CONSOLIDATED FINANCIAL STATEMENTS

as at 31 December 2016

 

Statement of financial position

ASSETS

31 December 2016

of which: related parties

31 December 2015

of which: related parties

(€’000)

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment

803,039

 

594,365

 

Intangible assets

168,763

 

193,821

 

Goodwill

175,188

 

-

 

Equity investments

201,468

 

131,254

 

Derivatives and non-current financial assets

62,614

19,005

67,832

19,986

Deferred tax assets

121,925

 

64,064

 

Total non-current assets

1,532,997

 

1,051,336

 

Current assets

 

 

 

 

Inventories

270,579

 

268,073

 

Contract work in progress

2,367,263

 

1,775,791

 

Trade receivables

2,359,273

155,629

1,560,684

180,586

Derivatives and other current financial assets

323,393

178,392

312,104

162,463

Current tax assets

135,987

 

114,577

 

Other current tax assets

146,503

 

142,652

 

Other current assets

591,271

35,623

518,642

33,882

Cash and cash equivalents

1,602,721

 

1,410,775

 

Total current assets

7,796,990

 

6,103,298

 

Non-current assets held for sale and discontinued operations

6,032

 

147,606

 

Total assets

9,336,019

 

7,302,240

 

 

EQUITY AND LIABILITIES

31 December 2016

of which: related parties

31 December 2015

of which: related parties

(€’000)

        

Equity

        

Share capital

544,740

  

544,740

  

Share premium reserve

120,798

  

120,798

  

Other reserves

96,052

  

90,163

  

Other comprehensive income (expense)

47,088

  

(24,552)

  

Retained earnings

336,406

  

324,259

  

Profit for the year

59,921

  

60,592

  

Equity attributable to the owners of the parent

1,205,005

  

1,116,000

  

Non-controlling interests

156,326

  

100,860

  

Total equity

1,361,331

  

1,216,860

  

Non-current liabilities

        

Bank and other loans and borrowings

866,362

  

745,554

  

Bonds

868,115

  

396,211

  

Finance lease liabilities

119,742

  

79,789

  

Non-current derivatives

4,429

  

4,113

  

Post-employment benefits and
employee benefits

91,930

  

25,412

  

Deferred tax liabilities

108,493

  

55,857

  

Provisions for risks

105,765

  

106,361

  

Total non-current liabilities

2,164,836

  

1,413,297

  

Current liabilities

        

Current portion of bank loans and borrowings and current account facilities

398,589

13,707

538,802

9,825

Current portion of bonds

18,931

  

10,203

  

Current portion of finance lease liabilities

55,281

  

49,617

  

Derivatives and other current financial liabilities

2,751

  

10,685

  

Progress payments and advances on contract work in progress

2,455,632

  

1,862,759

  

Trade payables

2,344,773

111,162

1,630,437

128,757

Current tax liabilities

109,991

  

68,273

  

Other current tax liabilities

67,589

  

61,097

  

Other current liabilities

356,315

13,747

334,198

13,061

Total current liabilities

5,809,852

  

4,566,071

  

Liabilities directly associated with non-current assets held for sale and discontinued operations

-

  

106,012

  

Total equity and liabilities

9,336,019

  

7,302,240

  

 

Income statement

 

2016

of which: related parties

 2015

of which: related parties

(€’000)

 

 

(*)

 

Revenue

 

 

 

 

Revenue

5,760,358

210,096

4,624,066

479,912

Other income

123,451

12,529

146,229

21,991

Total revenue

5,883,809

 

4,770,295

 

Costs

 

 

 

 

Purchases

(1,161,046)

(116)

(815,101)

 

Subcontracts

(1,505,428)

 

(1,249,957)

(811)

Services

(1,555,996)

(220,024)

(1,498,977)

(477,721)

Personnel expenses

(886,237)

 

(538,764)

 

Other operating expenses

(222,265)

(744)

(162,067)

(19)

Amortisation, depreciation, provisions and impairment losses

(277,324)

(433)

(237,842)

(2,214)

Total costs

(5,608,296)

 

(4,502,708)

 

