(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)
_______________________
2020
_______________________
10.915
_______________________
(1.250)
_______________________
(1.874)
_______________________
(1.554)
_______________________
(320)
_______________________
61,801
_______________________
6.464
_______________________
12.586
_______________________
19.050
_______________________
42.751
_______________________
10.827
_______________________
3.598
_______________________
–
_______________________
–
_______________________
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%
_______________________
Change
_______________________
(7.013)
_______________________
(3.203)
_______________________
(2.359)
_______________________
(1.984)
_______________________
(375)
_______________________
(101)
_______________________
(681)
_______________________
(1.687)
_______________________
(2.368)
_______________________
2.267
_______________________
(1.496)
_______________________
(3.111)
_______________________
%
_______________________
(39)
_______________________
–
_______________________
–
_______________________
–
_______________________
–
_______________________
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.
NOTES:
– The Group’s results for the year 2020 are affected by the effects of the Covid 19 pandemic, which it has determined a decrease in revenues of 39%, partially mitigated from the actions taken by the Group companies, as they have promptly activated cost containment plans and operational measures made available by governments to support companies.
– In order to have an adequate reading of the economic results of the Group and its financial situation, it is necessary consider that BI-Invest is predominant in the composition 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
_______________________
2020
_______________________
10.915
_______________________
(6.693)
_______________________
(5.472)
_______________________
(1.250)
_______________________
616
_______________________
(1.900)
_______________________
659
_______________________
(1.875)
_______________________
1
_______________________
(1.874)
_______________________
(1.554)
_______________________
(320)
_______________________
2019
_______________________
17.928
_______________________
(9.751)
_______________________
(6.224)
_______________________
1.953
_______________________
165
_______________________
(1.442)
_______________________
(185)
_______________________
491
_______________________
(6)
_______________________
485
_______________________
430
_______________________
55
_______________________
Change
_______________________
(7.013)
_______________________
3.058
_______________________
752
_______________________
(3.203)
_______________________
451
_______________________
(458)
_______________________
844
_______________________
(2.366)
_______________________
7
_______________________
(2.359)
_______________________
(1.984)
_______________________
(375)
_______________________
%
_______________________
(39)
_______________________
(31)
_______________________
(12)
_______________________
–
_______________________
–
_______________________
32
_______________________
–
_______________________
–
_______________________
–
_______________________
–
_______________________
–
_______________________
–
_______________________
1 Depreciation, amortization, impairment and provisions.
2 From equity investments.
3 Income/(charges).
4 From assets held for sale and discontinued operations
NOTES:
The 2020 financial year was characterized by the following main events:
– the marked reduction in revenues;
– the incisive containment of net operating costs;
– the reduction of Provisions, depreciation and write-downs compared to the 2019 financial year, which was discounted the provision of 1,500 million euros;
– the higher income from equity investments deriving, essentially, from the enhancement of the investment in the infrastructure sector, including motorways, airport infrastructure and transport services;
– the increase in net financial charges due to the effect combined negative fair value of some derivatives, higher interest expense and write-downs of some financial assets;
– the recognition of positive taxes against significant losses for the year.
(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 2020
_______________________
(2,635)
_______________________
28
_______________________
–
_______________________
14.269
_______________________
46.204
_______________________
5.509
_______________________
5.393
_______________________
(6.967)
_______________________
64.408
_______________________
61.801
_______________________
6.464
_______________________
12.586
_______________________
19.050
_______________________
42.751
_______________________
61.801
_______________________
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
_______________________
Change
_______________________
(353)
_______________________
19
_______________________
–
_______________________
325
_______________________
2.796
_______________________
(857)
_______________________
(2.244)
_______________________
213
_______________________
233
_______________________
(101)
_______________________
(681)
_______________________
(1.687)
_______________________
(2.368)
_______________________
2.267
_______________________
(101)
_______________________
1 Other property, plant and equipment and intangible assets.
2 Non-current financial assets.
3 Other non-current assets/(liabilities), net
NOTES:
– The net invested capital of the Group as at 31 December 2020 decreased by euro 101 million compared to 31 December 2019.
– The increase in goodwill and net concession rights is attributable to the acquisitions made by IGLI in the infrastructure sector, including motorways, airport infrastructure and transport services, while the reduction of the balance of financial fixed assets is attributable to divestment of the Group in other minor equity investments, and the negative change in the fair value of equity investments in European financial companies.
– The shareholders’ equity attributable to the shareholders is reduced due to the split of the subsidiary Mercure Invesco, which it held the investment in Arcos Dorados et al and the consequent attribution to the former shareholders of the pro-quota of their net assets competence, and the negative results recorded in the year from BI-Invest and Mercure International.
