Consolidated Financial Statements

Income statement

Income statement

(€’000)Note2014of which,
related parties
2013
restated
of which,
related parties
Revenue 3.4.2 1,303,508 221,770 1,229,802 237,314
Other operating income 3.4.3 27,463 989 27,515 270
Purchases 3.4.4 (336,264) (40,871) (277,535) (22,806)
Services 3.4.4 (519,942) (80,967) (510,723) (69,101)
Personnel expense 3.4.5 (316,522) - (303,352) -
Amortisation, depreciation and impairment losses 3.4.6 (18,347) - (16,978) -
Other operating expense 3.4.7 (15,758) (73) (32,000) (113)
Changes in finished goods, work-in-progress
and semi-finished products (4,531) - (2,287) -
(-) Internal work capitalised 3.4.8 4,885 - 2,577 -
Operating profit 124,492 - 117,019 -
Financial income 3.4.9 31,963 460 21,181 263
Financial expense 3.4.9 (34,284) (37) (25,390) (250)
Share of profits/(losses) of
equity-accounted investees
3.4.10 1,804 - 1,009 -
Pre-tax profit 123,975 - 113,819 -
Income taxes 3.4.11 (43,281) - (39,096) -
Profit/(loss) from non-current assets held for sale - - 92 -
Profit for the year 80,694 - 74,815 -
attributable to the owners of the parent 80,636 - 74,956 -
attributable to non-controlling interests 58 - (141) -
Earnings per share
Basic and diluted 0,43 - 0,40* -

* Recalculated following the bonus issue of 14 July 2014.

Statement of comprehensive income

(€'000)31.12.201431.12.2013
restated
Profit for the year 80,694 74,815
Items that will never be reclassified to profit or loss:  
- Net actuarial gains/(losses) on defined benefit plans (5,275) 1,370
- Tax 1,622 (408)
  (3,653) 962
Items that will or may be reclassified to profit or loss:    
- Net change in fair value of cash flow hedges 4,453 4,663
- Net exchange rate gains/(losses) 21,352 (21,688)
- Tax (1,454) (764)
  24,351 (17,789)
Other comprehensive income/(expense), net of taxes 20,698 (16,827)
Total comprehensive income for the year 101,392 57,988
Attributable to:    
- the owners of the parent 101.239 57,945
- non-controlling interests 153 43

Statement of financial position

(€’000)Note 31.12.2013 of which
relatied parties
31.12.2012 of which
relatied parties
 ASSETS          
 Non-current assets          
 Intangible assets 3.3.2  52,744   -   49,977   - 
 Property, plant and equipment 3.3.3  87,543   -   88,376   - 
 Equity investments  3.3.4  55,949   -   44,858   - 
 Loans and receivables 3.3.5  39,919   16,371   31,105   11,775 
 Deferred tax assets  3.4.11  40,025   -   37,118   - 
 Other non-current assets 3.3.5  20,548   -   21,741   - 
     296,728   -   273,175   - 
 Current assets          
 Inventories 3.3.6  106,127   -   111,270   - 
 Contract work in progress   3.3.7  304,154   -   288,607   - 
 Trade receivables 3.3.8  710,649   169,901   625,493   140,421 
 Tax assets 3.3.10  23,131   -   28,796   - 
 Loan assets 3.3.8  41,035   10,709   64,057   34,011 
 Other current assets  3.3.11  83,776   251   78,570   1,516 
 Cash and cash equivalents  3.3.12  270,067   -   191,521   - 
     1,538,939   -   1,388,314   - 
 Non-current assets held for sale    99   -   87   - 
 Total assets    1,835,766   -   1,661,576   - 
 EQUITY AND LIABILITIES          
 Equity          
 Share capital 3.3.13  99,999   -   89,998   - 
 Reserves 3.3.14-3.3.15  473,645   -   408,716   - 
 Equity attributable to the owners of the parent    573,644   -   498,714   - 
 Patrimonio netto di Terzi    3.3.16  1,278   -   346   - 
 Total equity    574,922   -   499,060   - 
 Non-current liabilities          
 Employee benefits .3.19  34,675   -   29,980   - 
 Deferred tax liabilities  3.4.11  10,594   -   11,213   - 
 Other non-current liabilities 3.3.20  11,858   -   9,170   - 
     57,127   -   50,363   - 
 Current liabilities          
 Progress payments and advances from customers 3.3.7  686,227   -   635,232   - 
 Trade payables  3.3.21  368,865   54,005   355,185   57,211 
 Loans and borrowings  3.3.17  17,687   10,351   10,080   - 
 Tax liabilities 3.3.10  10,269   -   5,691   - 
 Provisions for risks and charges  3.3.18  10,422   -   14,825   - 
 Other current liabilities  3.3.20  110,247   602   91,140   629 
     1,203,717   -   1,112,153   - 
 Total liabilities    1,260,844   -   1,162,516   - 
 Total liabilities and equity    1,835,766   -   1,661,576   - 