Operating profit

275,513

 

267,587

 

Financing income (costs) and gains (losses) on equity investments

 

 

 

 

Financial income

44,499

9,625

34,587

8,729

Financial expense

(146,542)

(361)

(108,336)

(189)

Net exchange rate gains (losses)

15,537

 

(16,675)

 

Net financing costs

(86,506)

 

(90,424)

 

Net gains on equity investments

9,122

 

335

 

Net financing costs and net gains on equity investments

(77,384)

 

(90,089)

 

Profit before tax

198,129

 

177,498

 

Income tax expense

(77,952)

 

(84,577)

 

Profit from continuing operations

120,177

 

92,921

 

Loss from discontinued operations

(20,662)

 

(10,690)

 

Profit for the year

99,515

 

82,231

 

 

 

 

 

 

Profit for the year attributable to:

 

 

 

 

Owners of the parent

59,921

 

60,592

 

Non-controlling interests

39,594

 

21,639

 

 

(*) The 2015 income statement was restated to comply with IFRS 5 given the new disposal scope of Todini Costruzioni Generali Group.

 

Statement of comprehensive income

20162015
(Valori in Euro/000) (*)
Profit for the year (a) 99,515 82,231
Items that may be subsequently reclassified to profit or loss, net of the tax effect:
Exchange rate gains (losses) on the translation of foreign companies’ financial statements 61,742 (28,339)
Net gains (losses) on cash flow hedges, net of the tax effect 7,581 (9,830)
Other comprehensive income (expense) related to equity-accounted investees 1,483 (15)
Items that may not be subsequently reclassified to profit or loss, net of the tax effect:
Net actuarial gains on defined benefit plans 4,364 174
Other comprehensive income (expense) (b) 75,170 (38,010)
Comprehensive income (a) + (b) 174,685 44,221
Comprehensive income attributable to:
Owners of the parent 131,561 23,925
Non-controlling interests 43,124 20,296


Earnings per share
From continuing and discontinued operations
Basic 0.12 0.12
Diluted 0.12 0.12
From continuing operations
Diluted

(*) The 2015 statement of comprehensive income was restated to comply with IFRS 5 given the new disposal scope of Todini Costruzioni Generali Group.

 

Statement of cash flows

2016

 2015

(€’000)

(*)

Cash and cash equivalents

1,410,774

1,030,925

Current account facilities

(115,615)

(27,711)

Total opening cash and cash equivalents

1,295,159

1,003,214

Operating activities

Profit from continuing operations

120,177

92,920

Amortisation of intangible assets

34,009

24,563

Depreciation of property, plant and equipment

226,812

190,495

Net impairment losses and provisions

16,503

22,784

Accrual for post-employment benefits and employee benefits

13,878

15,486

Net gains (losses) on the sale of assets

1,877

(1,192)

Deferred taxes

(5,761)

33,436

Share of loss of equity-accounted investees

(5,104)

(412)

Income taxes

83,713

51,141

Net interest paid during the year

88,279

78,153

Other non-monetary items

15,478

14,081

Cash flows generated by operations

589,861

521,454

Increase in inventories and contract work in progress

(557.589)

(407,531)

Decrease (increase) in trade receivables

(633,010)

213,505

(Decrease) increase in progress payments and advances on contract work in progress

512,312

(94,658)

Increase in trade payables

622,259

160,668

Decrease (increase) in other assets/liabilities

(49,241)

205,779

Total changes in working capital

(105,269)

77,763

Increase in other items not included in working capital

(56,277)

(90,358)

Interest expense paid

(76,140)

(64,699)

Income taxes paid

(64,742)

(24,925)

Cash flows generated by operating activities

287,433

419,235

Investing activities

Net investments in intangible assets

(2,422)

(62,815)

Investments in property, plant and equipment

(257,632)

(215,386)

Proceeds from the sale or reimbursement value of property, plant and equipment

61,287

38,598

Investments in non-current financial assets and capital transactions

(51,159)

(37,412)

Dividends and capital repayments from equity-accounted investees

27,270

925

Proceeds from the sale or reimbursement value of non-current financial assets

4,399

(704)

