Consolidated Financial Statements

Income statement

Income statement

(€/000)31.12.2013of which,
related parties
31.12.2012of which,
related parties
Revenue 1,256,419 230,758 1,247,849 230,305
Other operating income 27,524 270,00 37,325 1,633
Purchases (284,982) (22,806) (266,635) (13,732)
Services (522,106) (69,037) (538,371) (66,804)
Personnel expense (309,454) - (311,988) -
Amortisation, depreciation and impairment losses (17,276) - (20,768) -
Other operating expense (32,322) (113) (32,514) (116)
Changes in finished goods, work-in-progress and semi-finished
products (2,287) - 897,00 -
(-) Internal work capitalised 2,577 - 1,278 -
Operating profit 118,093 117,073
Financial income 21,773 263,00 17,107 152,00
Financial expense (25,390) (250) (23,593) (62)
Share of profits of equity-accounted investees (115) - 3,530 -
Pre-tax profit 114,361 114,117
Income taxes (39,638) - (38,421) -
Profit/(loss) from non-current assets held for sale 92 - - -
Profit/(loss) for the year 74,815 75,696
attributable to the owners of the parent 74,956 75,665
attributable to non-controlling interests (141) 31
Earnings per share
Basic and diluted 0.44 0.45*

* Recalculated following the bonus issue of 15 July 2013.

Statement of comprehensive income

(€/000)20122011
Profit for the year 74,815 75,696
Items that will never be reclassified to profit or loss:
- Actuarial gains (losses) on defined benefit plans 1,370 (2,419)
- Income tax (408) 667
962 (1,752)
Items that are or may be reclassified to profit or loss:
- Net change in fair value of cash flow hedges 4,632 (5,982)
- Net exchange rate gains/(losses) (21,695) 2,724
- Income tax (756) 1,096
(17,819) (2,162)
Other comprehensive expense, net of taxes (16,857) (3,914)
Total comprehensive income for the year 57,958 71,782
Attributable to:
- the owners of the parent 57,915 71,692
- non-controlling interests 43 90

Statement of financial position

(€/000)31.12.2013of which,
related parties
31.12.2012of which,
related parties
ASSETS
Non-current assets
Intangible assets 49,986 - 51,062 -
Property, plant and equipment 88,877 - 91,099 -
Equity investments 39,104 - 37,735 -
Loans and receivables 31,105 11,775 22,345 6,779
Deferred tax assets 37,448 - 38,127 -
Other non-current assets 21,741 - 24,628 -
268,261 264,996
Current assets
Inventories 114,823 - 131,584 -
Contract work in progress 288,607 - 313,096 -
Trade receivables 631,709 138,276 748,747 168,966
Current financial assets at fair value through profit or loss - - - -
Tax assets 28,796 - 25,081 -
Loan assets 77,072 34,011 173,52 120,533
Derivatives 8,288 - 4,627 -
Other current assets 70,963 1,516 57,061 1,555
Cash and cash equivalents 193,086 - 146,837 -
1,413,344 1,600,553
Cash and cash equivalents 87 - - -
Total assets 1,681,692 1,865,549
EQUITY AND LIABILITIES
Equity
Share capital 89,998 - 79,998 -
Reserves 408,716 - 388,741 -
Equity attributable to the owners of the parent 498,714 468,739
Equity attributable to non-controlling interests 346 - 427 -
Total equity 499,06 469,166
Non-current liabilities
Employee benefits 29,98 - 30,724 -
Deferred tax liabilities 11,243 - 8,102 -
Other non-current liabilities 9,17 - 10,839 -
50,393 49,665
Current liabilities
Progress payments and advances from customers 644,591 - 710,72 -
Trade payables 364,716 57,21 500,563 58,741
Loans and borrowings 10,08 - 18,375 -
Tax liabilities 6,689 - 5,727 -
Provisions for risks and charges 14,825 - 15,842 -
Derivatives 5,207 - 4,108 -
Other current liabilities 86,131 629 91,383 397
1,132,239 1,346,718
Total liabilities 1,182,632 1,396,383
Total liabilities and equity 1,681,692 1,865,549

Statement of cash flows

(€/000)Note31.12.2013of which, related parties31.12.2012of which, related parties
Cash flows from operating activities:
Gross cash flows from operating activities 3.6 140,909 - 153,306 -
Change in working capital 3.6 (65,905) 27,690 (51,001) (24,263)
Changes in other operating assets and liabilities 3.6 (24,409) (5,536) (19,426) (3,760)
Net interest paid 3.6 714 13 (6,253) 90
Income taxes paid 3.6 (34,859) - (32,600) -
Cash flows from operating activities 16,450 44,026
Cash flows from investing activities:
Investments in property, plant and equipment and intangible assets (10,101) - (10,462) -
Sales of property, plant and equipment and intangible assets 412 - 3,536 -
Acquisition of equity investments, net of cash acquired - - (376) -
Sales of equity investments - - 845 -
Dividends received - - - -
Other investing activities 33 - 14 -
Cash flows used for strategic transactions (3,473) - (216) -
Cash flows used in investing activities (13,129) (6,659)
Cash flows from financing activities:
Net change from other financing activities 77,914 86,490 (22,849) (118,640)
Share capital increases - - - -
Dividends paid (28,923) - (28) -
Cash flows generated by/(used in) financing activities 48,991 (50,849)
Net increase/(decrease) in cash and cash equivalents 52,312 - (13,482) -
Exchange rate gains (losses) (6,063) - (609) -
Opening cash and cash equivalents 146,837 - 160,928 -
Closing cash and cash equivalents 193,086 146,837

Statement of changes in equity

Share capitalRetained earnings and consolidation reservesHedging reserveStock grant reserveTranslation reserveOther reservesEquity attributable to the owners of the parentEquity attributable to non-controlling interestsTotal equity
Equity at 1 January 2012 69,998 301,670 881 227 936 49,302 423,014 1,122 424,136
Change in consolidation
scope - 92 - - 678 - 770 (783) (13)
Change in consolidation
reserves - - - - - - - (2) (2)
Net change in stock grant
reserve - - - 1,263 - - 1,263 - 1,263
Other comprehensive
income/(expense),
net of taxes - (2,419) (5,982) - 2,665 1,763 (3,973) 59 (3,914)
Bonus issue
of 20,000,000 shares 10,000 - - - - (10,000) - - -
Dividends - (28,000) - - - - (28,000) - (28,000)
Profit for the year ended
31 December 2012 - 75,665 - - - - 75,665 31 75,696
Equity at 1 January 2013 79,998 347,008 (5,101) 1,490 4,279 41,065 468,739 427 469,166
Change in consolidation
scope - (103) - - - - (103) - (103)
Change in consolidation
reserves - - - - - - - (1) (1)
Net change in stock grant
reserve - - - 963 - - 963 - 963
Other comprehensive
income/(expense),
net of taxes - - 4,632 - (21,879) 206 (17,041) 184 (16,857)
Bonus issue
of 20,000,000 shares 10,000 - - - - (10,000) - - -
Dividends - (28,800) - - - - (28,800) (123) (28,923)
Other changes - 2,147 - - 1 (2,148) - - -
Profit for the year ended
31 December 2013 - 74,956 - - - - 74,956 (141) 74,815
Equity at 31 December 2013 89,998 395,208 (469) 2,453 (17,599) 29,123 498,714 346 499,060