This chapter presents the Group’s reclassified income statement for the first half of 2015, together with its reclassified statement of financial position and the structure of its financial position at June 30, 2015. It also provides an overview of the main changes, at the consolidated level, in the income statement and in the statement of financial position compared with the data presented at the end of the previous year.
Unless otherwise stated, amounts are in millions of euros and those shown in parentheses refer to the previous year.
The “Alternative performance indicators” paragraph in the “Other information” section provides a definition of the indicators in the statement of financial position and income statement used to analyze the Group’s operating performance and financial position.
Introductory remarks concerning the comparability of the income statement and statement of financial position data
Non-current assets (liabilities) held for sale
Non-current assets held for sale as at June 30, 2015, mainly include two divisions held for sale of Todini Costruzioni Generali S.p.A. for whose transfer important negotiations are being carried out.
In particular, the item includes the following divisions:
Division A – Projects in Italy for which third parties have demonstrated an interest to purchase. It includes the Metrocampania contracts (Naples Alifana and Secondigliano), the Variante di Valico and Naples Sarno River contracts, the plant and machinery situated at the Lungavilla Depot.
Divisions B – Foreign division for which third parties have demonstrated an interest to purchase. It includes all divisions in Georgia, Ukraine, Azerbaijan, Bielorussia and Kazakhstan. The division also includes the investments in subsidiaries connected to the projects, particularly: JV Todini Akkord Salini, JV Todini Takenaka and Todini Central Asia.
Please note that Todini Costruzioni Generali possesses other assets that, within the scope of a company project concerning the rationalisation of non-current assets, have been divided in the following two divisions:
Division C – Sale of business division to Salini Impregilo includes the Albanian, Argentinian, Romanian, Tunisian, Algerian, Greek, Dubai and Polish divisions, as well as the Cagliari Capo Boi, Rome-Fiumicino, Milan-Lecco, Corso del Popolo, Piscine dello Stadio and other minor projects that have nearly been finished.
Division D – Sale of business division to Imprepar. It includes the interest value, receivables and payables of some inoperative subsidiaries and associates of Todini Costruzioni Generali, sold to Imprepar S.p.A. with effect from July 1 2015.
These divisions are included under continuing operatiions in the consensed interim consolidated financial statements at June 30, 2015.
In the condensed interim consolidated financial statements at June 30, 2014, the subgroup Todini Costruzioni Generali was entirely classified under non-current assets classified as held for sale. Considering the perimetric variations resulting from the reorganization of Todini Costruzioni Generali in different divisions as previously illustrated, it was necessary, pursuant to IFRS 5, to restate the comparative data of the previous period, re-classifying Divisions C and D as they were to be transferred to the Parent and to Imprepar, under continuing operations.
Restatement of the comparative financial data for the first half year 2014
Starting from 2014, new international financial reporting and accounting standards have come into existence. Of these, IFRS 10 - Consolidated financial statements, IFRS 11 - Joint Arrangements and IAS 28 - Investments in associates and joint ventures, are greatly important for Salini Impregilo. For a detailed description of these standards and of their effects and impacts on the financial and results of operations of the Salini Impregilo Group, please refer to explanatory notes of the consolidated financial statement as at December 31, 2014.
For the purposes of this Half-year Finacial Report as at June 30, 2014, please note that the information that is published herein has been restated following the refinement of the modalities for adopting these principles.
The evolution of the interpretation of the IFRS principles that has developed during 2014, also due to the documentation published by the IFRIC and the consolidation of the international best practices adopted by the companies that use the IAS/IFRS principles, made us decide to use solutions for the interpretation of these principles that were also inclusive of the indications that came to light following the discussions concerning the actual meaning of certain expressions contained within the IFRS 10 and 11.
Following, the effects consequent to the restatements of the income statement as indicated above, in relation to the IFRS 10 and 11 principles and to the Todini divisions:
|(Amounts in €/000)||First Half 2014|
|First Half 2014|
|Operating costs (°)||(1,939,280)||(1,916,282)||(22,998)|
|Gross operating profit (EBITDA)||197,358||192,687||4,671|
|Operating profit (EBIT)||114,133||113,904||229|
|Return on Sales||5.3%||5.4%|
|Financing income (costs) and gains (losses)||(90,656)||(86,776)||(3,880)|
|Gains on investments||1,704||4,987||(3,283)|
|Net financing costs and net gains on investments||(88,952)||(81,789)||(7,163)|
|Earnings before taxes||25,181||32,115||(6,934)|
|Profit (Loss) from continuing operations||15,612||19,911||(4,299)|
|Profit from discontinued operations||60,883||55,314||5,569|
|Net profit (Loss) before allocation to non-controlling interests||76,495||75,225||1,270|
|Profit (loss) attributable to the owners of the parent||77,977||79,290||(1,313)|
(°) They include provisions and impairment losses.