The consolidated net financial position of continuing operations at the end of 2013 amounted to €(331.7) million and, in line with the management’s forecasts, was the result both of the investments planned for the implementation of the Campione Nazionale® project, which was completed with the control of the company Impregilo S.p.A., and of the ordinary uses of cash flow to support the continued growth in the production volumes of the contracts.
The debt structure showed a substantial improvement in exposure compared to the end of the first half of the year, when the value of the NFP amounted to €(694.8) million, with a redistribution of commitments geared toward the medium to long term. The positive value of the current ratio - equivalent to 1.6 and better compared to the same period last year - showed the Group’s structural ability to cope with short-term liabilities with current asset items alone.
Specifically, the balance of non-current financial liabilities was mainly composed of an unsecured term loan facility of approximately €354 million with a three-year maturity, signed on 10 December 2013 to refinance the remaining portion of the debt incurred for the public tender offer for the subsidiary Impregilo S.p.A. and the liabilities related to the bond issue in July for a nominal amount of €400 million maturing in 2018.
These transactions, together with the signing of a revolving unsecured line amounting to €100 million with a 3-year maturity and not yet used at the balance sheet date, shifted the mix of maturities toward the long term, increasing the cash flow elasticity and financial flexibility.
Finally, the application of the PPA method to the business combination related to the acquisition of the Impregilo Group resulted in increased net debt in the NFP of approximately
€18.9 million, as a result of the fair value measurement of financial assets and liabilities at the date of acquisition of control of Impregilo.
| (Values in Euro/000) | December 2013 | December 2012 | Change |
|---|---|---|---|
| Cash and cash equivalents | 1,132,420 | 411,703 | 720,717 |
| Current financial assets | 232,529 | 64,220 | 168,309 |
| Current financial liabilities | (441,846) | (299,377) | (142,469) |
| Total current position | 923,103 | 176,545 | 746,558 |
| Non-current financial assets | 48,928 | 28,525 | 20,403 |
| Non-current financial liabilities | (1,303,740) | (300,125) | (1,003,615) |
| Total non-current position | (1,254,812) | (271,600) | (983,212) |
| Net financial position of continuing operations | (331,708) | (95,055) | (236,653) |
| Net financial position of non-current assets held for sale | (53,868) | - | (53,868) |
| Net financial position comprising the non-current assets held for sale | (385,576) | (95,055) | (290,521) |