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CIMIC Group Limited Annual Report 2016 |
Operating and Financial Review
FINANCIAL POSITION
Throughout FY16, CIMIC continued its working capital and operating cash flow focus which resulted in a strong balance sheet at
31 December 2016. The financial position at 31 December 2016 includes the consolidation of UGL, (refer to the Financial Report, ‘Note
29: Acquisitions, disposals of controlled entities and businesses’).
Net cash/(debt) and gearing
$m
December
2016
December
2015
chg. $
chg. %
Cash and cash equivalents
1,576.5
2,167.8
(591.3)
(27.3)%
Current interest bearing liabilities
(618.2)
(217.4)
(400.8)
184.4%
Non-current interest bearing liabilities
(549.0)
(838.9)
289.9
(34.6)%
Net cash/(debt)
409.3
1,111.5
(702.2)
(63.2)%
Operating leases
(466.9)
(583.4)
116.5
(20.0)%
Net cash /(debt) (including operating leases)
(57.6)
528.1
(585.7)
(110.9)%
Equity
3,312.4
4,115.3
(802.9)
(19.5)%
Gearing
1.7%
(14.7)%
-
-
Net contract debtors
$m
December
2016
December
2015
chg. $
chg. %
Net contract debtors
1,384.6
1,499.2
(114.6)
(7.6)%
Assets
$m
December
2016
December
2015
chg. $
chg. %
Current assets
Cash and cash equivalents
1,576.5
2,167.8
(591.3)
(27.3)%
Trade and other receivables
3,209.6
2,659.6
550.0
20.7%
Current tax assets
28.0
26.6
1.4
5.3%
Inventories: consumables and development properties
213.0
264.0
(51.0)
(19.3)%
Assets held for sale
47.7
235.8
(188.1)
(79.8)%
Total current assets
5,074.8
5,353.8
(279.0)
(5.2)%
Non-current assets
Trade and other receivables
1,235.8
889.2
346.6
39.0%
Inventories: development properties
166.9
275.3
(108.4)
(39.4)%
Investments accounted for using the equity method
616.5
1,073.1
(456.6)
(42.5)%
Other investments
135.4
125.7
9.7
7.7%
Deferred tax assets
310.1
119.5
190.6
159.5%
Property, plant and equipment
1,355.7
1,312.8
42.9
3.3%
Intangibles
1,125.9
527.4
598.5
113.5%
Total non-current assets
4,946.3
4,323.0
623.3
14.4%
Total assets
10,021.1
9,676.8
344.3
3.6%
Liabilities and equity
$m
December
2016
December
2015
chg. $
chg. %
Current liabilities
Trade and other payables
4,721.1
3,675.7
1,045.4
28.4%
Current tax liabilities
126.6
81.3
45.3
55.7%
Provisions
333.3
283.4
49.9
17.6%
Interest bearing liabilities
618.2
217.4
400.8
184.4%
Liabilities associated with assets held for sale
-
48.7
(48.7)
-
Total current liabilities
5,799.2
4,306.5
1,492.7
34.7%
Non-current liabilities
Trade and other payables
287.0
331.6
(44.6)
(13.4)%
Provisions
73.5
84.5
(11.0)
(13.0)%
Interest bearing liabilities
549.0
838.9
(289.9)
(34.6)%
Total non-current liabilities
909.5
1,255.0
(345.5)
(27.5)%
Total liabilities
6,708.7
5,561.5
1,147.2
20.6%
Equity
3,312.4
4,115.3
(802.9)
(19.5)%
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