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CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
26. JOINT VENTURE ENTITIES
CONTINUED
The Group’s share of joint venture entities’ results, assets and liabilities are as follows:
12 months to
December 2016
$m
12 months to
December 2015
$m
Revenue
1,362.9
1,446.2
Expenses
(1,331.5)
(1,385.6)
Earnings before interest and tax (“EBIT”)
31.4
60.6
Finance income
2.6
4.0
Finance costs
(48.1)
(42.5)
Net finance income / (costs)
(45.5)
(38.5)
Profit / (loss) before tax
(14.1)
22.1
Income tax (expense) / benefit
(28.1)
(3.6)
Profit / (loss) for the period
1
(42.2)
18.5
December 2016
$m
December 2015
$m
Current assets
2,143.7
481.1
Non-current assets
1,386.9
763.3
Total assets
3,530.6
1,244.4
Current liabilities
(1,968.3)
(419.4)
Non-current liabilities
(1,018.7)
(310.8)
Total liabilities
(2,987.0)
(730.2)
The Group’s share of joint venture entities’ net assets at reporting date
1,2
543.6
514.2
1
The results of HLG Contracting are included within the table above from 1 December 2016 when Joint Control was obtained.
2
The Group disposed of its investment in Nextgen Group Holdings Pty Limited in the year for a profit of $70.1 million. Refer to Note 3:
Expenses.
There were no impairments of investments in joint ventures during the reporting period (31 December 2015: $nil).
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