Parent Company Accounts

Income statement

Income statement

(in Euros)2014of which,
related parties
2013of which,
related parties
 Revenue   691,894,974   249,044,256   634,478,592   258,079,715 
 Other operating income    23,742,504   11,878,598   23,364,527   9,177,748 
 Purchases   (202,096,568)    (57,807,209)   (162,738,467)    (34,431,360) 
 Services   (323,966,329)    (95,377,020)   (305,528,341)    (85,614,315) 
 Personnel expense    (128,786,428)    -   (114,772,611)    - 
 Amortisation, depreciation and impairment losses    (12,023,719)   -   (9,443,883)   - 
 Other operating expense    (4,771,718)   (72,878)   (14,115,343)   (385,118) 
 Changes in finished goods,          
 work-in-progress and semi-finished products    (380,269)   -   (1,007,290)   - 
 (-) Internal work capitalised    4,388,281   -   2,156,052   - 
 Operating profit    48,000,728   -   52,393,236   - 
 Financial income    25,513,024   3,584,818   13,944,976   1,212,518 
 Financial expense    (23,650,283)   (1,273,509)   (15,713,376)   (1,679,619) 
 Profit before taxes and discontinued operations    49,863,469   -   50,624,836   - 
 Income taxes   (17,135,761)   -   (18,449,965)   - 
 Profit/(loss) from discontinued operations    -   -   -   - 
 Profit for the year    32,727,708   -   32,174,871   - 

Statement of comprehensive income

(in Euros) 31 december 201431 december 2013
Profit for the year 32,727,708 32,174,871
Items that will never be reclassified to profit or loss:  
Actuarial gain (loss) on defined benefit plans (2,280,984) 924,907
- Income tax 627,271 (254,349)
  (1,653,713) 670,558
Items that will or may be reclassified to profit or loss:
- Change in fair value of cash flow hedges 2,611,997 730,976
- Foreign operations – foreign currency translation differences 5,097,410 (6,200,762)
- Income tax (414,877) (201,018)
  7,294,530 (5,670,804)
Other comprehensive income/(expense), net of taxes 5,640,816 (5,000,247)
Comprehensive income for the year 38,368,524 27,174,625

Statement of financial position

(in Euros)31 December 2014of which, related parties31 December 2013of which, related parties
 Non-current assets          
 Intangible assets    12,983,443   -   12,500,094   - 
 Property, plant and equipment    65,099,745   -   66,560,072   - 
 Equity investments    157,481,799   -   145,542,534   - 
 Loans and receivables    21,001,886   16,371,486   15,209,556   11,774,844 
 Deferred tax assets    20,303,399   -   20,456,040   - 
 Other non-current assets    20,547,114   16,089,610   21,741,705   17,700,260 
   297,417,386   -   282,010,001   - 
 Current assets          
 Inventories   80,022,277   -   83,563,606   - 
 Contract work in progress    170,325,964   -   160,557,743   - 
 Trade receivables    556,717,406   194,406,408   543,572,041   160,879,895 
 Tax assets   10,792,933   -   12,012,657   - 
 Loan assets   70,605,553   42,162,548   113,463,643   83,417,332 
 Derivatives   9,298,036   -   10,612,072   - 
 Other current assets    54,657,756   250,584   48,875,779   1,515,765 
 Cash and cash equivalents    179,380,984   -   94,304,925   - 
   1,131,800,909    -  1,066,962,466 
 Total assets   1,429,218,295    -   1,348,972,467
 Equity         
 Share capital    99,999,298   -   89,998,422   - 
 Other reserves    93,382,631   -   95,815,999   - 
 Retained earnings, including the profit for the year   161,579,071   -   157,651,160   - 
 Total equity   354,961,000   -   343,465,581   - 
 Non-current liabilities          
 Loans and borrowings          
Loans and borrowings
Employee benefits  
 20,119,721   -   18,347,927   - 
 Deferred tax liabilities    9,200,540   -   9,829,241   - 
 Other non-current liabilities    3,442,449   -   3,059,026   - 
   32,762,710   -   31,236,194   - 
 Current liabilities          
 Progress payments and advances          
 from customers    497,557,420   -   471,655,852   - 
 Trade payables    302,451,034   75,334,313   313,813,233   81,230,259 
 Loans and borrowings    168,943,824   166,971,025   124,839,482   122,375,328 
 Tax liabilities    720,787   -   -   - 
 Provisions for risks and charges    1,851,123   -   5,987,510   - 
 Derivatives   8,793,359   -   8,942,108   - 
 Other current liabilities    61,177,038   601,758   49,032,507   629,593 
   1,041,494,585    -   974,270,692   - 
 Total liabilities    1,074,257,295     -  1,005,506,886
 Total liabilities and equity    1,429,218,295    -  1,348,972,467  

Statement of cash flows

(in Euros)2014of which,
related parties
2012of which,
related parties
Cash flows from operating activities:
Gross cash flows from operating activities 62,310,676 - 63,530,017 -
Change in working capital (4,832,888) (39,422,459) (82,620,532) 8,530,829
Changes in other operating assets and liabilities (6,349,491) - (30,772,711) -
Net interest paid 5,766,394 (2,311,309) 5,050,347 464,101
Income taxes paid (13,941,563) - (18,115,096) -
Cash flows from/(used in) operating activities 42,953,128 - (62,927,975) -
Cash flows from investing activities:
Acquisitions of companies, net of cash acquired (7,409,970) - (3,473,000) -
Investments in property, plant and equipment and intangible assets (4,031,927) - (4,722,716) -
Other investing activities (4,597,739) (2,895,992) (998,487) (2,208,884)
Cash flows used in investing activities (16,039,636) - (9,194,203) -
Cash flows from financing activities:
Net change in loan assets and loans and borrowings 86,962,432 85,850,481 121,455,958 121,034,596
Dividends paid (28,799,865) (11,756,346) (28,799,865) (11,538,876)
Cash flows from financing activities 58,162,567 - 92,656,093 -
Net increase in cash and cash equivalents 85,076,059 - 20,533,915 -
Net exchange rate gains (losses) - - - -
Opening cash and cash equivalents 94,304,925 - 73,771,010 -
Closing cash and cash equivalents 179,380,984 - 94,304,925 -

Statement of changes in equity

Share capitalRetained
earnings,
including
the profit
for the year
Stock grant reserveHedging reserveOther reservesTotal equity
Equity at 1 January 2013 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, net of taxes - 1,405,116 - 730,976 (7,136,339) (5,000,247)
Change in SGP reserves -
Ansaldo STS S.p.A. - - 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
Use of treasury shares for SGP 876 - - - - 876
Bonus issue of 20,000,000 shares 10,000,000 - - - (10,000,000) -
Other comprehensive income, net of taxes - - - 2,611,997 3,028,819 5,640,816
Change in SGP reserves - Ansaldo STS S.p.A. - - 1,383,179 - - 1,383,179
Change in SGP reserves - other companies - - - - 542,637 542,637
Dividends (179,998,735 x 0.16) - (28,799,798) - - - (28,799,798)
Profit for the year ended 31 December 2014 - 32,727,708 - - - 32,727,708
Equity at 31 December 2014 99,999,298 161,579,070 3,183,342 3,369,245 86,830,044 354,960,999