At June 30, 2015, the consolidated net financial position of the Group’s continuing operations was negative and amounted to € 378.6 million (negative by € 89.2 million), while that of the non-current assets held for sale was negative and amounted to € 55.6 million (negative by € 81.3 million).
At the end of the period, the Net Debt/Equity ratio (based on the Net financial position of continuing operations), on a consolidated basis, was 0.3.
The net financial position for non-current assets held for sale refers to the divisions held for sale of Todini Costruzioni Generali S.p.A.
Changes in the financial position were determined by the investments made in property, plant and equipment and intangible assets on orders in the initial phase and by the absorption of liquidity deriving from operations, especially with regard to an increase of the working capital.
Gross debt increased by € 213.4 million compared to December 31, 2014, and is equal to € 1,645.5 million.
We would like to point out that Salini Impregilo has lent guarantees in favour of unconsolidated subsidiaries for a total of € 300.7 million, as the said subsidiaries received loans from banks and credit institutions.
The group’s net financial position at June 30, 2015, is summarized in the following table.
Tab. 3 - Net financial position of the Salini Impregilo Group
|(Amounts in €/000)||Note (*)||June 30, 2015||December 31, 2014||Change|
|Non-current financial assets||8.||106,673||89,124||17,549|
|Current financial assets||13.||130,537||156,908||(26,371)|
|Cash and cash equivalents||16.||983,451||1,030,925||(47,474)|
|Total cash and cash equivalents and other financial assets||1,220,661||1,276,957||(56,296)|
|Bank and other loans||19.||(484,987)||(456,209)||(28,778)|
|Payables under finance leases||21.||(96,302)||(102,310)||6,008|
|Total non-current indebtedness||(976,427)||(952,845)||(23,582)|
|Bank account overdrafts and current portion of financing facilities||19.||(434,672)||(247,522)||(187,150)|
|Current portion of bond issues||20.||(181,142)||(166,292)||(14,850)|
|Current portion of payables under finance leases||21.||(48,474)||(60,231)||11,757|
|Total current indebtedness||(664,288)||(474,045)||(190,243)|
|Net financial position held by SPVs and unconsolidated project companies (**)||46,180||65,953||(19,773)|
|Total other financial assets (liabilities)||41,410||60,709||(19,299)|
|Total net financial position – Continuing operationse||(378,644)||(89,224)||(289,420)|
|Net financial position for assets held for sale||(55,565)||(81,292)||25,727|
|Net financial position comprising the non-current assets held for sale||(434,209)||(170,516)||(263,693)|
(*) The note numbers refer to the notes to the consolidated financial statements where the items are analyzed in detail.
(**) This item acknowledges the net credit/debit position of the Group towards Consortiums and Consortium Companies (“SPVs”) functioning through cost transfers and not included in the consolidation scope of the Group. The net credit standing and debt position is included in the item in the amount corresponding to the actual liquidity or indebtedness owned by the SPV. The receivables and payables that compose the balance of the item are respectively included among the commercial credit and commercial debts.