(Millions of Euro)
_______________________
Revenues
_______________________
EBIT
_______________________
Net Income for the year
_______________________
Net Income (NCI) 1
_______________________
Net Income, Holding
_______________________
Net capital employed
_______________________
Shareholder’s equity 2
_______________________
Non-controlling interests
_______________________
Total equity3
_______________________
Net financial indeb. 4
_______________________
Net Asset Value
_______________________
Cash flow 5
_______________________
Net Income / ROE
_______________________
EBIT/Capital (ROI)
_______________________
2019
_______________________
17,928
_______________________
1,953
_______________________
485
_______________________
430
_______________________
55
_______________________
61,902
_______________________
7,145
_______________________
14,273
_______________________
21,418
_______________________
40,484
_______________________
12,323
_______________________
6,709
_______________________
0.8%
_______________________
3.2%
_______________________
2018
_______________________
13,153
_______________________
2,043
_______________________
984
_______________________
800
_______________________
184
_______________________
61,597
_______________________
7,066
_______________________
15,269
_______________________
22,335
_______________________
39,262
_______________________
10,147
_______________________
3,492
_______________________
2.6%
_______________________
3.3%
_______________________
Change
_______________________
4,775
_______________________
(90)
_______________________
(499)
_______________________
(370)
_______________________
(129)
_______________________
305
_______________________
79
_______________________
(996)
_______________________
(917)
_______________________
1,222
_______________________
2,176
_______________________
3,217
_______________________
%
_______________________
36
_______________________
(4)
_______________________
(51)
_______________________
(46)
_______________________
(70)
_______________________
1 NCI, non-controlling interests.
2 Shareholder’s equity, Holding.
3 Total shareholder’s equity.
4 Net financial indebtedness.
5 Cash flow: calculated as Net income before non-controlling interests plus depreciation, amortisation, impairment and provisions, net of the related reversals and uses.
NOTE:
In order to adequately read the economic results of the Holding Group and its statement of financial position, it must be considered that the BI group provides the predominant share of the consolidated results of IGLI.
(Millions of Euro)
_______________________
Revenues
_______________________
Operating costs, net
_______________________
DAIP 1
_______________________
EBIT
_______________________
Income/(Losses) 2
_______________________
Net financial income 3
_______________________
Income taxes
_______________________
Profit (continuing ops)
_______________________
Profit/(Loss) 4
_______________________
Net income (year)
_______________________
Non-controlling interests
_______________________
Net income, Holding
_______________________
2019
_______________________
17,928
_______________________
(9,751)
_______________________
(6,224)
_______________________
1,953
_______________________
165
_______________________
(1,442)
_______________________
(185)
_______________________
491
_______________________
(6)
_______________________
485
_______________________
430
_______________________
55
_______________________
2018
_______________________
13,153
_______________________
(8,602)
_______________________
(2,508)
_______________________
2,043
_______________________
43
_______________________
(666)
_______________________
(440)
_______________________
980
_______________________
4
_______________________
984
_______________________
800
_______________________
184
_______________________
Change
_______________________
4,775
_______________________
(1,149)
_______________________
(3,716)
_______________________
(90)
_______________________
122
_______________________
(776)
_______________________
255
_______________________
(489)
_______________________
(10)
_______________________
(499)
_______________________
(370)
_______________________
(129)
_______________________
%
_______________________
36
_______________________
13
_______________________
–
_______________________
(4)
_______________________
–
_______________________
–
_______________________
(58)
_______________________
(50)
_______________________
–
_______________________
(51)
_______________________
(46)
_______________________
(70)
_______________________
1 Depreciation, amortization, impairment and provisions.
2 From equity investments.
3 Income/(charges).
4 From assets held for sale and discontinued operations
NOTES:
The accounting representation of results for 2019 was influenced by the adoption of the international accounting standard IFRS 16 from January 1, 2019. This accounting standard, which has had a significant impact on the representation of operating leases, provides a comprehensive model for the accounting of lease arrangements which requires the lessee to recognize, on the assets side, the right of use of the leased asset, and on the liabilities side, the lease liability determined on the basis of the net present value of future minimum guaranteed lease payments. Subsequently, the right of use asset is depreciated, while the lease liability accrues the corresponding financial charges.
This accounting model therefore entails a reduction in operating costs (fixed component of lease payments) and an increase in depreciation and financial charges. Based on the standard, the variable component of leases is still recognized in operating expense in the reporting period.
The impacts for the Holding of the application of IFRS 16, in terms of Net income, are not material on the whole.
(Millions of Euro)
_______________________
Net working capital
_______________________
Net assets/(liabilities) 1
_______________________
Non-current assets:
_______________________
– goodwill
_______________________
– concession rights, net
_______________________
-other property 1
_______________________
– non-current (a/l), net 2
_______________________
– other non-currrent, net 3
_______________________
Total non-current assets
_______________________
Net capital employed
_______________________
– shareholder’s equity, holding
_______________________
– non-controlling interests
_______________________
Total shareholder’s equity
_______________________
Net financial indebtness
_______________________
Sources of funding
_______________________
Dec 31 2019
_______________________
(2,282)
_______________________
9
_______________________
–
_______________________
13,944
_______________________
43,408
_______________________
6,366
_______________________
7,637
_______________________
(7,180)
_______________________
64,175
_______________________
61,902
_______________________
7,145
_______________________
14,273
_______________________
21,418
_______________________
40,484
_______________________
61,902
_______________________
Dec 31 2018
_______________________
(1,099)
_______________________
1,362
_______________________
–
_______________________
13,918
_______________________
46,113
_______________________
3,468
_______________________
6,353
_______________________
(8,518)
_______________________
61,334
_______________________
61,597
_______________________
7,066
_______________________
15,269
_______________________
22,335
_______________________
39,262
_______________________
61,597
_______________________
Change
_______________________
(1,183)
_______________________
(1,353)
_______________________
–
_______________________
26
_______________________
(2,705)
_______________________
2,898
_______________________
1,284
_______________________
1,338
_______________________
2,841
_______________________
305
_______________________
79
_______________________
(996)
_______________________
(917)
_______________________
1,222
_______________________
305
_______________________
1 Other property, plant and equipment and intangible assets.
2 Non-current financial assets.
3 Other non-current assets/(liabilities), net
NOTES:
At December 31, 2019 the IGLI Holding Group’s Net capital employed increased by Euro 305 million compared to December 31, 2018.
The increase in Net financial indebtedness derives from the recognition of Net financial lease liabilities pursuant to IFRS 16 (Euro 2,800 million).
