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CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
25. ASSOCIATES
CONTINUED
The Group’s share of associates’ results, assets and liabilities are as follows:
12 months to
December 2016
$m
12 months to
December 2015
$m
Revenue
1,318.0
1,401.8
Expenses
(1,285.7)
(1,420.4)
Earnings before interest and tax (“EBIT”)
32.3
(18.6)
Finance income
0.5
2.5
Finance costs
(34.4)
(25.0)
Net finance income / (costs)
(33.9)
(22.5)
Profit / (loss) before tax
(1.6)
(41.1)
Income tax (expense) / benefit
(0.2)
8.1
Profit / (loss) for the period
1
(1.8)
(33.0)
December 2016
$m
December 2015
$m
Current assets
186.6
2,015.8
Non-current assets
134.7
869.9
Total assets
321.3
2,885.7
Current liabilities
102.7
1,628.5
Non-current liabilities
145.7
698.3
Total liabilities
248.4
2,326.8
Equity accounted associates at reporting date
1,2
72.9
558.9
1
Results of HLG Contracting are included within results of associates until 1 December 2016 when joint control was obtained. The assets
and liabilities of HLG Contracting are included in the above table as at 31 December 2015. Assets and liabilities of HLG Contracting as at
31 December 2016 are included with those of other joint ventures and are disclosed within Note 26: Joint Venture Entities.
2
The Group’s shareholding in listed associates for which there are published price quotations had a market value at reporting date of: $24.7
million
(31 December 2015: $97.9 million).
There were no impairments of equity accounted associates during the reporting period (31 December 2015: $nil).
In the opinion of the directors, there are no individually material associates as at 31 December 2016.
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