Reclassified statement of financial position
| (Values in €/000) | Note (*) | 31 December 2013 | 31 December 2012 (§) | Variation |
|---|---|---|---|---|
| Non-current assets | 1–2–3 | 642,216 | 646,122 | (3,906) |
| Provisions for risks | 20 | (206,866) | (253,477) | 46,611 |
| Post-employment benefits and employee benefits | 19 | (11,690) | (11,403) | (287) |
| Other non-current assets, net | 5–6 | 2,111 | 89,031 | (86,920) |
| Net tax liabilities | 7 –12–23 | (17,866) | (30,221) | 12,355 |
| Inventories | 8 | 30,333 | 32,763 | (2,430) |
| Contract work in progress | 9 | 437,560 | 490,758 | (53,198) |
| Advances on contract work in progress | 21 | (130,837) | (74,813) | (56,024) |
| Loans and receivables | 10 | 805,797 | 647,868 | 157,929 |
| Payables | 22 | (486,314) | (512,968) | 26,654 |
| Other current assets | 13 | 46,637 | 51,659 | (5,022) |
| Other current liabilities | 24 | (45,950) | (59,715) | 13,765 |
| Working capital | 657,226 | 575,552 | 81,674 | |
| Net invested capital | 1,065,131 | 1,015,604 | 49,527 | |
| Equity | 15 | 1,193,825 | 1,682,283 | (488,458) |
| Net financial position | 128,694 | 666,679 | (537,985) | |
| Total financial resources | 1,065,131 | 1,015,604 | 49,527 |
(*) The note numbers refer to the notes to the separate financial statements where the items are analysed in detail.
Net invested capital
For the Parent Company, this item increases overall by € 49.5 million compared with the previous year.
The main variations of the year contributing to the decrease are described belo.
Non-current assets
Net non-current assets fell overall by € 3.9 million:
| (Values in €/000) | 31 December 2013 | 31 December 2012 | Variation |
|---|---|---|---|
| Property, plant and equipment | 16,731 | 32,986 | (16,255) |
| Intangible assets | 44,948 | 32,941 | 12,007 |
| Equity investments | 580,537 | 580,195 | 342 |
| Total non-current assets | 642,216 | 646,122 | (3,906) |
Property, plant and equipment decreased by approximately € 16.3 million due to depreciation of € 14.1 million and disposals of € 4.0 million at certain sites being closed down, net of investments of € 1.9 million, mainly relating to foreign contracts.
Intangible assets increased by € 12.0 million following the acquisition of an additional stake in the Milan - Genoa High-Speed & Capacity Railway Project.
Provisions for risks
Risk provisions amounted to € 206.9 million, an overall decrease of € 46.6 million, due mainly to provision for risks on investments (i.e.: investments with negative carrying value). This item was increased by € 14.6 million as a result of adjustments to the carrying values in some SPVs performing contracts for which a residual loss has been recorded, and reduced by about € 61.3 million due to write-offs recorded during 2013, corresponding to losses detected and recorded the previous year.
Post-employment benefits and employee benefits
This item amounted to € 11.7 million, with little change compared with the previous year. Ordinary operating dynamics saw operational provisions of € 6.6 million, payments and transfers to the funds of € 6.7 million and other variations decreased to € 0.4 million.
Other non-current assets, net
This item mainly comprises non-current intragroup loans and receivables. Compared with the previous year, they are reduced to a total of € 86.9 million attributable mainly to the recoveries made during the year by the subsidiary Fibe S.p.A. which allowed it to repay some of the loans made by the Parent Company to support its operations in the light of the continuing defaults of the debtor public administrations.
Net tax liabilities
At 31 December 2013, net tax liabilities showed a balance of € 17.9 million, down by € 12.4 million compared with the previous year. The breakdown and variations for this item are as follows:
| (Values in €/000) | 31 December 2013 | 31 December 2012 | Variation |
|---|---|---|---|
| Deferred tax assets | 36,434 | 37,948 | (1,514) |
| Deferred tax liabilities | (98,931) | (115,575) | 16,644 |
| Total deferred assets (liabilities) | (62,497) | (77,627) | 15,130 |
| Current tax assets | 42,712 | 52,565 | (9,853) |
| Current tax liabilities | (45,748) | (41,848) | (3,900) |
| Total | (3,036) | 10,717 | (13,753) |
| Other current tax assets | 51,992 | 45,004 | 6,988 |
| Other current tax liabilities | (4,325) | (8,315) | 3,990 |
| Total other current tax assets (liabilities) | 47,667 | 36,689 | 10,978 |
| Total tax assets (liabilities) | (17,866) | (30,221) | 12,355 |
A more detailed examination of the variations affecting these items is provided in the notes to the separate financial statements of Impregilo S.p.A. for the year 2013 provided elsewhere in this Report.
