Parent Company Accounts

Income statement

Income statement

(in Euros)2013of which,
related parties
2012of which,
related parties
Revenue 634,478,592 258,079,715 657,426,083 238,527,513
Other operating income 23,364,527 9,177,748 25,067,645 11,099,410
Purchases (162,738,467) (34,431,360) (139,982,213) (42,237,993)
Services (305,528,341) (85,614,315) (330,880,368) (74,047,162)
Personnel expense (114,772,611) - (118,685,961) -
Amortisation, depreciation and impairment losses (9,443,883) - (12,569,505) -
Other operating expense (14,115,343) (385,118) (9,538,240) (115,703)
Changes in finished goods, work-in-progress and semi-finished products (1,007,290) - (228,826) -
(-) Internal work capitalised 2,156,052 - 818,676 -
Operating profit 52,393,236 71,427,291
Financial income 13,944,976 1,212,518 17,410,363 5,219,447
Financial expense (15,713,376) (1,679,619) (17,234,926) (3,776,325)
Profit before taxes and discontinued operations 50,624,836 71,602,728
Income taxes (18,449,965) - (20,864,730) -
Profit for the year 32,174,871 50,737,998

Statement of comprehensive income

(in Euros)20132012
Profit for the year 32,174,871 50,737,998
Items that will never be reclassified to profit or loss:
- Actuarial gains (losses) on defined benefit plans 924,907 (2,416,362)
- Income tax (254,349) 664,500
670,558 (1,751,862)
Items that are or may be reclassified to profit or loss:
- Net change in fair value of cash flow hedges 730,976 26,272
- Foreign operations - foreign currency translation differences (6,200,762) -
- Income tax (201,018) (7,225)
(5,670,804) 19,047
Other comprehensive expense, net of taxes (5,000,247) (1,732,815)
Total comprehensive income for the year 27,174,625 49,005,183

Statement of financial position

Statement of financial position

(in Euros)31 December 2013of which, related parties31 December 2012of which, related parties
Non-current assets
Intangible assets 12,500,094 - 12,553,542 -
Property, plant and equipment 66,560,072 - 67,415,945 -
Equity investments 145,542,534 - 143,960,628 -
Loans and receivables 15,209,556 11,774,844 11,324,416 7,955,310
Deferred tax assets 20,456,040 - 19,752,570 -
Other non-current assets 21,741,705 17,700,260 24,628,358 19,310,910
282,010,001 279,635,459
Current assets
Inventories 83,563,606 - 94,452,439 -
Contract work in progress 160,557,743 - 178,389,916 -
Trade receivables 543,572,041 160,879,895 634,989,019 183,881,784
Tax assets 12,012,657 - 10,493,157 -
Loan assets 113,463,643 83,417,332 195,410,790 166,967,786
Derivatives 10,612,072 - 8,200,350 -
Other current assets 48,875,779 1,515,765 37,554,179 1,555,374
Cash and cash equivalents 94,304,925 - 73,771,010 -
1,066,962,466 1,233,260,860
Total assets 1,348,972,467 1,512,896,319
Equity
Share capital 89,998,422 - 79,998,308 -
Other reserves 95,815,999 - 111,526,551 -
Retained earnings, including the profit for the year 157,651,160 - 152,871,038 -
Total equity 343,465,581 344,395,897
Non-current liabilities
Loans and borrowings
Employee benefits 18,347,927 - 19,263,157 -
Deferred tax liabilities 9,829,241 - 6,912,880 -
Other non-current liabilities 3,059,026 - 3,092,191 -
31,236,194 29,268,228
Current liabilities
Progress payments and advances from customers 471,655,852 - 529,910,994 -
Trade payables 313,813,233 81,230,259 458,316,608 95,701,319
Loans and borrowings 124,839,482 122,375,328 85,330,833 84,891,185
Tax liabilities - - 560,818 -
Provisions for risks and charges 5,987,510 - 5,568,560 -
Derivatives 8,942,108 - 6,853,261 -
Other current liabilities 49,032,507 629,593 52,691,120 396,944
974,270,692 1,139,232,194
Total liabilities 1,005,506,886 1,168,500,422
Total liabilities and equity 1,348,972,467 1,512,896,319

Statement of cash flows

(in Euros)2013of which,
related parties
2012of which,
related parties
Cash flows from operating activities:
Gross cash flows from operating activities 63,530,017 - 87,276,630 -
Change in working capital (82,620,532) 8,530,829 (63,968,615) (17,591,583)
Changes in other operating assets and liabilities (30,772,711) - (22,419,405) 255,502
Net interest paid 5,050,347 464,101 (2,712,473) (1,443,122)
Income taxes paid (18,115,096) - (17,681,717) -
Cash flows used in operating activities (62,927,975) (19,505,580)
Cash flows from investing activities:
Acquisitions of companies, net of cash acquired (3,473,000) - (216,300) -
Investments in property, plant and equipment and intangible
assets (4,722,716) - (5,240,869) -
Sales of property, plant and equipment and intangible assets - - - -
Dividends received - - 3,592,018 -
Issue (repurchase) of treasury shares - - - -
Other investing activities (998,487) (2,208,884) (5,013,867) (4,013,988)
Cash flows used in investing activities (9,194,203) (6,879,018)
Cash flows from financing activities:
Net change in loan assets and loans and borrowings 121,455,958 46,066,311 21,261,413 (158,614,487)
Share capital increases - - - -
Coverage of losses - - - -
Dividends paid (28,799,865) (11,538,876) (27,999,907) (11,218,351)
Change in reserves - - - -
Net change from other financing activities - - - -
Cash flows generated by (used in) financing activities 92,656,093 (6,738,494)
Net increase (decrease) in cash and cash equivalents 20,533,915 - (33,123,092) -
Exchange rate gains (losses) - - - -
Opening cash and cash equivalents 73,771,010 - 106,894,102 -
Closing cash and cash equivalents 94,304,925 73,771,010

Statement of changes in equity

Share capitalRetained earningsStock grant reserveHedging reserveOther reservesTotal equity
Equity at 1 January 2012 69,998,175 132,549,309 107,282 - 119,284,680 321,939,446
Use of treasury shares for SGP 133 - - - - 133
Bonus issue of 20,000,000 shares 10,000,000 - - - (10,000,000) -
Other comprehensive income/(expense), net of taxes - (2,416,362) - 26,272 657,275 (1,732,815)
Change in SGP reserves - Ansaldo STS S.p.A. - - 1,095,456 - - 1,095,456
Change in SGP reserves - other companies - - - - 355,586 355,586
Dividends (139,999,537 x 0.20) - (27,999,907) - - - (27,999,907)
Profit for the year ended
31 December 2012 - 50,737,998 - - - 50,737,998
Equity at 31 December 2012 79,998,308 152,871,038 1,202,738 26,272 110,297,541 344,395,897
Use of treasury shares for SGP 114 - - - - 114
Bonus issue of 20,000,000 shares 10,000,000 - - - (10,000,000) -
Other comprehensive income/(expense), net of taxes - 1,405,116 - 730,976 (7,136,339) (5,000,247)
Other comprehensive income/(expense), net of taxes - - 597,425 - - 597,425
Change in SGP reserves - other companies - - - - 97,386 97,386
Dividends (159,999,248 x 0.18) - (28,799,865) - - - (28,799,865)
Profit for the year ended 31 December 2013 - 32,174,871 - - - 32,174,871
Equity at 31 December 2013 89,998,422 157,651,160 1,800,163 757,248 93,258,588 343,465,581