Acquisitions and/or disposals of subsidiaries or business units, net of cash and cash equivalents (**)

(376,420)

146,701

Cash flows used in investing activities

(594,677)

(130,039)

Financing activities

Dividends distributed

(43,655)

(22,921)

Capital injection by non-controlling investors in subsidiaries

(73)

11,295

Increase in bank and other loans

3,094,337

1,537,498

Decrease in bank and other loans

(2,547,252)

(1,229,818)

Change in other financial assets/liabilities

27,191

(352,983)

Cash flows generated by (used in) financing activities

530,548

(56,879)

Net cash flows from discontinued operations

(1,180)

3,429

Net exchange rate gains on cash and cash equivalents

34,140

50,370

Increase in cash and cash equivalents

256,264

291,946

Cash and cash equivalents

1,602,721

1,410,775

Current account facilities

(51,297)

 (115,615)

Total closing cash and cash equivalents

1,551,424

1,295,160

(*) The 2015 statement of cash flows was restated to comply with IFRS 5 given the new disposal scope of Todini Costruzioni Generali Group.

(**) The 2015 balance has been reclassified to Investing activities for ease of comparison.

 

Statement of changes in equity

   Other reservesOther comprehensive income
(expense)		     
(€’000)Share capital
Share premium reserveLegal reserveShare capital increase related chargesExtraordinary and other reservesReserve for treasury sharesLTI reserveTotal other reservesTranslation reserveHedging reserveActuarial reserveTotal other comprehensive incomeRetained earningsProfit for the yearEquity attributable to the owners of the parentNon-controlling interestsTotal
As at 1 January 2015 544,740 120,798 100,000 (3,970) 136 (7,677) - 88,489 15,575 1,987 (5,447) 12,115 249,988 93,773 1,109,903 76,513 1,186,416
Allocation of profit and reserves     1,535         1,535       - 92,238 (93,773) -   -
Dividend distribution               -       - (19,983)   (19,983)   (19,983)
Change in consolidation scope               -       - 2,668   2,668 (4,306) (1,638)
Stock options             139 139       -     139   139
Capital Increase               -       -     - 11,295 11,295
Other changes and reclassifications               -       - (652)   (652)   (652)
Dividend distribution to non-controlling interests               -       -     - (2,938) (2,938)
Profit for the year               -       -   60,592 60,592 21,639 82,231
Other comprehensive expense               - (26,769) (10,072) 174 (36,667)     (36,667) (1,343) (38,010)
Comprehensive income - - - - - - - - (26,769) (10,072) 174 (36,667) - 60,592 23,925 20,296 44,221
31 December 2015 544,740 120,798 101,535 (3,970) 136 (7,677) 139 90,163 (11,194) (8,085) (5,273) (24,552) 324,259 60,592 1,116,000 100,860 1,216,860
                                   
As at 1 January 2016 544,740 120,798 101,535 (3,970) 136 (7,677) 139 90,163 (11,194) (8,085) (5,273) (24,552) 324,259 60,592 1,116,000 100,860 1,216,860
Allocation of profit and reserves     1,786         1,786       - 58,806 (60,592) -   -
Dividend distribution               -       - (19,983)   (19,983)   (19,983)
Change in consolidation scope               -       - (26,676)   (26,676) 35,562 8,886
Stock options             4,103 4,103       -     4,103   4,103
Capital Increase               -       -     - (73) -73
Other changes and reclassifications               -       -     - 525 525
Dividend distribution to non-controlling interests               -       -     - (23,672) (23,672)
Profit for the year               -       -   59,921 59,921 39,594 99,515
Other comprehensive income               - 59,723 7,553 4,364 71,640     71,640 3,530 75,170
Comprehensive income - - - - - - - - 59,723 7,553 4,364 71,640 - 59,921 131,561 43,124 174,685
31 December 2016 544,740 120,798 103,321 (3,970) 136 (7,677) 4,242 96,052 48,529 (532) (909) 47,088 336,406 59,921 1,205,005 156,326 1,361,331

 

 

Consolidated financial statements

Notes to the consolidated financial statements