Statement of cash flows

Note2014of which,
related parties
2013
restated
of which,
related parties
 Cash flows from operating activities:            
 Gross cash flows from operating activities    3.6   149,135   -   139,537   - 
 Change in working capital    3.6   (33,862)   (32,420)   (61,590)   28,867 
 Changes in other operating assets and liabilities    3.6   3,884   (3,358)   (25,027)   (5,536) 
 Net interest paid    3.6   (5,261)   423   122   13 
 Income taxes paid    3.6   (29,039)   -   (34,334)   - 
 Cash flows from operating activities      84,857   -   18,708   - 
 Cash flows from investing activities:            
 Investments in property, plant and equipment and intangible assets      (1)   -   (587)   - 
 Sales of property, plant and equipment and intangible assets     (9,155)   -   (9,785)   - 
 Acquisition of equity investments, net of cash acquired      29   -   412   - 
 Sales of equity investments      21   -   -   - 
 Change in other non-current financial assets      -   -   33   - 
 Cash flows used for strategic transactions      (7,410)   -   (3,473)   - 
 Cash flows used in investing activities      (16,516)   -   (13,400)   - 
 Cash flows from financing activities:            
 Net change in other financing activities      34,446   34,989   78,395   86,490 
 Other financing activities      -   -   673   - 
 Dividends paid      (28,800)   -   (28,923)   - 
 Cash flows generated by financing activities      5,646   -   50,145   - 
 Net increase in cash and cash equivalents      73,987   -   55,453   - 
 Net exchange rate gains (losses)      4,597   -   (5,766)   - 
 Other changes      (38)   -   (88)   - 
 Opening cash and cash equivalents      191,521   -   141,922   - 
 Closing cash and cash equivalents      270,067   -   191,521   - 

Statement of changes in equity

(K€)Share
capital
Retained
earnings and
consolidation
reserves
Hedging
reserve
Stock
grant
reserve
Translation
reserve
Other
reserves
Equity
attributable
to the
owners of
the parent
Equity
attributable
to noncontrolling
interests
Total
equity
Equity at 1 January 2013 79,998 347,008 (5,101) 1,490 4,279 41,065 468,739 427 469,166
IFRS 11 FTA - (59) 58 - 1 - - - -
Equity restated
at 1 January 2013
79,998 346,949 (5,043) 1,490 4,280 41,065 468,739 427 469,166
Change in consolidation scope - (103) - - - - (103) - (103)
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)  - - -
Other changes 2,147 - - 1 (2,148) - - -
Dividends - (28,000)  - - - - (28,800) (123) (28,923)
Net change in treasury
shares
- - - - - - - - -
Changes in consolidation
reserves
- - - - - - - (1) (1)
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
Equity at 1 January 2014 89,998 395,208 (469) 2,453 (17,599) 29,123 498,714 346 499,060
IFRS 11 FTA - (30) 31 - 7 (8) - - -
Equity restated
at 1 January 2014
89,998 395,178 (438) 2,453 (17,592) 29,115 498,714 346 499,060
Reclassification
from/to reserves
10,000  (2,321) - - - (7,679) - - -
Change in consolidation scope - 897 - - (216) - 681 779 1,460
Net change
stock grant reserve
- - - 1,809 - - 1,809 - 1,809
Other comprehensive income/(expense) net of taxes  - (9) 4,453 - 21,266 (5,107) 20,603 95 20,698
Allocation of profit for the year to the legal reserve - - - - - - - - -
Dividends - (28,800) - - - (28,800) - (28,800)
Net change
in treasury shares
1 - - - - - 1 - 1
Other changes - - - - - - - - -
Profit for the year ended 31 December 2014 - 80,636 - - - - 80,636 58 80,694
Equity at
31 December 2014
99,999 445,581 4,015 4,262 3,458 16,329 573,644 1,278 574,922