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SRV Group Plc changes financial reporting of associated company and joint venture form of investments

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SRV GROUP PLC     STOCK EXCHANGE RELEASE     30 DECEMBER 2014, AT 15.00

SRV Group Plc changes financial reporting of associated company and joint venture form of investments

SRV Group Plc is changing the way it presents its associated company and joint venture form of investments in the consolidated balance sheet. In future, the company will present investments consolidated by the equity method as separate components in the non-current assets. Previously, these have been presented as inventories or other non-current financial assets, depending on the nature of the investment. Shares in associated companies and joint ventures amounted to EUR 67.8 million on 31 December 2013 and EUR 31.5 million on 31 December 2012. The reclassification has no impact on the company’s result, total assets or the key figures presented in the company’s financial statements. The reclassification causes a change in the cash flow statement only between net cash flow from operating activities and net cash flow from investing activities.

The company has clarified the presentation of these investments during the fourth quarter due to amended IFRS standards. The company believes that the change in presentation clarifies its balance sheet structure such that projects in which it has significant influence but no control are presented in accordance with IFRS standards as associated companies in non-current assets.

SRV Group Plc invests in international construction projects together with other investors utilising associated companies or joint ventures. The objective of these structures is to ensure sufficient capital for different projects as well as to reduce the weighting of individual projects from a risk perspective in SRV Group’s balance sheet.

With this release, SRV Group Plc publishes comparison figures for 2013. The data are unaudited.

SRV GROUP PLC’S FINANCIAL REPORTING COMPARISON FIGURES FOR 2013
 

Consolidated Balance Sheet (EUR million)   31.12.2013 31.12.2012  
ASSETS        
         
Non-current assets        
Property, plant and equipment   12.6 13.7  
Goodwill   1.7 1.7  
Other intangible assets   0.8 0.6  
Shares in associated companies and joint ventures   67.8 31.5  
Other financial assets   10.8 10.9  
Receivables   5.1 1.4  
Loan receivables from associated companies and joint ventures   23.8 11.9  
Deferred tax assets   7.5 8.1  
Non-current assets, total   130.1 80.0  
         
Current assets        
Inventories   365.0 399.7  
Trade and other receivables   75.0 127.1  
Loan receivables from associated companies and joint ventures   1.1 31.6  
Current tax receivables   1.8 4.0  
Cash and cash equivalents   90.0 33.1  
Current assets, total   532.9 595.4  
ASSETS, TOTAL   663.0 675.4  
         
EQUITY AND LIABILITIES        
         
Equity attributable to equity holders of the parent company        
Share capital   3.1 3.1  
Invested unrestricted equity fund   92.2 92.2  
Translation differences   0.0 0.0  
Other reserves   0.0 0.0  
Retained earnings   81.7 68.9  
Equity attributable to equity holders of the parent company   177.0 164.2  
Non-controlling interests   0.6 3.5  
Hybrid bond   44.6 44.6  
Equity, total   222.2 212.3  
Non-current liabilities        
Deferred tax liabilities   2.7 4.1  
Provisions   4.0 6.3  
Interest-bearing liabilities   179.1 118.5  
Other liabilities   1.4 0.0  
Non-current liabilities, total   187.1 129.0  
Current liabilities        
Trade and other payables   118.9 147.6  
Current tax payable   2.3 0.3  
Provisions   5.7 3.7  
Interest-bearing liabilities   126.7 182.5  
Current liabilities, total   253.6 334.1  
Liabilities, total   440.8 463.1  
EQUITY AND LIABILITIES, TOTAL   663.0 675.4  
         
Consolidated Balance Sheet (EUR million) 30.9.2014 30.6.2014 31.3.2014
ASSETS      
       
Non-current assets      
Property, plant and equipment 11.9 12.1 12.0
Goodwill 1.7 1.7 1.7
Other intangible assets 0.8 0.7 0.7
Shares in associated companies and joint ventures 84.5 81.5 71.7
Other financial assets 10.2 10.8 10.8
Receivables 4.5 4.5 6.1
Loan receivables from associated companies and joint ventures 28.1 23.0 23.8
Deferred tax assets 7.5 7.6 7.3
Non-current assets, total 149.1 142.1 134.2
Current assets      
Inventories 323.4 385.0 367.9
Trade and other receivables 146.6 90.4 88.8
Loan receivables from associated companies and joint ventures 1.1 1.1 1.1
Current tax receivables 2.0 1.6 3.6
Cash and cash equivalents 21.4 16.8 23.6
Current assets, total 494.6 494.8 485.1
ASSETS, TOTAL 643.7 636.9 619.3
       
EQUITY AND LIABILITIES      
       
Equity attributable to equity holders of the parent company      
Share capital 3.1 3.1 3.1
Invested unrestricted equity fund 92.3 92.3 92.2
Translation differences -0.7 -0.3 -0.8
Other reserves 0.0 0.0 0.0
Retained earnings 88.5 82.5 78.8
Equity attributable to equity holders of the parent company 183.1 177.5 173.3
Non-controlling interests 0.8 0.8 0.8
Hybrid bond 44.6 44.6 44.6
Equity, total 228.5 222.9 218.8
Non-current liabilities      
Deferred tax liabilities 1.5 2.7 2.7
Provisions 5.5 5.8 6.6
Interest-bearing liabilities 140.0 148.4 151.6
Other liabilities 0.0 0.0 1.5
Non-current liabilities, total 147.0 156.9 162.5
Current liabilities      
Trade and other payables 124.8 130.4 134.2
Current tax payable 3.5 2.3 3.2
Provisions 3.3 3.3 3.3
Interest-bearing liabilities 136.6 121.0 97.3
Current liabilities, total 268.2 257.1 238.0
Liabilities, total 415.2 414.0 400.5
EQUITY AND LIABILITIES, TOTAL 643.7 636.9 619.3

 

 
 
Group’s amended cash flow (EUR million)		 30.9.2014 30.6.2014 31.3.2014 31.12.2013
Net cash flow from operating activities -17.0 -17.5 -5.1 97.6
         
Net cash flow from investing activities -18.2 -15.0 -4.4 -44.7


 

SRV Group Plc

Taneli Hassinen
Vice President, Communications
Tel. +358 40 504 3321
taneli.hassinen@srv.fi

Further information:
Ilkka Pitkänen, CFO, tel. +358 40 667 0906, ilkka.pitkanen@srv.fi

www.srv.fi

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