Reclassified separate income statement
| (Values in €/000) | Note (**) | 2013 | 2012 (§) | Variation |
|---|---|---|---|---|
| Operating revenue | 1,235,136 | 1,302,378 | (67,242) | |
| Other revenue | 41,255 | 64,626 | (23,371) | |
| Total revenue | 27 | 1,276,391 | 1,367,004 | (90,613) |
| Costs | 28 | (1,106,913) | (1,223,644) | 116,731 |
| Gross operating profit (*) | 169,478 | 143,360 | 26,118 | |
| Gross operating profit % (*) | 13,3% | 10,5% | ||
| Amortisation and depreciation | 28 | (17,133) | (31,826) | 14,693 |
| Operating profit (*) | 152,345 | 111,534 | 40,811 | |
| Return on Sales (*) | 11,9% | 8,2% | ||
| Financing income (costs) and gains (losses) on investments | ||||
| Net financing income (costs) | 29 | 24,976 | 1,508 | 23,468 |
| Net gains (losses) on investments | 30 | (13,245) | 669,886 | (683,131) |
| Net financing income (costs) and net gains (losses) on investments | 11,731 | 671,394 | (659,663) | |
| Profit before tax | 164,076 | 782,928 | (618,852) | |
| Income tax expense | 31 | (50,247) | (43,605) | (6,642) |
| Profit for the year | 113,829 | 739,323 | (625,494) |
(*) The section “Other information” gives a definition of these indicators.
(**) The note numbers refer to the notes to the separate financial statements where the items are analysed in detail.
(§) Figures restated following the application of IAS 19 revised
Revenue
2013 revenue amounts to € 1,276.4 million (€ 1,367.0 million). Revenues in Italy were € 645.4 million (€ 496.9 million) and € 631.0 million abroad (€ 870.1 million). The limited decrease in the volume of activities carried out in 2013 over the previous year is mainly attributable to the lower production achieved in projects directly attributable to the Parent Company, against an increase in the value produced by project consortia legally distinct from Impregilo S.p.A., the economic effects of which can only be seen at the consolidated level.
Other revenues mainly comprise revenues from support and coordination activities carried out by the Parent Company on behalf of its subsidiaries and charged to them, and contingent assets.
Operating profit
The operating profit is € 152.3 million (€ 111.5 million) with a Return on Sales of 11.9% (8.2%).
The operating profit is affected by the corporate structure’s costs of € 44.7 million, unchanged from the previous year.
Financing income (costs) and gains (losses) on investments
The parent recorded net financing income of € 25.0 million (€ 1.5 million) while net losses on investments amounted to € 13.2 million (gains of € 669.9 million).
The increase in net financing income is a result of the following:
- greater overall net financial expenses of approximately € 9.0 million. This effect mainly reflects higher net default charges reasonably deemed to be non-recurring, while interest paid to banks and other financial institutions decreased overall by € 5.5 million. Other net financial charges decreased by € 1.6 million.
- Net exchange rate gains amount to € 40.0 million (€ 7.5 million for the previous year). It should be noted that again in 2013 there was a benefit from the positive effects resulting from asymmetries in the foreign exchange market in relation to certain currencies for which the official exchange rates are artificially fixed, asymmetries which in 2013 have increased further compared with previous years.
Net losses on investments of € 13.2 million (net gains of € 669.9 million) mainly reflect:
- the recognition of impairment losses on the carrying amount of investments in joint ventures and special purpose entities (SPE), based on their equity and revised forecasts of contract costs which gave rise to a net estimated loss of roughly € 14.6 million.
- the net effect was negative and amounted to € 2.1 million, resulting from adjustments to the carrying values of certain investments in subsidiaries determined under the impairment testing procedures. In this context, more fully described in the notes to the separate financial statements of Impregilo S.p.A. presented elsewhere in this Report, impairment reversals (positive effect) of € 23.3 million and impairment losses (negative effect) of € 25.4 million are recorded.