 31, 2014 Change 
Deferred tax assets  35,760 57,527 (21,767)
Deferred tax liabilities  (34,570) (97,872) 63,302
Net deferred tax assets  1,190 (40,345) 41,535
Current income tax assets  83,056 46,581 36,475
Current income tax liabilities  (47,775) (27,292) (20,483)
Net current tax assets  35,281 19,289 15,992
Other tax receivables  54,810 47,091 7,719
Other tax payables  (30,782) (7,406) (23,376)
Net other current tax assets  24,028 39,685 (15,657)
Total net tax assets  60,499 18,629 41,870
 

Working capital

The working capital as at December 31, 2015, amounted to € 358.6 million and decreased by €101.2 million compared to the previous year. The main changes in the working capital item derived from the evolution of the operational activity of the Company and from the production development during the year for
some projects in Italy and abroad.

Net financial position

The net financial debt of the Parent Company as at December 31, 2015, amounted to € 526.3 million, compared to € 542.6 million at the end of the previous year.

The table hereunder highlights the composition of the net financial position of Salini Impregilo S.p.A. as at December 31, 2015, compared to the previous year.

(Amounts in €/000) Note (*) December 31, 2015 December 31, 2014 Change 
Non-current financial assets  7 17,630 39,083 (21,453)
Current financial assets  12 483,347 435,927 47,420
Cash and cash equivalents  15 763,933 380,867 383,066
Total cash and cash equivalents and other financial assets    1,264,910  855,877 409,033
Bank and other loans  17 (675,989) (405,086) (270,903)
Bond issues  18 (396,211) (394,326) (1,885)
Payables under finance leases  19 (67,002) (88,673) 21,671
Total non-current indebtedness    (1,139,202) (888,085) (251,117)
Bank account overdrafts and current portion of financing facilities  17 (606,595) (529,102) (77,493)
Current portion of bond issues  18 (10,203) (10,203) -
Current portion of payables under finance leases  19 (42,081) (36,742) (5,339)
Total current indebtedness    (658,879) (576,047) (82,832)
Derivative liabilities  20 (10,685) (294) (10,391)
Net financial position held by SPVs and unconsolidated project companies (**)    17,512 65,953 (48,441)
Total other financial assets (liabilities)    6,827 65,659 (58,832)
Net financial debt held for sale    (526,344) (542,596) 16,252

(*) The note numbers refer to the notes to the consolidated financial statements where the items are analysed in .
(**) This item also considers that portion of net receivables/payables that relates to consortiums and/or to uncontrolled consortium companies that function through cost transfers, to which is given a share of the Group’s cash resources or financial debt held by SPVs. Balances within financial statements are included under
the item “Trade receivables”.