Tab. 4 - Reclassified separate income statement of the Parent Company Salini Impregilo S.p.A.
| (Amounts in €/000) | Note (*) | 2015 | 2014 | Change |
|---|---|---|---|---|
| Revenue | 2,913,417 | 2,247,516 | 665,901 | |
| Other revenue | 113,772 | 94,345 | 19,427 | |
| Total revenue | 29 | 3,027,189 | 2,341,861 | 685,328 |
| Operating cost | 30 | (2,708,431) | (2,115,972) | (592,459) |
| Gross operating profit (EBITDA) | 318,758 | 225,889 | 92,869 | |
| EBITDA % (**) | 10.5% | 9.6% | ||
| Amortization and depreciations | 30 | (112,154) | (99,959) | (12,195) |
| Operating profit (EBIT) | 206,604 | 125,930 | 80,674 | |
| Return on Sales (**) | 6.8% | 5.4% | ||
| Financing income (costs) and gains (losses) on investments | ||||
| Net Financing income (costs) and gains (losses) | 31 | (53,633) | (113,315) | 59,682 |
| Net Gains (losses) on investments | 32 | (114,938) | 28,791 | (143,729) |
| Net financing costs and net gains on investments | (168,571) | (84,524) | (84,047) | |
| Earnings before taxes (EBT) | 38,033 | 41,406 | (3,373) | |
| Income taxes | 33 | (2,302) | (10,713) | 8,411 |
| Net profit | 35,731 | 30,693 | 5,038 |
(*) 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 detailed composition of these indicators is supplied in chapter “Other information” of the Directors’ report.
Revenue
Revenues for the reporting year amounted to € 3,027.2 million (€ 2,341.9 million). Revenues were generated in Italy for € 497.2 million (€ 529.0 million) and abroad for € 2,529.9 million (€ 1,812.9 million).
Other revenue mainly include revenue from supporting and coordinating activities, carried out by the parent Company in the interest of its subsidiaries and charged to them.
Operating profit (EBIT)
The EBIT amounted to € 206.6 million (€ 125.9 million) with an overall incidence (Return on Sales) of 6.8% (5.4%) on the total revenue.
The EBIT is affected by the costs for the central corporate units and other general expenses, for an overall amount of € 143.3 million.
Net Financing costs and net gains (losses) on investments
Net financing costs amounted to € 53.6 million (€ 113.3 million), while the net losses on investments amounted to € 114.9 million (net gains by € 28.8 million).
As commented with regard to the Group’s performance, even with reference to Salini Impregilo S.p.A. the financial position benefited of lower interest rates thanks to the renegotiation of the corporate financial debt occurred in the reporting year.
The improvement regarding currency management, is mainly due to the fact that the negative result of the previous year has been significantly influenced by the first application of the official SICAD II exchange rate, for the purpose of converting the Group’s net assets in the Venezuelan currency (the so called Bolivar Fuerte or VEF), which brought overall costs for € 97 million. With regard to the management of investments, the 2015 result was negative for € 114.9 million (positive for € 28.8 million) especially due to the impairment of the investment in Todini Costruzioni Generali for € 96.4 million, due to the sale agreement previously commented upon.