At December 31, 2015, the Group’s consolidated net financial debt from continuing was € 26.8 million (€ 89.2 million), while that of the non-current assets held for sale was negative and amounted to € 18.9 million (negative by € 81.3 million). The improvement is mainly due to the optimization policy of the working capital that has been implemented during 2015.
At year-end, the Net Debt/Equity ratio (based on the Net financial position of continuing operations), on a consolidated basis, was 0.02.
The net financial debt for non-current assets held for sale refers to the divisions held for sale of Todini Costruzioni Generali S.p.A.
Gross debt increased by € 393.3 million compared to December 31, 2014, and is equal to € 1,820.2 million.
It is noted that Salini Impregilo has given guarantees in favour of unconsolidated subsidiaries for a total of € 305.3 million, against loans from banks and credit institutions granted thereto.
The group’s net financial debt at December 31, 2015, is summarized in the following table.
Tab. 3 - Net financial position of the Salini Impregilo Group
| (Amounts in €/000) | Note (*) | December 31, 2015 | December 31, 2014 | Change |
|---|---|---|---|---|
| Non-current financial assets | 10 | 67,832 | 89,124 | (21,292) |
| Current financial assets | 15 | 312,104 | 156,908 | 155,196 |
| Cash and cash equivalents | 18 | 1,410,775 | 1,030,925 | 379,850 |
| Total cash and cash equivalents and other financial assets | 1,790,711 | 1,276,957 | 513,754 | |
| Bank and other loans | 21 | (745,554) | (456,209) | (289,345) |
| Bond issues | 22 | (396,211) | (394,326) | (1,885) |
| Payables under finance leases | 23 | (79,789) | (102,310) | 22,521 |
| Total non-current indebtedness | (1,221,554) | (952,845) | (268,709) | |
| Bank account overdrafts and current portion of loans | 21 | (538,802) | (247,522) | (291,280) |
| Current portion of bond issues | 22 | (10,203) | (166,292) | 156,089 |
| Current portion of payables under finance leases | 23 | (49,617) | (60,231) | 10,614 |
| Total current indebtedness | (598,622) | (474,045) | (124,577) | |
| Derivative liabilities | 24 | (14,798) | (5,244) | (9,554) |
| Net financial position held by SPVs and unconsolidated project companies (**) | 17,512 | 65,953 | (48,441) | |
| Total other financial assets (liabilities) | 2,714 | 60,709 | (57,995) | |
| Total net financial debt - Continuing operations | (26,751) | (89,224) | 62,473 | |
| Net financial position for assets held for sale | (18,939) | (81,292) | 62,353 | |
| Net financial position comprising the non-current assets held for sale | (45,690) | (170,516) | 124,826 |
(*) The note numbers refer to the notes to the consolidated financial statements where the items are analysed in detail.
(**) This item acknowledges the net credit/debit position of the Group towards Consortiums and Consortium Companies (“SPVs”) functioning through cost recharges and not included in the consolidation scope of the Group. The receivable/payable position is included in the item to the extent corresponding to the actual liquidity or indebtedness of the SPV. The receivables and payables that compose the balance of the item are respectively included under trade receivables and payables.