Consolidated Statement of financial position

Statement of financial position

Statement of financial position (€’000)    30.06.2013
Non-current assets   263,255 264,996
Non-current liabilities   (49,249) (49,665)
   214,006 215,331
Inventories   136,360 131,584
Contract work in progress   413,637 313,096
Trade receivables   586,392 748,747
Trade payables   (427,925) (500,563)
Progress payments and advances from customers   (662,989) (710,720)
Working capital   45,475 (17,856)
Provisions for risks and charges   (14,660) (15,842)
Other liabilities, net (*)   (12,585) (14,449)
Net working capital   18,230 (48,147)
Net invested capital   232,236 167,184
Equity attributable to the owners of the parent   473,470 468,739
Equity attributable to non-controlling interests   577 427
Equity   474,047 469,166
Non-current assets held for sale   92  - 
Net financial position   (241,719) (301,982)
Notes to the 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 “Derivatives assets”, net of “Tax liabilities”, “Other current liabilities” and “Derivatives liabilities”.

At 30 June 2013, net invested capital totalled €232,236 thousand, compared to €167,184 thousand at 31 December 2012. The €65,052 thousand increase is mainly due to the improvement in net working capital from -€48,147 thousand at 31 December 2012 to €18,230 thousand at 30 June 2013. Specifically, the increase in inventories and work in progress and the decrease in trade payables and progress payments and advances from customers was only partly offset by the decrease in trade receivables.
The group’s net financial position (greater loans and receivables and cash and cash equivalents than loans and borrowings) at 30 June 2013 was €241,719 thousand, compared to €301,982 thousand at 31 December 2012, down €60,263 thousand, after the €28,800 thousand dividend payment approved by the shareholders in their meeting of 6 May 2013 and the repayment of loans and borrowings by the subsidiaries of the Asia/Pacific area, specifically, the Indian subsidiary.
It includes the €70,643 thousand advance received from the Russian customer, Zarubezhstroytechnology, for the project signed in August 2010 and halted on 21 February 2011, for the development of signalling, automation, telecommunication, power distribution, security and ticketing systems on the Sirth to Benghazi section in Libya. Loan assets also include the euro equivalent amount of the Libyan dinars received as an advance on the first of the two contracts acquired in Libya and deposited in a local bank, of €28,443 thousand.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company