Group turnover has decreased 7,8% from €637.8 million in 2014 to €593.7 million in 2015.
A key factor in this reduction has been low prices in both the oil and gas sector as well as in mineral industries, which have led to postponements and delays in new build projects.
In relation to the demand for our services, this has resulted in an oversupply in certain regions, in particular - Australia, Latin America, and South Africa. Our traditional markets in Europe however, have remained largely stable and we continue to see encouraging growth in Eastern Europe, Asia, and Middle East.
EBITDA in 2015 amounted to €149.8 million compared to €151.7 million in 2014. Operating results have been positively impacted by both the reduction in operating leases and in the short term rental of equipment, which has acted as a countermeasure to our lower turnover. Currency exchange rates have had a relatively small impact on these results in 2015.
Operating Profit decreased from €50.8 million in 2014, to €48.6 million in 2015. Depreciation has increased since the bond issuance last February 2015, largely as a result of additional assets being brought onto our balance sheet.
Due to unfavorable currency movements towards the end of the year, Financial items worsened significantly based on unrealized losses. Financial charges remained stable despite an increase in our debt as interest rates lowered.
Tax charges reduced to €14.2 million versus €19.3 million in 2014.
Net result came in at a loss of €17.4 million in 2015 compared to a Net profit of €12.9 million in 2014.
Net investments in new Fixed Assets were limited to €49.7 million in addition to €86.3 million of balance sheet items that were moved to the balance sheet with the use of the bond proceeds. Consequently the tangible Fixed Assets at the end of the year increased to €883.7 million compared to €813.3 million at the end of 2014.
Net Working Capital improved from €59.5 million at the end of 2014 to €56.8 million on December 31, 2015 in line with the reduced turnover.
Cash Position improved from €50.3 million at the end of 2014 to €80.6 million at the end of 2015.
As of December 31, 2014 the equity represented 20.1% of the total balance sheet, a small decrease compared to the previous year due to the negative net result as well as the bond issuance leading to a higher share of debt.
Net senior financial debt has decreased from €509.5 million at the end of 2014 to €442.8 million as of 31st December 2015.
CASH FLOW STATEMENT
Cash flow, from operating activities, reduced due to the rise in taxes paid.
Consolidated free cash flow was a negative 35.1 million after the off to on balance sheet movement of €86.3 million from the bond transaction. Despite raising a new bond of €125 million, the net debt movement was only €89.8 million.
In the beginning of February 2015, we issued our first public bond, which raised €125 million. These funds have been used to bring assets financed through operating leases onto the balance sheet and to repay the revolving credit facility.
In light of a large project and our financing needs, we are reviewing our capital structure, seeking to optimise our cost of capital and maturity profile, and considering accessing the debt capital markets on an opportunistic basis.