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Balance Sheet and Income Statement

Evolution Sheet and Income Evolution

The basic data for the different divisions in the Group, and for the consolidated Group, for 2016 are as follows:

 

Balance Shee and Income Statement Evolution

 

Group turnover (consolidating OHL using the full consolidation method) reached a total of EUR 6,495 million, 10% lower than the previous year. If OHL is consolidated using the equity method, and therefore Grupo OHL figures are not included, turnover came to EUR 2,653 million, 9% less than in 2015.

 

Turover

 

The evolution of turnover figures for the different divisions in the Group is as follows:

 

Evolution of turover figures for the different divisions

 

The main business activity in terms of turnover volume continues to be, by far, construction, which represents 50% of the Group’s income figure, followed by electrometallurgy activities, with 22%, and fertilizers, with 10%. After these, energy and concessions activities can be highlighted. Finally, much further behind as regards turnover volume, are services and real estate activities.

 

Turover per business activity 2016

 

In 2016, 72% of all the Group’s sales were obtained outside Spain.

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Break down of turover abroad per business activity 2016

 

In 2016, consolidated EBITDA came to EUR 198 million, with a 82% decrease on the figure from the previous year.  

The evolution of the EBITDA for the different divisions in the Group is as follows:
 

Evolution of the EBITDA for the different divisions

 

At year-end 2016, the results for Grupo Villar Mir were unsatisfactory due to the weak evolution of its divisions, caused mainly by the impact of the legacy projects, the provisions allocated in the Electrometallurgy Division and the drop in the prices of the main products produced by Grupo Villar Mir.

Contributions by division to 2016 profit, and a comparison with the previous period, are as follows:

 

Contributions by division to 2016 net income

 

In addition, the evolution of net attributable income of the different divisions in the Group is as follows:
 

Evolution of net attributable income of the different divisions

 

Regarding the consolidated balance sheet, the Group’s total assets come to EUR 16,896 million at 31 December 2016, 18% lower than the previous year’s figure.

 

Total assets

 

The evolution of the total assets of the different divisions in the Group is as follows:
 

Evolution of the total assets of the different divisions

 

The shareholders’ equity which finances these assets, or in other words, Grupo Villar Mir’s shareholders’ equity plus the shareholders’ equity of minority shareholders (primarily from OHL), amounted to EUR 4,845 million, equivalent to 29% of total assets.
 

Equity + Minority shareholders

 

Grupo Villar Mir’s shareholders’ equity (not including minority shareholders), that is, the equity attributable to the parent company, comes to EUR 1,594 million. 
 

Total Equity

 

The consolidated net financial debt comes to EUR 4,328 million (26% of assets) at year-end 2016. Of the total net financial debt, EUR 2,044 million correspond to non-recourse debt.
 

Net financial Debt / Assets

 

Financial debt is equal to 21.8 times the EBITDA generated in 2016. However, regarding this ratio, it must be taken into account that the EBITDA is abnormally low for the reasons explained and that a part of this debt corresponds to financing of investments (mainly of highway concessions under construction) that have not yet begun to generate EBITDA.
 

Net financial Debt / EBITDA

 

Net financial debt figures for the Group’s different business activities are as follows:
 

Net financial debt figures for the Group's different business activities

 

The permanent financing sources (non-callable funds plus those that are callable in the long term) came to EUR 11,375 million at 31 December 2016, representing 67% of consolidated assets (consolidating OHL using the full consolidation method).
 

Permanent financing sources

 

The return on shareholders’ equity in 2016 was -34%, calculated over the average consolidated shareholders’ equity figure for the year.
 

ROE

 

At 31 December 2016, the group had 30,547 employees, of which 24,410 corresponded to Grupo OHL. Average turnover per employee in 2016 was EUR 213,000.

At 31 December 2016, 63% of OHL’s employees and 64% of Grupo VILLAR MIR’s employees as a whole (including OHL) worked outside of Spain, which demonstrates the Group’s high level of internationalisation.

 

Employees