Financial results

Key consolidated financial position figures (€/000) 31 december 2013   31 december 2012  
Total fixed assets 777,137 946,101
Operating working capital 336,999 (243,954)
Non-current assets held for sale 653,604 0
Non-current liabilities held for sale (418,061) 0
Reserves (125,688) (18,752)
NET INVESTED CAPITAL  1,223,991 683,395
Shareholders’ equity (892,283) (588,340)
Net financial payables (331,708) (95,055)
FUNDING  (1,223,991) (683,395)

The structure of the statement of financial position at 31 December 2013 reflects the trends in Group operations which are to be deemed instrumental to the balanced use of investments and careful management of working capital.

Net fixed assets amounted to €777.1 million, consisting mainly of technical equipment at operational sites whose value—net of the related accumulated depreciation—totalled €519.1 million.

The change in intangible assets was significantly affected by the consolidation of the balance sheet data of Impregilo, whose nature is essentially attributable to rights on infrastructure granted under concession, to consideration paid for the acquisition of the High-Speed Railway business units and to goodwill for the subsidiary Fisia Babcock.

The value of the equity investments was affected by the different accounting treatment used to measure ownership of the Impregilo Company, which the year before was reported in the statement of financial position as an associated company worth about €570 million.

Operating working capital, equal to €337 million, was the result of the significant growth in production revenues,  which  had  a proportional  influence on  uses,  specifically regarding inventories for work in progress, certification for clients and supplier exposure. Another significant element consisted in the discounting to present value of the expected margins of the contracts in the portfolio of the subsidiary Impregilo S.p.A. as at 31 March 2013 in accordance with the purchase price allocation method as required by IFRS 3 and further detailed in the paragraph on business combinations in the notes to the financial statements.

Non-current assets (liabilities) held for sale, whose net value totalled €235.5 million, consisted entirely of the consolidated balance sheet figures of the subsidiary Todini Costruzioni Generali S.p.A. (+€229.8 million) and the balance of the claims for damages relating to the former CDR plants (+€5.7 million), which were already mentioned in the previous paragraph on “Income from discontinued operations” and are more extensively illustrated in the chapter on “Non-current assets held for sale”.

The effects of the final PPA on the Shareholders’ Equity for the year amounted to €80.4 million, of which €45.6 million were included in the consolidated financial statements of Impregilo S.p.A. for the period from April to December 2013, while the remaining €34.8 million represents the net additional effect recognised at 31 December 2013.