Statement of financial position

(€’000) 30.06.2014 31.12.2013 restated**
Non-current assets 281,746 273,175
Non-current liabilities (55,417) (50,363)
  226,329 222,812
Inventories 112,178 111,270
Contract work in progress 346,061 288,607
Trade receivables 609,328 625,493
Trade payables (380,325) (355,185)
Progress payments and advances from customers (604,208) (635,232)
Working capital 83,034 34,953
Provisions for risks and charges (14,339) (14,825)
Other assets, net (*) 13,405 10,535
Net working capital 82,100 30,663
Net invested capital 308,429 253,475
Equity attributable to the owners of the parent 508,698 498,714
Equity attributable to non-controlling interests 1,130 346
Equity 509,828 499,060
Non-current assets held for sale 242 87
Net financial position (201,157) (245,498)
Reconciliation between the reclassified statement of financial position and the statement of financial position included in the consolidated financial statements: (*) Includes “Tax assets”, “Other current assets” and “Derivative assets”, net of “Tax liabilities”, “Other current liabilities” and “Derivative liabilities”. (**) Restated figures due to the adoption of IFRS 11 governing joint arrangements, whereby the group’s interests in joint ventures are measured using the equity method as from 1 January 2014 (when the group adopted the new standard). The 2013 figures have been restated for comparative purposes.

Net invested capital totals €308.4 million compared to restated €253.5 million at 31 December 2013 (restated €251.8 million at 30 June 2013). The €54.9 million increase is due to the rise in net working capital from restated €30.7 million at 31 December 2013 to €82.1 million at the reporting date (restated €32.0 million at 30 June 2013).
Specifically, the above increase is due to the greater volume of work in progress, only partially offset by the decrease in trade receivables and the increase in trade payables.

 

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
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A Finmeccanica Company