This information has been prepared using homogeneous data for all the Public Agencies of the Port System, which was obtained by applying the same accounting principles and criteria for all of them, after making the necessary reclassifications in the individual accounts of those Port Authorities that so require. The totals for the accompanying annual accounts are called "aggregate", because although they contain the consolidation adjustments typical of the operations between those entities, they do not include the companies that can be consolidated. The investee companies are accounted for at their acquisition cost reduced by the necessary impairments.
The result for the consolidated year of the port system in 2015 was €202 million in profits.
The consolidated operating results of the Spanish port system in 2015 were a €215 million profit. The “cash and cash equivalents” heading has gone down by €20 million; as a result, positive cash flows from operating activities (+509 million) have been lower than the negative flows of investment activities (-404 million) and of cash-flow activities (-125 million).
At the end of the year, the working capital amounted to €1.117 billion with a negative variation of 2 million during the year, which is much less than the forecasted reduction (-253 million).
Relevant Facts about the Year
Actual and budgeted data are compared in relation to the 2015 budget, as per Law 36/2014, of December 26, on General Government Budgets for 2015. However, during the year and resulting from Article 38.2 of the TRLPEMM, internal alterations were made to individual working and capital budgets that do not increase the budget amounts and that were notified to Puertos del Estado. Individual investment plans approved by Puertos del Estado were also altered. These alterations may be partly explain certain budgetary variances but they are not part of the budgets in this report. These budgets also list the final figures that must be paid into and received from the "Fondo de Compensación Interportuario" by the Port Authorities and Puertos del Estado, as approved during the fund's Allocation Committee meeting on December 10, 2015; they also contain the final contributions to Puertos del Estado pursuant to Article 19.b) of the TRLPEMM. This means a slight alteration to the individual budget information of each public body as regards the year's results, revenues from operations and variation in cash flows; however, it does not affect the aggregate figure for the port system.
As for the comparison information from 2014, this is the information that was sent by the Port Authorities together with the 2015 information and it may differ from the data in the 2014 report. In this context, it should be noted that the Valencia Port Authority corrected some errors as per the 22nd Rule on Recording and Assessing from the General Chart of Accounts, which leads to a €14 million increase in the 2014 result and a decrease by 42 million in retained earnings as of December 31, 2014.
Profit and Loss Account
The profit and loss account lists earnings before taxes of €204 million, which represents a 2.9% reduction on 2014.
Net business figures went up to €1.045 billion in 2015, which means a 4.0% increase on 2014. The budget was implemented at 104.0% and port traffic went up by around 4.2%
The state-owned port system closed 2015 with total assets amounting to €14.435 billion, of which 12.878 billion refer to non-current assets (89.2% of total assets). In 2015, the system maintained its wealth and financial solidity in consolidated terms. Indebtedness went down and there was moderate financial leveraging (net worth represented 79.6% of non-current assets). Current assets (excluding non-current assets held for sale) exceeded current liabilities by €1.117 billion.
Statement of Cash Flows
During the year, there was a net decrease in "cash and cash equivalents" of 20 million euros, reaching 476 million euros at the end of the year as compared to the 496 million euros at the start.
Based on the cash flows of operating activities (+509 million), investment activities (-404 million) and cash-flow activities (-125 million), 2015 registered a decrease in the cash and cash equivalents balance of 20 million euros vs. the 34-million decrease the previous year. The budget was implemented in 11% (a 187-million reduction had been forecast).
Cash Flow Statement
At the end of 2015, the working capital of the entire port system amounted to €1.117 billion with a negative variation of 2 million during the year, whereas the budget forecast a 253 million negative variation.
As for the sources, "revenues from operations" (cash flow) amounted to €495 million, which is 16.1% higher than the budgeted figure. Subsidies, donations and capital contributions (mainly from EU FEDER and Cohesion funds) amounted to €141 million.
As for application of funds,
the acquisition of non-current assets is particularly relevant – it amounted to €660 million (including 24 million of returned concessions), which represents 65.3% implementation of the budget (€1.010 billion), a slightly lower implementation result than the previous year (64.7%).