2014-12-30 14:00:00 CET
2014-12-30 14:00:06 CET
REGULATED INFORMATION
SRV Yhtiöt Oyj - Company Announcement
SRV Group Plc changes financial reporting of associated company and joint venture form of investments
Espoo, Finland, 2014-12-30 14:00 CET (GLOBE NEWSWIRE) -- 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 67.8 31.5 ventures Other financial assets 10.8 10.9 Receivables 5.1 1.4 Loan receivables from associated companies and 23.8 11.9 joint ventures 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 1.1 31.6 joint ventures 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 177.0 164.2 parent company 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 84.5 81.5 71.7 ventures Other financial assets 10.2 10.8 10.8 Receivables 4.5 4.5 6.1 Loan receivables from associated companies 28.1 23.0 23.8 and joint ventures 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 1.1 1.1 1.1 and joint ventures 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 183.1 177.5 173.3 the parent company 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 30.9.2014 30.6.2014 31.3.2014 31.12.2013 million) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net cash flow from operating -17.0 -17.5 -5.1 97.6 activities Net cash flow from investing -18.2 -15.0 -4.4 -44.7 activities 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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