Working capital
Working capital at 31 December 2013 amounted to € 657.2 million, an increase of € 81.7 million compared with the previous year. The main changes in working capital related to developments in the Company's operating activities and the greater production on certain domestic and international contracts during the year. They are summarised below:
- inventories amounted to € 30.3 million, a decrease of € 2.4 million mainly due to the progress achieved in the Orastie - Sibiu motorway works in Romania;
- Contract work in progress fell from € 490.8 million to € 437.6 million, a decrease of € 53.2 million. This variation reflects, on the one hand, the decrease resulting from progress achieved in certain domestic projects which, at the end of 2013, were substantially complete, and the sale of the contract relating to the construction activities for the Milan East Outer Ring Road project, as mentioned earlier in this Report; and on the other hand, it reflects the increase due to the start-up of certain new contracts - Qatar and Jonica Trunk Road - and activities in Venezuela;
- advances on work in progress amounted to € 130.8 million, an increase of € 56.0 million. The variation is due mainly to payments received under contracts acquired in 2013 in Saudi Arabia (Riyadh Metro) and Qatar (Red Line North);
- receivables increased by € 157.9 million from € 647.9 million to € 805.8 million. The increase in receivables largely reflects the greater exposure to Venezuelan clients recorded during the period as a result of temporary delays in payments in this area resulting from conditions recently experienced in the country and described in the 'Risk Areas' section for the Construction segment elsewhere in this Report; and the recording of receivables from Italian projects due to improved prospects concerning certain disputes with clients compared with forecasts for previous years.
- payables decreased by € 26.7 million, resulting in an increase in working capital. Third party payables decreased by € 37.6 million, while payables to Group companies increased by € 10.9 million.
- other current assets decreased by € 5.0 million mainly due to the absorption of advances to suppliers;
- other current liabilities decreased by € 13.8 million compared with the previous year, due largely to the settlement of debts for the previous purchase of a business unit relating to the Milan - Genoa High-Speed & Capacity Railway contract. Payment of these amounts occurred in the second half of the year after reaching agreement with the other party.
Net financial position
The net financial position of the Parent Company at 31 December 2013 was positive and amounted to € 128.7 million, compared with the previous year’s figure which was positive and amounted to € 666.7 million.
In addition to the amount arising from the ordinary operating dynamics of the Parent Company for 2013, Impregilo S.p.A. distributed ordinary dividends totalling € 602.2 million.
The following table shows the Parent’s net financial position at 31 December 2013 compared with the previous year-end.
| (Values in €/000) | Note (*) | 31 December 2013 | 31 December 2012 | Variation |
|---|---|---|---|---|
| Non-current financial assets | 4 | 10,867 | 4,960 | 5,907 |
| Cash and cash equivalents | 14 | 304,032 | 876,983 | (572,951) |
| Total cash and cash equivalents and other financial assets | 314,899 | 881,943 | (567,044) | |
| Non-current bank loans | 16 | (78,674) | (78,295) | (379) |
| Finance lease payables | 17 | (2) | (16) | 14 |
| Total non-current indebtedness | (78,676) | (78,311) | (365) | |
| Current portion of bank loans and current account facilities | 16 | (94,981) | (105,243) | 10,262 |
| Current portion of finance lease payables | 17 | (17) | (28) | 11 |
| Total current indebtedness | (94,998) | (105,271) | 10,273 | |
| Derivative assets | 11 | 392 | 1,091 | (699) |
| Derivative liabilities | 18 | – | (65) | 65 |
| Other non-current financial assets | 4 | 17,420 | – | 17,420 |
| Current portion of factoring payables | 16 | (10,178) | (10,168) | (10) |
| Non-current portion of factoring payables | 16 | (20,165) | (22,540) | 2,375 |
| Total other items in net financial indebtedness | (12,531) | (31,682) | 19,151 | |
| Net financial position | 128,694 | 666,679 | (537,985) |
(*) The note numbers refer to the notes to the separate financial statements where the items are analysed in detail.